The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1891-12-12

General Features OF the Iron Business-iron Ore
Movements-Pig Iron.
The Cleveland Iron Trade Reviews re-

/ General Features OF the Iron Business-iron Ore
Movements-Pig Iron.
The Cleveland Iron Trade Reviews re
sumo oi the week in iron circles:
General buying In iron lines Is light, but this Il
usually the AT this time OF he year. when
the trade ARE narrowing DOM their supply OF
stocks 81 all kinds. preparing TO lake their am
nis,l inventory. ana 70 start upon the new years
business with light supplies aud lew contracts
| The matter Of car supply b. SIM serious qnes-
ton. and the deliveries of iron on contracts
have been considerably affected There is more
/ pig iron being offered now. both coke and char
coal, and during the past week lower figures have
been quoted by some OF the lnrpc producers
There Is more disposition on the part Of south
err furnaces 10 Accept contracts running Into
next year. but for the most part these are
avoided. fnrnats.s prefer 20 make closer prices
for near. by deliveries, aud wait for what the IA
TURF viii bring Money matters and all the things
affecting general business continue as favorable
AZ could be desired. Merchants and inaunlac
inrefs are acting conservafiyely. aud there H.
very reason 10 believe hat Whatever prosperity
may come Will be well founded and something
more than temporary. The market M Ciiciii-
natl continues quiet la accordance with expeCtl.
lions. There has been no large buying TO speak
/ ~ during the past week. \ fair run OF orders
rom carloads NJ 10 ave hundred tons have
been placed Two or three contracts are re-
ported. but not of large amounts, aud IL sre,ns
| 90 be the general expectation now that there
will be but little heavy buying until after the
| holidays. The consumption OF iron goes on at n
liberal rate. but does not Increase as rapidly as
| come sangune makers hii. expected. Continued
lullness charactcIi<es the market Ia the vicinity
vi Chicago with little hope OF Increase In the vol
unie Of business during the balance OF the year
A moderate line ui orders Is being booked, main
| ~ for southern coke IRON, quick shipment often
being one OF the principal conditions upon which
orders are placed. This N owing. in "A large
measure TO the limited eur supply. Prices on
'oke metal remain unchanged aud furnaces well
/ sold up. Lake Superior Charcoals show but III
/ tie activity. Consumers report good run Ol htiA
ness and fair outlook in all lines OF trade AZ
| Louisville there - "A fair demand for iron where
i "a IN mn fIa Aft
| year though prices show no improvement over
| A basis of ) 10 for grey forge at furnace. Con.
-umers are willing 20 purchase for six months
beginning in January, but there are few inqnir
es for Immediate delivery, One lot Of 800 tons
No. foundry controlled by outside parties was
| sold mt basis OF 5000 furnace Car whe,
/ rons are still offered very low for this year, hun
| furnaces are talking of Sl0 aud upwards for de-
veries beginning after January. though prices
l Tor immediate shipment ARE low ns at any
time made. Old wheels are selling AT basis of
/ ,16 10 cash. cars, Louisville. la "a general way
the market at Buffalo Is quiet and dun, under
the custom, usual at this time OF curtailing pur
chases until after the first OF the year aud the
lnnua Inventory, few Of the large buyers
nave been In the market making contracts for
deliveries well into next year. apparently Mt
| tractcd by the Ntrenely low prices now prevail
1 ing and the probability 81 any change IN the
market will be IN nm upward direction With
/ these exceptions. the buying has been of the
hand 20 mouth" character. In the east buyers
| ~ iron ARE getting ready to cover their
wants Tor delivery after January list. running
/
/ yer, unable TO buy quite as close for those lie
| iyeries M they ram for early or immediate ship
nent Several of the largest PIG iron producers
/ iu the south have refused large orders Tor deiV
| cry running through next year. Some al the
argest producers la the Pittsburgh district have
lried Go buy next years ore ~ present this
years, prices, bnt We ctnnOt hedr OF any self r.
Of ore willing To enter into contract of that
kind, on prcsont basis 81 price, Steel h In good
demand but prices remain unchanged. Regard
| Ing foreign trade, the indications are that the
English iron market ~ getting queter with little
prospect Of areyva before the end OF the year
Both manufacturers aud merchants are becom.
.ug very cautious IN entering into contracts with
foreign consumers, owing TO the uncertain fnan
cial situation
TmE Local SITUATION. The season IL closed
and yet IL Is open. That is. there are still few
scattering cargoes Of ore aud grain 10 come
through the locks, but the end OF this week will
see the end OF navigation unless, indeed, some
yenturesome vessel owner should see III 10 rnn
mis- boats without insurance at this most dan.
nerOus season OF the year. The entire tonnaVp
Tor the season will hardly ho ready for puhlca.
ton before next week, owing To these scattering
carRoes, but the total viii not vary IN any i'm.
portaut particular nom the figures already
given.
IRoN ORE.-rhere IL considerable demand for
ore, some for Immediate delivery and some Sor
next seasons Use. I'm neither case do the pro
iucers. however see their way clear 20 supply
| The market, They are ~ no humor to sell ore
now on dock, AZ prices that are but "a mere frac.
ton higher than the whole seasons quotations,
aud for the same reason they are unwilling toen
! tertaIn any bids for 02 ore. IL may be nut
down ms "a certainty that II the producers WIN
-ell their exceedingly small surplus of orc during
the winter months IL viii be- done at "A good
round profit. ON the other hand, the makers OF
pig iron are In no condition to offer any al.
vance. either for spot deliveries for next snn,.
mers ore. SO that this condition will OF itself re-
lieve them Of the losses incidental ia the early
buying OF 90 ore In the iall at 80,
PIC IRON The rig iron business Is IN u state
OF transit trom bad to worse. While all theeon.
ditions apparently favored. and for that mat
| ter. still favor, "A healthy trade with a CORES.
| ponding return, prices have been steadily de
clinlng, aud there appears now the danger Of the
accumulation OF stocks. which IL an additional
menace TO the future Of the business That no
concerted action anywhere is intended, appears
| from the wide divergence shown by the course az
different concerns. some furnacemenb and
among these several Of tho laroost houss
are grinding ont pig iron With their full capacity
and are selling " either ~ the market price or
are engaging Their output Tor the entire spring
months at the present low prices. Others are
| making no more iron than H. necessary To keep
them 40 work, hoping Tor an Improvement that
| will permit them To square their losses But
while the most favored OF MI the trade are bare.
| ~ able To got new dollar for AN old. the major
| ity OF the firnnccmcn are losing money With
every ton OF pig iron they sell, aud they 40 not
sce their way clear 20 stop, either Mol even tho
very extensive orders placed by the leading RAJ.
way companies have bcpu aide 60 give tone 10
| the market. aud the prtiers viii have TO come
much faster Il any Impression IL 60 be made m
| pu "a market that Is rs weak IA t lacks conf
deuce ia ITSELF
MERcIiASr iRoN. The trade IN manufactured
| iron H. no better than anything else. ns low as
81 81 being paid Tor bar Iron at the mills IN the
valley. There IN little demand for this staple
even 10 this exceedingly low price. and the nd
vent ~ winter, with ia consequent interruption
OF building operations Of all kinds will net aA an
additional weight upon the prospects entert alnod
| by the mill men. Sheets arr not much hottur of,
plates having the preference at this tlme