The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-02-11
ORE men ARE
HOLDING BACK
NOT IN ANY HURRY TO MAKE
PRICES ON PRODUCTION.
Steel Makers Want a Cut of 81 a Ton,
but Will Hardly Get It assore Pro-
dncers Think SOC Enough Besse-
mer. AssociationsIs Losing Its Pres
tige as a Rate Maker.

Special to The Journal.
/ Duluth, MINI, Feb. . 11.--Efforts are
being made by steel makers and furnace
men in the east to get price on iron ore
for the coming year, but ore men do not
respond, and show no signs Of fixing a
basic rate before late in the spring. Steel
makers want to cut the price 81 ton
under last year, but to this ore men shake
their heads. 1t is probable the latter will
agree to a reduction Of so cents ton, but
they will fight any further cuts. The
price of iron ore is fixed with as close ex-
actitude as that of any commodity known.
| and for scores of grades is figured down to
quarters Of a cent a. ton.
The Bessemer Ore association whose
rates fix the price of ore, was once a large
and influential organizat ton which con-
trolled many mines. But now however.
on account of the purchase of SO many
Of it's mines by steel makers and ore con-
sumers, especially by the United States
Steel Corporation, the association is q
very small tail to the dog. But it has
still been permitted to wag the dog as of
! yore. This year, however, the associa ton
may not make any@price. Its total ship
ments during season can scarcely be
| more than 100000 TONS for it is confined
to old ranges and independent shippers,
| and the great bulk of all ore comes from
the Mesabi range. ~ 49,
Stripping the Monroe.
| The weather has been running down tC
! 54 below zero where the contracting com :
panies are stripping the Monroe mine OF
the United States Steel Corporation at
Hibbing. But they have not lost a day OF
night this winter and Fthe dirt is coming
off the mine rapidly. Three shafts arc
going down and a fourth is to be started al
! once. The mine will not be a large ship
/! per this year, but it will be an immense
! property in 1905. .~o
The new and important find at Ne
i gaunee mine, Marquette range made e
! short time ago in sinking. lis opening Out
and bids fair to make. that mine Of ia,
greater importance than ever. Interest i1
| this mine is much greater since the
Lackawanna Steel company has an
nounced that it has bought g. half interest
| in the lease for $780, 900. This purchase
was made conformity with the CLEVELAND
Cliffs company, at the time that concern
originally took the mine. The United
| States Steel Corporation had the lease. bu
| its time expired and the Cleveland Cliffs
bid higher and got it. It was not known
for some time that the Eacka wanna Stee
company, a rival Of the Steel corporation
was a half owner. tNegaunee will prob
ably, mine 800, 900 tons the present year.
.r.1,s. Hanna's New. Property.
M. A. Hanna &; Co.. Of Cleveland ar,
commencing to host'sa 4little ore from
property they have been developing Thu
winter for shipping the, coming season
This is the Frantz,. They have d secont
mine of Small fsizel ifre1n (which they will
made Mesabf irchasasF amounting t
about 10000, 900 tons of ore in the ground
all on state lands. These mines will pa,
| the state school funds at least $4,000. 00
before exhaustion, possibly much NOR,
than that