The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1891-11-28
FROM THE MARKETS.
General Features OF the Iron Business--Iron Ore
Movements Pig Iron.
The Cleveland Iron Trade Reviews re-


Movements Pig Iron.
The Cleveland Iron Trade Reviews re
sumo of the week ina iron circles
The business world h approaching the end Of
the year with every evidence 81 financial sound
hess. The annual import OF SECRETARY knsk on
our agricultural wealth estimates The increased
value ~ the crops oi the Unitcd States at S7sD.-
OOOOOu more than last years product. Tins
phenomenal addition 10 the boating wealth Of
the eonnfry iH not limited TO one sinple product
or locality. n compaSscs the continent. The
best financial authorities hold that, despite NJ.
cent sporadic caNes. the situation " sound and
satisfactory the chief factors ~ this iing. first.
nn abundant current. present aud prospective,
~ lOfiilstble capital second. sound condition
81 public aud private credit: and finally. "a bnnk'
ltt system truneer ailti more rtrieIit than ever
before IN tie history of the United states. With
thess. lacts In view. the present hull Ia the iron
market Will not be regarded with any degree Of
alarm by those who have cnitdnlly studied the
drift ~ events. Most buyers OF iron wish To
strict purchases ms much ~ possible until the
annlal stock taking NJ the end 81 the year. IL
h. not expacfed, therefore,. that there viii be
much urtiyity ~ the PIG IRON market until the
new year begins. la the meantime. production
at PIC iron j. going on ~ the phenomenal rate Of
-. 1Bp.ttDD tons per anniiin. There has been
some iiereass, 81 stocks AZ the furnaces. ownpto
the lack at cars for shipping This annual re
curing eyll at the south Is grenter hanever this
year, owing To the rundown condition al most
81 the rolling stock ol the railroad companies.
Nearly All southern furnaces have orders largely
IN excess 81 stock on hand and could quickly
yidcd. AZ Louisville, Nw sales ranging
| from ear load lets M 60 500 tons have been en-
tered At low hRures iewiurnaccs are nttxious Tor
orders Tor the first six mouths OF next year at
| present marked figures. Charcoal irons main
| tain more strength; inquiry N some better; lew
snles have been made Tor delivery during the
next three or four months. and Others cnntem
plated for delivery through the entire OF next
/ year The ear load trade for foundry iron CON
tinucs at Detroit but no large business has been
Visible IN that market. with the exception OF one
1 .I,ttlf fAff q
| forge iron. which went at ruling figures. This Is
| for delivery over The first six mouths OF lh92
/ The ians rate oi prOducfpll which u known ana
,ecn by both buyers aud sellers, has induced
| those furnaces who were inclined to hold back
| ON future delivery orders, To book NJ least a.
portion Of their output Tor next year ana hen,c
/ c1l IRON than they have beeil heretotom. The
Lake Superior eharoal trade Tor the season II
| very nearly closed. rs this IL the last week oi
navigation upon the lakes, and most Of thecast-
rrn buyers depending upon the aocllicd summer
| shipment inrilaccs, will he stocked 70 greater
or cSs extent until sprlne Altogether ihis se,,-
sons trade in this particular metal can hardly
be said TO have been satisfactory, At prices
| starting in at about $3.50 To SlS.15 ut hulfa
10. la April aud May, and closing NJ the prescnt
time nj Hi7. 20 TO 100 cash, NJ that point.
II n now thought that The prpdnetion VIII be
curtailcd 10 a considerable extent by these same
summer shipment furnaces overhauling their
| stocks and putting Ia necessary repairs at this
time The ear Industry seems To be "A busy one,
rumors for large orders for general equipment
are frequently heard and authenticated. aud
there nr prospects Tor much larger business
during the winter months tor wheel aud Inalea-
Die iron. Increasing dunrss chnractprizes husi-
ness ia the Chicago district While carload or
dfrs are numerous there II but little inquiry Tor
ANYTHING ~ the way OF large lots, consumers he.
ine nov supplied Tor the balance oi the year aud
we'll towards Npfng ~ lAHa. Prces on coke
metal reman unchanged, but some OF the south.
ern companies indicate disposition 10 grant
sinnll concessions when necessary TO secure bust.
ness. Lake superior CHARCOAL IN also inactive,
nd brisk competition exists wherever inquir-
i,s are made, even for small lots. The outlook
indicates small run Ol business only duriugtliv
bantce ~ the year, The eondltiuns huwyver,
are tll healthy aud adeOdrtl Improvement both
IN demand ana values may occur az any time
after the first of next year. Since the heavy buy
inc Of thirty days ago, ~ was To he expected,
Louis, but a good run al orders from carload
lots up 10 100 tnns htVe hoeu reported, inqulr
ca iur steel rails IN the wert are improving, and
bids for some round ear orders are being sole
tied Present Indications at Buffalo are that
during the balance uf the year there Will he an
accumulation of stocks. unless "a number Oi mr
nact,p go out oi blast, The market Is without
{ lie: sellers ARE plentiful but buyers Few. What
Title buying there H. In the main, calls fortuturc
, delivery.
Tiyi LoeAL SITUATION Tho hIph lakes ratcs
instead pi abatilg seems to grow stronger a.
the season approaches It's close. aud eight cents
was paid this week for grain from the head o
. the lake which ~ eqnyarnt To three dollars ioi
ore. II goes without saying that no ore was
moved ~ these ilgutcs, while the ore shipments
rom the other ports we're lnsigaihcnnt. Indeed
the morv conservative vessel owilcrr are not az
ail anxious 10 10 IN Tor grain. even ~ the higher
pate ~ view ~ the cold which ~ prevailing u
The Lake Superior country, and which may pat
- stop 10 navigation NJ any moment Tue IA
I turp al the ore trade IL fOrcshadOwcd by fh'
numerous offers made TO the producers Tor ore
t. he delivered next year, hut ~ all these offer
! are based on this years prices, they find httl'
+ consideration and no takers, The conStiincrS q
ore. IN Offering the 'gl price for 90 ore, say thai
the state at the market viii not permit them e
! pay any more next year than this. but w repl,
to this the met argue that there N ne
occassion on the part OF pig iron men 90 engag,
their ore eight months ahead OF their neccrsitiei
ana IN the face of a duh trade, II they had not
/ some Interior motive one consumer Ot thapii
ore for Instance offers the '0i price for u lot o
: atty Il pusund tons, aud altnn Their the deuians
viii reach up Into hall a mlllipn tons, rsem u
\ not the slightest prosptct, however, 81 the IA
= lof 4 single pound OF IRE at the prlers Offered
Among She mor important news ~ the week I
: the orieV, by The lvpnHylyania company, @
sixty thnusahd tons 0f steel rails Tor % deliy
Q cry, ~ figure said to be ns good as tmrt!
dollars. The significance ~ this order will b
, better understood whh % - stated that ~
i Pennsylvania company. cheek by lowl with th
leading steel mills la the country, ought To be
, nnd probably II, IN q very good position u
4 know when 90 buy, nnd ~ what ngires, and TIA
this Vt i - gelI pndgrslood, by .hre ,',, buyer
"a sure To- bring with u a number ~ OTHERS
need not he particularly stated that the railway
throughout the country mnde NO replacement
this year. avoiding even some OF the most ne,
y. cssnfy sepaiir, nud thplr ncpds az THIS time Ar
luth ~ 90 Insure. 10 little later on, 70 very lar
amount OF w0fk 81 al kinds for track Work "
less than for rolling stock. Pig IRON u not mo,
u lngat all. and business II going on IA som
quarters ln desutory sort ~ way, while IN
li,rpcr flfnanfs af8 pllrfullpF Their produ.tio
l. from day 90 day. cut ting nn hNrs chansps Msf'
\. ever possible aud declining 20 cfgnee the
\, future product NJ starvation pricn. nav r1t
I" che market Manufactured lrOu ~ not m,r
s. better III. tbe demand heing weak nnd the prh
n anything bui pfpatab'c,
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