The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-07-07
FIRlNAE:RIl
Such is the Attitude of Both the
Vessel and Ore Trade
at Present.

at Present.
The dock situation is today the
most important factor in the outlook
for iron ore. The insufficiency of the
car supply and the inability of the
dock companies to find room for car
goes that by reason of car shortages
cannot go direct from vessel to fur
mace means congestion that is fast
becoming serious. With the arrival
of July l, ore consumers who have
been simply waiting for the situation
to develop, find it necessary to decide
as to their purchases, and conse-
quently there will be considerable
figuring in the next month as to ores
and vessel tonnage. Poor dispatch
for vessels in the ore trade is likely
to be the rule for the next few weeks,
and short season contracts will expire
with less ore down than was figured
on originally. The wild rate of so
cents from Duluth still rules, how
ever and on contracts running to
Oct. go cents is being considered.
The situation is certainly firner from
the vessel standpoint, though it is not
expected that the wild rate will
change for some time. Total sales OF
ore are figured as upwards of 100000
tons, including sales from dock, and
ore mined by consumers. Under the
low prices recently fixed for Mesaba
ores, considerable additional sales are
looked for, but the basis is such that
no chances can be taken on advancing
freights. For non-Bessemer Mesabis
81. 80 or 81. go has been the range, and
quite little has been sold for ship
ment to the East. There are signs of
concession on ore freights from
Lake Erie ports, the effect Of the
completion of the Bessemer road being
felt earlier than was expected.
The first half of 1897 ends with q
quiet week in iron and steel, as COM
pared with tho three preceding weeks
| in June. 1t was not to be expected
that the eve of shut down involving
a considerable proportion OF the mills
of the country, and that had been
generally planned for throughout the
trade, would bring large buying.
| Least of all was such week likely to
bring out large volume OF buying
for far future needs, which has been
the character of most Of the business
of the month. The signs of improve
ment heretofore noted are not abaGed.
Sellers of pig iron are in stronger
position than at any time in the half
year and the leading Southern fur
naces will advance quotation % cents
ton with the opening of July. One
Alabama company has already an
nounced higher prices and in the
Chicago district the minimum of
recent weeks is not now obtainable.
In the central west and the east,
actual advances are still awaited.
| While one seller takes firmer ground,
there is yet another who upsets con-
fdence that the improvement has
reached prices, by making a slash
back to the old basis. Bessemer pig
has been little in evidence in the
week. Stocks in the Central West
are lighter, but concessions on Mesabi
ores and the preparations to bring
some idle furnaces into line are
counter influences. The basis is now
$3.50 delivered at Pittsburg mill,
with SO. 10 to SO. Is possibility at val
ley furnace on easily deliveries. Steel
billets are slightly weaker, in the abb
sence of demand. and Sl4 Pittsburg
and $l3.75 valley are again quoted.
The possibility of higher prices on
sheets and bar iron, as the result OF
the closing of the mills is generally
recognized. By midnight Wednesday
all mills governed by the Amalgam-
ated Association scale were idle and
for many of them, whatever the re-
suit as to the scale, July will be a
month of idleness. In no description
of finished material has there been an
actual advance Of prices in the week.
In the East circular has been issued
putting up bar iron 81, a ton, and II
union mills in the west are idle long
enough it may become effective. Tin
plate prices are weaker, since the
abolition of the gentlemen'S agree
ment and jobbers' stocks appear to be
ample for reasonable shutdown.
Talk of reviving associations for the
regulation of prices and production
comes up anew at intervals, but there
are no indications of early SUCCESS in
| tba old mol linar Rnilar tuhp
manufacturers have been in session at
| NLnur Xorlx this 1unak hut with no rna