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Iron Mining. ‘ VALUE OF LEADING STOCKS, Quoted by Chas. H. Potter & Co., No. 10g Superior St. Stocks, Par Value. Bid. Asked. Cleveland Iron Mining Company............ $ 25 00 $1500 §$ 16 00 Champion Iron Company.............csc.cecee 25, 00 eibueides | 6) Suaccunes Chandler Iron: Company.....e.c.seeccceesseves 25 00 37 00 39 00 Chicago and Minnesota Ore Company..... 100 00 essere 100 00 Iron Cliffs Iron Company.......cccecceeeceees BOO Sore inert II5 00 Jackson Iron Company......c..ccsscccsscssecees 25 Ov go 00 100 00 Lake Superior Iron Company..............64 BE OO Oe careers 55 00 Minnesota Iron: Compaty.........eeceeecceeeee 100 00 68 oo 70 00 Pittsburg Lake Angeline Iron Co.......... 25 00 siasevees 145 00 Republic {ron Company.....,...0..cc..cssesss 25 00 26 50 27 50 PPM AMINE Oss ii0h cs siss sassassdedvidiscscciadentss 25 00 sPiklees 5 00 The annual meetings of the big mining companies are bring- ing out some statements that are somewhat encouraging, in view of the present depression. Although the statement of the Chandler, mine, Vermillion range, has not been made public,it is understood to show earnings of about $400,000 for last year, in addition to a large amount spent in opening new property, and there is said to be more ore in sight now than at any time since the opening of the mine. Dividends so long expected have not been paid for the reason that the company is carrying a great deal of ore and at the time of the meeting had made no sales for this year’s delivery. It was deemed best to retain the surplus under the unfavorable conditions surrounding the market, but a dividend may be declared when a market is found for this year’s product. The Lake Superior Company holds its annual meeting for the election of directors in Boston on the 24th inst. A resolution to be brought up at this meeting proposes to give the directors power to sell any portion of the land of the company which they deem unnecessary for mining purposes. There is some hope of a dividend from the Lake Superior Company. The Metropolitan Iron and Land Company, operating the Norrie, and the Ashland company seem to be about the only Gogebic companies that have made any sales of importance, and conditions surrounding the mining business of this range have caused more anxiety. than is shown in other parts of the Lake Superior district. The Penokee and Gogebic Development Company, (Wisconsin Central Syndicate), controlling the Aurora, Colby, Palms, Comet and Superior mines has been slow in placing its ore, probably on account of a disposition to hold off from the prevailing low prices, and there have been rumors on the range of a shut down or a big reduction of working forces at these mines. It is reasonable to suppose, however, that this com- pany with the McDougall barges and other interests dependent upon it will find a market shortly for a large portion of its pro- duct, if sales have not already been made, and there will be something of a revival on the big range. The Norrie is still said to be sending out only about 4,000 tons a day, as against 6,800 tons a day at the corresponding time last season. The Germania has 25,000 tons of ore in its stock pile but is employing now only 150 nen and they are being laid off gradually. The Windsor also has a stock pile of fair proportions but is working only forty men and they are engaged on development. ‘The Kast and West Carey mines are working only 200 although employment might be given to 500 if the market would warrant it. These properties have a large stock pile, and are shipping one train load a day. The Sunday Lake Company has been incorporated at Milwaukee, with a capltal stock of 100,000, by Ferdinand Schlesinger, Leopold Kruielsheimer and Karl Feldtkeller. Capt. L. J. Perry, of Washington, D.C., and Maj Roberts, of Waupaca,Wis., two of the parties principally interested in the Mikado mine, have been at the mine in conference with the representatives of the fee- holders, presumably in an effort to get the property into stronger hands financlally. Were it not for the depressed condition of the market for Lake Superior iron ores and the general disposition of investors to accept only securities of the highest order it is more than pro- bable that both the Mesaba and the Aticokan iron ranges, the former in Minnesota and the latter in the province of Ontario, near Port Arthur, world be in a position to ship ore from the head of Lake Superior before another season comes round. Plans for railways to these mineral lands are still under way how- ever, and development later on is certain. On the Canadian side W. W. Russel and others, of Port Arthur, are seeking aid from both the dominion and provincial governments, with fair pros- pects of success, and they have the assistance of the Canadian Pacific Company. The ores of this Aticokan range are said to average 671% per cent. metallic, going as high as 71 per cent. in some instances, with but a trace of phosphorous and practically no other injurious substances. It is claimed further that the plentiful supply of this high grade ore will admit of the duty of 75 cents a ton being paid on it, or if not Canada offers a bonus of $2 a ton on pig iron made in the dominion. At St. Paul on May 26 another railway company filed articles of incorporation. ‘The company is to be known as the Duluth, Mesaba & Northern Railway Company and is capitalized at $5,000,000. It is propos- ed to build a line from some navigable point on Lake Superior, St. Louis bay or the St. Louis river to some point on the north- ern boundary of the state, to be determined hereafter. Its ob- ject is to tap the iron and timber fields of the Mesaba and Ver- million iron ranges. At present the Duluth & Iron Range Rail-- road, aline of 120 miles long, is the only one running into that country. ‘The incorporators are: K. D.Chase, of Fairbault; J. T. Hale, S. R. Payne and Roswell H. Palmer, of Duluth, and Al- fred Merrit, C. C. Merritt, A. B. Merritt, Leonidas Merritt and N. B. Merritt, of West Duluth. Development work on the Commonwealth find is attracting _ most attention on the Menominee range, the stripping being about completed. Two new shafts are being sunk with very little difficulty and grading work has begun on a spur track The Ludington, noted for very valuable ore that sells in all sea- sons, is mining about 285 tons a day and this output wi largely increased when the A shaft is placed in operation sh ly. Shipments to Gladstone amount to about 800 tons : At the Walpole mine operations are practically at a standst the ore body is being lost sight of. The shaft is about 400 deep and for three years has been worked ona vein abou feet in length and varying in width. In the three years 16,000 tons was taken from the mine. Messrs. Powell Stackhouse and James McMillan, of the Cambria Iron Works, the concern whic controls the mines of the Penn Iron Mining Company, spent few days last week inspecting their properties. eee Sales of the Buffalo group, Schlesinger properties on the Marquette range, are said to aggregate 100,000 tons. ‘The Imperial mine, of this range, which shipped 27,000 tons of ore last season, will not be operated this season on account of the low prices. The ore is of a low grade but could be sold at a profit in an active market. Messrs. Pollock and Laughlin, officers of the prosperous Lake Angeline Company, were on the range last week. Chandler, the prosperous Vermillion range mine which made such a big showing last year, is shipping an average of 1,100 a day. No. 2 shaft is being sunk from the sixth to seventh level. The third shaft is going down to the third level, the station at the second level being 16x12 feet and 50 feet long going north. Canadians in the neighborhood of Port Arthur, the coming iron mining district of Ontario, are showing their disapproval of the government act which demands a ruinous revenue from ore at the mouth of the pit, by sending opposition members to the legislature. The Northern Queen, bound up, collided with the Fayette Brown, bound down and stone laden, Thursday morning, near the Dummy ‘The Brown went down in nine fathoms after the crew was taken off. She belonged to the Bradley fleet and had a valuation of $17,000. Official Numbers and Tonnage. The following official numbers were assigned lake vessels by the bureau of navigation, W. W. Bates, commissioner, for the week ending May 30: Steam—Claribel, Chicago, tonnage, gross 39.28, net 26.38, No. 126,740; Eureka, Port Huron, ton- nage, gross 102.86, net 82.91, No. 136,203; Gordon Campbell, Port Huron, tonnage, gross 68.38, net 36.70, No. 86,149; H. Reed, Port Huron, tonnage, gross 53.25, net 26.63, No. 96,112; Pilgrim, Buffalo, tonnage, gross 261.13, net 209.14, No. 150,524; Sprudel, Buffalo, tonnage, gross 67.09, net 51.59, No. 116,407. THE BEST BOOK OF REFERENCE FOR INLAND MARINE BUSI- NESS, AND THE BEST MARINE PAPER ONE YEAR, FOR $2.50. WRITE TO THE “ MARINE REVIEW.” ;