The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1896-11-25
THE MARKET At LARGE.

| AO inv y 80 Pos !
week is the advance in nearly all
forms of finished material not con-
trolled by agreements. On consider
able volume of business 81 ton
above late October prices has been
obtained. and in some instances sell
lers have put their figures 81 a ton
above that basis. The decision reach
ed at the billet meeting in New
York. referred TO in detail elsewhere,
has given a frmer tone TO all steel
products, with indications that the
advances now asked will be maintain
ed. Angles, bars and plates are
notably stronger. Structural mater
ial and plates have seen the most
active demand in the week. particul-
arly at Chicago and Pittsburg. In
some other forms of material less has
been closed, buyers evidently waiting
to know the outcome at New York.
But from every quarter comes the
report of steadily increasing inquiry
an indication that considerable
tonnage, not in large orders, but in
the aggregate of well scattered buy
ing. is soon to come to the mills. In
connection with the steel manufact-
urers' meeting at New York there
was a conference of beam interests,
resulting in the continuance Of the
present basis. The steel rail agree
ment was also made effective for
another year, without change in price.
The feeling is general as expressed in
recent meetings, beginning with that
of bar iron manufactures last week.
that gradually ascending grade is
ahead. Pig iron sales have fallen of
somewhat from the rate OF several
weeks preceding, and though small
lot buying is steady, it appears that
many buyers are covered for the next
few months Prices are generally
maintained. though Bessemer, SO far
as actual transactions 60. is scarcely
as strong as in the week Of election,
speculative buying being checked for
the time. The Piatsburg market is
sl2. 20 TO $3.50, equivalent to sI1.75
to Sll s. in the valley. Southern fur
naces are holding prices well and the
present Birmingham dustations are
s7.15 for No. , foundry. s. for No.
soft. $50 for No. soft and s. fol
gray forge. In the North. pig iron
production is increasing and it would
be conservative to put the weekly
capacity of furnaces started since
election or planning TO start this
month at 10000 tons-an increase Of
LOCO. 900 tons in the yearly rate. Thi:
week sessions of the sheet and tiT
plate manufacturers at Pittsbur4
! have brought out encouraging report.
of the prospects in those line. In tin
plates the chances are good for &
rehabilitation of the gentlemen
agreement" and maintenance Of
prices on domestic plates more closely
approximating those On imported
plates. The wire nail meeting sooI
to be held may be the one exception
to the result of recent conferences
Either disruption or a considerable,
reduction in prices is predicted. TIL
sources of supply. uncontrolled by th'
pool, are getting more numerous ever.
week. and the task Of stopping uI
these lakes, many Of them large ones
has grown to practical impossibility
/ The last vessels are being loaded a
Two Harbors, Duluth and Ashland
this week, and barring few cases ii
which frozen ore may carry the worl
over to next week, the record Of ship
ments at these ports is PRACTICAL.
made up. The difficulty of getting
/ the ore is now almost unsurmount
able and the wind-up viii come Z
week or 10 days earlier than was tn,
case last year. Some mines that have
been closed for the past two month:
are starting small forces and prepare
lions are making on all the old range.
for a winter of fair activity. Som,
further sales of nom essemer ores ar,
reported and number of cargoes O
Spanish ores have beer
placed recently with Eastern furnaces
Iron Trade Review.
1 Rainy Lake.
| Deve1onrnenf work ia nrop-pSSins