The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-02-19
STOCKS LARGE
EVERYWHERE
IRON ORE BUSINESS WILL PROB
ABLY BE GOOD, HOWEVER.
Quantity Estimated to Be Required
from the Lake Superior District.
Fifteen Million Gross Tons, Prob
ably Placed Too LOw-Price May
Be Cut IS Cents a Ton Under Last
Years.

Special to The Journal.
Duluth, Mimi, Feb. 19.-The estimate OF
furnace interests that there
will not be required more than 100000
gross tons does not mean that no more
than this will be melted, but that stocks
at lower lake points and at furnaces are
so large that the requirements OF new ore
will be only about the figure stated. But
this is probably incorrect, and the pros
poets are for larger business IN iron ores
the coming year than mas scenes a. oo"
There are now more than 6,5OO,OOO tons
Of ore on Lake Erie docks, the largest
quantity ever known, and it is going for,
ward to furnaces very slowly, for the fur
naces themselves are heavily stocked. But
in the past thirty days the United states
Steel corpora ton has blown in blast 1ur-
naces Of a capacity for the making OF
100, 900 tons of pig iron weekly, and IS
now operating more than two-thlrds IT'S
full capacity. Merchant furnace men
have not been SO fortunate, and have buI
SO per cent Of their capacity In blast
Their single largest market mas Deen tne
Steel corporation and with It's new fur
naces and smaller requirements it is buy
| ing little outside iron.
| Half Dozen New Mines.
No mines are resuming operations along
Lake Superior, and the number now pussy
will be the outside until late in the spring.
|
mines will resume. The Steel corporation
| is opening half a dozen new mines, winch
are to be relatively small producers the
present year but which will be ready to
raise an immense amount OF ore IN lSoo
| All of these are on the Mesaba range, ana
all are large properties and cheaply mined
| It is evident that ore for the coming
year or two will be produced at as low
cost as possible, that Is mines Will De
most heavily worked that are capable OF
enormous production with the smallest
amount of labor and machinery.
-. Cut of rs Cents a Ton.
The price of Lake Superior ores for the
coming season will be about Is cents tor
less than last year, for standard bessemers
both old range and Mesaba, with non
bessemers probably SO cents under las
year. But there will be no agreement a.
: to price, as there has been Of late years
Each mining company will make its owl
price and work for it's own market.
It is evident, also, that there Is to b.
r more of a competition for business tha1
! before, and that lake ores will reach tur
! ther toward tidewater. Ore merchants u
: seaboard cities are now arranging for lax
mines. and hope to sell these ores to fur
naces along the Atlantic. If they do
will be the first year for decade sue
a movement has taken place.
Doubtless there will be several m1ll1o
tons of Lake Superior ores sold to furnac
men In the Virginia and Tennessee re
Q gons. This is practically new field 70
: Lake Superior. Last year all-rail ship
t ments of ore from the western Mesat
s were made to st. Louis, rates making thl
. possible having been offered by the Grea
\ Northern and Burlington. This trade ma
i increase this year.
Diamond drill operators here have Jus
;, closed contracts under which they are
!, drill up to possible 10000 feet Tor tf
! Empire Steel and Iron company at il
o mines in New Jersey.
:, New Logging Branch.
d The Duluth, Virginia and Rainy Lal
road is to build branch to THE west sic
of Vermillion lake, in township 60, rams
Y II. in order to handle the product Of tt
mill of the Vermilion Lumber compan
g now under construction there. 1t Will
a year or more however, before the roe
can get in, and in the mean time the con
re re pany will ship by way of Tower. 1t nj
d Just bought steamer, and all docks al
ne warehouses of Gheen Bros, of Tower, al
Cd will raft its lumber across the lake.