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a Schlesinger’s Short History. _ Ferdinand Schlesinger has within a very short period of time become famots in connection with Lake Superior ore business. He came to the United States from Germany in 1871 and a year later began business as a hardware dealer on Reed street, Mil- waukee. Hé afterward manufactured flouring mill machinery and managed a small mill in the same city. His first mining venture was a failure. It was an attempt during the Gogebic craze of a few years ago to develop two properties of that range known as the Ironsides and Iron Prince. In 1886 he spent sev- eral months leoking for a profitable deposit in the Keel Ridge mine, near Iron Mountain, Mich, where a few years previous a cave-in had buried several miners. ‘This property was very small and has never amounted to anything. His purchase of the Dunn mine, near Crystal Falls, in the same year created some surprise, as this is one of the best non-Bessemer mines in the Lake Supe- rior district and, although bought on an installment plan, was a paying investment. But it was not until he paid $2,000,000 for the big Chapin mine about two years ago that he became famous in connection with the phrase ‘Schlesinger syndicate.” Another mine near Crystal Falls, which he bought shortly after the Chapin deal and which he still controls with the Dunn, was the Armenia, a good non-Bessemer producer, formerly owned by An- gus Smith, of Milwaukee. The seven mines involved, in addi- tion tothe Chapin, in the recent financial trouble were the Florence, of _Florence, Wis., the Iron River, of Stambaugh, Mich , and the Youngstown, of Crystal Falls, Mich., forming a first group, which was purchased from John Tod of Cleveland, and Youngstown, O., capitalists; and the Buffalo, South Buffalo, Queen and Prince of Wales, a second group at Negaunee, Mich. Schlesinger’s interest in the Florence-Iron River properties, the first group of three mines, goes to the minority stockholders but preparations have been made for a consolidation of the four Ne- gaunee mines through which he will retain control. Some idea of Schlesinger’s undertaking in mining can be formed when it is known that the mines under his control last year shipped 1,- 625,380 gross tons of ore divided as follows: Chapin, 671,560 tons; Dunn, 156,963; Armenia, 26,649; Florence, 211,324; Youngstown, 38,345; Iron River, 153,853; South Buffalo, 141,- 292; Buffalo, 89,117; Prince of Wales, 27,763; Queen, 108,494. When all of the mines are in full operation they furnish employ- ment for about 5,000 men. The Milwaukee Evening Wisconsin says or the railway and dock project which had most to do with embarrassing the mines: ‘“’The Escanaba, Iron Mountain and Western Railway was _ pro- jected to run from Escanaba to Crystal Falls and Iron River, on the Menominee range, and from Escanaba north to Negaunee and Ishpeming, on the Marquette range. The road is now built from Escanaba to Iron Mountain, a distance of fifty-four miles, and is nearly completed from Iron Mountain to Florence, a further dis- tance of fourteen miles. It was planned essentially as an ore road, and from Crystal Falls spurs were to be built to the Dunn and Armenia mines. The new owners will not build the balance of the road, at least at present. The ore dock at Escanaba will _ be the largest single dock in existence, and will have a storage capacity of 50,000 tons. The disbursements on account of the railroad, up to date, amount to nearly $1,000,000, and the sum of $80,000 is all that has been realized from bonds. ‘This means that the syndicate mines, and other sources, principally the mines, have been drawn upon for almost a million dollars, all within a year. Mr. Schlesinger’s idea was to bond the road at $20,000 a mile, so that the bonds on 100 miles, which is about the length of the Menominee range branch as proposed, would be $2,000,000, and $4,000,000 ou 200 miles, which would be about the length of the whole system were the Negaunee branch constructed. The road built, or nearly built, extends from Es- canaba to Florence, a distance of sixty-eight miles. The amount of bonds actually issued is between $600,000 and $700,000, but they have not been sold. They were placed in the hands of a broker, who advanced $80,000 upon them, the understanding be- ing that he was to sell the bonds at par and pay over to the rail- road company the whole amount, less his commission and the sum of $80,000-advanced by him. But the money market began to tighten then and, it was tound almost impossible to dispose of any kind of securities. The unsold Schlesinger railway bonds remained in the hands of the broker, and the earnings of the mines, which have proven very profitable, were devoted to pay- ing for the railroad.” _ for a full hoisting and drilling plant of large capacity. Surveys “tons of good ore. Its lenses, have, however, been wrought Iron Mining. VALUE OF LEADING STOCKS. Quoted by Chas. H. Potter & Co., No. 104 Superior St. Stocks. Par Value. Bid. Asked. Cleveland Iron Mining Comipany............ $ 25 oo $1600 § §$ 18 00 Champion, [ron Company secs cscssseerscosens 25 00 go 00 100 00 Chandler Iron Company sscciveccscrvesesrsccnce 25 00 39 00 40 00 Chicago and Minnesota Ore Company..... 100 00 ———eesseeuse 110 00 tron Clits: [rot Company: ccisconicstecevoss vis SOOO 2 ne 125 00 Jackson Iron COmpany....s.ccsccsivcveesvevres 25 00 go 00 100 00 Lake Superior Iron Company.......cc.c0eceu 25 00 65 00 68 00 Minnesota Iron Company.......c.cscsereseesees L100 00 70 00 80 00 Pittsburg Lake Angeline Iron Co.......... 25 00 E45 0023 esa Republic Iron Conipany....c.s.ocssicoseesouse 25 00 27 00 29 00 MiGhigamimies,<.cv.ccccscsecssudtveces decovsss<ave 25 00 8 50 10 0O With a reduction in the out-put of the big mines little is heard of new properties, although there is still some exploring carried on in Minnesota where the Mesaba range shows some new properties. The Mountain Range Iron Company has uncovered the ore body for a length of 700 feet and a width of from 60 to 75 feet. Shafts have been sunk 4o and 50 feetinore. At the Buckeye mine, on this range, a shaft has gone down 190 feet, of which 155 feet is in ore, said to be 66 per cent. metalliciron, and the company has contracted with a Duluth machinery builder are now being made to this mine by the Duluth & Winnipeg — Railway Company, and a line 12 miles from the main road is to be built as soon as spring opens. i Iron Ore, of Ishpeming, furnishes a few items of inter regarding the mines of that district. The Barnum, one of ~ properties of the ron Cliffs Company, was closed down last we This mine has been worked since 1868 and has produced 815,000 nearly their full limit, and there is little to expect in the way ot a profit for future operation, in view of present prices offered for ore. A lengthy review of the condition of the property of the Winthrop Iron Company, controlled by M. A. Hanna & Co., of Cleveland, and Frederick Braastad, of Ishpeming, presents a good showing. At present about 175 men are at work and the stock piles of the Winthrop and Mitchell—the latter a lease from the Lake Angeline—contain about 38,000 tons. Work has been resumed at the east end of the Lake Angeline property where it was discontinued last fall, but the force is not as large as at that time. This portion of the company’s possessions is really a prospect as yet, but the purity of the ore caused the resumption of work. ‘The Lake Superior company is piling up ore at a won- derful rate with a full force of men at work. The new shaft of this company near Lake Angeline 1s a promising one. The ore is of Bessemer grade, giving better than 62 per cent. in metallic iron and shows about .030 in phosphorus. T’wo important finds are reported from Iron Mountain, Mich. One is in what is known as the Kelly property, a mile square, controlled by John B. Weimer, where a shaft has been sunk 102 feet, and is bottomed in an excellent quality of soft blue besse- mer ore assaying 62 per cent. in metallic iron, and very low in phosphorus. ‘The other find isa magnetic one. Dr. Crowell has sunk a drill hole 400 feet, just south of the old Quinnesec mine and has pierced 34 feet of magnetic ore. This property has both the soft ore and the magnetic veins. The formation is thought to be that of the Chapin. There is little of interest from new properties on the Goge- bic range. At the Colby 150 men were laid off last week and there is now but about 4oo men at work. A new vein of ore 23 feet in width and north of any of the former workings was struck at the Sunday Lake mine The Metropolitan Land and Iron Com- pany is doing nothing now at the First National where work had been carried on for more than two years. Last year there was taken from this mine a few hundred tons of fine manganese ore. Only the pumps were removed and work may be resumed later. Michigan newspapers and the state legislature are still dis- cussing the Doran bill which provides for a state tax of 20 cents a ton on iron ore. It isnotat all probable that such a bill will pass the assemby, but it would be well for owners of Michigan mines to look to their interests. Some of the newspapers talk of taxing railways and mines on a basis with all other property. Up tothe end of 1889 one steamer only—the City of Paris— had run from Queenstown to New York at the rate of 20 knots an hour, but at the close of 1890 four steamers had accomplished this feat.