The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1891-01-31

time 70 place their orders at old prices. Stocks
in consumers hands light. and orders for
small lots for prompt shipment are being re-
ceived. No particular class OF IRON IN being
called for, and all grades are about equal In de-
mand. but silvery and notified are perhaps
the scarcest. with prices only moderately firm
Some southern irons are being offered by specu-
lators at 20 cents undeU furnace quotations.
but lew sales have been .fnade for any but small
lots" There has beeua fairly firm tone To the
pig iron market. ~ Cincinnati. during the week
WITH improves Inquiry and larger range OF
business than has been reported for many weeks
previous. Values rule very low. and will con
unpe 70 do so until accumulated stocks here
svn there are closed out. There ARE signs that
fhis liquidating process In already pretty we'll
completed. The strike In the Birmingham dis
trict Is practically over, but there will be no
large Increase In the rate - production until
values improve. Probrs.y four or five furnaces
In all that are now banked will start up The
stoppage OF tho Mahoning and Shenango fur
naces has cot perceptibly affected the market
In the rJrth. yet there are considerable aecu-
mutations I'm that district. IL In estimated that
the rate OF production. taken together, has
been reduced since December 81 To about
300, 900 tons per annum. Increased inquiry
for pig II noted at Louisville, and while the ex.
tent OF sales Is small. the prospect Of good buy
ing - better than for some weeks past Con.
sumers recognize that prices are below cost OF
production. and that any change OF prices TO "A
lower basis would be so Insignificant that IL
could not affect them In competition In making
prices on their product; while. on the other
hand the conditions point 10 at least firm n
not an advancing market. At st. Louis a few
small orders being placed at very low hr-
ures. There IL evidently a scarcity OF southern
iron. for prompt shipment. and we look for inn
provement In prices soon. Concerning the gem
eral outlook. the Bulletin of the American Iron
aud Steel Association. after referring 10 the
These the unfavorabe conditions; what
are the favorable conditional First. the situa-
ton In the steel rail trade promises improve
ment through the better tone in the stock mar
ket the better understanding among western
railroad managers concerning freight rates, and
the consolidation last week OF the two steel rail
companies at Scranton which we are advised
has actually taken place. Next. IL may be said
with confidence that all, or nearly all. the de-
mands OF the furnacemen In the shenango and
Mahoning valleys will be granted. which conces-
siOns will enable them TO meet southern cOmpe-
tition on more favorable terms than they have
recently been able 20 do. In the south the pre-
vailing strike II really eodsend In disguise TO
furnace owners. as the enforced decrease In pro.
duction. Ike the shutdown In the Shenango and
Mahoning valleys. must OF itself prevent a FUR
Their Increase In stocks and decrease already ac-
cumulated stocks. Following "a reduction In
stocks. will come hrmer pig iron prices. which
are among the possibilities OF the near future.
But most likely the first turn for the better In
the iron trade of this country viii be In steel
rail prices"
THE LOCAL snUAuoS.-"what will be the
effect OF the present depression upon the ore
business7 and How much ore will come down
this Year," are the questions that demand the
attention OF the kindred interests at this time
The first question eau be answered with some
sort OF defniteness. for every months idIeness
at the point OF consumption-the furnaces
means a corresponding reduction OF activity In
the ore regions Ia other words n the furnaces
should not go into blast again until. say the
latter part of March. the direct cutting-on In
the ore supply would mean n million tons. This.
OF course, IN only fraction ~ the reduction ex-
pccted IN the seasons output OF ore. The very
large quantity left over from last year must be
kept In mind NO that the best judges OF the
situation place the 1891 figure at or below six
mn IA
think the shrinkaee will be much greater and
they may prove TO be right. In the end. There
n, however. no doubt that great deal less ore