The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1898-03-16
ORE PRICES.

for 1898 10 the furnace companies on
Tuesday, the sheets showing the aver
age analyses of 1897 cargoeS OF all ores
having been sent outa few day before.
On another page this statement is re-
produce entired. Some buyers did not
wait to be solicited to buy, but visited
Cleveland offices on Tuesday to put
in their orders for certain ores of
which they want to make sure. Be
tween 200, 900 and 200 tons were
sold in this way. This may sound too
much like the old days, when the
''selliny" of the one or two millions
tons OF Lake Superior ores produced
ia a year consisted principally In per-
auading furnacemen to get along with
as much less than they wanted as
would make the supply go round. But
It. is fact that in a case of few OF
the most desirable ores, last years ex-
perience will be repeated in l89S-the
aggregate asked by furnacemen will
be more than these particular prop
critics can produce, With Mesaba ores
and certain old range products, also,
che talent of statesmen will be fully oc-
cupied in finding market. 1t does
not appear that the effort made in
che past few weeks to get Mesaba ore
producers to come to some agreement
among themselves will succeed for this
year; but if 1898 repeats the perfor-
nance of last year, when the prices
set by one interest having its own
railroad were so low as to amount to
a cut in its freight rate, the result
may be disastrous enough to bring a
remedy by another year. The effort
will be to get an advance this year OF
at least scents for the better Mesaba;
some sellers are talking more and may
get it. Thus far nobody has been an
xious to move. A few weeks will prob
ably develop the course of the big pro-
ducers more plainly. Prices quoted
this week on some Of the old-range
oros are as follows: Chaplin, 1886, late
year, 81. 40; Rex, 1874; Palms, $3.50,
last year, s2.57; Brotherton, S2.74, last
year. 1852; Minnesota. 1886, last year
s3.Ii; Norrie, 1874, last year, 1886;
Atlantic. 1915, last year, $3.50, Chan
dler, 3D. l3, last year, 1921; Aurora,
1896, last year, So 80; Republic Special
$685., last year, SO. 40; Republic Mag
netic. 1921: Kingston, S3.I7, last year
g. 80; Ashland, $3.50, last year $3.50;
Piener. So. o3, last year S2.97; Montreal
s2.9S, last years2.77; Crushed Champ
ion No. l, s3.1o, last year $3.50; No. 2
Section Is, S3.o7, lasG year $3.50;
Harvard Bessemer Hematite, 1918.
last year S2.68; BeSsemer Old Mine
Hematite, 81 80, last year 50 80; Lake
Bessemer, S2.S5, last year 81, 10; CleVe-
land Bessemer, 1920, last year S3.l6:
Salisbury Bessemer, S2.58, last year
81 30; Angelne Hard, 1854, last year
90. 46: Angeline Hematite, 1924, last
year S.. 82S2 1t will be seen that
there is no uniform advance over last
wear. While the base ore is ID cents
higher than ia 1897, each ore takes It's
place according TO actual cargo an
alyses for last season or the guarante-
cd for 1898 1t is quite well determln-
ed ny transactions already closed that
G5 cents will be the season rate on ore
from the head of the lake. Some
Marquette business has been done at
80 cents. Five steamers OF the Men
ominee Transit Co. are chartered for
two years by the Canadian-Atlantlc
Co. to package freight One result
will be that about 100000 tons more
OF the ore of one large house will be
placed with outside vessels.
1t will take little time to deter
mine the effect upon the. market of
the earnest preparation for war that
has absorbed the cOuntry's thought
in the past few days. TO make mil
lions available for defense is generally
the surest Of averting war. Speaking
purely from the standpoint of business
the action at Washington this week
has been both favorable and unfavor-
able. The iron trade will profit direct
" by large expenditures for munitions
OF war. And whatever comes of the
crisis that are crowding each other OF
late. some part of the $5o,ooo,ooo to
be at the disposal of the President
will 90 into steel. And the stimulus
rocopt ayantG rive TO Dattle-Shl d
building and to the enlargement OF
Dlans for coast defense, means liberal
appropriations for some years to come
for army and navy, and hence de-
maud for iron and steel much beyond
what would have been counted on,
under other circumstances. The effect
Il tho iron