The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

Iron Mining. ae VALUE OF LEADING STOCKS. . Quoted by Chas. H. Potter & Co., No. 104 Superior St. Stocks. Par Value. i s -veland Iron Mining Company............ $ 25 By $ age ; rps se ig Tron Company.......csecccsevee 25 00 go 00 100 00 andler Iron Company...........00. ieetiaes 25 00 39 00 40 00 icago and Minnesota Ore Company...... 10000 —.evseses 110 00 [ron Cliffs Iron Company,...........c.eece ee RON acc: 120 00 PACRSON ALON - COMPANY. 668i. ices cceses coerce e225. 00 90 00 100 00 Lake Superior Iron Company........ issue. 25 00 65 00 68 00 Minnesota Iroti Company...............esee000. 100 00 70 00 80 00 Pittsburg Lake Angeline Iron Co .......... 25 00 145 00 “i Republic Iron Company........... Teste eieeee 25 00 27 00 “29 00 Michigamme.............. dae ttnlisnuessbsasveeSecass Sh 06. 8 50 10 00 The market for mining shares shows no improvement. Prices of the past week have even been shaded on a few of the leading stocks which would, of course, be taken quite freely at any further reduction. There was no truth in the rumor of a Republic divided and no utterance from the office of the com- pany to cause such a report. Another installment of the 6 per cent. dividend of the Minnesota Iron Company is about due but there has been no announcement of it. Mr. M. A. Bradley, of Cleveland, who some time ago began investigations with a view to purchasing mineral property on the Vermillion and Mesaba ranges, of Minnesota, in order to insure work for the large fleet of boats which he controls, is interested in the purchase of a Vermillion mine known as the Great Northern. The location is Sect. 25-63-12, near Ely, and the purchase price is said to be $40,000. A shaft on the property is now down 200 feet. Foxdale is the name of an iron mining company formed in Ishpeming a few days ago for the purpose of carrying on opera- tions on land adjoining the Humboldt mine to the west. The new company is capitalized at $1,500,000, the number of shares being 60,000 of $25 each. The officers are: Thomas Buzzo, president and general manager; Robert Maxwell, treasurer; D. F. Wadsworth, secretary, all of Ishpeming. These with Messrs. C. H. Kirkwood, M. B. Toutloof, G. H. Arthur, of Ishpeming, and D. H. Powell, of Marquette, form the board of directors. A royalty of 25 cents per ton is to be paid upon the prodnct, which is supposed to be a hard ore of good quality. Capt. Thomas Buzzo, the president and general manager of the mine, has been known in connection with the Salisbury mine. The Doran bill, a state legislative measure which proposed the assessment of a heavy specific tax on mining companies in Michigan, and about which so much has been said of late, was finally killed last week, and in its stead a bill was passed repeal- ing the present specific tax and placing iron mining lands on an equality with other property in the state. It is claimed by the advocates of higher taxation for the mines that the substitute measure will increase the tax revenue of the state but there is some question on the subject. It is certain that some of the big mines will profit by the new law. The unfavorable outlook in the ore market has about shut out all chance of profit in the mines of the Michigamme district, the ores of this portion of the Lake Superior district being of too poor a quality to warrant extensive mining. The Imperial, formerly known as the Wetmore, is the only property of the district now in operation. At the Michigamme mine there are not more than a dozen men employed but good results are being obtained from the magnetic separators. The ore in the east end of the Champion mine, a compara- tively recent discovery, gives unusual promise of additional revenue for the company. Enough has already been done to show that all the levels previously opened in that end of the property will again become available from the eastern shatt, which was practically abandoned because of the lack of ore. After an association of twelve years with the office of sais misioner of mineral statistics for the state of Michigan, ae Charles D. Lawton is to be succeeded by James Edwards, 0 Houghton. nee he Farmer, late president of the State National egos Cleveland, and a large owner in the Lake Angeline mine, at his residence in Cleveland, Tuesday, March 17, in his eighty- ninth year. MARINE REVIEW. Opening of the Lake Michigan Lumber Trade. Special Correspondence to the MARINE REVIEW. MILWAUKEE, Wis., April 2.—In ten days more a large proportion of the fleet engaged in the lumber trade on Lake Michigan will be in com- mission. The season opens with a prospect of a fair amount of business at about the range of freights which ruled in 1890. The winter just passed has been favorable for operations in the woods, and in consequence the amount of ties, cedar posts, wood, etc., got out is greater than was the case a yearago. This, coupled with the fact that tonnage suitable for the trade has decreased somewhat, affords a promise of an active season and fairly remunerative rates. However, every dollar that may be made in this direction will have to be striven for, as wide margins belong to the past and need never again be looked for. Of the larger class of vessels the only ones likely to start simultane- ously with the announcement of the opening of the Straits are the steamer P.J. Ralph and barge Allegheny. The latter has on board a cargo of rye, and as the Ralph is to tow her a grain cargo will have to be ob- tained for the steamer, either here or at Chicago. The Allegheny has the only cargo placed on board here thus far for shipment through to Buffalo by water. Since the launch of the steamers Pueblo and Ferdinand Schlesinger Milwaukee ship carpenters have found little work to do except on occa- sional repair jobs. The outlook at present promises them a long season of enforced idleness. The steamer Ferdinand Schlesinger has yet to re- ceive her boilers, iton boiler house and pole spars. She is the largest wooden steamer on the lakes and bears a name corresponding to her length. Just how this name will be disposed of by Commodore Wolf under the new order requiring that it sha 1 be placed on the bow is a source of . : interest in some quarters. If placed there in full, and in proper shape, it threatens to extend to the forerigging. There is no doubt that after hay- ing selected the name Commodore Wolf reached the conclusion that he — had put his foot init. But after the public announcement a change could — not be made with good grace, or without eliciting comment and criticism, and so it had to stick even if it threatened to cover the entire side of the ~ steamer. =e The West Bay City Builders. Special Correspondence to the MARINE REVIEW. WEs? Bay City, Micu., April 2—Work at all of the shipyards is be- ing pushed forward very rapidly. Three of Davidson’s “Big Four” are practically ready to launch. The Sauber, Capt. Michell‘s boat at Wheeler & Co’s yard, already has the ways under her, but she will not be slid into the water until some time during the coming week. The City of Chicago will be ready to launch, for the second time, about April 14, and Capt. Graham expects to have her on the way to Chicago before May 5. The propeller Benton,which is having steel keelsons and deck beams putin will not be completed for several days yet, owing to a delay in the shipment of steel. Capt. Pierce, her owner, says he would not care if she was not completed until May 1, or even to the 15th,if other boats were only in the same condition. The opening of navigation here will depend entirely on the weather. The “hold-back” movement is having no effect on the lumber carriers. As soon as the ice goes out of the rivers and Saginaw bay the lumber will begin to move. Even the rule which, when adopted, was go- ing to be enforced at all costs, and over which there was so much talk among owners and agents, that of having the lumber placed free on the rail at Saginaw river ports, is already dead, before a single vessel has loaded. The old way of paying half a season’s profits to the “longshoreman will be in vogue another year. The “Boy” line steamers have already commenced their trips between Bay City and Saginaw. The Post Boy started Thursday and the new steamer Sailor Boy will begin running next week. Capt. By. Knowlton, who has been on the “Boy”. line steamers for several years, will go on the R. G. Stewart as second officer this year. Chicago Lumber Carriers. _ Special Correspondence to the MARINE REVIEW. Curcaco, Int, Arpil 2.—Some grain is being placed at 13¢ cents. The Western Reserve and C.W. Elphicke are among vessels recently chartered. The Elphicke gets 15g cents. The action of the Chicago association of lumber dealers with regard to the “hold back” movement is considered very strange but it will probably have no particular bearing on the general situation. Ata meet- ing of the association, Saturday, at which President Howe, Capt. Olson, W. F. Butters, Robert Reed, D. W. Holmes and Mr. Green were present, it was decided that all steam lumber vessels owned in Chicago be manned and equipped to begin work within ten days and that should over 8 per cent. of the lumber fleet be in commission within the next two weeks they be withdrawn and tied up until May 1. This action from the lumber association is no more than might be expected. Its members own the lumber at the mills on Lake Michigan in many cases, or else held char- ters that call for an early freighting season. ‘The Alert one of the largest boats employed in the tow of the Green Dredging Company has been rebuilt from the water’s edge at a cost of $4,000. She will also begin work this season with new cylinders and boilers.