The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1901-01-11
IN IRON AND STEEL

The representative of one produc-
ing company says he does not know
what prices are this week, as he has
not had occasion to quote them, says
Iron and Steel the organ of the West
ern iron trade Trade is quiet aud
that it will continue quiet for a good
half month or longer is the general
anticipation, This condition seems
agreeable to both buyer and seller,
and is created by their joint action.
Inventory season is in progress and
| new material is an embarrassing
topic. Almost the only exception is
in those products, concerning which
prices are in doubt. Reports have
been i'm circulation that the prices of
billets and OF steel rails will advance
81 per ton February l. These reports
have been deemed worthy of investi-
cation by prospective buyers of the
| products in question, and accordingly
the billet and rail mill owners have
had almost Il monopoly this week in
the business of answering inquiries.
The buyers of billets in the west are
few in number. but the rail users
form Il large numerical class.
| Trade is not dead, however, in other
lines, though inaction is the prevail
ing condition. There is Il stir here
and there which denotes life that is
quickly responsive to external sugges-
| IONS. Whatever business each day
brings forth is accepted with a good
deal of nonchalance, and without any
apparent influence upon prices. Sheets
have been among the least inactive
products. some quite desirable orders
having been closed Plates and bars
are moving at IL quite leisurly pace,
and merchant steel and pipe and
tubes show moderate activity. Struc-
tural shapes are doing better, there
| being steadiness in demand that
counts up the tonnage i'm a most sat-
isfying fashion. Building operations
are progressing well for midwinteI.
| and all signs point to Il voluminous
trade when the sun gets higher in
the heavens. The railroads have not
had enough yet, and arc placing
orders for cars almost too rapidly for
the comfort of the builders. The
induces therefore suggest Il coming
liveliness of trade, moderate though
the current now runs.
AS to values, there is little that is
new. Steadiness of prices is the COM
mon outcropping this week. Buyers
still link in memory the two qualities
of quiet and weakness, and there pre-
walls in some quarters the impression
of a slight softening in values. But
quotations are not reduced. Nor is
an advance in most quarters likely in
the absence of more marked activity
There are no inquiries of except
ional size in the market this week
The buying of two months ago COW
cred the needs of probably three
months, and in the natural order of
things activity of note is not due for
several weeks. The miscellaneous
hand-to-mouth trade keeps up, but
even 1t has been of comparative unim-
portance this week, due to the near
ness of the late holiday season, and
to the usual inventory season now
in progress, Ste cks are not large nor
complete, and shipments from some
furnaces are DISTRACTED by a growing
shortness in the car supply.
Interest still centers in the pro-
bable new range of costs for the COM
ing season. Coke contracts are being
closed on a lower basis than in 1900,
furnacemen in the Mahoning and
Shenango Valleys has given notice of
reduction in wages effective Febru-
airy l, and the price of ore is yet un-
settled. Ore men are quoted as say
ing the reduction will be only 50cents
or S. for standard Bessemer ores, but
the conference of mining companies
later this month will probably settle
the price.