The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1891-07-25

ported that one OF the woodstock coke furnaces
VIII start on the 10th inst, aud Ftowah Is
about ready TO blow. Trussville has been
deferred on account OF the failure 60 perfect the
lease. The Louisville market IL confined 10 car
load lots. There has. however, been heavy
buying ON the part OF the large ear companies
one closing for about 1000 tons and another
for about 3. 900. The prices az which the iron
was sold were extremely low. but Il was thought
wise on the part OF the furnaces owing TO heavy
stocks, 20 make the sale rather than carry the
iron. Coke prices arc ruling steadily az basis of
$40, Birmingham. for grey forge with AN nd
vance Of twenty five 90 ffty cents asked for last
year delivery, aud this basis held firm by some
of the larger companies The Chicago pig iron
market has shown increasing duness durin q
the past week orders now going, for the most
part. are for small lots lew large consumers
are still holding on before placing their seasons
contracts, but the number is limited. and the
parties waiting ARE doing 80 IN hopes Of getting
concessions, either IN the way OF job lots or iron
from iunarccS having depleted order books.
Prices remain on about the same basis as Il
week ago, though on southern cokes there II
little more hrmnrSs on some grades, notably
No. / soft, which nt present Is scarce for early
shipment The ruilroad buying. which was eX-
pected TO start July LIST. has not yet begun,
notwithstanding the fact that the time Is
rapidly approaching when the crops will have
60 be moved, and all available rolling stock will
be Ia constant demand Postponesent OF pur.
chase on the part of railway lines simply means
80 much additional business when these com
panies come into the market. and larger
Impetus will be given 20 trade whenever this
movement starts up. While the Detroit mar
kct continues In the unsatisfactory state as
rognrds prices, there Is a good volume OF bust.
hess being transacted Especially n this true of
LAKE Superior charcoal. notwithstanding the
large majority 81 malleable iron makers made
their purchases In June. still there were some
who have but recently come into the ma rkct,
aud they, together With the car wheel makers
who covering for orders fast as taken,
have caused more inquiries for thisclass of iron
There also some inquiries for round lots OF
southern. but while nearly AL furnaces are
willing 20 accept low prices for the present sale
for prompt delivery, yet there Few at least
who will not make present low figures basis
for six TO twelve months delivery IA the future.
Shipments at Buffalo coutinue moderately
heavy In the aggregate but they nre distributed
wide territory. Consumption II exceedingly
light. ana AT present IN probably less than pro-
duCtion. There are many Indications. however.
of "a large Increase IN consumption inside OF the
next month TnE Local SITuAroN.-ln the
absence 81 the correct figures. either as 20 the
total amount of the sales thus IA r., or Of the
amount of ore shipped from the mines up TO
date. IL II more than difficult To- obtain any
thing like an Intelligent statement OF the stut-
must necessarily be more or less a matter 81
guess. the facts being Ak yet beyond the reach
81 the trade, except In so far AS each dealer
knows his own position, which n carefully con
cealed from All the others. Yet they all agree
that the sales NJ 60 date cover nearly ninety
per cent of the intended output, and as 10
would be physical impossbllty TO bring down
more ore this year than this approximate
amount, there II but very little chance 81 mater
tally increasing the figure. Among the more
recent sales were several OF non Bessemer
hematitcs for delivery within sixty miles Of the
sea.hoard, the total sales OF this class of ore
east of the mountains fully npgrenating hall "a
million tons. When IL IL considered That foreign
ores are very cheap this year. Ia connection
with low ocean ireights, the great sbrinkage IN
the price Of Lake superior ore, 10 enable n TO
compete with this foreign ore. can be appreciated,
Eight cents per unit n the average cost 20 the
eastern consumers, who Ia the present depressed
state Of the ore trade are enjoying good thing.
IL must Doe considered, however. that while the
sales In this market are made directly 90 the
makers OF pig iron. thus taking on the character
Of staple business transactions the eastern
markets are senSibly Influenced. aud 20 degree
controlled, by the general financial situation ns
reflected by Wall street. SO that they must
necessarily assume something 81 a speculative
character which IN altogether lacking here.
The merry war as TO lake frcghts received an
other impetus thu week by the advance OF the
Eseanaba and Marquette rate, which WAS