The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-09-15
INTERESTING.
Such is the Situation ia the Iron
Markets.


The iron ore situation is interesting
both in its present aspects and the
possibilities of some negotiations that
are pending. The topic OF largest
-ignport is the effort OF the Oliver
Mining Co., standing for The Carnegie
and Oliver interests, TO get control of
Gogebic range properties. Gossip Is
Dleatiful. but all OF fact that can be
stated as yet is that the Oliver Mining
Go. has an option on a majority OF the
stock of the Norrie mine. The sup
position is, also. ia view Of recent
examinations of the property and
negotiations with the Rockefeller IN
lerests. which has control, that an
option has also been secured On the
Tilden. next in size to the Norrie, Oh
Govebic mines. Whether but one or
the propert les is desired or both is OF
course a matter Of conjecture. There
ere considerations which point to the
former as she correct supposition. III
enIy the Tilden be taken, 1t Is pos
sibIe that some modification OF the
existing arrangement as TO the OilVer
mine NAV bea feature OF the deal.
The minimum required to be taken
from the Oliver might be reduced, III
rieg of the duplication of certain
characteristics that would be in
yolyed in the use OF large guam
titles of the two ores in the same
miuture. If the Norrie alone shall be
taken. then the Oliver contract may
he expected to stand as at present.
The significance of this move Oh the
largest Pittsburg producer Tor the
control of old-range Bessemer ores Is
many-sided. Its bearing on the
experience of 1897 with Mesabl ores;
ar the sort OF agreement that may De
made next year as to old-range Besse-
mers. and on the prices that snail
Obtain for the Lake Superior product
in the years just ahead-lnvoiVes
questions of vital import to the ore
trade. 1t would appear that with the
taking up of the balance OF the Norrle
output for 1897 by the PittsDurg
company, in the purchases OF the past
week, it has bought nearly 2,ooo,uoo
tons of old-range ores this year, It's
Nesabi output thus constituting ABOUT
40 per cent of its total ore require
ments. The shipments OF ore ID
August made the heaviest month
record in the history of the business
close to 2.4OO,000 tons. Estimating
one port, the total to September l
was close to 7,7S5,ooo tons, against
-I04 092 tons in 1896 and 6.672,O5l 10
1892. to the same date, Wild charters
are made at 20 cents, go cents ana %
CENTS for the head of Lake Superior,
Marquette and Escanaba, respectively
For September and October 70 cents is
offered from Duluth and 80 is asked.
sale of 1900 tons and one OF S,OOo
tons of Bessemer iron were mace last
week for delivery in the balance OF the
year at 1925, Shenango valley
furnaces. Offers of $3.50 for the nrst
quarter 1898 have been made by steel
works and refused by furnaces. Mean
time the advances in steel have
strengthend sellers views, particularly
in view Of the fact that current OUT
mt of finished steel, by two or tnree
important Pittsburg interests is III
excess of their production Of pig iron
Foundry irons are stronger, but mol
uniformly so. A considerable tonnage
has been sold through local offices III
the week, at prices distinctly ABOVE
the lowest of the year.
The chief developments OF the Weef
have been rather in primary materials
an advanced in foundry irons, not
able in the Southern product, and II
iron ore. further progress on a oea
that nromises to make the Carnegie
Steel Co. a miner of old-range as wei
"a of Mesabi ores. This movement Il
highly significant and the effect IL
contamination will have upon aSSocla
tion plans for next year is matter o
great interest to the trade. Southern
irons are now firm at Is to 30 cents
ton advance over prices OF tw'
weeks ago and the reported purchase
nv AN out side speculative interest a
New York have assisted in establish
ing a higher basis.-Iron Trade he
view.