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MARINE REVIEW. WV One Vile CLEVELAND, OHIO, THURSDAY, MARCH 30, 1893. No. re: lron Ore Market--Lake Freights. Only a few years ago the consumption of Bessemer iron ore in this country was about one-third of the total consumption, but just now the consumption of Bessemer is two-thirds of the total and the non-Bessemer one-third. 'This may seem like an over-drawn statement but it is nevertheless true, and it is largely on account of this change in conditions that the Bessemer ore producers of the Lake Superior region who are still holding standard grades for $4 a ton, or better, feel that they will win against the efforts of the Carnegie and Illinois steel companies to buy at a lower price. The buying movement that was started some ten days ago among furnace men independent of the two above $14.20 to $14.25 during the week; the feeling is very strong with everything practically sold up for sixty days ahead. In addition to all this there is certainly a probability that a spurt in the iron market may yet cause ore to sell at prices equal to those of a year ago. These are facts that cause the ore producers to feel un- usually firm in the position they have taken and hopeful for even more than their present demands, but they have not sold enough ore to warrant arrangements for lake freight contracts, and it is probably well that such is the case, as under present conditions they would certainly insist that $1.15, or 10 cents less than last year, should be the maximum season rate from the WRECK OF THE WALK-IN-THE-WATER, FIRST STEAMER ON LAKE ERIE. big companies has not resulted in the purchase of more than 750,000 tonsat the outside, according to conservativeestimates, but this aggregate of sales is enough to indicate the general feeling among furnace owners, who will certainly loose no time in buying when the two big companies come into the market, no matter what the price may be. The past few days have devel- oped another period of inactivity on the part of smaller owners of furnaces, who are not following up the first purchases but are again awaiting the action of the leading steel makers. It is a matter of great surprise to the ore dealers that such is the case, as conditions favorable to higher prices for iron continue to in- crease. 'There is not enough pig iron in the country today to meet the consumption for ten days if all furnace men were out of blast, and although the market for Bessemer pig has not gone (For deseription'see page 7.) head of Lake Superior, with Escanaba and Marquette rates re- duced accordingly. The ore men feel that they can get little tonnage at such a price, however, and this is one of the princi- pal reasons why they are holding out against sales of ore at low prices. as Several shippers of soft coal have tried during the past few days to make contracts for tonnage for the head of Lake Super- ior for large blocks running throughout the season at less than -- 50 cents, but such offers have been refused by the vessel owners in all cases. Rates offered on blocks of coal to go to Gladstone, Escanaba and other Lake Michigan ports are also lower than the average for last season, notwithstanding the cer- tainty of an immense coal movement, but all vessel owners fear big losses in such contracts, even at last season's rates, and will