The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1899-03-15
MININGNOTES

IsQuirers for ores are still being
heard from. but not all are getting
what they 60 after. On such lots as
have been disposed of recently an
advance OF IS to 10 cents above open
ing prices is secured, and this Is
about the advance dock stocks have
brought, over the 1899 basis. Some
lndesira BILE Bessemer ores are unsOld
sa the docks, but no nom Bessemers:
aud while from Ii 20 million tons
may DO on the docks May 1, it will be
furnacemen's ore, with insignificant
exceptions. The prediction that old
range material sold for 1899 delivery
will not all come down Is made by
high authority In the trade. Wheth-
Or this will develop an actual short
age or only compel changes In mix
iures later in the year, It presents
possibilities furnacemen will not
want to encounter. Some recent ore
transactions were made possibly BY
she resale from furnace firm hands
eta round lot of Mesabi ore. From
tue new range sales are much larger
than last years. Eastern furnaces
have not come up to their purchases
Of 1898 thus far. Perhaps 10000
tons have been sold to this trade.
Cuban ores will come In, of course,
IN larger quantities than in 1898, but
these ores are all sold up to the am
cunt that can be shipped. Local ores
may help out and it Is known that
New York ores have been sent into
Pennsylvania In larger quantities
than usual. Deals in Lake Superior
mining property, and rumors OF deals
are still plentiful. The Lake Super
iron Co.'S would-be buyer is still in
the background. The Carnegie
Steel Co.. Federal Steel Co. and Nat
ional Steel Co. are about equally
named in this connection. On the
Mesaba range the acquisition Of the
Clark g. Sauntry property in the vir-
ginia district by the American Steel
4 Wire Co. is reported.
The advances in iron and steel con-
tinue and 81 ton added to the price
Of pig iron seems now to startle the
trade less than a Is cent advance six
months ago, while 81 more on finished
material is an easy possibility bet
ween any two days. Leaders in the
teade still talk Of the dangers of such
. movement, but with legitimate
demand Of the proportions developed
week by week, there is no longer any
serious thought that it can be stopped
The ore producers of Lake Superior
were moved by considerations of the
highest validity-the preservation of
eur foreign trade and the necessity Of
averting any semblance Of a boom
to put their prices only fractionally
above last years. Meantime the pig
iron advance has been ten times that
Of ore, and steel billets have reached
APPOINT $40 above the price of Besse-
ner pig iron.-Iron Trade Review.
A diamond drill Is running in ellis
near Tower with reported good re-
suits. This land is being developed
by J. NJ. Underwood. The same
party has leased from the Robinson
Iron Co., lands in and 8, 62-13 and
Osterberg Bros, have diamond drill
working thereon.
During the week past, no less than
three representatives Of different
companies have been on the Vermil-
ion range taking options on iron
lands. This indicates much develop
ment work the coming months as we
understand all of the concerns secur-
ing options intend to actively work
their holdings.
Dot ln1,