The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1891-02-14
THE WEEK IN IRON CIRCLES.
GENERAL FEATURES or TIE TRADE-IRoN
oRE--pIG IRON.


oRE-pIG IRON.
The Cleveland Iron Trade Reviews
resume 81 the week in iron circles:
GENERAL Features There Is noques-
tiut tln,t the financial strain Is material
Ia relaxed. and IL easing still more every
day. Nor H. IL difficult to trace tile
causes Which have produced this much
desired result IL IL accounted for, first,
lS the accumulation of deposits IN the
hunks all over the country, especially Ia
New York aud other financial ceniers; ;
secondly by an increase ia the surplus
lnnk reserves, and thirdly, by the rapid
concentration al country hank balnnc'S
in New York. Our advIceS irtm lending
iron centcis are Also more rt-ssS~nting, Hs
viii ni,llestr below. The Increased vol
uunp az business at Cincinnati. noted ia
our lirpviutls report hnH continued, and
numerous orders fnr round ints have
I,eeu placed this week On southern coke
irons. there IL a smaller quantity seeking
safe Several furnaces 10 the Bitttii,rillin
district have perfected ARRANGEMENTS inf
resumption during the coming week Willie
others state that they will nnaln out
until profit ia iron can he res.Ii. The
situation indicates that "A fine ain,,unt of
business may be anticipated, with but
cngo market continue Ia rule low on
metal ~ all casreS. this remark applying
particularly TO northern coke and Lake
Superior charcoal brands. La both al
these lines, considerable metal IL being
offered The market. however. In this
department remains practically unclianp-
ed. While the natural result uf such a
large number Of idle furnaces la the MAJ
Inninr and ShennngO Valleys. aud nlao
In the south, would he to rtiflen prices.
even il AN actual advance did not take
place, yet, notwithstanding thrss iact~,
prices at Detroit remain weak, and IN
some eases even luwer than AT any time
for months. Consumption in most
lines is quite heavy, but when a buyer
nnikes inquiry, lac is offered in almost
ANY quantity aud delivery, he asks az
figures belnw those at which he hnz leen
allie Ia purchase previously. Some fur
sncrnlen refuse to contract Tor more than
sixty 10 ninety days, hut others seem
anxious TO accept present prices Tor six
months, and "A few will even make dcilv-
cries for the balance of the wear. The
demand for Lake superior rs about the
same ns u.uml for this tune 81 the wear,
and any small eat ia present uuutltions
would not he likel. To- incpuse the vol
ume ~ trade Go any great extent, ns the
large buyers place their contracts during
the summer months Tor their needs until
the following May ear June. There Inns
been "a considerable increase In volume
al business 40 Louisville ri,ce last report.
mainly i'm the line 81 special brands. where
quality was the chief cunsid, IA ton. and
an such irons fall figures have ruled
There has been lair run Of orders for
The chenpergrades also, at varying prices.
Inquiry 1T 81. Louis hats been more nc-
tive Fnr small and medium lots, mostly
southern coke irons. There ~ quite ~
scarcity fnr No. fonndryand No. = soft
southern iron Tor prompt delivery, owing
90 soul ern miners strike. Prices have
improved az least twenty Co fifty cents
per ton since hast report. Our Buffalo
correspondent observes more. confidence
ia the trade and more of a disposition
tp both buy Tor nenr wants and contract
Tor lnture requirements La nll other
respects the market Is unchanged. Prices
arr very low nndsu much in buyers favur
~ t., be- attracting attention At Pitts
hurgli, the course ~ the metal market
for mnny weeks past has been steadily
downward and prices have reached as
low "a paint as ever before nutwithetnnd-
iug the cOinDamtiNelv high cnSt uf pro-
dnciion II Is thought. however, That
bottom has becn tonched a. hast. nud
pome parties are holding buck their irpn
who were SELLERS only a few days ngo. Ca
the other side nf tlie picture. We note
that there aTe number ~ disturbing ell
cmentS az work which are keeping the
market depressed Among These may he
nained the enrichment in consumption.
brought about by the late flnAncill slrln-
pency tho temporary falling ~ work
connected with railroad interests; the
reports showing considerable increnre
during December on stocks 81 pig metal
az respective furnaces both enHt and
west. anil also the uncertainty felt In
business circles NJ 60 the pending silver
legislation. Both producers and con-
sutnefs have been expecting that inn
provement would appear early Ia the
Near, hat present Indications now point
10 continuance oi existing conditions
for Home time Co come
Local SITUATION. -rhe.ncws Of the inn
pending coke strike, first reported by
this journal, seems tn have renched the
daily press nv means ~ Information rom
the coke fields e. the same effect. There
j.. however, a serious discrepancy as to