The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1898-02-19
fcs- - r:yEF W 80 ~ =; v~e;y ~ I
/, FROM THE MINES
THE IRON MARKET.
The Cleveland Iron Trade Reviews Resume OF
Ithe Week in Iron Circles.

The (lcvclaud itOu ifauc ReNtcW Rcohihc VI
Iihe Week in Iron Circles.
The meeting on last Saturday OF the
Bessemer ore producers of all Lake SUI
perior ranges RECEIPT the Mesabi has put
the ore situation in definite shape for
1888. The advance in price Is practically
as indicated heretofore. The suppositious
ore taken ms the basis OF calculations,
contains 63 per cent OF iron, .O42 per
cent OF phorphorous and 10 per cent
natural moisture. will sell mt SITE n
ton instead 81 the 50 81 last year.
This conservative advance ~ not likely
20 tempt many idle properties 10 become
active, being but n triile more than the
increase in labor cost already made.
The method OF computing the prices OF
the forty-five OF fifty old range ORES, rel.
alive to the base ore; il precisely the
same as that employed last year, the
phosphorous table. which, on it's first
appearance in 1897, wus counted n tri-
unph Of mathematics ~ applied TO the
accurate measurements Of mixture val
ues, being retained in ts original form.
Each ore takes the place To which IL *
entitled by the average analysis of S91 f,
or such IA the producer will guarantee
for 1898 IL is not to be inferred that
there IL "a horizontal advance Of fifteen
cents from the S97 price, or even AN ay-
ernge advance Of fifteen cent?. Ores run
higher or lower in phosphorus or iron
in one year than ia the preceding
M he deposit improves or dictionaries.
| IL happens thus that one ore ON the / 9S
list IN two cents Il ton lower thanh S97.
| In another cnse where The average Of
| 1897 analysc shows "a considerable inn
| provement there is an advance Of TWEEN
| ty-two cents per ton. The price scedule
| ia thus an accurate index 81 the relative
value 81 the different ores ns they will
come upon the market IN 1898. The es-
| timated output Tor the year is a triilc
over 5000, 900 tons 81 old-rnnge BESSIE
mers-or such as will enter Bcsscmcr
mkt the old phosphorus limit OF
OF being retained. Several ores are
! included in the schedule for 1898 that
were not there IN 1S97-the Rex grade
81 the Chapin's product. and the Old
Mine Ilenatite, for example. The total
81 such ores is COO, 900 to roo 900 tons.
| Putting Mesabl ores mt last years out
nut, about 4 200 900 tons, and making
nm allowance for scale, mill cinder, etc,
| il il estimated that the material going
| into furnaces running on Lake Superior
| Bpsseiner ores u now equivalent to ] :
| 900 900 tons OF ore per year. How
| much beyond the 1897 total OF | $500,
900 tons the figures for 1898 will go, is
now only a matter of conjecture. 1t
viii be understood, from what il said
above. that the Nesabi range is To take
the course OF hast year. Already some
thing like 100000 tons OF Minnesota
Iron company Mesnbi ores have been
brought 10y the Illinois Steel company.
Ii il believed the prices in this deal,
while not absolutely fixed as yet will
give the Chicago interest Mesabi ores at
practically the same cost AZ the leading
plttsburg interest commands through
NINE ownership. Ii IL TO be expected
that transaction IN oldrange BESSIE
mers will follow soon upon the com
plation of the figuring 81 prices; the
schedules will be finished probably
with ten DAYS. The question 81 lake
| freghts il discussed in only tentative
| way The early charters al seventy
cents last year were followed soon
after 10y sixty-iiyc cent charters To
November 1 with sixty cents AZ the
rate 10 September | No great depart
| IRE from u sixty-iiye cent basis ~ an
| ticipnted for 1898 business.