The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1888-06-23

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The Lee Peck mine will undoubtedly
remain inactive this season.
II Is learned that an offer OF 81 .25 per
ton was recently made for Paint River
ore, but rejected. At that price il would
bring. the ore up to about $3.50 at
Cleveland.
The Great Western mine has ceased
operations and will be allowed TO ill with
water. The mine was closed down on
Saturday night last, but the pumps win
not be got out before the first Of next
week.
The new shaft at the Volunteer mine is
attaining depth very rapidly and is de-
veloping some new features In the proper,
ty. The ore In that portion Is very hard
and assays very high in metallic iron.
The Volunteer is permanent thing.
b. N. White, superintendent Of the
Smith mine, went to Ashland on Wednes-
day, to purchase a full plant OF machinery
for that mine, and il now looks as
though the property would be wrought
to a considerable extent in the near
future.
John wellington, the cruiser, has dis
covered a deposit OF mica about eight
miles from the city. The quality is ex-
cellent and the finder claims that the
quantity Is sufficient to allow it to be
mined to profit, beyond this he has
nothing to say.
Supt. III. b. Swain, was In the city this
week and said he was afraid he would be
unable to handle his optionsin the Hem
lock country this season. He is not alta
loss for something to do as he has his
hands full Of gold and copper options in
the Marquette region.
An offer was made the Junietta
folks of 81 .25 per ton for their ore on
board cars but was rejected because no
profit would result to the owners 1.-THE
ore could be mined for sixty cents per
ton a margin OF twenty-five cents or
tEereabouts, could be obtained but
the ore cannot be mined much
short Of ninety cents. Information
is not wholly authoritative but the claim
is made, nevertheless, that this property
is to be wrought very soon. Such rumors
each started with good foundation, but
a slip in the deal when IL was all but ripe
prevented its contamination.
The Nanaimo mine, in the Iron River
district, was closed down last week,
owing, IL is said, tn Strengthened circum-
stances Of the company operating it.
When the order came from headquarters
To take up the pumps the men employed
refused to do 80 because the company
was behind with them for several months
pay. The property In heavily mortgHged,
but the claim Is made that the men will
be able to collect all that is coming to
them. Shipments had only been COM
menced and il viii be quite a set back
to the business interests of Iron River,
as about fifty men are thrown out Of cn-
ployment. II Is not known how long the
mine will remain idle but In all probabi
ties operations will not be resumed this
season.
The situation is simply repetition Of
the experience of the last three months
short sales, small In amount and weak
IN price. The remarkably large output
OF 1887 Is proving serious impediment
in the way OF new orr as, owing To a lack
Of trade, many OF the furnaces that were
expected TO be active buyers, are still
supplied with 'S7 ore. More than the
ordinary quantity Ut secrecy seems to he
employed by the ore producers In keep
ing transactions from any possible chance
of getting into print, which augurs i'll for
the business. Ordinarily there is no OBJ
lection to making public the regular sales.
at least approximately, but thus FAR the
only ores that are at all firmly quoted
are the Republic and Chaplin. There Ia
some ground for believing that Vermil-
lion ore is not selling SO freely AS was an
ticipated last season--certainly not ut
the price made some weeks ago. The
Gogebic producers are also fighting shy
of the market, although it Is well known
that within the past few weeks a block oil
Bessemer was covered, said to comprise
$4,000 tons, and at a rate which IL was
deemed hest To keep quiet Tor awhile.
When other branches OF the ore industry
are narrowing the profit margin, and ore
producers will probably have to follow
suit and content themselves with profit
oi hall dollar ton where IL would he
folly to expect more. Itispretty evident
by this time that the furnacemen will
not buy freely until they are convinced
that the bottom has been reached, and u
any concessions are TO be made mt all, IL
that they may be made quickly, and all
along the line Such a course will add n
healtful tone To the market, and would
do more TO brace up the iron business
than n bushel OF sales orders in driblets,
and at cut quotations ION the quiet. -
Cleveland Iron Trade Review.
fIron River correspondence
The Nanaimo mine was shut down last
week on account OF the entire plant being
attached. II is the writer's opinion that
there has been something wrong at head
quarters about the management oil the
mine. II has always been worked at a
net profit OF from fifty cents to two dol
lars per ton, and has shipped about
l55, 900 tons sinceit was opened In SSx.
An effort will be made by some OF the
stockholders TO secure n fun investigation
and ascertain where the profits as well
as the money raised by assessments, has
gone.