The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-09-08
THE MARKET
Looks Brighter for All--Iron Inn
elements in Particular.

plements in Particular.
The ore trade has moved along in
The past four weeks at pace that
furnishes good index to the immedi-
ate future of the iron trade. Large
buyers and small buyers saw the turn
of events simultaneously, and to the
100000 tons and upward bought by
Chicago interest and fully 100000
taken for Pittsburg delivery must be
added lots ranging from 10000 to
25,ooo tons, going to diversity of fur
mace interests. Standard Bessemer
ores remain the same but on nom
scheduled ores which went at surpris-
ingly low prices in the early summer
sellers are now asking enough addi-
tional-say Is to % cents a tonic
cover lake freight advances. There
as little or no speculative buying. but
here aud there an effort to get more OF
old range Bessemers than buyers can
supply indicates that the low prices
of this wear are not to be duplicated
in 1895. Lake freights are very firm
at Goo SOC and soc. Duluth, Marquette
and Escanaba respectively, and ore
shippers are getting very little ton
mage. The situation in freights is
strengthening, and between coal and
grain. if the coal strike should end
speedily, ore would have to pay still
higher rates For the next two
months the outlook is only for mod
crate movement of wild ore, but
whatever the quantity it will proba-
bly, pay substantial advances.
Each week makes its own additions
to the factors of strength in the iron
market. Mills are gradually adding
to the tonnage on their books; steel
works have large business ahead in
material for wire, wire nail, sheet and
tin plate producers; blast furnaces
are increasing their sales and makers
of foundry iron, who have been in
general the weakest sellers in the
whole, line are taking position fndi-
eating that the turn is at hand. The
Mig iron situation is strengthened by
the fact that since April there has
been each month a moderate reduc-
tion in unsold stocks. Within the
week the Eastern speculative inter-
est that took loo, 900 tons of Southern
iron off the market three months ago,
has been negotiating again, and sew
eral blocks of iron are reported taken.
In the Chicago district conference
of Northern and Southern interests
has led to better understandin as to
prices and the very low prices on Chi
cago iron, both nearby and at Lake
Erie ports are no longer quoted.
Western New York iron that has
been sold at low prices in the east,
having the advantage OF water
freights is now 25 to SO cents higher
A significant fact is the increase in
the size of purchases by foundries,
which may be taken to indicate both
that the melt of iron is greater and
that buyers are providing against the
advance now generally expected
Bessemer pig iron holds the ground
gained and the attitude OF sellers
shows their confidence in a stronger
market in the latter part of the year.
Offers of S9.4o at valley furnace fol
the balance of the year have been de.
clined, and while a limited amount OF
"a. so business has been taken, deliv.
cries in the first quarter of 1893, Other
furnaces decline this as committing
them too far in the future on so mod
crate basis. BilletS hold to the
advance of about ST. from the lowest
point, and PROMPTS sales at 14.75 ane
1873. Pittsburg, have been made, while
25 cents more on later deliveries. A
broadening business in nearly al
forms of finished material added Il
the large amounts booked on Ions
contracts in the past two months
guarantees steady operation of man!
nlants for several months The unan
unity of the reports OF increased de
umand, made by wrought pipe manu-
facturers at their meeting in Pitts
burg last week is an index to existing
conditions. There is stock re1lenish
ment in all directions. TiSt tn
prosperity which is so abundant IL
the agricultural community has be
gun to spread in a natural way il
seen in the demand upon wire ant
wire nail concerns, in the clearing VI
of accumulated stocks of agriculture
implements, wagons, etc. Expor
inquiry keeps up. Pennsylvania stee