The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1890-12-06

iron. as wen ns other circles. and for the time
being there Is almost a total lack oi conference
ON the pnrt OF consumers. Many large con.
tracts for rev material, which were undrrcon-
temptation hate ia October, have been either
dropped or postponed. the result being a iRt
pig IRON market. With sales near,y rest ricted 10
car loads. lew large bny.r. however have
seized the opportunity Go pick up job lots. and
In certain eases 20 make running contracts.
These, however are the exception. most con
s1iners prefer 20 take chances aud wait nntil
first 81 year 20 cover balance OF seasons needs.
Many leading furnaces north and south have
practically withdrawn from the market. being
unwilling 20 sell AT figures made by some of the
smaller companies pressed Tor money. these
latter have succeeded la breaking the market
assisted by the financial furry. but the result
has not been 20 force prominent standard
brands 90 same level: instead large number
have decided TO hold their unsold output indie
hnitely rather than sacrifice The outlook H.
one OF uncertainty, and seems likely TO remain
obscure until the monetary situation u on "a
more easy basis. The heavy consumption n
likely however, Co prove a steady influence. BY
common consent, AZ all the central western
points, there has been practically no effort at
business IN crude iron the week past. Furnaces
and their representatives have fet that no good
can come Of efforts 90 make sales, on account
of the widespread feeling of uncertainty aud APP
prehension. Leading houses have called n their
statesmen, and ARE OILY quoting In reply 20 di-
rect enquiries. Large buyers have IN some
cases expected that This emergency would de-
velop unusual chances for buying. based on
the necessity OF furnaces 60 realize. They have.
however, been disappointed. Values have been
maintained with "a hrmness that Is surprising q
the trade generally. There IL one reason for
this: one is that In most cases the furnaces have
their order books filed for deliveries for weeks
TO come, aud are not COMPELLED TO book tnrther
business until January or later Another H.
that values are already ruling extremely low
scarcely above the cost OF production on the
average. both north and south In connection
with the fact the latest reportsshOw that stocks
are still decreasing aud that the rate OF pro-
duction Is still being cut down. Another point
that has been emphasized In the recent trVub
les Il that when values Of securities aud prop.
critics supposed TO be solid have shrunk alarm
lugly, pig iron has stood out rs the only thing
OF intrinsic value sufficient 70 withstand AL at
tacks. Ia the present temper OF the market
there Will not be much effort by furnaces 10 sell
until after turn Of the year. Here and there
weak holder may be compelled 90 realize, but
the total amount OF iron thus situated IL not
Thought 60 be- large. The offerings Ia Cincinnati
80 far that have been under the market are on
Warrants which the consumers usually expect 90
get az fifty cents under inrnnce prices. ~ an of
set for the usual terms aud risks pertaining to
quality and weights. A. ~ whether the general
range OF consumption VIII be materially cut
down by the stock panic. there Is no means now
oi knowing. Views differ greatly. The current
rate h. enormous aud sellers are taxed TO their
utmost 20 supply 10, tn the it'r OF the ear lam
inc which has not improved Ia the least. Ia
consonancc with the general feeling of uncertain
ity sons small orders were placed ia Detroit the
past week, bat they were made as small hs pos
Sihe a. no one could tell lust what the outcome
might be. Since the 2ist. however. the feeling
has been an improved one and the prospect
that labor troubles ia the south rnny cause a
suspension TO considerable extent in iron
making in that section. viii probably hasten
buying for that Glnss Of metal Al fall prices
the Louisville market ~ quiet, buyers pnrehAa-
ing Spariuglv or holding off altogether until the
money market becomes more settled There
have been buyers for as much - 900 tons to
run through the year. basis Of Sto.OOu Tor grey
forH The offer was declined as the prize WAS
too Tow. and the furnaces ARE not willing go sell
for less than = 10 90 for grey forge. anu for de-.
liverics running through six months. There
have been offers 81 grey iOrg for prompt snip
ment ~ Siu.26. This H. REGARDED as nn inside
quotation. For the past few weeks the most