The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1890-02-08

eight ,nel, at work. and that a large number 81
pits ranging from tlr-e 60 thirty hrt "a depth
have bc-.l sunk that the formation seems more
regular tnnn IA most points la the district and
T. Icing systematically worked upon. nnd that
some ~ the pits show ore 81 GOOD quality, ~
place the continuity and sire Of which can only
be determined by nlrther development During
our trip We had a Few minnfescon conversation With
Capt carlln az the Armenia Office and found
him snigune a. 20 the future Of that valuable
property. the underground portion ~ which We
Thnii visit next week and report the result 20
our READERS. Current.
Capt james Touin, well known in this
while visitor 20 the Cream city last week.
During he past two years. he stated, "therc
has not been much exploring for iron. hut within
short time a change has occurred In this re-
spect. great deal of exploratory work Il
nlrendy Ia progress and a lot more VIII soon he
commenced on the ,soeebic rangr morc works
being done between Hurley and 1ylers Forks
than anywhere else. But explorers are active
throughout the district, aud some of the eNpor-
atiomS. including two near Murrnlsco. nrN looking
well. The DANGER II the only recent discovery
Of Import ance ssi the Gogchic district. Ina the
Mcilominec district the Angus smith, Hemock
ana Mansfield finds are the only important ONES
which have been made within two years The
Mansfield. east OF crystal Falls, Mich. is the
latest discovery. II Possesses "A large body oi
ore. and i the only ljcseemer property west OF
the Menominee river Mining men were greatly
surprised 20 have BeSSemer ore found Ht that
point The Henocs section Is the most active
part OF the Menomlnee district, 80 far a. eSpor-
work there. Asked II he anticipated "A revival
Of wildcat speculation as result Of the present
actiyisy ~ mining and sSporine circles, capt.
mining, and such boom seldom ends without
Wild speculation. But people are wiscrnow than
they we're during the previous craze
The Cleveland Iron Trade Reviews
resume OF the week Ia iron circles: General
Featurrs.-rhe financial skies are generally
clear aud money Is quite easy. The railroads
are well employed, and their earnings show
considerable increase The demand for steel
rails a. active. aud some large concerns are in
creasiug their capacity. An estimate II going
the rounds 90 the trade that Andrew Carnegie
will clear 81 900 600 upon his works this year.
The associated manufacturers had contracted.
up 20 january / for the delivery Ia 500 of7lG-
800 tons. Last years deliveries were al .I3s
tons and IL u expected that this years business
viii equal Il In western markets, a very nctve
demand for finished iron and material for ear
building, architectural work: agricultural
machinery work and general machinery work is
maintained. JObbers ARE beginning 20 shade
prices on nails and barb wire A fair demand
for plate and structural iron continues, as we'll
as for Splegel. ierro. manganese aud billctr,
Steel rails are quoted strong at SIS IA S36 in
eastern markets. and S;i7 In Western. The re.
pairing aud side track requirements OF railroad
companies are increasing TO such nu extent that
the strcted new mileage needs do not Se riously
affect the demand for new rails The iron trade
continues strong and the important features
heretofore referred 20 remain unchanged the
only exception being iron, uselsewhere stated.
For the present at lenefit u "a stand.of bet tween
pig iron trade ~ tincinnatl. Since the opening
OF the ycnr feeling OF timidity aud hesitation
has developed ali through the west. and buyers
have generally concluded 20 see how long they
can defer purchase with the object of breaking
prices. Furnaces, on the other hand. are firm
in their position. being "a the main heavily sold
md believing the situation 20 be lntrinsically
strong. With the heavy advance n coke. ore.
freights and labor Il Is maintained that prices
cannot decline much without cutting 20 the quick.
Shipments are going forward very heavily on
rl lHllndIles lg In
as busy rs ever though complaints are heard of
falling of IA Inquiries for new business while
the inquiries ana transactions forces us 30 be
lieVe.n writes Nm r. Jarvis a CO.. Detroit
"thnt the iron market must az least remain firm,
yet We have TO report that IN spots II II unquee.
fionaby weak Particularly may this be said
OF BsSsemer. We think without doubt the weak.
ness shown N attributable ia "A large measure TO
spectators being forced to realize However. Ia
certain sections inll prices have been obtained
for Lake Superior charcoal aud some OF the
largest stocks have been reduced ns he large in
quiries which We last week reported. have r..
suited IN several good sized transactions While
We reduce our quotations 10 agree with the eur.
rent weakness shown, we beg 90 say that prices
are largely variable. owing to the different con.
ditions more or less affecting each particular
transaction The lowest quotations would
probably apply TO prompt delivery. while the
highest figures must be paid for delivery covering
any number of months az all. There has been
almost AN absolute dearth of ordinary foundry
trade during the past week A iourlshing car
load business ~ iu progress ut Chicago with an
occasional slzeablc order round up. Generally
however, the market n quiet prices remain firm.
aud IA one particular, az least, the tendency Il
still toward further advance. 7 hls u especially
true OF Lake Superiorcharcoal which ism dnn-
ishing supply and increasing dcmnnd a very
open winter Ia the woods has materially cur
tailed coHng operations There il a good de
mand for Ohio sOiteners, hut IN small lots.
Southern irons cat bat little figure, being heldat
too high prices. Sales havr Increased In volume
aud in number ~ transactions at Louisville
Quantities varied from ear loads az 10 600
ton LOTS mostly for deliveries during the next
sixty of ninety days The transactions com
prise various grades 81 both charcoal aud coke
metals Prices, rs "a rule, have been we'll main.
tanned. With the exception OF Anew small outside
lois which are reported placed ~ some conccs'
siOns from thrcllrrent figures. II "a known that
In the near future some prominent concerns win
require some turtle round quantities ~ iron.
ann tu'ir ~ ehnhsh oi ths hlnu ot business ~
sight To give a hopeful feeling Of the near future
course OF the market There Is no apprecillblr
change Ia the : Louis market. operations being
limited "a small lots Furnaces continue very
firm in their views, and u appears likely that
the present ni Will soon be followed by "a period
of greater activity, as buyers become convinced
that nothing ~ 20 be gained by waiting---lrOn
Ore.--From the nature Of the business thus far
transacted, iron ore news. for the next ak
months, must prove rather duh nr far AZ relates
10 sales. While there may b. million or more
Of non Bcssemer ores ~ iii uneoid ia eventual
disposition viii play no figure la The market. and
even that VIII be- gone within month There
H., however a growing sentiment IN favor 81 new
Investments. aud what formerly WIS 90 "a larta.
extent speculative mining. viii soon be- "a thing
unknown Ia thr Lake Superior country. One
by one the large properties are being securcd ns
investment properties. the last one being Section
Thirty three purchased, or about 10 be pur-
chased. BY the ~ehlesineer syndicate Section
Thirty-thrce Is a high grade Coeehic Bcssemer
hemntitc, carrying Sixtyf0ur per cent iron and
averaging .OIO la phOs. The 1850 product WAS
1880 tons. and the estimate for 1890 calls for
10000 tons. The capital stock oi the mine
consists Of 10000 Shnrcs, Of which 10000 are
known 10 have been offered ~ - Is making the
price of the entire stock $500 600 AZ this
writing no authoritative news 60 the conclu-