The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1891-06-06

amount IL production, The demand at
! Buffalo may be called ftrst-rnte. Many
large consumers. In TACT. are very close to
the danger lire. the foundrier drawing
the In supply from dny-to-day shipment.
The unlimited confidence every one a.
had that when pig iron WAS wanted, "
would he Forthcoming. has resulted IN
absolutely nnnihilating stocks on hand
at many large foundries. That prices
do not advance in undoubtedly due to
the large idle furnaces element which may
at any time resume operations: lhe
market ~ -. Louis seems to Ike IN a
better condition at present than IL has
been Since the low-priced iron has been
ruling. which extends V period oi
several months.
Tur LOCAL SnuArIoN.-After mnny
months 81 waiting and hoping, alter con-
snltations innumernble and agreements
az phntifnl. after debating with vessel
men. with the furnnccmen. with the rail-
way officials and with the coke makers.
the bottom has dropped out oil the ore
marfet as completely as II did outoi the
pig iron market some months since, ana
Il flood of sales IN reported this week mt
prices which will bear out the statement
81 one man who. denying that ore WAS
being sold, stoutly maintained u a u
was being given away. The disaster IL
not confined 20 any particular brand OF
ore. nor ia any one mining locality, ex-
cept that quite the largest portion oil the
ore sold was 81 the lower grade, and
which, j. another argument IN favor of
the foundry trade to come. There has
been sold up 10 date about6 OO 900 tons
~ Norrie ore, about two-thirds oil which
is for local consumption, the rest going
into Chicago, and the price - S4.oo The
..-..... H.. lI.IhU - fnsllstf n
with the Colby, Tilden, Aurora, Palms,
Comet. and Superior mines. producing "a
/ total. In 1890, OF about 100000 tons,
will not mine more than 275,OOO tons,
this year. The Colby il already shut
down. having stock piles of 10000 tons,
81 which 10000 il sold. The price, which
last wear averaged S5.25 H. believed to
be only n trife better than 81, this year.
The other five mines in the syndicate
have discharged two-thirds 81 their hands,
and are Lunning the other third only To
iii their contracts. Chaplin, which has
been held for $3.50. has been finally sold
at 81 %. Large sales have been made
al old mine hcmatite. at $f.25, oil
! Lake Superior No. /, but the price oi the
latter is not quoted. A big block OF Mol
grade Champion has leen sold nj $3.50,
the lower grade, Suffolk by name, having
already found "A market. These latter
sales have all been made ON the basis of
a decreased output, the reduction I'm the
amount to be mined averaging from
s~cventy-tive per cent. IN some cases. to
twenty-fivein Others. Hamilton ore has
been sold ut 81 %, and Others are going
in the same proportion. IL must not be
forgotten that n great deal of the ore
here reported M sold has been IN the
docks al along the lower lakes ever since
the close OF navigation, last fall. and
that, therefore. the totals OF these sales,
amounting. perhaps, to a million tons
in all, ought not to be taken into con-
sideration AS to the matter reproduction
\ this year.
LArER.-Wednesday' Developments in
Pittsburgh and Youngstown 20 To show
that the coke syndicate ~ ON top once
more. that the railways will maintain
their rates, and hat the agreement of
the valley furnaces isat AN end. A meet
ing Of pig iron producers was held in
Pittsburgh. on Wednesday. to meet Mr..
Frick and the railway representatives.
The latter were conspicuous by their
absence, and Mr.. Prick, who had led the
furnacemen TO believe they could con-
tract for $1.75 coke expressed regret at
his inability TO DO SO, announcing the
price at $1.9O. lie WAS asked why he
had held out Inducements To the furnace
men to sell coke ut S1.75, n in reply
stated that such was his original inten-
ton, but that on consultation with his
mining superintendents he found that he
could not make Sl.1o rate, without
cutting down the price of labor, which
would he nm impolitic step at this time.
In response TO the furmcemen's state
ment that they could not make pig iron
with 81 90 coke, and live, Mr.. Frick said
that Mr.. Carnegie was in want OF 10000
tons az Bessemer for which he Offered
SIG. The furnacemen declined the offer,
and returned TO Youngstown, where n
meeting of the valley association was
held with the result OF resembling the
agreement under which the furnaces
banked their fires last December. IL IL
understood that Pickands, Mather x
Co.'S furnaces will 60 into blast ut once,
and hat Others are soon to follow.