The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-08-04
OUTLOOK N. G.
Ore Market Very Quiet but Ship
ments are Exceedingly Heavy.
MILLS HAVE ALL THEY CAN DO.

The ore market is exceedingly quiet
and no transactions of moment have
been made i'm tire past fortnight.
Shipments i'm the week have been
heavy and vessels have been getting
somewhat better dispatch. The car
problem is still "A perplexing one, how
ever. in view az the number of cars
loadod with oyil kept standing on
>idiEzss. Wild charters continue to
he made at 10 cents Escanaba and so
cents Marquette and Duluth. Offers
of 90 cents on September ore, from
the head of the lake, do not interest
vessel men, niest of whom expect a
considerably better figure for fall
months. There is good deal of ore
yet to be bought, but furnacemen
seem in no hurry.
The passage of the tariff bill is not
expected to affect the iron trade ex-
cept as it may get benefit from the
stimulus given to other industries.
With few exceptions, the iron and
steel duties in the old law were ample
and they have not been materially
changed. The tariff certainty that
Is now guaranteed for the next five
years. and doubtless for longer, will
be beneficial in giving stability to
business and enlarging operations in
all lines. This, with the western re-
vival. now SO well recognized, gives
iron manufacturers reason to expect
well of the late four months OF the
year. July has been month of light
business in pig iron but the aggregate
of scattered orders for rolled products
has given comfortable employment TO
such mills as labor troubles have not
closed. Structural mills west OF the
Alleghenies have good orders on hand
and will be busy for some weeks,
while prospects for new work are re-
ported building projects in
the East and bridge and other work
in the West. just now eastern mills
are not so well supplied. and both by
low prices and by guarantees of quick
shipment they have been cutting
quite a figure in the Central West in
the past two or three weeks Rail-
road acquisitions continue OF fair
proportions and there is considerable
new inquiry for rails, particularly in
the Southwest and the Central West
The Chicago district has some good
structural work in prospect and a ship
plate order has just been placed there.
Plates are quite generally; sheets a
trifie less firm with most OF the mills
going again. Bars, i'm spite OF the
four weeks shut down of valley mills
are no stronger, the concerns that are
pruiting by the idleness of the strong
holds of unionism being ample. appar-
emily to supply all demands. Tin
Mate mills are concluding that either
home demand is shrinking or that
home production has been expanding
in the past year beyond average cal
culations. Wages are higher but
prices are lower and the marketis fiat.
Steel has shown little more activity
in middle territory. in the week, at
sl3. 10 in the valley, and Sli Pittsburg,
with Cleveland close to valley basis.
Sheet bars have shaded sl5-75 valley.
The pig iron situation from the South
ern furnace standpoint is unchanged.
Northern furnaces have kept up low
prices and are getting business natur-
ally tributary TO them. on strong
foundry irons There is some elastic
ity in Southern freight rates and a re-
duction of Is cents north of the Ohio
river is reported effective July Is.
Statistics show that Tennessee stocks
grew considerably in the first half
year. while Alabama furnaces now
have about six weeks production I'M
sold. In the North, Michigan char
coal iron shows heaviest gains in I'M
sold stocks since Jan. i. The Besse-
mer iron market at Pittsburg shows
no change. There is practically no
buying and quotations are unchanged,
though the possibility Of shading 80
i'm the valley is still asserted. Some
figuring is reported by Eastesn specu-
laters, but no deals are authenticated
as vet. The coal strike thus far is not
authenticated as yet. The coal strike
thus far is not a factor of moment in
the iron market.-Iron Trade Review.
Capital Needed.