The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1899-02-01
ORE VALUES HIGHER.
Values are on q Basis of Twenty Cents
Above that of Last Year.


are being quoted to furnacemen this
week, and it is probable that large
business will be closed within the
next 10 days, Values are on a basis
20 cents above that of last year; that
is to say. the suppositious ore contain
ing .045 per cent phosphorus, 63 per
cent iron and 10 per cent moisture,
which carried price Of s2.75 last
year is 1926 this year. Norrie ore.
which is so close to the base in it's
analysis that it has been sometimes
mistakenly called the base, sells for
81. 99i this year, as against s2.S4 last
year. Thus each ore carries a price
decided by its analysis, so that the
advances are not uniform, the aver
age content Of iron and phosphorus
varying somewhat from year to year.
These calculations are so exact that
the half cent appears in the price of
half dozen ores this year. Chaplin,
for example, that sold at s2.56 last
year, is quoted s2.73i this year. 1t
would not be difficult for the sellers
of certain we'll known ores to dispose
quickly of practically all irproper-
ties are likely to produce in 1899; the
probabilities are that in many cases
the distribution of such ores in way
that will satisfy all who have been in
the habit of using them will be the
problem. The Federal Steel Co. S for
nation takes out of the market in
part leading buyer of other years.
though the company may be more Of
buyer of ore than has been common
ly supposed. With ore requirements
of above 3,75O, 900 tons, and ability to
use only about 1,5Oo,OO tons of its
Mesabi supply, counting 40 per cent
of the whole, it would need 1000, 00C
tons from the market even though it
consumed all its Vermilion range
product. The presumption is that
| IT H. In aif he
in the market to old customers OF
traded for other ores. 1t would ap'
pear that very conservative cOunsels
have prevailed in arriving at basis
for 1899 business in Bessemer ores
The advance made in Bessemer iron
in the year is sufficient to cover the
increase in ore two or three times
over. Moreover, il the consideration
Of supply and demand were the only
one, higher price must have result
ed, for all calculations Of the con
sumption of Lake Superior ores ir
1899 make it larger than the mines
can produce without substantial in
crease in the supply of mining labor
1t is more thoroughly self-support
| ing situation than the problem Of
Lake Superior ores has shown In
years; and it is evident that the ore
companies have been influenced large
| ly by the conviction that low anc
stable prices must be maintained, tC
| foster and increase the expert trade
The Mesabi situation Is showing 1t
self less amenable to outside condi
tions than before. With a 20-cen1
advance in the old-range basis. the
gap between these ores and the
Mesabi product will be even wider. il
the price named on a well known ore
of that range is to set the pace. Thi!
is reported to be 5 cents above last
years price. with privilege Of con
tract over a term OF years at the same
figure. In non-BeSsemer ores there
have been some negotiations: an(
consumption is such that an advance
over last years price of from 10 to p
cents is maintained without difficulty
Iron Trade Review.
| Heavy Transaction.