The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-06-16
THE ORE MARKET.
Much Buying Being Done-Considerable
Ore Sold.

Ore-buYing has been going on In
steady way for the past ten days.
number of lots of $4,000 and $4,000
tons being reported, in addition TO
the 900. coo tons for the Wheeling
district referred TO last week. The
bnv;no is distributed among Western
Pennsylvania and Ohio furnace inter
ests, and takes in old-range Bessemer
ores. with a considerable percentage,
also. OF non-BeSsemers. OF the
former. the Vermilion and Gogebic
ranges have furnished the greater
mart. in recent sales. The prices of
non Bessemer ores have been lower
than was talked of earlier in the sea-
so:h and some deals have been made,
with the operation OF the mines DIS
the chief object, the price giving no
profit. One lot OF Mesabi ore, 50 per
cent i'm iron aGd .07 in phosphorus.
taken out Just next to the stripping,
has been offered at S1.75. 1t is prob
able that further shut-doWns, par
ticularly of non-Bessemer properties,
will be made. through the summer
months, this time being chosen be-
cause it involves less hardship to the
men. Like freights have remained
unchanged. Some recent charters are
at So cents from the head Of the lake
10 Sent. l and so cents to Oct. l..
Practically all the lake fleet is now III
commission.
The buving in iron and steel. in the
past week, has given evidence that a
widening circle of consumers believe
that the worst is over and that lower
values need not be expected. The
The fact has been recognized that II
prices could be crowded further down,
the number OF producers, to whom
idleness would then be less expensive
than operation would be so large that
Tile upward turn must quickly follow,
through curtailed production. Just
now there is a double buying move
ment in certain finished lines-the
placing of contracts covering a year,
by buyers who appreciate the advant-
are to-day's low prices on such long
deliveries, and at the same tiIne a
good aggregate of small orders in an
ticjpation of the shUt-downs from
WAGE differences. that will come at
the end of the month, In bar iron,
sheet and tin plate lines, the inter-
ruption is likely to be prolonged. the
manufacturers insisting that UMPIRE
centedly low prices will not stand
schedules that have accompanied
higher markets, while the workers
show no little enthusiasm in contend
ing that practical promises must be
made good, without regard to market
conditions. The largest item in cur
rent buying is for agricultural i'm
plement work. Pittsburg and Chicago
reporting large contracts closed and
pending. The promise of structural
business is still fair, and low prices
bring out good aggregate of we'll
scattered small orders. Pipe mills
have booked some good business for
home business fer home delivery and
an export deal of some proportions is
pending. Bessemer pig iron holds the
advance noted a week ago, in the
Pttsburg district, but much OF the
metal sold is on trades for billets and
sheet and tin plate bars. Sales at
So. IS delivered at Pittsburg steel
works are reported for the third
quarter of the year. Valley iron has
sold at 1925 for prompt shipment and
at $3.50 for valley delivery in the next
four or five months. A Pittsburg fur
mace has sold a 3,000-ton lot, June
shipment, at 1925 at furnace, equiv
alent to $3.50 delivered at buyers
works. Billets maintain the advance
of 25 to SO cents, and Pittsburg mills
are generally firm at SI4.25, July and
August, with sI4.35 quoted by some
The free buying of foundry irons by
large Western interests a fortnight
ago has brought a considerable train
ef lesser orders. Certain Southern
furnaces are reported less elastic or
prices. though no advances have been
maintained. The wire rod deal is of
for the present, at least. the respon
sibility for the hitch being divided
between two Western interests
Opinion is divided as to the probable
;tv of a successful issue for the scheme
when it is brought up again. The
pendency of tariff bill was not ar
opportune time to agitate syndicate
control and higher prices; but with
rods at foreign mills S. to SIS higher
than the price at Atlantic port, ths
l,oarir4r Of tho tariff ON the HuPStlOI