The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1896-12-09
THE MARKET AT LARGE.

Mill and furnace outputs continue
at fair pace. but new sales of pig
iron and finished material grow less
as the end of the year approaches.
The problem ahead relates to the per-
manency of the basis for raw mater
ials, and the data are not yet sufficient
to draw definite conclusion. There
are great expectations concerning
1897, but the ore producers, for exam
pie. as the great basal interest. will
wait for more positive developments
before they talk of prices for the new
year. The feeling In this as well as
in other departments OF the industry
is that year with so large promises
of recuperation calls for more than
ordinary deliberation in the laying of
plans. In actual business the past
week may have disappointed those
who expected an unusually active
winter in compensation for the long
wait: but the conservative element in
the trade is not surprised even at
some of the weak spots in prices that
have shown themselves In the past ten
days. In general, the tone is firm,
but there are exceptions, and the
struggle for tonnage in the usually
dull weeks just ahead may bring
lower quotations on mill products.
Until there is business enough to
make the big mills comfortable-and
this is not likely before the approach
of spring-they may be expected to
show some eagerness in going after
attractive orders. In the month
since election, shipyard. bridge and
car orders have been chief factors in
the new business placed. Lake ship
yards have much more to do than
seemed probable few weeks ago, and
there are yet few more contracts to
be placed before the winters quota is
complete. Car work has been of some
help to Western mills, FORCES and
wheel foundries; but the bar mills are
still far from satisfactory basis. Pig
iron buying has been restricted the
past week. Bessemer is weaker, but
the current business is done through
second hands and is merely the pass
ing into consumption Of metal bought
at the low figures of September and
October. Foundry irons have been
quiet. Sellers hold to advanced prices
for forward deliveries, but old prices
have been approached on prompt
sales. The present open market on
beams may give way again to agree
ment. another meeting having been
called for December 4, in Pittsburg.
at the instance of Eastern producers.
The wire nail pool formally decided
to dissolve, at the New York meeting
and new card Of extras will replace
the unpopular schedule that was born
with the pool. A period of cut prices
will ensue, and meanwhile buyers will
contract grudgingly, waiting to see
how far the market will drop. There
is no indication that prices for steel
bars being maintained on the pool
basis for billets. Some mills are
quoting 1.15c to 1.20c, but sales at
Lose, Pittsburg, have not ceased.
At Cleveland low freights have been
a temptation to get down ore in the
face of conditions ordinarily prohib-
tive. and on Dec. six caTgoes were
still to be loaded at Escanaba, while
from Marquette three or four vessels
are yet to come. The roundup is
likely to show more than $500. 200
tons by water, and to this must be
added rail shipments that will be up
wards of 300. 900 tons, to get the total
shipments for the year. The iron ore
selling companies have had a meeting
the past week to talk over the situa-
ton and take account OF stocks On the
docks. Nothing was said about prices
and that matter will wait until the
new year is well opened. Sales of
Bessemer ore the past season have
been in the neighbOrhood of 5000. 0O0
tons, though shipments have exceed
ed this by fully million tons.-Iron
Trade Review.