The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1901-12-28
THE MtiILLIs.


THE M'GILLIS.
This property in Stambaugh town (
ship has passed from the holders of the !
option TO Ferdinand Schlesinger under |
option to explore the property further
and in case lease is taken to pay the I
original option holders in the neighbor I
hood of 500. 600 The placing of this
property with the Milwaukee concern
was brought about by M. H. Moriarty,
Of this city and the Schlesjnger repre-
sentative in the matter was +. G.
Woodberry. MIR. Wodoberry and Super
intendant Thompson Of the Schlesinger
people looked the property over last
week and were so favorably impressed
with the outlook that he lost no time
in getting TO Crystal Falls and closing
the deal After the papers were
signed. Mr.. Woodbury. returned TO
Iron River and took formal possession
of the property.
Geo. ID. Crippen, who located the
holes and looked after the work at
this property is coming in for great
deal of praise for his good work.
LATE Rs Since putting the above in
type difference of opinion has arisen
between the Schlesinger people and the
option holders and the option has been
surrendered back again TO Messrs. NJ C.
ellis, Corcoran and Wall The differ
ence was over some minor matters and
an agreement could not satisfactorily
be reached Other parties are hot after
the exploration and il is likely that il
will be in new hands next week.
The presence in Cleveland of lead
ing official of the United States Steel
Corporation on Saturday became the
occasion OF an informal conference on
the iron ore situation and the possibil-
tiles for 1902, but no formal meeting
of the ore men $ organization will be
held until some time in the first half
of January. A factor in account for
the new year that has not been
reckoned on rs yet is the blast furnace
Rankings that have been so frequent in
the last two months. IL would be
within bounds TO say that these stop
pages have amounted to decrease Of
300, 900 to 400, 900 tons in consumption
of Lake Superior ores and there is
every indication that they will be a
feature of furnace operation for weeks
TO come.
While the sale of old-range Bessemer
ores has not begun. there has been n
large volume of business done in non
Bessemer and Mesabi ores, represented
chiefly in long time contracts. These
pertain for the most part 20 the Mar
quette and Menominee ranges In ad-
dition are the or9s that will 90 To-. fur
naces under 1901 contracts and those of
the preceding years. We noted some
weeks ago the expectation of. non Bees
semer ores that they would get a
slightly better price for 1902 than in
1901. There is some ground for this
in the price OF pig iron, but the ex-
lpected retention of the 1901 prices on
Bessemer ore for another year will
operate against an advance in non
Bessemer ores, as will also the basis of
the term contracts that exist in Mesabi
ores, all Of them at low prices, the
Mesabi mine owners will be able To
come closer to the old range basis than
they have done in 1901. when their
ores have been admittedly below fair
relation TO the old range product
Vesselmen, with no pleasant recollec-
tions of the detentions of the past sea-
} son. are talking about dollar freight
for 1909 possibly in hope that there
will be split-oif on 90 cents The
repetition of the ore basis, the certain
J tn Of small offerings of corn. and the
addition Of capacity for carrying 3.
600 600 10 1000 900 tons additional
next year, are some OF the points
against an advance. The position
d the United States Steel Corporation
has not been defined as yet. bat prob
ably win bo shortly.
4 s.as A fTatfor fl,aff T,poa,1t. nl,C,t