The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-10-27
IRON MARKET
The Cleveland District Pushing Along In q
Saaa1 Way--Light Sales Being
Made Lately.
THE MARKET AT LARGE.

in the market, but on the basis OF the
average closing of navigation the sell
ing season is closed for nearly all in
terests. Offers on possible $4,000
ton transaction, most Of them at an
advance OF 80 to 30 cents, were not
accepted. ANY attempt now to make
cut mixture would probably be fu-
lille. 4 pro!ongation OF open weather
az which there is some prospect would
make IA little more available from
certain mines. 4 lowering OF rates
before the close of navigation, which
must be counted as IA possibility, since
charter;ng at So cents from Duluth Is
light. would aid in bringing down
oven more than the enormous expect
ed amount. though it is doubtful that
mines having an allotment, and yet
declining to operate on account of the
low prices Of the year, would now at
tempt TO make small output. 1t is
apparent that NEST of the ore is COW
cred by season contracts. With a
general association next year, it is
conceded that prices will be a little.
and only little, higher, but hardly
different in the event OF failure TO
organize.
The feature OF the weeks news in
iron and steel is the serious aspect OF
the drought in the coke country.
One Connellsyille producer has bank
ed j 900 ovens because of scarcity OF
water: another is concentrating oper-
ations in plants best supplied with
water, and one furnace company has
had to close down its coke works en-
tirely. Coming at time OF year
when shrunken mountain streams are
getting past the possibility OF any
great replenishment until spring, the
scarcity of water is most unWelcome.
1t is particularly so il view OF the
enlargement of blast furnace opera
tions in the past month. Winter
coke prices may yet have chance to
advance under the natural operation
OF supply and demand. In other res
poets no change has come over the
situation in the past week. New de-
znand for rolled products is coming up
steadily, but not in way to cause
any change in prices. The past ten
DAYS have been quieter, indeed In
some finished lines than the weeks i'm
mediately proceeding, yet the mills,
with from one to three months orders
on their books are not pressing the
situation, and the intangible line be-
tween 1897 and 1898 has all the effect
Of stone wall with some makers.
There is so much confidence on the
selling side that business not likely TO
figure in the market until after the
opening of the new year will be of a
large volume, that many are not will
ing to be governed by considerations
belonging to today's situation The
monthly blast furnace statement
showing pig iron production on Oct.
Eat yearly rate close to 10,5oo.ooo
gross tons-ond this has grown
through October additions-taken in
connection with a stock reduction of
10000 tons in September, naturally
gives strong support to Optomistic
views. Sellers of foundry iron are
generally disposed to be firm, but
there is competition for current or
iers. though it is noticed that sellers
prices vary less than at any time since
Lie advance began. Some Northern
furnaces that have been taking bust
ness from Southern competitors are
now asking more money. This is true
In the Pittsburg district and in the
market usually considered tributary
to valley furnaces. Bessemer iron
has been quiet, but the market is
very steady under two weeks of let
ting alone. For October delivery,
1890 valley is the figure. s1o to Slo.lo
for delivery in the balance of the year
and slo.5o appears to be the lowest
that furnacemen would entertain on
deliveries in early 1898. The coke
situation makes sellers more cautious
than ever. Before the drought had
become so much of factor buyers
were tending to the belief that the
willingness of producers in the dis
tricts competing with the Connells-
vile to make current prices on deliv-
cries in 1898 would preclude any con-
siderable advance by the leading
interest. Billets for prompt delivery