The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1898-04-13
iron OUTLOOK
~ ar Rumors Having Considerable Effect
the Iron business.

The tremendous total OF ore engage
alents for 1898, as noted week ago,
has been attended with little stir III
the freight market. The vesselinter-
est finds nothing to scramble for In
the rates offered, on which only the
) fittest and more recent additions 10
lake freight can make even moder-
ate profit. In the past week % cents
on Marquette tonnage TO Nov. has
been done. though 60 cents was the
basis of early Marquette business.
From Escan;iba ID cents is offered by
shippers. All present calculations
ARE on a depth of water that will per-
init as large cargoes Dis last years and
rapid loading and unloading will he
more and more "a requisite OF profit
able operation. The Mesabi ores
outside Of its own, taken by the lead
ing Pittsburg interest, as Indicated
i'll this column last week, will MAKE
up. together with the Mountain Iron
and Oliver outputs, practically the
same total rs came last year from
cilese two understanding over
], 500. 600 tons. The purchases from
the Two consolidated properties, the
sDuluth and Pillsbury. and one indie
pendeut mine amount to Soc, 900 tons,
Sales OF Mesaba ores in the general
market will be under guarantees
against decline, either of the ore sold
or OF others. For Fayal, $3.50 is still
the asking price.
There is more evidence than in any
! preceding week that the prospect OF
war is hurting the iron trade. Under
the tension Of the past few DAYS, with
the certainty that either war or con-
! cession would come speedily, the BUSH
ness world has waited just as it wait
ed in tile week preceding the cleo
tion of 1896. War, il is known, will
DE costly to iron and steel manufac-
thre. in deranging thousand plans
on which the prosperity OF the year
turns Dearer money, a measure OF
restriction in credits, in some lines
cancellation of orders, and at least a
temporary slackening would be some
of the early effects of war. Any in
crease of values that might come
would be later development. In
such war as one with Spain is likely
to be. with no great withdrawal OF
men from industrial pursuits to take
the field. there would be no special
disturbance of the labor supply.
Doubtless the supply would be greater
than the demand, on account of ar
rested enterprise, and wages would be
more likely TO fall than to rise. While
the business world is not figuring out
in detail the proximate and remoter
effects of a declaration of war, it
recognizes that the issue will soon be
known and that meantime contracts
can wait. AT the same time a large
volume Of day-to-day and week-to-
week business is being done, and the
occasional contract Of good size that
means a steady run for the mill
brings concessions in prices. The
agreement between Southern furnace
firms has been followed by a season of
restricted buying. Similarly the ten
tative arrangement between produc-
ers of Bessemer iron ia the central
west has been attended by a temper
ary suspension OF buying. The incor-
poration of the Bessemer Furnace Co.
this is the name by which the new
organization is likely TO be known
is in the hands of committee, but
probably no step will be taken for the1
! present. Meantime, in spite of the
heavy consumption of steel, stocks
of Bessemer as Of foundry irons. show
further accumulation. The PROPOSE
tion to get some concerted action by
producers of foundry iron throughout
the country. to provide against sur
plus'or for marketing it abroad and
relieving the home trade from
the continued incubus is receiving
not little favor, A plan originate
ing in Philadelphia, unf0lded by cir
cular to the furnace companies. is
TecogniLeu VI HdsiHs uiuCH W iC1on
mend it. but its execution involves
some difficulties Meantime the
canvass conducted by leading pig
iron selling firm has brought from
;. between 90 and 50 per cent of the
producers of foundry iron assent to
the plan for convention in which
the various districts shall be repre-
scented By delegates, these to devise