The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1898-08-03
THE MARKET FOR IRON.
The Usual Midsummer Duliness is Evident
But the General Tone lis Good.

cident in the past week. While there
is steady run of small lot orders in
finished material and pig iron, the
eveness of prices and the absence of
large orders gives the usual aspect of
midsummer dizziness, In reality there
is far more than the average mid-sum-
mer business going. In the iron ore
trade heavy shipments keep up, with
record breaking cargoes. One of the
latest freighters took $3.50 gross tons
from Duluth last week. Vessel men
find little more demand fer ore ton
mage, but the grain situation has i'm
proved. taking some OF the surplus
boats off the market.
At Chicago the week has shown
fairly good sales of nearly all kinds of
finished materials although the ton
mage was hardly as large as that
closed in any one Of the four or five
weeks Immediately preceding. Raw
material is in small demand for the
present, and sales have been only
light. The mills and furnaces in this
district continue to run fall, and are
expecting that the fall trade will
open earlier and larger than usual,
The beginning of peace negotiations
strongly reinforces the current of con-
fident expectation that has borne the
iron trade forward in the past few
weeks. For the moment new business
is less than in the earlier part of the
month, but already fall calculations
are making the sentiment of the
trade, though many contracts wait.
The midsummer pig iron statistics,
showing 5.9o9, 7o3 gross tons produced
in the first half of the year, and
stocks on the market reduced from
S74, 97s tons to 756.336, give an impress
sive idea of the amount of iron going
into consumption at home and abroad.
And when it is considered that the
menace of war was present for nearly
half the six months and actual hos
Utilities in most of the remainder,
there can be little disposition to
check the enthusiasm of those who
predict better things for the second
half Of the year. Right here, insight
into the real situation of furnaces not
now producing is of the highest value.
With production declining and the
prospect of peace giving color to pre-
dictlons Of expanding trade, in which
exports will be.a growing factor, the
argument for higher prices is well
founded, if it be true that the maxi
mum monthly output of the past six
months was contributed by practically
all the furnaces that can make ends
meet on to-day's basis. The argu-
ment is strengthened by the probab-
ility that some furnaces are still hold
ing on at loss. In the past week
all pig iron markets have been listless
but on the business done quick ship
ment was wanted, and the rate of
deliveries indicates that foundries
with few exceptions are well employed
There is no truth in the Geographic
report of a 5o-cent advance In Besse-
mer pig iron, but the market is COM
ing closer to the furnacemen's Slo
basis, which promises soon to be real
lied. The fact that the Mahoning
and Shenango valleys produced $780,
900 tons more of iron in the first half
of 1898 than in the like period Of 1897,
while stocks decreased 5000 tons the
past six months, indicates the en-
larged consumption of Bessemer steel,
and the enormous production of the
merchant furnaces. Trade Re-
view.
The Balloon Ascension.
Sunday afternoon at about O'Clock.