The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1898-12-28
MESABA ORES.
Nom Bessemer Producers Form AN AlIi-
Rnce

ance.
The producers of on-Bessemer
Lake Superior ores had a preliminary
conference last week and are in session
today, The attempt is being made to
agree on a schedule OF prices, and
effect an organization similar to that
of the old-range Bessciner ore COM
panies. Furnacemen have. been max
ing inquiries for 1899 ores and it is
understood there has been some sell
ling at an advance of about 20 cents
above this seasons basis. There is
not much difference between the fig
ures of the more optimistic and the
more conservative of, the non Bessemer
producers. For an ore carrying 81
per cent iron and II per cent moisture
the latter would establish price of
S1.95, as against $3.50 the past season.
The former put their figure at S2.l0.
1t is predicted that the final figure,
if agreement come, will be very close
to So. Wage advances, amounting to
Is to 20 per cent between the two sea-
sons, and the certainty of higher lake
freights, with the removal of con-
siderable tonnage from the lake to
the Atlantic coast trade, account for
about Is cents advance; il is estimat-
ed; so that on the basis talked Of. the
royalty paying mines idle the past
season will have little inducement to
start unless a new understanding can
be had with the feel owners. With
the status of on-Bessemer ores deter
mined, the problems remaining will
relate to old-range Bessemers and
Mesabi ores. 1t is probable that the
entire ore situation fer the new year
will develop much earlier than has
been known in the history of the
trade.
At Chicago although the total of
orders last week was not as large as
in the week previous, the market was
active and very good business was
done in nearly every line. Mills and
furnaces are we'll sold ahead, and
many of them are entirely out of the
market on some lines of material.
The mills of the Illinois Steel Co., are
so full in every line but bars, that
they can accept very little business
for delivery within the next three or
four months. Consumers are taking
material as fast as they can get it
shipped. and in many cases have in
creased the size Of their orders.
The iron trade is finishing the year
under conditions unparalleled for
December. AS In the preceding week,
the largest activity has been in found
~ irons, the buyers of which have
reached simultaneously the conclusion
that instead of the weakness they ex-
pected in December the year would
end with stronger market than at
any time in the twelve-month. AL
ready in this as well as in other lines
there is discussion of the possibility
that demand may outrun supply in
the first part of the new year. But
there is very clear recognition by
producers of the dangers of situa-
tion like the present and a very de-
termined effort, to keep the market
free from excitement. Trouble will
come, if at all, from the disposition
generally shown by buyers, when indi-
cations of higher prices appear, to
compete with each other for material
for distant eliveries-material not
needed toScover contracts in hand.
From the amount Of cautious talk
abroad in the trade, it is evident that
strong influences are being exerted on
the side of conservatism. So far as