The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1898-04-06
THE MARKET

eres already sold for 1898 is far be-
yond any total Of engaged product
that could be figured up at the close
Of any previous March. Figures made
; by the best authorities In the trade
account for nearly S.5oo.ooo tons OF
ore that has been bought by furnaces
without mining connections, or that
will be taken according TO schedules
already arranged by producing-con-
auming interests This is equal TO a
years &C assumption of Lake Superior
ores only few years back; and the
fact that its disposal has been practI-
ally without any OF the commotion
that used to attend the opening of
the active selling season, illustrates
tile change that has come over the
business since furnacemen have turn
ed miners. Roughly, the amount
named includes over 1, 600, 900 tons OF
elld-range Bessemer, 1000, 600 to $780,
fooe tons of Mesabi ore, and Soo,o 900 TO
900. 900 tons of old-range non-Bes-
semer. The leading Pittsburg inter-
est has not been directly in the mark
etafor outside ores, barring zoo, 900
tons or so for basic mixture; but the
deal by which it exchanges a round
lot of Norie for Chandler gives 1t an
ore it has always bought "a Mesabi
deal is also reported, by which GER
tain amount of Adams and one or
two other Consolidated Co. ores is
taken, instead of mining the Noun
tain Iron and Oliver as extensively
as some reports have indicated. The
low-phosphorus old-range ores are we'll
xhld, Minnesota No. /, for example.
being practically out of the market.
Non Bessemer ores are selling better
ahan has been known so early in the
season, Vermilion, Marquette and
! Nenominee mines all sharing in the
business. Non-Bessemer from the FIRST
named has sold at $3.50, practically
the basis of 1897. Valley furnacemen
as rule have done little with Mesabi
sres, and the general market on these
eises is still a waiting one There is
no chance OF any agreement on price,
but thus far the basis is not establish
ed by open transactions. The freight
market is not active, with all the ore
sold. Escanaba shippers offer 40
cents, but little has been done. From
I Ashland 60 cents and from Marquette
SO cents are present offers on season
business.
The alienation OF war and peace
news il, the past week has been much
alike TO the iron trade. Just the ex-
tent to which war possibilities are
holding back new undertakings it
would be difficult tojudge,sbut business
goes on at tremendous rate, and II
much is deferred, the missing factor
nav be charged with the failure OF
prices to advance. Certainly there can
be little complaint with amount that
ID being done. as it is. War plans do
not deter the trade from contracting
freely. Ore contracts, which are long
est Iived-those now being made last
ing to May /, IS99-have been large
7 beyond record. 1t is estimated that
&. 500, 900 tons of Lake Superior ores,
to shipped la 1898, are already taken
up. either in sales, or in tue schedules
OF consumers having their own mines.
There is no chance of an agreement
on Mesaba ores this year, and no real
expectation of such an agreement has
existed from the beginning. Pig iron
producers are beginning TO feel the
effect of the tremendous production,
that has been increasing month by
month since June of last year. Cur
rent sales are much below shipments,
hut the rate at which foundries, mills
andsteel works are using pig iron is
sbringing on the buying time apace.
The Alabama and Tennessee furnaces
that are parties to the recent agree
ment are holding to their prices, and
are doing business in small way; the
outsider rs are making concessions a.
heretofore and get most OF the little
chat is going. Exports from Alabama
furnaces have lighter since the first
at the year than in the preceding
quarter, and the difference will be
folt IL the present contraction OF ship
ments continues long. Central West
arm furnacemen producing BessemeI
iron have conferred long and seriously
hut formal organization is still deferr-
ed. The provisional arrangement as
To prices exists, however, and 1919.
valley furnace, for prompt shipment
and $40 for second quarter. will b
maintained through April. Meantim,
the developments of the situation
m .xo,;,, xvl,afbar mora Strin-