The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-06-09
Ore TRADE.
Considerable Ore Taken During
the Past Week.
TFrom Iron Trade Review.l

week and between 209. O00 and 3O0, O0O
tons of Gogebic and Eermiiion Bes-
sanlers have been taken. There have
also been some sales, in moderate lots,
of non Eessemer ores. portion OF
them for shipment to Central and
Eastern Pennsylvania. Yet the ac-
cInalation OF 1896 ore and the stocks
at the mines are so great that the
year will be one OF much curtailed
operation at the mines. Every week
brings some new reduction of work
ing force. and it is already plain that
some properties whose resumption IS
:,pxiously awaited by the miners will
not get chance 70 run this year.
Some absurd stories, involving the
Rockefeller and Carnegie names,
have been set afieat for outside con-
sumption. and the dispatches have
given The impression that the Rookie
Teller feet is carrying ali the ore this
year: that because of this feet Of, say,
]. so0. CSC tens carrying capacity, the
traffic CT the lakes, amounting TO
more than fifteen times that tonnage
isat standstili. Il is sufficient TO
saw of these stories and OF tie report
Of a ;. SOC, o0e-ton consumption OF ore
bY one Pittsburg interest, that the
acknowledgements programme was
fully exploited months ago, and Is not
whit changed
The signs of an approach toward
Improvement in the iron trade are
more generally recognized and ex-
Dress.ons of hopefullness are more
numerous. Those who can see in
dications of better things when sur
face appearances are the other way
are always small, yet a gifted,
minority: but their number is grow
ing now. Increasing volume of bust
ness is the ground for the more hope
full feeling. Prices. however, are
utterly irresponsible, though it would
anDear that the number of sellers
willing to make the lowest price is
not as great as in some earlier weeks.
The fall in the price OF beams to a
natural level is bringing out business
no specially large contracts as yet;
but in both Eastern and Western
markets the aggregate OF orders is
larger and there are indications OF
greater building activity just ahead
Steel works output from rails down
through the list has been heavy in
the past month, and the May record
at many works was the largest for the
wear. There has been not little
stir, in the past 10 days, ia the wire
and wire nail trades, in view OF the
expected syndicate control of the pro
duction Of wire rods. The new ar
rangement has not yet gone into
effect, though June l was the date
fixed. One or two bitches require tG
be adjusted and if these matters are
arranged satisfactorily, it is expected
that the Parks syndicate will con
stitate the selling side Of the wire
H1d1 ACG Gl l4O"SfOl, GA
contracts made by the syndicate with
wire rod manufacturers viii date
from June J. It is understood that
the syndicate's arrangements with
the various mills differ according tt
the relation Of the latter to the wire
and wire nail market. Where the
entire product is marketed in tht
shape of rods, il is all taken at ;
price. Where the rod mill product il
turned largely into wire by the same
concern the excess rod product i
taken and the mill agrees not to man
ufacture or sell nail wire. In SOM
cases the control Of mill is secures
nv lease. Concerns like the HIP Mai
Co. and the Consolidated Steel 4
Wire Co.. whose product is almos
entirely marketed in its ultimat
forms. are directly identified witt
the syndicate. The advance in tn
price of rods is to be S., with tn
probability OF three or four time
that advance. ultimately, in the pric
of nails Quotations on the latte
have been put up 10 TO Is cents a ke
in the past week. though jobbers hay
been covering themselves with option
at the old price. Similarly in wire
quotations have advanced about 81
ton. but options have been given
the price Of 10 days ago. If the de-
goes through these win be good; if
falls. the buyer will cancel them ate
the one-sided fashion that no
obtains. Markets for primary prot