The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1888-04-21

bdtCn OF Small items.
Gogebic mining stock does not com
mand so great price in Milwaukee as it
did about one year ago. The following
from the Milwaukee Evening Wisconsin
OF Monday indicates pretty near how
much the people Of the city OF bricks and
beer go on the Gogebic just now: "a
select coterie Of mining interests was
brought together in the office OF Stark x
Switzerland at two o'clock this after
noon. Those present were III. Nj. Ben
jamin, A. NJ. Helmer, j. A. Kennedy, ii.
III. Walters, w. s. Warner, DIR. Selby and
Cleveland gentleman. The occasion for
the collection was an advertised sale Of
mining stock held by w. s. Warner, as
collateral security for the payment OF i'm
dividual notes. Mr.. Warner, as sauction-
eer, first offered five hundred shares OF
stock OF the Atlantic Iron Mining Co.
After giving the audience chance to buy
the stock which they seemed 10th TO avail
themselves Of, Mr.. Warner bid IL in for
five cents per share. A year ago IL sold
for So. The next lot offered was one
hundred shares OF Nimikon. Col Benja-
min started IL at five cents per share,
which Mr.. Warner raised TO twenty-five
cents, capturing the stock. Seven hun
dred shares Of Kakagon stock were next
offered. The auctioneer stated that the
stock had come into his possession as
collateral for SO 900 note, signed by C.
+. Rand and endorsed by Moore, Benja-
min Il Co. Mr.. Kennedy started il at
five cents, but Mr.. Warner bought it in
at twenty-five cents. The last lot OF the
sale was four hundred shares OF Nimikon,
which was collateral for a 81 900 note
OF Horatio T.. Selby. Bidding on this lot
was quite brisk, but it fell to w. s. War
ner, for thirty cents per share. The total
realized for the 1,700 0shares ofstock was
$685."
Capt. Thos. McCuskcr reports his
mining property on the southeast quar-
ter Of the northeast quarter Of section
twenty-three, 1892, as looking fine and
presenting a very encouraging aspect.
A pit was put down at IA point one hun
dred feet from the quarter line in which
ore was found in ten foot drift. Work
in this pit was allowed to rest and an
other pit was put down fifty feet west in
which at this writing Tuesday, thirty
feet OF surface, eleven feet OF capping and
FIVE feet OF good clean ore has been pene-
trated. An additional depth OF twenty
five feet will be made and a cross-cut
west will be started. From the work
done it is now an established fact that a
vein OF excellent ore forty feet To "a Ger.
tainty is the result. This property II
will be remembered, rs on the new range
lying between the Hollister and Smith
mines.
Contrary TO expectation, the import.
ant changes which from the conjuncture
OF many potent reasons were expected to
take place this week, have not been re.
allied as yet, and nothing definite can be
stated beyond the time honorcd remark
that there is no market for ore, either old
or new. Still, the leaven is working, and
while "a policy ofconservatives silence may
at this particular season best suit the
purposes OF the ore men, the factca not
be disguised that more negotiations are
pending than they would care To make
known. A great many furnaces are either
out Of blast, or are preparing TO blow
out, and the representatives of the larger
mines are losing no time in securing, even
ut reduced price, the assurance OF n sea-
son OF work. The outlook is hardly
pleasant. With an output OF not more
than $500, 900 ton, and n reduced scale
OF prices, there is hardly "a prospect for
making "a fortune out OF the ore business
this season. IL isgenerally conceded now
that the rail interests will notcall for last
years output by thirty and possibly,
forty per cent. This makes big falling
off in the consumption OF ore, and the
fifteen rail mills are unanimous in their
complaints OF lack Of large orders, that
would keep them continuously at work a
length OF time. Nothing OF Importance
can be reported OF the shipping interests.
Vessels are being offered, here and there,
TO carry ore from Marquette for $f.25,
and in some instances ore men ask for
and receive options, good until com.
pctitive market is nm accomplished TACT