The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-08-11
VOL. ), NO. a.
The Market.

Ia view of the interruption of ore
shipments from the head OF the lakes
b. tAe storms in Minnesota three
weeks ago the July total OK iron ore
fro.a Lake Superior ports IS surpri5-
ing. shipments through the 800"
vereI, -, 63i gross tons in July. Es-
,i.llating Escanaba and Gladstone
shipments for July makes total to
Angus; / of close TO 5. :l0e9, 900 tons as
against ), sos, 900 tons 10 August last
year. u is eviGeai at the rate last
years REGARD is being overtaken, in
spite ~ the handicap OF last month
tie total fer 1895 TO September will
lie exceeded this year and that ore
viii be less Of Il factor in September
and October than has been counted
on. st easily possible to get tonnage
II 60 cents for September and October
together, bat on September alone
nothing has as yet been done.
New business in ore is wanting and
further buying is not looked for until
Il turn comes that viii call into
activity several idle valley furnaces.
There arc better reports from the
mills this week as to the volume of
business on hand-not enough TO
make any impression on prices: but
recognition Of the increase is general
aud the improved feeling is wide
spread. The number and diversity
Of orders for finished material, as re-
ported from East and West. is signifi-
can't OF demand coming in the way
4 revival must come-frOm freer buy
ing by a multitude Of customers who
have had no warrant, in a long
stretch of declining prices, to buy in
any but the most restricted way.
The important news OF the week in
respect to finished material is a set
Element after stubborn contest, of
heAmalgamated scale for pudding
and bar mills. 4 reduction to 81 for
pudding. with finishing scales re-
duced II to 10 per cent from last
years, puts the valley and other west
ern mills close to the .Pittsburg basis
and puts at work several Thousand
men on orders that mean steady op-
Grafton for several weeks. 1t is prob
able that the August output OF steel
works and finishing mills in all lines
will be heavier than In any month
since 1895. The East has taken con-
siderable bridge work in the past
two weeks and has promise of good
tonnage both from bridge and build
ing projects. Chicago notes more
encouraging outlook this week.
Greater activity is reported in that
district in several lines, including
bars structural material, billets and
local pig iron. There is no disagree
ment however. as TO the uncomfort-
able fact that prices are at the lowest
point and that no business comes up
of any attractive tonnage that is not
sought for by the most distant mills.
Plates and structural shapes are most
keenly competed for, recent eastern
order fer the former going to Pitts
burg at delivered price close to lc.
Chicago has captured a billet con-
tract in the Cleveland district at
1880 delivered. Eastern structural
mills have taken some business in
the Central West by making low
prices and guaranteeing quick deliv-
les. There is more inquiry for steel
billets. slabs and sheet-b2rs with the
basis still 81, Pittsburg, for billets.
Bessemer pig remains inactive.
Two 10000 ton lots were taken under
the options given Eastern spectators
last week at SO Is. valley furnace for
the last four months of the year.
Southern iron has sold very low in the
East, but in Chicago and the Central
West local irons have taken most of
the business. Southern railroad re-
ports show shipments 100000 tons
greater in the six months ending June
80 than in the first half of 1896. This
practically represents the increase in
export pig iron.-Iron Trade Review.