Telegram-herald., 1889-10-22

The I.auaeass OatPut ~ ores Froua the
Upper FeninsatA-

AAr Ia 49, EzEsf VAkE - ~ 0trs AfNA4 TIE
Upper PeninsatA.
IsHPk,df>G. M-ca., Oct. sl.-The ship
ments Of 5roa ore by lake ths season
already reach 6.ooo.ooo tons. snd the
clos. II navigation i a month hence.
Al estimates Ct production made in
the sprng have been exceeded, and the
mlne owners aud furnace laen. whoare
supposed To keep pretty close track of
Ihe situation. are a. much surprised a.
any one of the enormous am0unt. ANY
ore now offered FOR sale al Cleveland IS
quickly bought up, and ST prces
slightly hlgner than were given two
months ago.
There can be go question that 1880
w.l be z very prosperous year ln tile
ron aDd steel trades, and al parties
Interested are making prepafatons for
bg seasons work. All ot the Lake
Superior ore mined THIS season Wll NOT
te ,meited taIs year, though very lttle
OF u wlil remain unsOld Al Cleveland by
January L Many furnace men are
buying large stocks or ore now Tor use
next year. expecting rise in prices
next sprng or earlier, There Is "a
strong probability that ore VIII be
worth more next year than ths, but
| there are no good grounds for thinking
| that prices u ores Viii rule very much
higher Tor the entire season than they
! have this summer. There is too much
ore In sight, and IL can be mined to0
| cheaply a. allow anyone 10 secure
"cOrner" ON il. Mr. Andrew Carnegie
| tried last year and again TINS sprng, 10
| depress the prices of ores hy buyng
| during the winter and thea dumping
| the entire lot OF tHe mark m the
| spring. ilst al the opening 81 nayiga-
| ton, at prices 30 cents a ton less than
were paid for ii, but the plan was not a
| success.
The NOrrie mine at IrOnwOOd. on the
! GOgebic Range, has already shipped
over five hundred and twenty-five
| thousand tons of ore and Will snip at
| least SIX hundred thousand tons before
the close of the year. II is now doubt
| ful whether the Norrie or the mines of
| the Minnesota Iron company VIII lead
in shipments this year. In any case
the record OF heavy production Will be
broken by both properties.
The option of the Queen mne at Ne
gaunee, held 10y RunyOn, Stubbs X
Mack, Of Cleveland, IN the interest OF
Eastern capitalists, has expired, but ne
| gotiations for the transfer of th nine
have not been dropped. The purchase
of the Prince of Wales mine, next east
Of the Queen, Is also being negotiated
| by the same parties.
| While but a portion of the number Of
| mines that are being optioned are sold,
there Is undeniably great deal of ac-
tivity in mining property, and more
mines are now changing hands Jhan at
any time since the collapse of the Go
| gebic bubble two years ago. There Is
also large amount OF stock changing
| hands, transactions SO far being con-
fined principally to such stocks as Re
public, Cleveland, Lake Superior and
others that have been dividend payers
for years.
On the Ishpeming Gold range, the
Ropes mine is now running siXty-five
stamps night and day and the manage
ment has bought twenty new stamps
and has made a large number of sur
face and underground improvement,
out of the earnings of the present
years work 1t Is expected that a small
dividend VIII be declared at the end of
the year by the Ropes company.