The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-08-18
Busy Market,
Considerable Ore Buying During
.Augast--3O0,O O0 Tons Sold.
TIE GENERAL SITUATION.

Viyai of ore buying which IN july was
scarcely measurable quantity. 1t
is probable that upwards of 3oo,o
tons las been taken in the last ten
days. Besselner and non-Bessemer
grades being represented. Gogebic
and Marquette ores lead in the tom
l.age taken, though all ranges were
represented. On some ores sellers
are beginning TO count the probabil-
tiles Ct increased lake freighGS IN
naming prices and the offers of early
season months would not be duplicat-
ed noY, in all cases. However, Tor
some non-Bessemer contracts recent
competition has been quite keen, and
s.. SO for a hard -BeSSemer running
% per ceat in iron has been done,
while soft old-range ores outside the
Bessenler limit range from 81 to SD.
The vessel situation is frmer even
with coal eliminated. Little coal viii
move this month and the business
will be crowded into about 10 weeks
Grain rates have advanced slightly
and on ore TO Oct some 60-cent BUSH
ness has been done. to the head OF the
lake. To Nov. /. ore shippers have
offered Sc cents. 1t appears that con-
siderable tonnage has been tied UP on
ore and With the heavy grain move
ment expected from this time out,
wild rates in Oceober are counted On
to be quite advantageous TO vessel
men.
improvement talk continues in the
iron trade, varying all the way from
the reports of those who find broad
ening market. with signs of still bet
ter buying ahead, to the less buoyant
opinions of that element which re-
CARDS present betterment to be large
IL sentimental though concedlng
much improved prospect. Buying is
undoubtedly of larger proportions
than at any time in July Whatever
the causes, the first ten DAYS OF Aug
ust have seen more activity than the
like period in a number Of years,
leaving out 1895. While some branch
es have not shared in the buying
movement to as great an extent as
others. there is no dissent from the
belief that the iron trade will have
its full share of the quickening now
evident in other lines, but entirely
absent in 1895. Those who measure
prosperity by the size of advances In
prices will be skeptics for some time
to come. So far as pig iron Is con-
cerned, barring the slight advance on
end-of-the-year deliveries If two and
three round lots of Bessemer sold two
weeks ago, there is no indication OF
betterment of price. Increasing pro-
ductjou and large stocks will require
strong demand to lift values. On
foundry irons the East has been par
ticularly weak spot. While foundrles
seem TO be making little gain In the
amount of work on hand, there are
enoug weak sellers to keep prices On
foundry grades on level. The heavy
output Of steel works is continuing
feature of encouragement. The larger
producers, particularly in the Pitts
burg and Chicago districts, arecrowd-
capacity to the utmost in some de-
par<ments. and their sales in the past
two months are evidently larger than
has been generally supposed. But
here and there complaint is heard
that in keeping tonnage up to the
top notch the big mills are pushing
harder than ever for whatever is IN
sight, and that mill OF average
equipment. unless running On spec
iaIties. stands little chance. Not I'M
til business can overflow little from
the greater mills will there be even a
modest advance in prices OF finished
material, and then it will come be-
cause the untitled mills must have 1T
IN rup without loss. The feature OF
the immediate demand upon rolling
mills in all lines is the multitude OF
small orders from buyers who have
not been heard from for some time
boiler shops and machine shops that
have been idle or running intermit-
tently, and the small cor sumers OF
bar iron. sheets and plates, that have
repair work and new work on hand
that must be pushed in the remaining
months of good weather. In the
Chicago district some orders for bars
have been placed on bar account, and