The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1900-06-15
A LITTLE SLACK.
The Iron Trade at Present Is just . Little
FL Too Slow to Suit.

The Iron Trade at Present Is just . Littl
Too Slow to Suit.
Iron and Steel, the organ OF til
western iron trade has Il few words L
say ament the existing slump in til
markets. The slowness is being fel
in all the iron districts in the countr,
and II continued may mean Il shu
down of several mines for IL time
Iron and Steel says:
Prices Of iron and steel have yield
ed this week in various directions
In several instances nominal quota
tions that had been shaded previous
ly were marked down to about tht
actual figures at which business hao
been transacted, There is IL friendl,
sumo trade relations with different
customers. And the latter are eau
tiously feeling their way toward,
more pretentiouS bargainingS.
1t is Il critical period in the iron
and steel trades, critical alike to buy
er and seller. For while the latter is
confronted by prices that are slipping
away from him, the former is con.
fronted by his own accommodating
needs that are insstently demanding
recognition. Both factors would find
relief In state OF things that give
promise of some stability. 1t is rec
ognlZed that the markets are in Il
transitOry condition. The course is
leading downward and the course
! does not add to the inclination of
customers to buy. But when and
where the transition will end is a
question upon which no one seems
willing to venture an opinion.
For the three months beginning
July |, the Pittsburg and Valley
manufacturers of Bessemer pig iron
have made a price of $40 Il ton. the
previous quotations having been nom
inafly S24. Bessemer billets have also
dropped in Pittsburg from $50 to $28.
At Chicago foundry grades of pig
iron have been reduced from so cents
to ST. per ton. Bars are weak in
thought ard sometimes, when Il
choice order comes along, in act also.
Plates are already SO weak that it is
almost an insult to call further at
tention to the fact. Merchant steel
is slipping few cogs here and there.
Sheets are putting on a smiling face,
but inWardly trembling. Track sup
pies.are irregular in their habits.
Old material is experiencing the ter
ments of the unappreciated and met
ais have joined in the rout. Manu-
featured articles of various sorts are
keeping in touch with the general
decline and REIMBURSEMENT in wire
and nail prices brings Il slight reduc-
ton.
But one of these days things may
change with a sharp turn. The pre-
vailing opinion is that a good fall
trade is in prospect. 70 some extent
consutlption has suffered. The farm
er wisA not always buy unless tire
price Strikes his fancy The ruin of
building operations has cut IL wide
swath through the fields of prosper
ity. But, as it now looks, the damage
is only drubbing. There are no
broken bones and no internal injur-
les. Manufactures keep bobbing up
in all parts of the West. There is no
let up in the progressive spirit. that
almost universally rules. When the
users Of material for the latter half
of the year step up to the counter and
give their orders to the Suave sales
man, the face of nature will again be
crowned with few gorgeous rain
bows.
It.might perhaps be kind to draw Il
curtain in silence over the transac-
tions of the past week. They are of
much the same stripe as their. pre-
decessors, puny little weddings,
scarcely able to break out of the
shell. But here and there robust
order appears and more of that brood
will soon be Matching, unless eXper-
fence counts for naught.
But the gorge has not yet broken
loose, generally speaking. Buying is
confied to nearby needs. Some large
consumers whose six or twelve
months contracts have expired are
buying in small and oft-repeated lots,
waiting until others shall have caught
up with their condition and given the
cue as to what course to pursue.
There is thus banking up an unusually
large amount of business, liable to be
precipitated upon the market at any
time. Meanwhile prices are slowly
receding. High grade irons are not
plentiful and the market generally is
unsettled.