The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1890-03-22
THE WEEK IN IRON CIRCLES.
GENERAL FEATURES OF THE rRADE-IRoN
oRE--PIG IRON.

oRE--PIG IRON.
The Cleveland Iron Trade Reviews
resume Of the week IN iron circles: General
Features.--As against the feeling OF hesitation,
which has prevailed since the openingo OF the year
* the significant statement regarding the mileage
OF new railroad now IN process OF construction
According 90 careful statistics, 5,O3s miles OF
railway are now partially completed 7otl
miles are surveyed or under survery, and 2.S3l
miles of lines are not yet surveyed but are being
vigorously pushed This means great deal for
the iron trade. and It's significance as bearing
on the future prospects OF the trade, will not be
lost sight OF by the careful observer. since the
new construction viii probably call for 1000, 600
tons Of rails. The event Of the week has been
the termination Of a two months quiet contest
between producers and consumers and the con
sequent lowering Of the price OF pig iron 81 90
by southern furnaces. Since. however, this
movement has been virtually anticipated for the
past two weeks IL will not create the comment
that would otherwise have resulted Indeed IL
~ predicted by our Louisville correspondent that
the cut Will result ia business instead OF u con
test with no sales The leading furnaces have
kept prices since December ~ $1,000 for No.
foundry al Bermlugham, though there We're no
sales because from "a careful inquiry they had
I
learned that manufacturers throughout the
country had a large amount Of business both on
hand aud In prospect and that the dun market
arose. not because manufacturers lacked orders,
/ but because OF the heavy buying during the last
1 three months OF 1850, when purchasers came
/ into the market In October, who usually would
/ have bought n January. The buyingmovement,
/ however was so general that II has enabled
manufacturers 20 refrain from buying at the
\ present time and win In "a contest with sellers,
I though their own necessities have not demanded
! H. The effect ofthe break az Cincinnati has been
"A more active market, and "A great deal OF busi-
ness il apparently Ia sight. ON the whole, the
situation has more promise In II than NJ any
time since Christmas. Southern prices, even
with Last reduction, are too high Co meet com
petition with northern irons az points along the
lakes. While, az So. Louis the schedule quota
tions Of southern furnaces have not been
changed, there are apparently plenty OF socalled
"outside" lots 10 meet the increasing demands
! from small consumers The advance OF fifteen
cents Der ton In freight rates from the south 90
81 Louis takes effect on the 9Th inst but pres
ept prospects indicate that II viii have 10 be
borne by the seller. Indications arcnot wanting
az Chicago that another buying movement VIII
soon begin whethcrlt will be strong enough TO
| bring about decided reaction nhd start prices
upvn rd again no one can any more than guess.
close watching Of feundries, mills, car shops.
agricultural works etc, fails Co reveal any de.
ended falling off In consumption though com
plain's of dizziness, are occasionally heard. II
present rate OF consumption Il kept up steadily
through the year II - quite certain that the iron
market viii take care Of Itself While there has
been little apparent change IN the situation at
pittsburgh since last report and pricesare nom.
naly the same. there h a less hopeful feeling as
regards the early future. and more disposition
on the part 81 holders Go effect sales The mar
ket heavy aud weak, aud the tendency II down
ward. in spite Of the greatly enhanced cost
of making pig iron. There has been more
activity IN this market this week than az any
time since the begining Of the year" writes VIM.
n. Jarvis a Co. Of Detroit. "salcs aRgreeafinp
q 900 tous 81 No q foundry and gray forge were
made 20 cover contracts and at the lowest prices
for the past six months. Almost all coke irons
are slightly weaker and lower quotations nrs
being made. Lake Superior charcoal irons do
not share the general reduction 20 any large "a
|, tent. and the majority 81 furnaces ARE sold
ahead. and the stocks at furnaces are much
smaller and the demand much more general and
Tor larger quantities than II l. for other irons.
A perceptlbIe Improvement In sales Tor the pres