The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1898-03-30

Iron ere buying has gone steadily
in the past week, following the round
lots aggregating about 1t million
tons, placed by the Illinois Steel Co.
Under the regime Of definite prices,
With guaranteed analysis on associa-
tion ores, the procedure il simpliied
for both buyer and seller. With the
former it is simply question of seiec-
ton, in the case Of old-range Besse-
sner ores, and the old-time maneuver-
ing for position and see-sawing over
prices is eliminated. Furnacemen
have been taking up the most desir-
able Bessemer ores, and as was the
case early ia last seasons buying, sew
eral of these have been spoken for
close up to the estimated production
for 1898. Non-Bessemer ores have
been bought in fair quantities on the
basis of So. 10 to 49, 10 for some Of the
higher phosphorus foundry-ores of the
Aenomlnee range, while Marquette
range non-Bessemers are from $40
and shade lower to $40 according
10 ANALYSIS. The agitation for lower
rail freights for producers having no
railroad interests is heard OF again,
hut it is not expected that Mesaba
rates this year will be lower than in
1897. Furnace interests are not in
hurry to buy Mesaba ores, arguing
chat the supply is ample and that
competition may be keener later on.
Little cliartering is announced beyond
the large blocks recently announced
ut IS cents aud 60 cents from the head
OF the lake. and so cents from Mar
auette. While several hundred thous-
and tons were placed at GO cents for
the season from Duluth, it is question:
able if that rate eau be established in
view of the fact that the supply OF
boats which can live at 60 cents. the
season through, is far from enough to
reach around.
In the general market the iron
trade goes steadily on its way, with
little change in markets. 1t is not
surprising that producers tire of the
monotony. even offull operation, with
prices at the low level of recent
months. and the enthusiastically
American desire for a market with
vim crops up. But all present lndlca-
tions fer 1898, leaving out war contin-
gencies, point to tonnage as the euler
good to be expected for the iron trade.
A few large producers will have a
satisfactory aggregate OF profit. Two
important developments of the week
indicate the Western trend of produc-
tion. The formation Of the American
Steel & Wire Co. means the grouping
of certain Western and Central
Western wire interests about the
Illinois Steel Co. as source OF sup
DIV for biIlets and rods, and would
seem TO point to the more complete
possession of Western and Central
markets by mills nearest to them.
The other significant event Is the
authoritive announcement that ar
Judgements for foreign capital are
complete. so that work will begin
witilin a few days on two 50O-ton
blast furnaces and 240 by-prOduct
coke ovens for the Johnson Co. The
maryelously low cost OF Bessemer pig
iron insured to LOrain means wider
market than before for Central West
arm steel. There is further conference
this week of Cleveland, valley aud
Pittsburg furnacemen producing pig
iron for the market. The $40 basis
for April, May and June deliveries or
Bessemer iron is established. No
steps have been taken as yet for the
curtailment Of production. but. the
plan of reporting sales to commits
sloner is adopted, and in other details
there is some resemblance to the or
xanization OF Southern producers.
The market for Southern iron has
settled into quietness Of late, but con-
sumption is at a gratifying rate, in
dicating general improvement in
the foundry trade, which has been no
serious test OF the prices agreed upon
by the associated furnaces. but they
have held on small lot business.
Warrant iron has been more OF a
factor in preventing the full estab-
lishment of the new basis, than the
product of the few independent fur