The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1891-06-13

eible, aud an TX n teinR made 10 bring
about an esta hlished basis oil prices from
which none will recede, and as this senti-
ment seems to prevail pretty generally II
Is believed that this movement will be
fairly successful. Nos. i n 2 foundry
are feported scarce. The price Is nomi-
nally $1O.25 for grey forge. Birmingham,
though iron can be bought at $40, and
a round lot Of No. 2 soft has just been
placed by one Of the leading companies,
basis OF $1O.25, Birmingham, though re-
Gently contracts were taken as 10y AZ
$40. birmingham. The heavy buying in
Chicago district Is beginning to drop off
somewhat, man OF the leading concerns
having covered their requirements run
ming over a period OF from six TO twelve
months ahead. Notwithstanding this,
the past week showed some heavy sales
az local coke irons, these being to a large
extent ON behalf OF the agricultural inn
plemcnt makers. Good-sized inquiries
continue to come In covering both large
and small sized lots, for deliveries well
scattered ahead. The leading brands Of
Lake Superior charcoal are now being
held quite firmly u Assoc, Chicago, and
manyb BUYERS are covering their require
ments on this basis. On southern coke
iron prices are also tirmer. Furnaces OF
the Chicago district are i~ndisposed Ca
book contracts Tor long scattered de-
~liveries, believing that better figures win
rule later in the summer than those now
going. At Cincinnati, the buying inclina-
ton has steadily increased the past week.
Large orders have been placed, and
buyers have been willing To pay an adj
vance of twenty-five cents per ton, and
in some cases more, 10 secure deliveries
through 60 the end OF the year. This
applies to southern iron. In northern
brands. particularly those made from
lake ores, prices for the late deliveries
are no higher than for early shipments,
and in some cases are lower. This is,
especially the case with Bessemer irons,
There is, however, good ground Tor this
apparent disparity. Prices OF southern
cokeirons are relatively lower than those
of northern brands. and are down close
to cost basis, which cannot he further
reduced. The slightly better outlook
noted in our last review as visible at
Detroit, has been realized TO a certain
extent, both in quantity OF sales anG
also in figures, though the variation In
the latter has been very small. The
settlement oi the coke strike has had no
nppreciahlc effect on the quotations Of
either northern or southern irons,
althonpha sale of Bessemer II 900 tons
was made ut n triile under SIT cash,
where a week ago no n was willing To
book orders. Lake Superior charcoal is
moving actively in all directions, the
buyers who have not already covered
realizing that the present range of prices
cannot last very much longer. In all
branches OF iron business, locally. the
report OF general steady Improvement Is
heard. There is more general activity
displayed In the Buffalo market than Mt
any time before this year. Although
but few large blocks are being placed,
still the aggregate amount distributed
over a large territory il quite consider
able. There are no signs OF largely i'm
creasing consumption, but the demand
Is due to the reduced stocks in consumers'
yards, on which up 10 this time they
have been pending. Although there has
been no advance i'm prices. the tone Of
the market IL decidedly stronger. Both
producer and consumer being short on
stocks, the position Of the former is
manifestly one of strength.
THE Local SITuATIoN.-Since the food
gates oi sales In the iron line opened,
there has been no cessation OF activity,
and no interruption has occurred i'm the
steady outgo of ore, Of all kinds, and at
all prices, 70 snit the purchasers. Ii may
be auth~oritatively stated that Mr.. Car
negic has "loaded up 10 the extent uf
about twelve hundred thousand tons,
about a million Of which is Of Bessemer
grade. IL is currently reported that 81
this million ons 81 Bcssemer ore the list
includes 200. 900 toms of Minnesota, of
a dozen kinds and as many prices, 250,-
900 tons of Norrie, which for this oc-
casion Is said Co have been considerably
shaded under the opening price which
was S4.50; 100000 tons uf Chandler, at
S4.2O; 10000 tons OF Champion, at
$3.50; 10000 tons 81 Cliffs shaft, at
S4.25, and $4,000 tons OF Salisbury, nt
SLID. along with some other ores not
definitely stated. The non-B essemcr
sales Tor the Same consumer ARE said To-
include 100000 tons of Lake Superior
No. I, at $3.50. Among other sales re-
ported for the Pittsbufg market are some
Lake Angeline ores, ofnll the grades, and
some Pewahic ore. The producers, it
seems, were fairly stumbling over each
other In attempt to dispose of their
output, and any price they could get for
It. In the meantime there are lying IN
ibis harbor some thirty-iive orc-laden
vessels that cannot discharge their AR
go because OF the strike OF the dock
laborers, and the prospect points To- the
necessity OF drastic means TO release
these craft from embargo. The vessel
owners are determined to carry their
point, and viii apply Ca the state Tor
protection II they are further deharred
from carrying ON their business. This
Is certain. however. that no more ore
can possibly he brought down this sen
son than will run the furnaces until
spring. Along IN September may bc
expected the Annually recurring car
famine. and hcfurnacemen. anticipating
this difficulty, are now making Dom Tor
~ much ore AS they can lind roOm Tor.
The furnaces have either gone hack into
blast, or else are preparing to do so, and
most az them have n good deal al work
ON hand. although the prices are lower