The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1911-12-02
LARGE TONNAGE OF
PIG IRON SOLD
WEEKS BUYING MOVEMENT LARGER
THAN FOR SOME TINE
ORE SHIPMENTS ARE CLOSED
Lowering OF Freight Rates on Minnesota
Ranges Has Disrupted The Market
and 1912 Prices are Not Talked

The Iron Trade Review. in its review
OF the weeks iron market, notes very
large buying OF pig Iron extending 10
northern irons. The prices are ON a
lower basis than has ruled since 1904
The article is az follows:
The buying Of very large lonnages,
started IN southern iron during the
fast few days. soon expanded TO in.
yelude large tonnages Of northern grades
ana IS growing in volume. AS in the
case OF recent car buying, the placing
OF orders for pig iron has been encour.
aged by very low prices. ON large
part Of the tonnage Of southern iron
sold S9.a5, Biringhiam. Tor NJ. D
was the basis This Is the lowest price
which has been made on southern iron
since 1904, and previous To that wear
southern iron had not gone below $40
since early in 1899 ON some of the
tonnages IL is understood that as low
as 80. 90 was done Southern basic sold
at from $3.50 to 81. so Birmingham.
The Tennessee Coal, Iron q Railroad
Co. sold over 100. 600 tons, divided be.
tween foundry and basic grades abont
equally A leading cast iron pipe in.
terest has purchased 100, 900 tons It
is estimated that total sales of southern |
iron approximate 300, 900 tons. In the
Pittsburg district. rath er surprising
development was the appearance Of an
Independent steel company with an in
quiry for large tonnage OF basic AS
this company has a number Of idle
blast furnaces. the presumption is that
the purchase is contemplated on ac-
count OF very low prices recently pre- II
vailing Although there Is strong eyi.
Rence that as low as Sl2.I5 valley fur.
Aes.=@as recently done on basic. the
price has now stiffened Another IN. i
dependent steel company not having its Z
'wn blast furnace. Is understood 70 !
have contracted for 80. 600 tons of basic. I
"A very important announcement is d
hat the engineers Of the Pennsylvania g
have decided in favor Of or. I
lering much larger freight cars for the d
ystem. The cars are to be SO ieet :
ong aud will require about 25 tons of n
teel and iron in their construction. an Il
Increase OF 20 per cent ever the heay- q
est steel cars now in use The making h
4 these new cars will involve con
iderable increase IN demand for steel "
ridges, rails and ties, but the change a,
'ill. ot course. come gradually. tc
In the iron ore market the season is 4
rawing TO close rapidly with only st
ew vessels ahoat. Although the sea 7.
'n has been unsatisfactory in many =.
rays. especially for the independent V
essel men. the outlook is that the
pening of navigation next year will H.
nd the ore situation very much i'm IN
roved. Buying for 1910 consump ton "a
as on very liberal scale while that "
n 1911 was greatly reduced. Hence
Is expected that the ore on docks, on
&C. | will be less than il was a year IN
20 and that by May | stocks on hand -
docks and in furnacs yards will be 80
reduced that If furnUes are able 10 to
'erate at a fairly good percentages of ~
gacity the demand for ore will show do
~ improvement over that for THE tn
~ Owing 90 the reduction I'm an,
eight rates by the Minnesota rail. en-
ads the adjustment Of ore prices tor tor
u will have unusually complica sh,
ms
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