The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1890-04-12


midsummer buying movement setting IN |
in April and May, we shall zee prices |
firmer and a better feeling all round. |
The crop Of new furnace enterprises has
been ruthIessly nipped by the discour-
aging market 1.-THE market for nearly |
every grade Of foundry iron has been
very active during the past week at
Detroit" report our correspondents,
VIM. +. Jarvis & CO., "some large pur-
chases having been made, and other
large ones still to be made during the
present week, as il is believed that the
market has touched bottom. The effect
OF the recent purchasing has not yet been
seen, and the market Is as low AS il was
a week ago, and perhaps little weaker
in spots. Lake Superior charcoal has
finally shown some sympathy in the
general decline, but not To such a degree
ms the othergrades ofmetal. Practically.
il may be said TO be of $1.00 per ton
from the highest point. There were
several large transactions during the
past week for this grade OF metal, notably
two deals, covering delivery for the
balance OF the present year, at full market
quotations. IL is believed 10y many that
"A reaction will soon take place in foundry
grades, and that the scale from now on
will be upward, rather than downward.
When IL is considered that the cost OF
making iron In the South, as rule, In
not far from S11 per ton, the present
market here must be bottom. The
spectators have been almost entirely
driven out Of the market, and this great
cause Of uncertainty in prices win be
removed" At Chicago, there is "a very
lively business in pig iron and some
nibbling at corner lots, but the turn i'm
the market has not come yet, and buyers
still favor the policy OF staying out ms
long as possible. The new prices of
Southern iron are lower than local
furnaces are disposed To get to, and, as
a result, business turns out more
towards the South. Nearly all mixtures,
however, require a proportion Of South
ern iron, even when prices are considera-
bly, above the home irons. The market
at Buffalo remains about the same as
reported during the past two weeks.
Some large buyers are taking advantage
Of the low prices and are absorbing all
bargains offered. The general features
Of the Pittsburgh market are the same
as heretofore. and prices have ruled
lower than ever during the past week.
II is said that they have passed below
the cost point and many believe that n
reaction will soon take place--Iron
Ore.--If all the ore sold thus far is TO be
delivered this season, il will keep every
available piece OF lake craft hustling
from the opening OF navigation TO it's
close TO bring down theenormous output
contemplated for 1890. Unfortunately,
the open Winter has come 20 close
with the Straits frozen tight and hard.
shutting off navigation from the lower
lake ports. Under the most favorable
circumstances, il will be two weeks before
boats can get through, and il may be
four. In the meantime, the feet il fitting
out for the seasons work. There have
bttu ~ itW btHttctik SHitb bhFiuk ehc
week of nom essemer ore for the Mahon-
ing valley, and at the price quoted last
November. The ore men are confined
and seem to be in no hurry TO dispose OF
what ore yet remains unsold They will
accept nothing less than the prices
ALREADY established, and il s not I'M
probable that an active buying movement
would send up quotations notch or
, two.--Pig Iron.--Conservativ furnace
men say that iron has touched bottom
prices, and that AN analysis OF the
situation indicates "a noticeable change
for the good. While prices are still low,
heavy buyers have entered the market,
satisfied that by waiting longer they
} would pay more for their material, and
during the past two or three days there
have been received more inquiries than
r during the preceding month. Certain il
: is that the making OF iron. in this ection,
, and with the present prices. must cease
az soon AS the old ore IL exhausted, and
> IL may he for this season that number
! Of consumers, who have hitherto bought
} their material by the carload, have
! suddenly covered their wants well into
June. The expectation OF an advance in
= coke contributes TO the uncertainties Of
the hour, so that il seems barely reason
} able that the furnace trade will be able
= To- supply it's customers at the present
I. Il n tt.x.a