The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1896-09-23
THE ORE MARKET.

THE ORE MARKET.
Hopefulness becomes a more marked
feature of iron market reports from
all quarters, as the political situation
grows clearer, and in that respect the
improvement is decided. A willing
ness to buy pig iron for consumption
has appeared here and there, and the
belief that ante-election purchases
will be cheapest is influencing buyers
in a way that has not been seen since
the party turmoil over free silver
paralyZed all business. While sellers
are careful to say that there is not
1.-THE of the transactions that a nor
NAL fall should bring, they are en-
couraged by the advance signs of
returning confidence. Much of the
apprehension seen in August over the
money situation, and the possibility
that the stringency would grow more
acute with every week. has passed
away and the promise that gold
imports will still be considerable,
under favorable balances of trade,
gives further encouragement. The
improvement within the iron trade is
less pronounced, however, than that
in the outside conditions, by which
the iron industry, as well as others,
has been dominated for months. Pig
! iron production has declined sharply.
it is true, the rate changing in one
month from S,000,0o tons to $500, 600
tons. But stocks are heavy, and
Northern foundry irons, which have
been unaffected by the recent specula-
tive movement, can be had at the
lowest figures of the year. The total
sales made by leading Southern pro-
ducers, to be held out Of consumption
awaiting an advance, are put at 100,-
900 tons. Two Southern concerns
have little soft iron and less No.
foundry to sell, and one has with
drawn all quotations. In another
case No. , has been advanced to 81. at
furnace. Bessemer at Pittsburg and
in the valleys is frmer and offers of
$1,000 at furnace have been refused.
The consumption of steel is increasing
slightly and in some instances there
| is renewed talk concerning purchases
that have been held in allegiance.
Steel mills are idle one or two weeks
and then active; in the past week
some that have been off since mid
summer have started up, on account
OF accumulated business. Their re-
sumption is not an index of suddenly
expanded demand, as some reports
ial the Central West has been the
most active section in the past fort
night, bridges furnishing most Of the
demand. Agricultural contracts are
still held back, this branch being
most seriously affected by the political
agitation Yet a few Implement con-
Germs hare felt warranted in starting
up in the past week. In general.
prices Of material are shade weaker.
the sharpest competition appearing
in bars and plates.
At Cleveland the past 10 days have
emphasized the congestion ia the iron
ore trade. in the closing down of im-
portant properties on the Vermilion,
Mesaba and Marquette ranges, with
additional, though lesser, curtail-
ments on the Gogebic and Menominee
ranges. 1t is doubtful if much more
than one-fourth tie number of miners
at work last fall are employed to-day.
The situation in some respects is
worse than at any time in past four
years. With 1896 there have been
four years of practically profitless
operation of Lake Superior iron
properties, and miners and owners are
quite ready for year that will give a
fair return for the arduous labor and
the lavish outlay of capital required
in mining enterprises. 1t is the ex-
pectation that October will be a very
light shipping month. Only in e1-
ceptional cases, as with the Oliver.
will there be any considerable ship.
ments after the close of this month.
More vessels are getting out of com
mission with every week, and it is
evident that the seasons average OF
freight rates will be the lowest on
record.
At Chicago there are more evidences
of better feeling among consumers
/ every week Manufacturers of irnr,