The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1890-03-01


being urrnt TO sell At any concession. The con-
dition OF the market has changed but little ~
Chicago since laxt weeks report The general
phase of the situation looks promising -Lake
Superior charcoal irons particularly so. The
market AZ Pittsburgh h IN about the same con-
dition as nj last report. the prices have under
gone no change Iron Ore--For lack Of leeiti-
mate news regarding the market. II has become
habit on the part Of outsiders, 10 speculate
upon possibilities and 10 spring them the
trade as iacss Among these ruulors Is one that
claims the existence OF . well-dedned scheme to
change the present system Of selling the Lake
Superior Iron ore by concentrating all the sales
IN Milwaukee, doing away with the Cleveland
sales agents and saving all the commissions
which. for 1890 are estimated AZ 5000, 900. or
two per cent on the total output OF SO. 000. 900
worth OF ore. In aid OF this proposition a long
array ofhgures iscited, intended 20 demonstrate
that the change II demanded hy the interests
OF Milwaukee. and that since u large portion Of
the combined mining stocks Is held there, the
transfer In not only needed but viii go into effect
before long The Milwaukee parties may. no
doubt. desire the change. but the rumor has not
the least foundation, and amounts 60 the yeriest
nonsense. While II Is true that the aggregate
they play but "a small part la the business OF
selling iron ore. When the mining interests were
scattered II was the sales agents who advanced
the funds for carrying on the business. and al
though many OF the mines are now In strong
hands there are yet few. n any. that do not
require assistance at the hands OF their banks
at some season Of the year. Hence there is no
saving on that account. since the amount OF In
terest charged by the sales agent Is exactly the
rate OF discount exacted by the banks--seven
per cent But there is beyond all this ~ power
ful factor that will keep the sales system right
where II IN. The buyers and consumers Of iron
ore are In close proximity OF Cleveland, and can
be handily reached here. Some ore goes TO
Chicago and It's vicinity. but the amount of ore
disposed Of there Is very small indeed. as com
pared with the Ohio and Pennsylvania buyers
This is the natural market forthe Lake Superior
ore, even though Milwaukee owned one-haii OF
all the mining stocks. Hall "A dozen ofthe largest
mines sell their ore direct TO the consumer at
present. 60 the exclusion OF commissions, and
they are located IN Cleveland. Even were there
"A remote possibility OF moving the sales Offices
TO Milwaukee. there would still have TO be "a
local agent In Cleveland for each mine. paying
frcights and looking after the details OF dockaee
charters railway forwarding and dozen other
purposes. The Milwaukee banks are said 20 be
primarily engaged IN preaching the new gospel
Whether or not they will succeed viii transpre
somewhere along the twentieth century.
Iron.--while there Is thing tangible upon which
estimates may be based IN the absence OF sales,
there Is generally stronger feeling and the idea
prevails that the recent slump IN the business
will be wiped out IN the nearfnture by amaterial
and healthy advance, brought about by the
natural demand. aud the restored confidence on
the part OF consumers. Barring the unsettled
condition OF the coke question, furnacemen have
little 60 complain OF evennow, the price OF No
foundry being firm at si05O, aud better. on IA
cash basis az Valley stacks. while mill iron brings
SIS readily There In considerable inquiry for
foundry iron by large consumers, who, up TO this.
have been covering their immediate wants by
carload and hity-ton purchases, but who are
now ready TO enter the market and buy their
supplies for three or -four months ahead. Little
is doing in the Bessemer line yet. but AN active
movement il predicted for March.