The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1890-07-26

ne IHHt week. uHH Uf<ft)VtU mo- new
feature in the St. Louis market. Pnr-
cl'ases Tor current requirements continue
on modest scale nt previous prices:
but consumers appear indifferent TO
offers for later deliveries. arguing that
they will do better by waiting. Furnaces
are indisposcd 10 make concessions. and
talk ~ higher prices In the early future.
And so the problem comes again 20 the
front: Who can hold out the longer
furnaces or consumers? just now the
former would seem to have somewhat
the pull. Since our last report. there
has been very little change in the Detroit
market. What sales have been male
ARE Of southern foundry iron grades.
Lake Superior charcoal rcmnins I'M
changed. Several small orders have been
taken, but ON account Of very large scales
last month there have been no deals 81
any magnitude during the week under
review. The dullmess which has now
lasted for several weeks at Pittsburgh IL
regarded Ms only natural at this season
Of the year, when many 81 the mills have
suspended operations 10 take stock, and
the output ofthe Others curtnilesl 10y the
hot weather. The effect ON prices is ne
corslnglv less tlnn il would otherwise be
and while the tone OF the market is rath-
er weak, il cnn hardly he said tobe quot
ably lower than heretofore. business in
pig iron for the past two weeks at BuIia-
lo has been confined largely to charcoal
iron, both of Lake Superior and south
ein varieties. Comparatively little at
tention has been paid To- foundry irons; ;
the demand being light aud the stocks at
furnaces generally small.--lron ore.---
Despite the strenuous dcnials from GER
tain interested quarters, thefact remnins
that some sales have been made OF low
grade ores, nj n reduction from the price
quoted all along. These sales are. how
ever. confined almost altogether TO the
output of ly-developed properties.
and in weak hands. That the standard
ores are not in the least affected by this
reduction Is nttested by the fact that
are sold up, SO that there IL not the
slightest occasion for cutting the price OF
the remaining fraction. Moreover, the
sales agents are in no position to make
a reduction. as such action would seri-
ously embarrass the furnacenen who
made their purchases early hast ball, and
who would Justly complain oi discrimina-
ton. The ores above referred toas hav-
ranging inironfrom fiity-iive to iifty-nine
per cent. From the Lake Superior coun-
try comes the report that, while generally
speaking, labor IL plentiful, there * in
brought about by purely local and una-
voidabc circumstances. During the past
week the increased efforts ON the part OF
the railway companies TO increase their
dock room, by way of rail shipments Of
ore, have been brought to naught by the
action OF the furnaces who in many i'm
stances decline 90 receive any more stock,
all their storage facilities beingInlly occu-
I
there is brisk tri,dc going ON ia the coal
lne.-f'ig iron.--lhc market is fully
described i'm the statement that the sales
are large and the profits are. small
WHERE. indeed, there is any profit left.
With the beginning OF the use Of new ores
a very peculiar state al affairs has mani
Tested itself, which bids fair Co wholly
change the entire situation, at least as
concerns the making Of iron. 1t Is adj
mittrd ON every side that the continued
making oi pig material, at the ruling fig
ure. seems n dead loss TO the maker. IL
is mo- less a fact that the consumer doesn't
care u picayune about the cost OF manu-
iucture, and that lac Is going 60 buy IN
the cheapest market, and without any
pnngs OF conscience. Hence IL is some
what Of surprise TO learn that there is
a general disposition ON the part 81 the
furnaccmen 60 60 right on. making and
nelling pig iron. even at a loss. The rea-
son for this change OF front il found,
partly in the weakness OF the smaller
concerns who, TO meet their ore pny-
ments. ARE compelled 10 turn their stock
into cash, az any price, and partly. 60
the desire on the part Of the strong fur
naccs, 70 retain their custom, also at
any prize. In the meantime iron Is
weaker, one sale OF IL 600 tons Of Besse-
mer being reported, for long future deliy-
cry, at $3.50. Foundry irons are