The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1890-04-05
THE WEEK IN IRON CIRCLES.
GENERAL FEAruKEs or THE TRADE-moN
ORE--pIG IRON.

ORE-PIG IRON.
The Cleveland Iron Trade Reviews
resume OF the week in iron circles
General Featurcs--A sudden and
unprecedented decline has taken place in
Southern irons. There are explanations
which may explain and may not. The
schedule 81 prices maintained 10y leading
sellers during january and February WAS
higher than actual business could hedoue
at, and when the drop Of 81. 30 per ton
was decided upon, twas hardly sufficient
TO cover the actual decline that had
taken place. Since then further drop
az full one dollar per ton has resulted
from severe competition for desirable
orders. In addition to this, one inn
portant Southern seller has openly
quoted prices under the limit and pushed
for orders The natural result has been,
instead Of augmenting business, toalarm
consumers and temporarily stop trading.
Other Southern sellers claim that no
reason exists for such extreme desire to
realize, unless in the private necessities
oi certain manufacturers or spectators.
4 very extended and close inquiry into
the iacts OF actual consumption by foun-
dries and mills warrants the statement
that il Is not materially curtailcd, and
that the new year il going almost ms pros
porous, in this respect. AZ the bullsh
prediction 81 December pointed 20. The
persistent non-buying policy of consum-
ers, however, leads 20 the impression
That consumption il lighter. Itiscertnin
that heavy buying must begin soon, and
the lower prices now made will doubtless
encourage this, and may broaden the
whole range OF consumption. Northern
irons have gone of but little; indeed
they were not as high relatively az South
ern brands in December. Ohio softencrs
remain firm, and as they have AZ no
time sold much abotecost al production,
there Is not much likelihood 81 decline
in them. There are many who believe
that the rapid fluctuations ia Southern
irons have been influenced by artificial
means, and that when certain things
have been accomplished they will as
rapidly GO up as they have lately come
down. This, however, is conjecture mere
~. Charcoal iron do not follow these
eccentricitics. but remain comparatively
firm. "A slightly further weakening in
foundry and forged grades was developed
during the past week, f" writes VIM II Jar
Wis q Co.. Detroit. "although no trans
actions except few for foundry irons
were made, and hence the market may
not have been fully shown. The buying
is being universally done in small guam
Titles, for foundry brands, hut Lake SUI
perior charcoal seems very little effected
by the recent decline in other grades Of
metal Some large transactions were
consumntcd during the past week, and
more will be during the coming one. The
inct that the railroads anticipate further
renewal Of rolling stock and general sup
plies. causes little apprehension among
the charcoal iron men that their prices
will be any lower" The market is very
irregular and there is no recognized price
for iron at Louisville. furnaces differing
in Interviews OF the situation, but ifthey
wish Go sell, IL is necessary TO meet prices
made by the large companies. The cur
rent price for iron is $1275 for No .
foundry at Bermiughnm, but sales have
been made at twenty-five cents less.
There are q number 81 buyers 81 large
lots ready Go come into the market the
moment prices are thought Co have
reached bottom, but their views areiully
City cents lower thanpresentquotations
II should bc horncin mind that the pres
emit situation has not been brought about
by the buyers, that drop of $3.50 in
the last two weeks Is unprecedented aud
may be followed by a sharp reaction.
There isno Noticeable change in the mar
ket from Inst week at Buffalo. Southern
iron has dropped enough, however. to
allow ofQuotatiOns ON aneven basis with
northern brands In that territory Sales
and inquiries for carload lots afv c0nsid-
Acrnble, aud, on the whole there Is inir
business. The considerable decline in
southern iron has had no pcrccptiblc
influence on the St. Louis market, at