The diamond drill., 1921-07-23
|PALMS-BOOK
co. DRILLING
HAVE A TWO YEARS PROGRAM OF
EXPLORATION MAPPED OUT
SOME ORE BEING SOLD
Rumors That More Ore Win Go
Forward From the Crystal
Falls District at Once

A reporter for The Diamond Drill
visited the scene OF the drill work
being done by the Palms-Book Co
near the Amasa-Porter mine during
the week. We found the drill busily
at work under the direction OF Mr..
Moberg, OF Negaunee, a brother OF our
townsman, Fritz MMoberg, who is al
so engaged on the drill.
The drill is still working on It's
first hole which is being put down
about 1,200 feet south Of the point
where the Balsam road branches of
Route 90. The hole is close by-we
should say within few feet-of the
hole which Mr.. ST Claire put down
some eight or ten years ago.
The drill is in formation but how
good a formation only those who are
Immediately connected with the work
know. II Is evident that the new ex-
plorers will put down deeper holes
than were sunk by the st. Clair peo-
pie and that they will do their work
in much more thorough manner.
1t is generally understood that when
the present hole is finished the drill
will be moved north about 400 feet
and another hole put down. When
that hole IS completed the drill will
be moved 400 feet south OF where Il
stands now and a third hole sunk II
Is probable that developments as the
work progresses will have great
deal to do with the future program
More Ore Sod
According 10 the Iron Trade Review
the general situation in the iron ore
market is unchanged and business
continues to be restricted 10 few
and comparatively small tonnages.
There is nothing 10 indicate an Inn
mediate Improvement, but the largest
dealers are looking forward hope
fully 70 a change for the better later
in the season. They base their pros
poets on the probability that the fur
naces will need to increase their ton
nages OF ore in anticipation Of re-
quirements during the winter and
next spring While the total OF ton-
nages at furnaces and on lower lake
docks Is sufficient for year OF opera
tions on the present schedules, the
ore men do not expect present condi-
tions 70 continue that long and believe
the ore trade will be among the first
To respond TO renewed demand.
During last week two furnace COM
panies were negotiating with one in
terest for approximately 10000 tons
each. These companies are regular
custimers Of the ore producer and
the only question involved was the
exact tonnages they would take Last
year they took about $4,000 tons each
Their total requirements this year
! which are expected to be closed this
week probably will not exceed 3OO,-
600 tons
This producer repo-ts a slightly
improved outlook insofar as his own
business IS concerned
There IS hut one active inquiry IN
the open market and that IS for a.
bout $4,000 tons Practically all Of
the business thus far has been done
between ore producers and regular
customers. Trading IN the open mar
ket Is practically al a standstill IL
is reported that the Ford company,
which put OUT an inquiry some weeks
ego for about $4,000 tons and which
went 20 the general trade now Is ne
gotiatiag with one producer Sew
eral small lots were being sold the
past week, the total being less than
100000 tons
A leading mining company has
made known It's intention OF reduc-
ting wages for third time. the date
belrg indefinite. and has further re.
duced ~ operating schedule Re
ports OF impending general wage re-
ductions are current in the trade. but
only the one company referred 10 ad-
mites having a definite plan TO this
effect
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