Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1892-10-27
Demand for Raw Iron Not Very
Lively Yet.
CONDITION OF ORE MARKET
y,oesa,,pr Hatnatite a Little More Than
yFaIafn. It's Own-a sale of MesaOa
ore Practically Eonsummateo
An Advance in
Ore Rates.

market has shown nothing noteworthy
within the week. The vesselmen are
begin ning to feel that their inning has
come at last, and the 4-cent wheat rate
from Duluth that has ruled strong IN
the past few days has brought Ash
land ore tonnage up TO 9l.3o,
with talk of $l.35, but moth
inc done at that figure. wheat transport
has engaged the attention OF the fleet III
the week. ana the amount of ore put on
docks IS the smallest for any week since
Nav. Mining companies think twice be-
fore adding TO the stock OF unSold ore on
dock at present frelghts.
~ hile there is some inquiry for ore,
nothing above 10000 or 15.000-tOn pur-
chases are in contemplation, and transac-
tons of the week have been CT the l,0OO
aud 2,000ton order. The hopeful reports
from certain pig iron selling points have
made no impression as yet on the ore mar
kct, unless the frmness of stand
ard BeSsemer hematlte DE an
effect SkepIcal as the average furnace
men will be as to any report OF better
prices for iron ore, 1t is yet n fact that GER
tain BeSsemer hematiteS are now held at
Is cents to 20 cents above the Sf25 at
which most of the seasons sales have been
made.
New England and Lone Jack ores, MeSaDa
Range, by local firm, are practically con-
Cluded.
'It may safely be predicted that the
number of active furnaces in the two val
leyS, now thirteen. will not be increased to
any extent until the talk of an advance
materIaiizeS into an actual 81 more per ton
for the furnacemen. No encouragement
to Sucil a step is to be found in the course
OF the market in the week just ending"
+
Besides the development of the MeSana
Range. there promises to be very marked
increase in activity on the neighbOring
Fermilion Range says Duluth paper.
The mines OF the Minnesota Iron Com
pany, at Soudan, 80 miles north of Duluth,
this year shipped 100000 tons, and the far
famed Chandler, at Ely, also belonging to
the same corporation, will Increase this
amount to | 10000 tons. This year also a
slight business has been done by the
Pioneer mine at Ely, and the Zenith has
been added to the list of shippers, and has
sold to furnaces 10000 tons, which is now
being delivered. For 1898, however, the
Minnesota Company plans extensive new
workings. Not only will the mines at
Soudan (ToWer) be operated largely, and
the Chandler pushed, but three new prop
critics will be opened and mined to a large
extent. The Minnesota Company has just
closed a lease OF the Miller u Brown
eIghty-acre tract, lying close by the Chan
der and will so it is stated. mine there
"A few miles east of Ely, on Armstrong
Lake, is the Macomber mine, which is
anout to be leased for long term of years
To the BIC Minnesota Company. and it will
also be operated largely next year
Just north Of the Chandler is the Pho
neer, which has been operated in deSul-
tory sort Of way Tor two years. 1T is
owned by Senator SpOOner, oT Wisconsin:
j 4. Numbrd, or hudson; Ogalbay, Nor
ton /; Co. and Capt. Thomas Wilson, of
Cleveland and others.
"5fhe Chandler ore body, a vein Of soft,
hiCu-grade iron, passes into this property
at 0epth OF about 800 feet. The Chandler
mlue itself. which has the reputation OF
having raised more ore from one torty-acre
tract than any min" III existence, will this
year send forward 65O, 900 tons and perhaps
more.
Regarding the statement above, that the
ores OF the Vermillon are of a higher grade
than those Of the MeSaba-So far as yet
opened at leaSt-the reports from couple
OF cargo assays of the Zenith may be IN
point. AsSayed IN Cleveland, one cargo
went IS. - iron and 0.0l3 phosphorus. an
other $50 and 0,036. Il third 64.O3 and us
These are probably ahead OF anything the
MeSaba will be able to show for some
time.
MARQUETTE RANGE.
The improved condition i'll the iron
markets OF the country is already being
Iron Herald. There is an unsupplied de-
mand for labor at present. A large num-
Der OF men are wanted by the Buffalo and
Cambria mines of this city. while there is
an absolute scarcity of the more common
kind of labor. A stronger feeling per-
vades all iron circles, and betokens early
anG substantial Improvement There is
work for everybody, Democratic calamity
hoWierS to the contrary, Notwithstanding.
MENOMlNEE RANGE.
The Chaplin mine has begun shipping ore
over the Milwaukee Il Northern Railway
over the 500 line. A large portion OF
the product of the Chaplin will go that way
hereafter.
GoGEBIC RANGE.
shipments of Gogebc Range ore by way
OF Ashland, up to and including Wednes-
docks. aSS,5ll tons; Lake Shore docks,
AS, 1913 tons.
vEEMIrLIoN RANGE.
Shipments of Nermilion Range ore by
way of Two IlarbOrs up to and including
Wednesday, October Il, were: Minnesota
mine. 40. A7 tons; Chandler NINE, 572,653
tons; Pioneer mine, 2,625 tons; Zenith
mine, 1l.046 tons.
MESABA RANGE.
MeSSrS. Weimer and Sheridan, who
leased a portion of the holdings of the Ohio
Iron Company, have transferred their lease
to z. b. kemberly IL Co., of Sharon, Pa,
IN consideration of bonus of sos, 1000 in
cash. Their contract with the OHIO Iron
Company contained provisions Obligating
them to mine minimum of 150, 900 tons OF
ore year and pay royalty OF % cents
ton for all ore taken out They were also
obliged to pay $4,000 in advance royalty.
MIR. Kimberley agrees to fulfill the terms
of the original contract and pay MeSSrS.
Weimer and Sheridan cash bonus of $780,
600 clear. Mr.. Weimer is well-known
mining man, formerly of the Menominee
Range
At the meeting OF the directors of the
kanawha Iron Company proposition
was received from responsible parties Of
tering to pay royalty of two-fitths of the
net profits made to the stockholders for
mlning the ore. The matter is now under
consideration. This is considered by far
the best offer ever made to Mesaba iron