The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1890-12-27

said, before the first al the year. The
inquiry In almost exclusively Tor coke
irons, and II prompted By the better
outlook In the money market, added to
the fact OF some permanent bssiness
being definitely arranged for as lar a.
the middle al 1891. The iAct al the In
quiries having BEEN made, added to the
banking 81 so many iurnacesi In the south,
will make iron decidedly scarce article,
and. our correspondents think will cause
higher figures To be realized. A. Chicago
a lair number al small orders is being
placed and prices remain unchanged, ex-
cept in lew instances, where holders oi
iron ARE compelled to close out. In order
to realize funds. The iact is noted
at Buffalo. that consumers, II they
desire, can now purchase from "a
large number OF furnaces at figure
which will notexceed cost of production,
and from some few furnaces at less than
cost, but even under these circumstances
no considerable amount al buying Is
being done. In viewing. however. the
general decentralization in trade through
out the country. IL is universally con-
coded that pig iron occupies strong POI
sition. The low range OF prices insurcs
a iair degree al stability. Consumers
generally in the section about st. Louis,
have iron enough TO run them into the
new year, and they are waiting To see
the result of the financial furry before
placing further orders There IL about
the usual lessening al consumption in
architectural works incident to the season,
but other boundaries are fairly well sup
piled with orders.
LOCAL SITUATION. past week has
not been productive OF anything new i'm
any OF the lines 81 trade affecting the iron
ore or pig iron markets, and, as a mat
ter OF h,ct, nothing new in expected To
transpire for some weeks to come. No
body IN Mt all active. most OF the firms
being engaged in the preparations for
taking stock, and the close proximity of
the holidays acts as a check upon any
intended activity that may exist. The
situation is one that calls for the united
action Of the ore interests together with
the furnacemen. The entire business for
the next year calls Tor a defensive and
offensive alliance OF this character, and
this is getting To be better understood
from day 60 day. There is little doubt
Of the fact that much OF the present
trouble IL directly traceabIe TO the mis-
taken policy oil "a year ago, OF booming
the price 81 pig iron all out Of proper
ton, aud at time when the market was
feverishly excited and easily influenced
Wiser counsel deprecated the movement
at that time. but the price went sailing
along until Bessemer iron sold Mt $50
IL was this sort of business that brought
southern iron into this market, and now
that the manufacturers of the lake iron
are confronted with the keenest sort Of
competition, in "a market where n differ
ence OF ten cents ton il fclt, the opinion
IL freely advanced that IL will take years
OF work and OF moderate profits. to Sc
cure for lake iron the place To which IL is
naturally entitled. As il il, southern
iron has, To "a very large extent, driven
all other from the local field, while = con.
siderable amount OF iron made in the
Mahoning and Shenango valleys in con
sumed in the east, competing against
tide water and imported irons. in the
face OF freight rates that must be disas-
trous to the manufactures. 1t IL claim, a
on all hands that II the business IN to he
carried ON ut all next year, ore profits
must he kept down to a moderate figure,
lake and rail freights must be correspond
inely low, the present price of coke must
be cut in two, and pig iron must be sold
ON n narrow profit margin. Even mt
that. IL will take long time TO regain
the disputed ground. 1t il true that
the southern furnaces nre losing money,
and that their losses will increase in pro-
portion ms the price OF southern labor
will advance along with freights, but il
may take a long time to bring the south
ern brethren to n realizing sense Of their
position, and. in the meantime things
are anything but lovely. Az for the coke
situation. the opinion il advanced that
il might not be Improbable tn start up
additional coke plants along the line OF
railways other than those now carrying
coke, and the Erie road may be selected
for that purpose. In opposition to the
Pennsylvania Company. with view To
stimulate the entire business. A large
coke plant controlled and operated
by the furnace interests most directly
concerned, would not he bad adjunct
TO the opposition, and would have "A
tendency To make the coke barons less
lordly in their dealings. In local way,
no business is doing worth the speaking
Of. The only observation that is pretty
generally made, IL that the average cost
OF making pig iron IL SO ton higher
than 10 was year ago while prices are
about tina same.