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MARINE REVIEW. 7 Iron Mining. VALUE OF LEADING STOCKS, Quoted by Chas. 11. Potter & Co. No. 104 Superior St. Cleveland, O. Stocks. Pa ° Cleveland-Cliffs Iron Company.............. po oce $ me oe Sihampow Tron Company.............sssccosee. 0G $ On00 Srand@lerton COMPANy:.......0ccceccescccsecs pede elise ts 45 00 PCE SOUeIMON COMPANY......c.seccovscecesceees BeyGos leh ane. 44 00 Lake Superior Iron Company................. SotOGk ta ce eo eet Mammesota Iron Company...............cccccec 100 00 BG8 a5 39 00 Pittsburgh & Lake Angeline Iron Co..... 25 00 = ee Repupie irom COmpany............ecieecsses 25 00 PS oe A Bx Pee MPMRUMeRe cs cea. oescicvsis Ws" oscasetaveedeccass 25 00 Sector Mirty-three.........ccccscccessccceacdes, chon taco tia bt tes PT MMRENGUOMG ES. cs cee vinevccs,»icceseeesessiceceecc,.., 25 00 oes 4 = MUNICH este chess cicvtivs vans tcees oes ceocvaecloseccs 25 POOr ace aes cae 2 as PAMUUMSOLeclemmeteeletstecisitc's sisjsisiccssclsive cv cclsejcvacwess occeses PAS} (OO Sia 3 sa Bey a 10 00 Stockholders of the Repnblic Iron Company have received notice of a meeting to be held on Dec 15, when an important question regarding future operations of the company will be considered. It is well known that Republic stock, which was at one time the most popular of Lake Superior mining stocks, has of late de- clined in price to a figure which represents little more than tl.e actual value otf the assets of the company in vessels, land, ma- chinery, etc. This reduction is due partly to the general decline in stocks of the old mining companies, as a result of new mines coming into the market, but the main cause in the decline is the falling off in the output of the mine. The Republic directors now propose to acquire, by lease or otherwise, control of new mining property on the Mesaba range to which a part of the equipment of the old mine can be transferred and from which the company's vessels can derive steady employment. 'The meeting is called for the purpose of taking action on this ques- tion. Many of the stockholders are of the opinion that the directors have already made arrangements for carrying out their plans of beginning operations on the Mesaba next year, and in any event it is more than probable that the proposition will meet with general approval. The directors refuse to sell any of the wooden vessels owned by the company,and although there is very probably money enough in the treasury to make something of a division of profits, no dividend is talked of. This would also in- dicate that the directors intend to begin work on the Mesaba with resources that will warrant active operations. 'There is little of interest regarding other leading mining companies. Minnesota stock fell off a little in New York as a result of the presidential election and would seem cheap at the present price. The Lake Superior Company has spent $100,000 in improve- ments at the mines and this year the surplus ore in stock piles represents about $700,000 or more. At the Champion, which has shipped very little ore this season, only 90 men are employed. A correspondent in the Engineering & Mining Journal of New York complains of the position taken by the old mining companies of that range relative to development. He says: "There is no doubt at all but under a liberal policy which would enable outside capitalists to gain a footing, the Marquette range could be made to produce much larger quantities of iron ore. Until a year ago the Lake Superior Iron Company had mined only upon one forty acre tract, the Clevelrnd Iron Company only upon an eighty and the Iron-Cliffs Company only upon three forties. 'The large land holding estates of some of these iron companies retard the development of the mining industry. The Cleveland-Cliffs Company holds options of large areas of land, stipulating that the managing director will have the entire con- trol of marketing the ore that may be mined, so that at any time he can suppress interferance from any one who may be fortunate enough to find a mine and try to work it upon any of this land. This company holds about 100,000 acres of the cream of the range. The Lake Superior Iron Company, also large real estate owners, give no options in the strict sense of the term. They simply allow one to explore at his own expense and if he finds anything of value and the superintendent thinks proper, the company may develop the property, giving the discoverer a certain amount per ton, mined and sold, for a certain period, amounting altogether to $10,000. It is owing to this that this Tange is developing slowly, and thus it is that other valuable Tanges are opening up." Arrangements are being made to move the equipment of the Sheriden mine, menominee range, to the Mesaba range, where C. EH. Shannon and others will soon commence explorations. The Sheriden shipped only 6,600 tons of ore last season and has never amounted to a great dealas a mine. It is still thought that the American and East New York of the Marquette range, which have both been closed, may be wrought again next spring. Pumps and other fixtures are being raised to the sur- face at the Saginaw mine, another of the Marquette range prop- erties, and the mine will now, no doubt, be permanently abandoned. Two mining leases covering small tracts of land on the Me- saba were recently entered into between the Elmira Land and Iron Company and Duncan McKinley the latter agreeing to pay a royalty of 30 cents a ton and mine 10,000 tons the first oe and 25,000 tons every year thereafter during the term of ease. Shipments of iron ore from T'wo Harbors up to and includ- ing Wednesday, Nov. 16, aggregated 1,134,674 gross tons, of which 642,590 tons were from the Chandler, 474,616 tons from the Minnesota, 2,525 tons from the Pioneer and 14,843 tons from the Zenith mine. The Minnesota Iron Company is pushing development work at the Canton, a Mesaba range property from which it is ex- pected some ore will be shipped early next season. In General. Commercial organizations in all parts of the country are be- ing urged to send delegates to the Nicaragua convention, to be held in New Orleans on the 30th inst. This gathering is called in accordance with the resolution passed by the St. Louis con- vention held June 2, to further consider the question of the im- mediate construction of the canal under the protection and con- trol of the United States in the interests of commerce and the re- publics of the western hemisphere. On her maiden Atlantic and Pacific voyage the big yankee sailing ship Susquehanna, made the triangular passage from New York to San Francisco, San Francisco to Liverpool and Liverpool to Sandy Hook, atotal of 39,000 miles in 270 running days, an average of 144% miles per day. The trip to San Francisco was made in 140 days, that to Liverpool in 92 _ days and that from the Mersey to New Yorkin 38 days. 'The Susquehanna earned $57,000 freight money on the triangular voyage. The substitution of triple expansion engines in lieu of com- pound engines in the Morgan Line (New York) steamers has re- sulted in great economy. The change has effected a gain on each ship of 400 tons carrying capacity, while the coal consump- tion has been reduced from twenty-eight tons per day to sixteen tons, and on some occasions as low as fourteen tons. The speed of each ship has been increased from one-half to three-quarters of aknot. The change of engines was made under the superin- tendence of Horace See of New York.--The Engineer, New York. Publications. "The Highways and Byways of Our Lakes" is the title of an interesting article by Edward Frost Watrous in the New York Independent of the roth inst. An article from Prince Bismarck on the World's Columbian Exposition appears in the November issue of the Illustrated World's Fair of Chicago. The Railroad Gazette, New York, has begun publication of a series of articles relative to 'Ships and Ship Building on the Great Lakes." It is a review of a great deal of statistical matter printed recently in various forms. We are indebted to the Tower Publishing Company, g1 Minories, Tower Hill, London, for a copy of 'Triple Expansion Engines and Boilers,' by A. Ritchie Leask, marine engineer. 'This work is intended to supply engineers with practical informa- tion regarding the latest type of triple and quadruple expansion engines and boilers and their management. It is written in a plain and unpretentious style, and embodies the recent experi- ences of those who have sailed with such engines and boilers. It is sold in New York by E. & F. N. Spon, No. 12 Cortland street.