The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1898-12-07
STOCKPILES A FACTOR.

win Large Stocks Eliminated, the CUES
tion of Labor Appears.
AS ore shipments draw toward the
end, the fact is appreciated that the
stockpiles at Lake Superior iron
mines, some Of them dating one, two
and three years back, have been a far
more Important factor in the years
business in ore than any one in the
trade would have been inclined to
predict six months ago. Looking to-
ward 1899, witch no such accumula-
lions to draw on, it is evident that
the question Of an adequate supply OF
labor will figure largely. The copper
country is now competing with the
iron ranges for miners, and the higher
wages announced at several iron
properties in the past week tell the
story of the new relation between
labor supply and demand. The price
of ore for next year thus promises to
rule higher, apart from any agree
ment among producers. There is
greater activity than In years. in the
looking up of partly developed proper
ties and in diamond drill work by
well established companies, though
the consensus of authoritative COM
ment in the trade is that whatever
advance made must be moderate
only sufficient, according to the ideas
Of some, to cover advances in cost, in
the case Of Bessemer ores. The non
Bessemer situation is another story;
it is a question there of compensating
for the undue generosity of producers
in year that could have yielded a
fair profit but did not. In the past
week transportation arrangements
have been made for several lots of ore
recently sold. to come from Escanaba.
Shipments there will continue for
some time, possibly a week or 10 days.
From Two Harbors final cargOes of
Vermilion and Mesabi ores are to be
| II h,yt Ia ipp 70
the ore to held in the vessels through
the winter at Lorain, for early spring
use at the new furnaces.
| At Chicago various rumors are
heard regarding the arrangements OF
the rail makers, but the facts seem to
be about as follows: The Federal
Steel Co., the Carnegie Steel Co., and
the Colorado Fuel & Iron Co. have en-
| tered into an arrangement which pro-
vides for an agreed price at Pittsburg.
Chicago and Colorado, and for divi-
sion of the tonnage, but not of terri
tory. The mills can all sell in any
| territory. but regardless of the ton
| mage OF Utlo SAFES OIL edcn mill, Will
only secure a certain proportion to
roll. Prices have been agreed upon at
S17, Pittsburg; S1S, Chicago, ana $40.
Pueblo. The agreement was reached
at meeting held in New York last
week Wednesday, at which the three
mills were represented. No other
mill has been taken into the combn-
alton. Sales in the western territory
have already been very heavy, includ-
| ing one Of $4,000 tons to the Illinois
Central. and another Of 5000 tons to
a western road Both of these sales
were made by the Illinois Steel Co.
| General business in the week has been
excellent. and in some lines large to"-
nagcs have been closed. The marked
is strong in nearly every line. the
only weakness being in Il few finished
shapes, and this is caused not by q
lack of business, but solely because
buyers are slow in making specifica-
tions on contracts &C this late season
Of the year. Many consumers, at this
time, postpone taking in material
until after the first of the year. to
simplify stock taking and the finan-
cial matters of the years end.-Iron
Trade Review.