The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-06-30
IMPROVING.
Ore Buying is Still ON the Improve
lore Business in General.

| PesoO WYNN, Ouu nv 50 lOOc tSAS W ~
added to those heretofore mentioned.
Some valley furnaces have pieced out
with cargo purchases Of various ores,
without contracting for their years
supply. There is considerable buying
ahead, unless a goodly percentage Of
valley stacks is to continue inactive.
The future position of Mesabi ores,
with a so cent differential established
by recent sales is a matter OF some
speculation. Having themselves made
the 50-cent difference the big COM
panies, may find it difficult, by an
other season, to get back to the old
basis. Perhaps there is a compensat-
ing element in the fact that the Car
negie-R Rockefeller deal, which made
the low prices of ore this year, has
also resulted in cutting Mesabe prices
so deeply that some Of the advantage
of the Carnegie interest, through be-
| ing miner Of ore, is now eliminated.
Lake freights are stationary at 40
cents, Escanaba, and so cents, Mar
quette and Duluth. With practically
all the fleet in commission, surprising
| ly few boats have been offered ore
shippers the past week.
There is no diminution of the feel
ing of encouragement produced by
recent developments in the iron trade.
However, buyers do not fail to sift
the spurious from the genuine, in the
prosperity statements that are going
the rounds, since they are able very
promptly to learn that sellers are not
making the advances credited in GER
tain boom dispatches. Pig iron buy
ing has been less in the past week
than in either of the two preceding,
but the inquiry indicates that the
large purchases by a few interests
have led the average melter of iron to
pay closer attention to the market,
and have convinced some that con-
ditions warranting a moderate adj
vance may soon be met. The report
crediting Russell Sage with buying
100000 tons of Southern iron is not
correct 1t can be said that he has
not been buyer but it is true that a
New York speculative interest has
taken considerable amounts, less than
100000 tons, deliverable by warrants
in the next few months, This devel-
opment is significant of the feeling
among discreet investors that the
turn has come. Southern producers
have been strengthened in their posi-
tion by these and other sales; but the
low prices recently quoted by North
ern sellers and the weakening in
yaluns Of MeSabi ores have made them
chary OF any attempt to force the sit
uation. 1t is appreciated that to
maintain quoted rates would be a
distinct gain and that to make adj
vances would gradually bring reserve
furnace capacity into the producing
column. The slight furry of two
weeks ago in Bessemer pig has quite
subsidized. Sales reported are on the
basis of 1926 and $3.50 valley furnace
and $3.50 to 1915, Pittsburg, accord
ing to time of delivery. Billets are
practically on the old basis-S14 to
SI4.25, Pittsburg, and SI3.75 in the
valley. The full operation of SO many
mills in June will make it easily the
banner moth of the year in tonnage
Specifications on contracts are freer;
structural business, both for buildings
and bridges. is still in good proper
tions. and bar mills have more work
in hand than at any time in the year,
largely because of the better oondi-
tion of the agricultural machinery
trade, and with practically no help
from car builders. Yet with scarcely
an exception mills are keenly COM
peting for every contract and there
is no form of material on which some
seller will not quote the lowest price
that has been named in the year.
The larger demand in June, part Of
which is due to the very prospect of
labor troubles, is being cited as an
argument for leaving scale wages ur-
touched. But Central Western iron
manufacturers are quite firm in the
position that unless the Amalgamat-
ed Association can bring into line
again the mills that have cut the
scale rates, it must give other mills
| like concession, as long as present
prices continue. The first tin plate
conference brought out strongly the
| determination of the makers to pay
no advance and Of the men to make Il
long fight, if need be, to gain their
d-Iron Trade Review.
If you want to get nice shirt that
is well made and will fit you, examine
O. G.. Korb's stock.