The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1896-03-04
Published Every "Wednesday.
THE ORE MARKET.

The expectation OF better things
near at hand is the main support Of
the iron trade while the wait con
tinues. Perhaps the best feature OF
current buying is that traceable t(
the railroads, and when this is said
the contracted volume Of general de-
mand can be appreciated. While the
difficulty of getting money is keep
ing some lines out of the market, ano
the light traffic of others, particularly
corn roads, is postponing a good many
contracts, the rail tonnage booked
since the first of the year. and partl'
cularly in the last three weeks, by
both Eastern and Western mills is
encouraging, and there is more to
follow from certain Eastern lines
that have been slow in placing their
usual quota. The Pennsylvania g
initial order is for 1000. There is a
comfortable total of car buying, too,
the contracts together with pending
orders, from five or six lines amount
ing to 5000 to 10000 cars. Business
in structural material, particularly in
Chicago and in Eastern cities, made a
good aggregate in January for some
mills, considerably better than one
twelfth of last years tOtal-but
February has added little in the way
of important work. That the money
market is not as easy as the more
cheerful prophecies counted ON, as
the result of the bond awards, is the
general experience thus far, and this
is the dominating fact in all business.
So far as Congress is concerned there
is now practically no expectation that
it will do anything this year that will
stimulate business. The revenue bill
will die in the Senate, and all the
probable outcome at Washington, in
tariff or finance, is fruitless talk. In
primary products the market has
been uneventful in the past week.
'The accumulation OF pig iron IN
January, in view of the number of
furnaces out of blast, was rather
beyond expectation, and the resump-
ton of furnaces in February seem to
be fully offsetting the additional
suspensions. Yet sellers are putting
some limitations on forward deliveries
and the readiness with which buyer
here there, who wants a round lot,
accepts current prices when he can
get deliveries well into fall, is an
index Of the feeling about the future
that is found on both sides Of the
mark t. The see-saw between North
ern and Southern sellers Of foundry
iron keeps up, and price concessions
alternate between the section, one
district finding Southern quotations
lower, while in another Northern sell
iers lead In the cutting. 1t is to be
said, however. that with few eXcep-
tiOns furnaces are not pushing for
business extending beyond 80 days,
and some of them are refusing tC
meet the quotations of weak furnaces
for prompt deliveries. The situation
as to Bessemer is unchanged. Pitts
burg furnaces are still making lower
prices than the corresponding valley
furnace figures. Some few sales have
been made, in fact, at a PittsDlrg
price less than most valley sellers
quote at valley furnace. A sale o.
1900 tons, February, March ant
April delivery, is reported at $3.50 II
the valley. Some Pittsburg iron, too
has passed from middlemen's hands
at Sl2.65 to S13, Pittsburg, for Febru
airy and March delivery. Theaverag'
valley furnace still quotes Sl3 ant
piles it's iron. Steel billets have beer
quiet. For nearby delivering Sl7.7
to S1S has been the basis in PittSburg
Mills are unwilling to sell 80 day
ahead below Sl8 and S1S.25 to to $3.50
is asked by Others on sales taking
May deliveries, in view OF the ex
pectation of higher Bessemer pig
In nearly all finished lines the bust
ness of the week, in all markets. ha
been OF small volume. Chicago re
ports some bar iron contracts ant
there is an expectation of considerabl,
larger business for the rolling mills il
the coming month as the result OF ca
orders.-Iron Trade Review.
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