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MARINE REVIEW. 5 " lron Mining. : VALUE OF LEADING STOCKS. Bans Quoted by Chas. H. Potter & Co., No. 104 Superior St. Cleveland, O. Stocks: Par Value. i s Cleveland--Cliffs Iron Company.............. - $100 ae eae ae Champion Iron-ompany.......:.......0c0.s0- Dr Ge me tavercr: 70 0O CHAMCer Krai Cok aN yusns.dosyes cx ces teess 25 00 - 47 50 50 00 Jackson iron Gaguparty .232.Siccel teste. asc aesouyiats <i Ke 100 00 Lake. Superior Iron Company..............6.4 DOO bs La swmoineds *58 00 Minnesota Iron, Company..............-...cs00 100 00 79.00 82 00 Pittsburg Lake Angeline Iron Co........... 25 00 ule) ak qressmebd Republic iGo cipuipatiy...¥, |. lr: leucks ss. 25 00 BH 50) 9 257 56 AShilanid the: Pee citee een nen. shat Wine canacess SRRDOM TS STowhatees "ahh fore anion Sees GHG Bye ENROE oer teiete radon ans tom arose: 25 00 6 00 8 00 EMME CUOM aatnpe sss Sie ginns sakes tose capes 25 00 5 tix. Lights. P ate PR oe A decided improvement in the demand for iron mining stocks is noted, but prices advance slowly and holders of shares are not inclined to part with them under conditions that indicate a better market within a very short time. Advances are at the rate of about 25 cents a share, as against $1 or more per share in times previous, when prospects in the iron market were im- proving. The recent annual meeting of stockholders of the Cleveland Cliffs Company resulted in a renewal of confidence in the management of the properties included in the combination. Although the New York interests in the Iron Cliffs Company still holds out of the new corporation, it is not an interest large enough to seriously interfere with the plans of the management, and the stock of the Cleveland company is practically secured, only a few shares remaining out. The earnings of the past year were very Satisfactory, considering the condition of the iron market, arid although no promise was made to stockholders at the meeting, there is every reason to expect, in view of a large surplus, that the Cleveland-Cliffs will shortly announce the first installment of the proposed 6 per cent. annual dividend. The Cliffs conrpany has a surplus of $1,400,000 and the Cleveland $800,000, and it is figured that the present assets of the two companies in vessel, surplus, etc., aside from any portion of their lands, would make the Cleveland-Cliffs stock worth $50 a share. The land holdings of the two companies foot up 53,000 acres, of which 33,000 acres is classed as mineral land. The manage- ment favors the project of unwatering Lake Angeline The work would cost but $50,000 and the Pittsburg and Lake An- geline Mining Company also favors it, having already agreed to pay one-fifth of the cost. Delay in carrying out the plan of securing the ore beneath the lake is charged to the Lake Superior Iron Company, owning a very large portion of the land_border- ing on the lake. Sales of stock in the Chandler Iron Company at $49 are reported, and some owners of the stock are figuring on $60 for it before long. At even $50, which is a- basis of $2,000,000 for the mine, the stock seems high, but the assets of the company are known to be between $750,000 and $1,000- ooo0,and a product of 500,000 tons for the present year is expected. At the opening of navigation the mine will have about 250,000 tons in stock At the price already secured for ore from this mine and that of the Minnesota company the profit is estimated at close to $1.25 a ton. The Lincoln mine is a Menominee range property that ship- - ped a few cargoes of ore last season,and at which preparations are being made for a fair output during the coming year. 'Two other mines on this range,. those of the Baird and Buckeye iron com- panies also give promise of shipments next season. Officers of these companies elected recently are: Buckeye Mining Com- pany--Charles Loughrey of Florence, Mich., president; EH. Sco- field of Oconto; Mich., vice-president; A. EK. Mountain, of Mari- nette, Mich., treasurer; F. A. Clark, lL. N. Larsen, E.J. Fish and J. M. Moore, all of Marinette, Mich., directors. Lincoln Iron Company--P. J. Glynn, of Escanaba, Mich., president; J. B. Schwartz of Crystal Falls, Mich., vice-president: Frank H. Brotherton of Escanaba, Mich., secretary, treasurer and general manager; A. R. Northrup and H. A. Barr of Escanaba, Mich., members of board directors with officers named. Baird Iron Mining Company--George W. Baird of Florence, Mich.,president; "M St. Peter ofIron River, Mich., vice-president; A. E. Guens- burg of Florence, secretary and treasurer, A. Lustfield of Crystal Falls, Mich., and Emil Guensburg of Florence, members of the 'board of directors with officers named. The Cleveland Iron Company and Horton Mining Company are new Minnesota corporations. 'The incorporators of the Cleve- land company are John McKinley, George J. Aikins and Morris O. Brooks all of Duluth, and the capital stock is $200,000. The incorporators of the Horton company are George W, Horton of Mayville, N. D., and Simon G. Wightman, R. H. Harris, W. E. Worden, 5. $. Smith, H. B. Moore, WE? Edson and Rar: Edson, all of Duluth. The capital stock is $500,000, divided _ into shares of $10 each. ~ Little progress has been made towards unwatering either the Indington or Hamilton mines. At last accounts the water | in the Ludington had been lowered a few feet but it was still be- tween 700 and 800 feet deep andthe volume was estimated at 300, - 000,000 gallons. It is thought that water is still flowing into the mines very freely. 435 At the Colby mine, Gogebic range, where shipments last year on account of a depressed market were only 9,619 tons as against 193,038 tons in-1890, ore is being raised at the rate of 1,000 tons a day and it is expected that even this heavy output will be increased shortly. eta . _ Some ore has been sold by the company operating the Anvil mine, one of the Gogebic properties from which no shipments were madé last year, and it is estimated that the mine will make a very fair output, as there is about 200,000 tons of ore in sight. S. Thayer Carr, who located the famous Jackson iron pro- perty, the pioneer mine of the Jake Superior region, died at Tombstone, Ark., a few days ago. . It is estimated» that the mines of the Penn Iron Company will ship 400,000 tons next season. Fifty Second Congress--First Session. The following bills of interest to lake vessel owners have been introduced in Congress recently: _ . S. 1,681, McMillan. Making an appropriation for the con- struction of two United States revenue cutters for service on the great lakes. | a : . H. R. 4,419, Stephenson --Making an appropriation and providing for the construction of two United States revenue cut- ters for service on the great lakes. S. 15949, Sawyer.--To amend section 3117, of the revised statutes of the United States, in regard to the coasting trade on the great lakes. -- H. R. 4,001, Newberry.--For the improvement of the United -States marine hospital at Chicago. H. R. 4,330, Durborow.--To repeal House resolution No. 104, first session, Fifty-first Congress, granting to the secretary of war a permit to license to use a pier at the mouth of the Chicago river. : | ° H. R. 4,534, Stephenson.--To extend to Marquette, Mich., the privilege of immediate transportation of unappraised mer- chandise. ne aa H. R. 4,544, Andrews.--To amend the revised statutes of the United States so as to allow the purchase and registry of foreign built ships by citizens of the United States for émyploy- ment in the foreign carrying trade. | ace H.R. 4,586, Buntin'.--For the improvement of navigation of the Niagara river and Port Day harbor. A Huge Coal Bucket. The Ludlow Manufacturing Company of Cleveland tested an -- immense coal bucket a few days since with more than satisfactory results. 'The bucket is 66 inches in diameter and 84 inches high 'and contained 8,280 pounds of Massillon coal. It tipped as easily as the buckets ofsmaller size but with much less jar than any before built. The success of this trial seems to solve the problem of -heavier and more powerful machinery for handling soft coal. The trouble heretofore has been to get a bucket that would be successful in handling such a large amount. A turn over bucket could not do it.