The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-07-28
[ Tie Situation.
Tonnage Very Much "a Excess
CT the Demand for Ore.


railroads and mines has been repaired
ana the blockade due tie this cause Is
i4iseS:; yet with ore-i9.Ging going on
at tie usual rate at Daiu;ii and Two
E:a;aoEs. tonnage is much in excess Of
the demand. Vessel owners who re-
fused 10 cents for thc season are DOW
glad 90 lead at 80 cents from the head
of TIE lake. 4 number of boats are
il ordinary and Others may follow.
Tie OK loob TO: the fall is promising
fro.n tie carriers standpoint. with
the large tonnage Of coal, ore, lumber
and grain HAT must be handled in
the last three months. Buyers of
Bassoi.ler ores are relatively better
provided for, as to their 1897 supply
than buyers oS non-BesSemers. The
latter may encounter some difficulty
in getting full shipments Of such ores
as taey want, and the chance of a
somewhat higher price, in case lake
fce;ghts advance materially is not re-
mote. Ore sales have been scarce of
late aud very little has been done for
three weeks, apart from moderate
purchase Of Marquette range ore by
Tie Carnegie Steel company.
While the iron trade is not at a
standstill there is no new develop
laent il any department decided
enough TO justify forecast. 1t is
plain, however, that conditions with
out the trade viii determine its
course in the last four months of the
year, rather than internal Influences
and these outside conditions, it is
agreed, are increasingly favorable.
The coal strike is an unmeasured
factor. 1t has caused greater incon-
yenience in the past week as it has
Increased in extent but thus far COM
paritiyely few iron works have
stopped because of it. West Virginia
is now the battle-ground, with the
indications thus far against any con-
siderable suspension there. Tariff
uncertainties are now at the mimi
mum; prospective crop yields are pro-
digious. Car shortage in the West
already being discussed; bank clear
ings are greater, even on a lower basis
of values; mortgage liquidation is a
notable feature and the condition of
Western farmers the best in five
years. All these factors are reckoned
Is strong guarantee OF fall business
in iron and steel. Within the trade
the unsatisfactory state OF Lake Su-
perior ore shipments is factor still
10 be reckoned with. The possibility
that late purchases OF ore, Bessemer
and non-Bessemer, will not be at the
extreme low prices Of June contracts
is already being discussed. The blast
furnace situation is little changed
a slight decrease in production and
a decrease of about 40, 600 in coke iron
stocks in June, but it is to be re-
memDereb that many Of the idle fur
naces are in the districts of especially
economical production, namely the
Mahoning and Shenango valleys, and
on any slight improvement produc-
tion night increase considerably.
Southern furnaces continue to make
some sales liz the East and West, but
lind little business in the Central
West. Export sales of 1000 tons
day in June helped them greatly in
maintaining prices. Bessemer iron
is very weak and shade lower than
50 in the valley is reported possible,
though trading has been practically
nothing. Steel billets are correspond
ingly depressed. and while SI3.75 at
valley mill has been considered min
imuna, that figure. was made on
Cleveland delivery an indication
that low price surprises are not all
eXhauste- With SO many finishing
mills idle in the past three weeks,
there has been good employment for
those not run on union basis. Cen
trail and Eastern Pennsylvania mills
have been running on good schedules.
Sheet mills are nearly all busy again,
last years scale, with little variation,
having been agreed upon Structural
orders in scattering lots have kept
the mills going. but the lowest prices
are still heard Of, 90c and CSC in
some cases. In the Chicago district
there has been good activity in all
finishing departments. Just at pres
ent rail mills. East and West are
being pressed for deliveries and rail-
road acquisitions for July are reported
by spike and splice bar mills TO be