The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1898-03-09
MORE BUSINESS.
Tiio Ico.; business Less Disturbed by War
RuHiors tha Last Week.


Some Sales of Non-Besseiner Ores Made at
Nearly Last Years Prices.
Iron ore matters have been IN statu
QUO the past week. SO far as the Old
range Bessemer product is concerned.
Nor has there been any effort to do
business in Mesaba ores, following
the recent Chicago transaction. Some
sa!es Of non-Bessemer ores have been
made-a loo, ooo-ton lot from the Ne
sauuee district alta price close TO that
az last season, and q lot from the
CRYSTAL Falls district, both going to
Ohio furnaces. 1t is not expected
that quotations on old-range ores will
be made TO furnace companies until
next week. Interesting in connection
with the competition between Cuban
and other outside ores with those
from Lake Superior, for the Eastern
trade, is the fact that further ship
snents OF Spanish-American Iron co.
ore from Cuba TO the British Isles and
Germany will be made this year.
Something over half the $4,000 tons
OF tt.ese ores sold abroad this year has
Dec. seat to its destination. The
slight advance of Lake Superior ores
this wear will be just as much assist
anca to foreign ores this year will be
lust that much assistance to foreign
ores in holding place in the Eastern
trade. but as a general proposition
the foreign market is apt to be more
cultivated than heretofore by produc-
ers OF Cuban ores, under the low
range OF prices that promises to OBJ
tain in this country.
While the campaign Of war rumors
is still effective in retardfng large'un-
dertakings, the public mind is less
disturbed than in the preceding week
and more given to business. In some
quarters more activity is reported in
iron and steel-no pronounced move
lnent, but resumption Of the regular
buying that has been interrupted to
s.n extent in the past fortnight. The
most important event in the week in
the Central West is the acquisition
by the Carnegie Steel company of the
TIVE modern furnaces of the Carrie
Furnace Co.. having weekly capacity
OF about 1000 tons. These additional
furnaces will prac ically take care of
the pig iron shortage Of the purchaser
generally rated at about 10000 tons a
month. The merchant furnace in
terest is naturally well satisfied to
have Carnegie Co.'S demand for more
metal met by reduction in the num-
Der OF independent stacks than by
additions to the number Of the Du-
auesne monsters. The move has had
little CT no effect on prices of March
iron. but second quarter deliveries are
II trihe weaker, 1915, valley. being
now general quotation. The selling
aide has been countingo on further con-
siderable purchases Of iron by the
PittsbuTg interest, which by being
distributed would have strengthened
ali sellers. Steel billets. rejecting
the heavy consumption OF ali forms OF
steel. are now held well up TO SIS %,
Pittsburg makers mill. Tie spread
between Bessemer pig iron and steel
thus continues to be greater than con-
version costs and normal profits would
indicate.
Ab. Chicago. sales last week were in
excess of those of the week before.
Most classes of material were in good
demand, and orders were larger and
more frequent than in the early weeks
OF February. Inquiries appear to be
increasing somewhat, and business in
the next few weeks is expected to be
UP to the average Of the spast month.
Southern pig iron producers held a
final meeting last week. and came to
an arrangement for handling their
product which it is expected will en-
abb them to avoid cutting of prices.
Car orders are large, and two good
contracts are to be placed soon, the
b. s. o. and the Union Pacific.-Iron
Trade Review.