The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1890-10-11

the oldest heads An the indications point 10
AN earlier close OF navigation than was the ease
last year ana good many vessel owners who
see no profit la going up light and then bringing
ore down from Ashland az 4, dollar "a ton AR,
likely 20 lay up ~ the end of October. or earlier
yet, 20 save both IN the fixed charges and Ia
Insurance Inc opening next year, OF the Cuban
mines now In the hands OF local capitalists may
TO a considerable extent affect the eastern sales
~ Bcssemers made probable this season. Dur.
ing the past few years there has sprung up quite
"A demand, east OF the Aleghenies. for the best
grades Of the Lake Superior ores aud since the
largest portion of the Spanish ores was this year
taken By the English steel makers. eastern fur
nacemen, whose wants are not wholly supplied
by their native ORES, have made advances
toward this market for raw material The
spanish mines, u Is well known, are fast becom.
ing exhausted, and " the Cuban ores recently
developed can be laid down az tidewater az "A
lair price, the furnacemen further west are quite
likely 10 put In a bid for all the new mines can
produce. ON the other hand the Central west
has enormously Increased It's consumption of
steel, SO that the local market has grown along
with the Increase in production. The proof of
this assertion l. found ia the Tact that hardly "A
pound OF ore has found its way, this year. over
the mountains. Another encouraging feature
affecting the ore market Il the wholesale snbsti.
tuition, Ia many quarters. az steel for purposes
for which, only very short time ago Iron was
used. SO, Tor Instance one.haf the quantity OF
bars that were formerly made Of iron, are now
produced from the BesSemer material. and the
trend 81 the trade II continually in the direction
Of using steel Ia preference 10 iron. There is
nothing new Co report in the coke situation.
The coke syndicate continues 20 charge what II
pleascs for It's product, aud neither furnacemen
nor the foundry trade il able 20 procure the
slightest concessions from the coke barous-
Pig Iron The markets. dull and sluggish. both
a 20 the volume Of business aud price The
makers OF pig metal charge this state Of affairs
mostly TO the fact that the largest consumers
are well supplied for the present. while smaller
concerns that are pressed 20 meet their ore pay
ments are perforce compelled 20 make aud sell
iron NJ whatever they can get for 10. and so de-
press the market However that may be, the
Tact remains that there Is an nppnciable In
crease la the consumption ~ pig iron, while the
stocks ART getting lower every day. The nRtu-
raj sequel II that the time n almost IN sight
when the largest consumers, who now decline 10
buy much iron FOR long future delivery, will
enter the market about the same time, only 20
find the stocks practically exhausted. and con
sentative iron men say that this contingency Is
likely 60 arise any day, together with material
advance Ia the price all along the line. As
matter OF fact, some Of the leading furnace con.
Germs. who are In "A position 60 wait. refuse or
ders at present quotations. well satisfied that
the near future has ~ store for them something
OF the boom that ali the products OF pigiron are
now enjoying.