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

MARINE REVIEW. : > Record of Speed and Big Cargoes. [Masters or owners are invited to report improvement on this list.] Iron ore: Lake Michigan—Maryland, Inter-Ocean Transportation Company, of Milwaukee, 3,322 gross, or 3,737 net tons, Escanaba to South Chicago,draft 16 feet 6 inches; E. C. Pope, Dry Dock Navigation Company of Detroit,3,221 gross, or 3,608 net tons, Escanaba to Ashtabula, draft about 16 feet. Lake Superior—E. C. Pope, Dry Dock Navigation Company, of Detroit, 2,745 gross, or 3,104 net tons, Ashland to Lake Erie draft 14 feet 5 inches. ; Grain: W. H. Gilcher, J. C. Gilchrist, of Cleveland, 114,982 bushels of corn, Chicago to Buffalo; America, M. M. Drake, of Buffalo, 111,507 bushels of corn, Chicago to Buffalo. oe) a Speed: Owego, Union Line, of Buffalo, Buffalo to Chicago, 889 miles, 54 hours and 16 minutes, 16.4 miles an hour; Saranac, Lehigh Valley Line, of Buffalo, Buffalo to Lime-Kilns, 240 miles, 15 hours and ro minutes, 16 miles an hour. Iron Mining. VALUE OF LEADING STOCKS. Quoted by Chas. H. Potter & Co., No. 104 Superior St. Stocks. Par Value. Bid. Asked Cleveland-—Cliffs Iron Company.............. $100 oo D ierisss cs $80 00 Champion Iron Company....... bissetienvesiats BB OG ee iss 87 50 Chandler Iron Company \...ic..css... 6c 5.06. 25 00 37 00 39 00 Chicago and Minnesota Ore Company..... 100 00 ——easeseuee 100 00 JACKSGH TTON COMPANY......cecveccvessesecne vse 25 00 go 00 100 00 Lake Superior Iron Company..............64. 25 00 52 50 55 00 Minnesota Iron Company................ eta se 100 00 72 50 73 00 Pittsburg Lake Angeline Iron Co........... 25 00 Siccvtaee 140 00 Republic Iron Company.............ccccceeeeee 55 COE Oi URES RY ener eee TANSEY Oc BSS SSS Sa ein SLATS TES SSS ose a ay ee amma 52 50 On August I, a year ago, there had been shipped from all Lake Superior mines 4,033,595 tons of ore. Shipments this year — are a little more than 2,000,000 tons but the exact figures can not be secured from all ports. Ashland had shipped 474,169 tons on July 22 and the movement from Two Harbors aggregated 320,399 tons. On August 1st the Metropolitan Iron and Land Company, owning the big Norrie mine, will pay a dividend of $1.25 per share of $25. It is capitalized at $2,500,000. ‘The dividend is a small one for the Norrie to pay, and it has been delayed some- what, but neither fact is due to any reaction in the mine’s earn- ing capacity. At the annnal meeting early in the present year the company had a surplus of more than $1,000,000. At that time it was expected that the company, which the year before | had paid a cash dividend of $8.25 per share, besides a stock div- idend of 25 per cent., would break the dividend-paying record, it having produced about 1,000,000 tons of ore during 1890, and sold it at very good prices. However, it was decided at the an- nual meeting to hold the surplus in reserve for awhile, instead of at once expending most of it on dividends. The reason for this action was slow payments from furnace men. The Metro- politan, like other mining companies, had this experience with its customers, and hence the determination to reserve its capital until the money market became easy again. It is quite certain that the dividend of $1 25 per share payable on August Ist is not the only one that the Norrie will yield this year. Several other small dividends, it is said, will be declared in the near fu- ture. The stockholders are wealthy men, almost without excep- tion, and do not seem to be in a hurry for their dividends. The mine’s product this year will not be as heavy as that of 1890, but the difference will not be as great as in other big properties. Ten pits sunk recently on the property of the Crystal Falls mining company and covering a length of 180 feet are bottomed in ore. One pit is ten feet in the ore and will be lowered toa depth of forty or fifty feet, when the vein will be cross-cut. The ore is in the same formation as the mine proper, and is apparent- ly of the same character, a brown hematite. The trend of the formation is identical with the old workings, being southeast and northwest. The find is regarded as a continuation of the mine, though at present having every indication of being on a much larger scale. Operations at the mine proper have been greatly curtailed that all energy may be put to use on the new find. The Chapin Company will not produce more than 450,000 to 500,000 tons of ore this season although the mine’s output last season was about 750,000 tons. Last year’s output might have been largely increased but the policy to be pursued in connection with this property has been changed by the new owners. They refuse to make heavy sales on a low market. It can be said toa certainty, however, that all but probably 8,000 or 10,000 of this season’s output has been sold, notwithstanding rumors to the contrary. President Hanna and Mr. Kent, vice-president, secre- tary and treasurer, have been at the mine recently and are giving personal attention to its affairs. Surveys have been made at Menominee, and the citizens of the town have purchased land to offer to the Chicago, Milwaukee & St. Paul Railway Company for the building of ore docks. The St. Paul now owns and operates the Milwaukee & Northern line, which has a branch to Menominee, its main line tapping both the Menominee and Marquette iron ranges, and may be seek- ing an outlet at Menominee for the ore business in competition with the Northwestern, but the officials of the road have not as yet given out any definite information regarding their intentions. _ Manganese discovered near the Mastodon mine, Crystal Falls district, is said to be sufficient in quantity to warrant work- ing it separately from the iron ore that accompanies it. About 1,000 tons of the ore has been taken out and it is expected from analyses already made to show 4o per cent. manganese. At the Norrie, Ashland. Section Thirty-three, Iron Belt, Montreal, and in fact all of the Gogebic range mines working forces have been increased within the past few weeks. The Montreal has about 300 men at work, and it is now thought that the Norrie will crowd last season’s output. The Ludington mine containing one of the best grades of ore found in the Lake Superior district is employing about 600 men and the miners are being worked on 8-hour shifts in order to get out all the ore that can possibly be produced. Shipments are made from Gladstone. , . At the Pewabic mine about 27,000 tons has been shipped, and there is still 9,000 or 10,000 tons in stock, with a daily out- put of abont 225 tons. The future of the mine as regards the quantity of ore expected remains in doubt. The Norway and Cyclops mines, Menominee range, have stock piles aggregating about 20,000 tons, and are producing about 120 tons a day. ‘The Millie of the same range is sending out about roo tons a day. Pioneers in Lake Superior Ore Production. Jacob Reese of Pittsburgh, writing in the bulletin of the American Iron and Steel Association of his early connection with the furnace interests of the central west, refers also to Cleve- land men who were pioneers in the production of Lake Superior ore and of whom some of the owners of lake vessel property bear pleasant recollections. “Tn 1855, while strolling along the dock in Cleveland,” says Mr. Reese, “I saw a large pile of ore which I soon concluded was Lake Superior iron ore, although it looked somewhat differ- ent from the Jackson ore. While I was sitting on a big lump of ore on top of the pile examining its structure a very fine looking gentleman came crawling up the pile, and when near me said, ‘‘How do you do sir?” I replied, ‘I am happy,” and after talk- ing awhile he informed me that his name was W. J. Gordon, president of the Cleveland Iron “Mining Company, who owned the pile of ore that I was sitting on. He informed me that that was their first cargo. I bought it, shipped it to Pittsburgh and sold it to the mills for lining the puddling furnaces. I had to do with the introduction of Lake Superior iron ore, both as pig and in blast furnace use. From that day on, both personally and as- sociated with others, I have bought many thousand tons of Lake Superior iron ore Mr. Samuel Mather was treasurer and Mr. H. B. Tuttle was secretary of the Cleveland Iron Mining Com- pany. My dealings with these gentlemen were always of the most pleasant nature and in all my intercourse with men I have never met a gentleman of finer sensibilities or purer manners than marked the business life of the first president of the Cleve- land Iron Mining Company,” The MARINE REVIEW and the MARINE ENGINEER, London, one year for $4. Write the MARINE REVIEW.