The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1896-12-23
THE MAnskEr AT LARGE,


prices on billets have left the steel
market 10 uncertainty, with buyers
and sellers feeling for their where
abouts. Some of the rumors indicate
a desire TO have the market go to the
bottom at a single jump, but not I'll
the reports current are reliable Thus
far sl7 is the lowest Pittsburg quota
ton that can be confirmed. though
dispatches have credited Wheeling
district mills with going considerably
lower. While good many inquiries
are going the rounds, they represent
largely desire TO know what can be
done, though without question there
are large purchases to be made in due
time by those who have restricted
their buying during the life of the
pool. Middlemen are to be as care
fully shut out as heretofore, it is
announced. the association agree
ment on that point being perpetual
ed. But after all the uniform price
was the chief guarantee against
speculative sales. and with that re-
moved there are apt to be some lots
OF cheap steel that will furnish the
middlemen's opportunity. The beam
pool gathered itself together at Pitts
burg last week and L55c, Pittsburg.
is now adhered to, though options
given before Dec. u on specified
structures are open until Dec. Is.
The 10 concerns rolling beams have
all signifed their acceptance OF the
percentages allotted them and details
are to be closed up at New York on
Friday. The Merchant Bar Iron
Association met at Chicago this week
and adjourned without changing
prices, though it is understood that
they are not infexible. The Rail
Associations New York meeting was
postponed to this week, and at this
writing prices for 1897 have not been
announced. So far as finished ma
terlal is concerned, the breaking of
the steel agreement has made little
if any change. The billet price has
not been regarded in months in fixing
those Of rolled products, and prices
named for billets in the past week
offer no inducements to merchant
mills buying their steel, to attempt
again TO get orders for bars, etc.
Business must grow deal before the
smaller independent mills can become
much Of factor. Expectations are
large Of the business that will come
in the spring, but the trade is not
looking for much from now until
February and is patiently waiting
through the dull wind-up of the year
The Buffalo viaduct is the largest
contract of the week in structural
material, nearly 1000 tons being in
yolVed. Pig iron business has been
cut up into small orders. Quotations
of leading Southern producers are
maintained in the main, though
smaller competitors are selling at -
to 30 cents below them. Northern
/ 1lOh d4oO Dds OCCA SS4A ~
TO so cents below the basis Of a month
ago. Bessemer is weaker and verv
little has been done. A few sales
through middlemen at s10.S5 to 81 in
the valley have been made. Forge
| iron and old material likewise tend
downward. There is general turn.
ing toward the ore men for the deter
mination of the question how far
things shall be allowed to slide before
they are given a turn.
While it is true that other depart
ments of the market are seeking 20
know what the Lake Superior ore
companies viii do about 1897. it is
true also that the ore men are narrow
" watching the drift of things all
along the line. The meeting of rail
manufacturers at New York is thus
of immediate interest in Cleveland.
Latest information is that much time
has been spent on percentages and on
some plan that will make the work
ings of the pool more flexible and
permit of steadier operation of the
mills. 1t is generally believed that
the price will be in accord with con-
ditions in other departments of the
trade. In the current discussion OF
the ore outlook for next year it is
generally understood that few pro-
ducers of Bessemer ores whose sales
have been unsatisfactory this year
will ask for a somewhat lower base
price in 1897, and in addition will con-
tend also for differenfial that will