The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1890-10-25
THE WEEK IN IRON CIRCLES.
GENERAL FEATURES OF THE TRApE-moN
ORE-PiG IRON.


The Cleveland Iron Trade Reviews
resume of the week In iron circles. --General
Featuoes.-rhe indications OF the iron market
ia almost all SECTIONS seem encouraging ana the
sentiment - many are that better prices are
near by. The irlce ~ iron noN II close TO cost
,a ,,r,i,. apl.,.n and furnaces are h.rly well
booked with orders. The tarnhill being settled,
ear works. rolling mills. stove iouudries, and, IN
fact all branches of the Iron industry, appear
20 be quite busy melting "a great deal OF iron.
An these facts seem 10 point towards All al.
vanced market. Tile heavy drop Ia railroad
aud other securities IL disconragine feature In
some respects. Particularly with some IA IL
have shown good dividends does the drop ap-
pear singular. Many more believers IN better
iisil aud winter trade can be- found now than "A
fortnight ngo. The money question has kept
out mach speculation, as some aie ut the belief
that the market has not reached perfect safety
and that IL Is hot improbable that panic may
vet come. Duties and heavy crops TO be NOV
command considerable money, but ~ the entire
country Is In "A most prosperous CONDITION the
present opinion Is that iron viii he largely ip
demand aud there will be "A better market soon.
one Important and troublesome feature, both
north and south, Is the car famine, Consumers,
who have depended on regular weekly or month
liz supplies of iron for necessary consumption,
are often placed in bad predicamsnfs through
the inability OF furnaces 20 Obtain ears. There
seems TO be no remedy, as the ear supply -
totally inadequate 90 the service required The
only sure precantion n apparently TO order ma
terial several weeks Ia advance OF actual needs.
Ia II felt that the close OF the year viii show
better prics.s and that the heavy consumption
which II general viii be carried into next year
resulting Ia excellent business with prices firm.
several southern furnaces have gone out OF
blast some 10 make repairs, and Others because
they are not willing 20 run with the market AT
the present basis. As consumption continues
heavy this will have n stimulating elect on
prizes and on notified and No. 2 foundry scar
city il already being fclt. The various markets
present several points OF interest. az VIII be seen
below: AZ the close ri the week at Cincinnati
there we're some heavy inquiries In the field
Raw material Of all kinds continues extremely
low. This Is thought To be due IN part 70 the
process OF liqu idation that has been going ON
among outside holders snce the close money
market began 20 be iet. Within the past week
the largest transactions reported ARE OF this
nature. At Detroit there " considerable bust
mess aud figures are fair. Southern iron colt
Times 60 be the weakest on the list, with prices
almost as low ms az any time IN the history OF
the trade. Northern coke irons now cut but
slight figure, the quality OF southern iron has
40 Improved that many manufacturers are ena-
bled 20 use iron whirh they did not formerly
think possible. Lake Superior char GAL has
shown several transaetionsof considerable mag
nituSe The buying l a. not been heavy at
Louisville, consumers preierring TO purchase
sparngly. The consumption of iron continues
heavy, and some parties are negotiating for
work Into next year Prices remain low, sales
OF iron being made on basis OF 5000 for grey
forge at Birmingham, but with a tendency on
the part OF the leading furnaces To ask more
money. Consumers 81 iron at Pittsburgh are
as rule fairly well supplied Tor some weeks
ahead aud profess 60 believe that when present
stocks are reduced they can be replenished ut
low prices. Holders have been greatly dissnp-
pointed by the course OF the market, and some
OF them have been disposed TO renlize AT a con-
cession. A somewhat more hopeful feeling begins
20 prevail however. ns II becomes known that
the consumption Of mig iron II at j. ~ In excess
~ production and that stocks are being conHid-
erably reduced. Continued activity has marked
the Chicago market during the past week and 4
considerable quantity OF both northern and
southern coke iron have been placed. Lake
superior charcoal Is IN better demand, but coke
irons Rre the class which IL being mainly called
tor. The market II IN "A healthy condition in all
respects. Trade at ST. Louis during the past
week has been on a fairly satisfactory basis.
la southern irons there IL a decided scarcity Oi
40. 2 foundry and Nos ! and soft. irrespee-
tive at prre----lron Ore.--rhe scattering de-
mnnd Tor more ore that h A. been manifested
during the past month has crystaized into q
sharp inquiry. and the producers oonld without
difficulty dispose ~ another bali million tons OF
standard ores. II they had IL to sell. within
the past week che market has been thoroughly
searched for oddlots Of marketable ore. without,
however. yielding any results. The demand u
not confined 10 any particular losality, as y
shown by four inquiries received by a single
nrm: OF these four, two came from the Mahon,
Ing Valley. one from western Pennsylvania, and
one from the east. How great the need Of ore
A. In some quarters appears from the resale Of
u iO.OOO.t0n lot, made ON Tuesday. A firm Of
furnaceincn. deciding 90 cOnnne their operations
more largely 90 the Pessrmer line, wrote their
Cleveland sales agents 90 That effect, and asked
them 70 nnd r purchase Tor this lSt OF non.
found. nc an advance Of twenty cents atom over
the price originally paid. and this ore was first
sold last October. when fancy quotations pre-.
vailed ali along the line The ore shipments are
etlI lively hat there " very little gain over the
increase already report ~. The colder weather
predicted for the end 81 this week may TO lanze
extent influence the amount OF ore yet 20 be
brought down The coke situation remains I'm.
charged priccs are high. and some trouble IA
experienced here aud there IN the prompt supply
~ furnaces Frelehts are hrmer. but there has
not been any considerable Increase In rates. such
ns n usually the case at the close Of navigation.
Pig Persistent inquiry among old and
experienced furnacemrn fails TO bring out any
explanations as 20 the cause 81 the peculiar and
altogether dincouragnf characteristics Of the
present market Everybody has had his guess.