The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1891-06-20
THE WEEK IN IRON CIRCLES.
GENERAL FEATURES OF THE T~RADE-IRoN
ORE-PIG O

FEATURES OF THE TRADE-IRON
oRE-PIG IRON.
THE LOCAL SIruATIoN.-The recent
enormous sales Of iron ore seem TO have
taken the edge of the market, and while
the active selling continues, there IL IA
noticeable shrinkage IN the amounts OF
the transactions reported. The pro-
ducers have not yet seen their way clear
20 increase their working forces, and mo-
improvement can he reported in that
direction. The profit margins OF ore are
So very slight, this year, that quite u
good many OF the producers, who are
favorably situated with regard To mar
kets, are evidently unwilling tn rob their
mines for the pleasure Of doing an unpro-
fitable business, aud so are either doing
nothing Mt all. or else cutting down their
production TO the lowest possible notch.
No improvement has been made In the
dock strikes, at Cleveland and Ashta-
bula, and a large portion ~ the ore fleet
Is tied mp, unable to unload ~theircnfgOes
The Pittsburgh market and the two
valleys depend 80 largely ON the Cleve-
land and Ashtabula ore supply, however,
that unless the strike il soon broken,
the furnaces who have only just started
into blast again, may be compelled 90
stop, for want 81 ore. The vcsselmen
are not seriously Observation-Disclosures
OF them who run w~ild-because a scar
city 81 ore, a little later on, would have
the effect O driyirfg up lake ireights,
while those whose boats are chartered
FOR the eason sustain no loss because Of
the laying of OF all crews during this
enforced season 81 idleness. Barring this
temporary obstruction to trade. the
prospect for the pig iron business II a
very good one. although tho furnaces
may not realize any Immediate improve
ment. The stocks OF iron have been
running very low. and the bulk Of tie
heavy buyers will be ready 90 enter the
mnrket very shortly. Indeed, what iron
has been covered during the past week or
ten days, was engaged by large con
sumers, and most OF the furnaces have
engaged their product. in part for several
months ahead. IL follows that the late
corners, being In most instances com
PEELED Co take the remainder OF the
productive capacity 81 these furnaces.
will meet a much tirmer market, with all
that the expression implies. To be sure,
the price Of iron IL still exceedingly low
Bessemer realizing little more than +
teen dollars net mt the furnaces, but IL ~
b 'lieved thatthis price does not apply TO
any large lots. nor TO iron to bedelivered
hereafter. For round orders the pro-
ducers ARE askinga considera endvanc, +,
the tendency being In the direction Of a
conservative business rather than in
favor OF the reckless selling that pre-
vailed some months ago. A great deHl
81 manufactured irnn IN finding n market
at this season, and at slightly better
prices. The makers of agricultural inn
PIGMENTS ns well ns bridge builders and
the producers OF structural iron, report
a very good business. which, In n short
time, ought 60 tell ON the raw material
The demand for bar iron l. more than
good, and sheets are showing signs oi
Improvement. Combination iron holds
its price, and metals, generally speaking,
are nrIn.
LArER.-At the hour ~ going 60 press
IL il reported that the striking ore
handlers at the Cleveland docks have
agreed 60 return 10 work at the rate oi
eleven cents per ton-a reduction OF hf.
teen per ~cent.-nnd that the strikers at
Ashtnbula are willing TO submit their
differences 90 arbitration.