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MARINE REVIEW. lron Mining. VALUE OF LEADING STOCKS. Quoted by Chas. H. Potter & Co., No. ro4 Superior St. Stocks. Par Value. Bid. Asked. Cleveland-Cliffs Iron Company....,......... $100 00 \ ea $ 77 50 Champion df0n COM PAny sisi. isscsescess Dy OO is ee ses have 87 50 Chandler Iron Companyiecsi..c....cscecesasees 25 00 37 00 39 00 Chicago and Minnesota Ore Company..... 16000 0 covsssses 100 00 Jackson Iron Company:.........secseecscseses 25 00 QOPGO 6 A. steeevats Lake Superior Iron Company 25 00 51 00 53 00 Minnesota Iron Company.........scccecccseeees 100 00 70 00 73, 50 Pittsburg Lake Angeline Iron Co........... 25 00 132 50 135 00 Republic Iron Company..................000008 25 00 25 00 26 00 PSMISN GE oe oreeseacrebseec eh tes Noueidanwes tees. teed It was announced from the office of the Republic Iron Com- pany Wednesday that work had been resumed in three of the mine shafts. Shafts Nos. 5 and 6 are still closed on account of the accumulation of gases resulting from the fire. A very large amount of the stock of the company has changed hands within the past two weeks. The price has held to $25 and $26 during the past few days. Shares of the Lake Angeline and Lake Su- perior companies are wanted. Lake Angeline has been paying regular monthly dividends of $2 a share of late. One of closing acts of the Michigan legislature last winter calls for payment to the state of a fee on the organization of stock companies of one-half mill on each dollar of capital or 50 cents per $1,000 Some states, Ohio included, now require a fee as high as $2 per $1,000 of capital and for this reason the charge inaugurated in Michigan would seem reasonable, but there are conditions in the mining portion of the state that will cause the law to act against the weaker class of capitalists, and there is no donbt that such laws are d-_trimental to the advancement of ° mining or manufacturing in any community. According to the mining laws of Michigan the smallest sum undet which a com- pany can organize is $500,000, and the payment of an incorpora- tion fee of $250 on this amount is certainly excessive in the case _ of the poorer class of land owners, who may be endeavoring to develop a small claim of little promise. A company placing its capital at $2,500,000 would be compelled to pay a fee of $1,250. ‘The tendency where laws of this kind have been passed has always been to drive capital to other places. R. Angst, civil engineer of the Duluth & Iron Range Rail- road, has discontinued all work of the survey of a route east from the terminus of the Port Arthur & Western, which is now graded within twenty miles of that point. A large crew was employed for the first thirty-five miles as far as Iron Mountain lake, when the force was reduced to three or four men anda survey of a more preliminary nature made the balance of the distance. Mr. Angst refuses to disclose the results or conclusions reached from the work, but it is generally believed that the route was found to be a difficult one although no worse than other roads have encountered. Whether the extension will be built or not, will of course not be known until the directors of the Iron Range have heard Engineer Angst’s report and considered the other phases of the question. The Port Arthur & Western people threaten to build to Ely if the Iron Range does not extend east- ward; anything is welcome so long as we have a through route from Duluth to Port Arthur.—Tower Journal. State Geologist Van Hise of Wisconsin, who has given a great deal of attention to the Aticokan iron range, across the Minnesota border in Ontario, says that a great deal of the ore is sulphur bearing. ‘‘ Geologically it is different,” he says, “from any of the Lake Superior iron districts. There has been no careful exploratory work done yet and the range is doubtless overestimated. At the MacKellar location, probably the best in the new district, there may be 2,000,000 tons of ore in sight. The Canadian Pacific Railway Company persistently refuses to build a road to the range and it may be some years before it can ship ore.”’ The steam shovel built by the Vulcan Iron Works of Toledo, O., for the Lake Superior Iron Company has been improved in its workings so that a recent test on one of the stock piles con- taining hard ore that breaks in massive pieces, giving the hardest kind ofa trial, showed a capacity for the machine of 2,000 tons a day. It is estimated that with this system of handling ore from the stock pile the cost will not be more than 2 ceuts a ton, “I ~ and the loading of cars at this mine will now be conducted en- tirely with this system. The ore is of course, very clean in the stock pile, as it is allsorted before being raised from the mine. At the east end workings of the Lake Angeline company, the drill has cut 4o feet of ore in the boring from the shaft to southward. This is the south rim of the deposit. In the north 28 feet were cut. This indicates a good deposit here that. will be of assistance in keeping up the output to former good figures. In quality the ore is of the finest, equalling the best produced by this property. To take the ore lately encountered, .the company has a substantial shaft down to the required distance, and the necessary drift connections will soon be made. —Iron Ore, Ishpeming. An underground endless rope haulage system is soon to be put in at the Pewabic mine, most of the material for which is already on hand. The main ore body lies 850 feet from the shaft, and the new improvement will do away with a large amount of tramming by hand, whichis not only slow but ex- pensive. . Ore is being raised at the rate of 1,300 tons a day from the three mines of the Commonwealth company. Of this amount “600 tons is credited to the Badger, the new find. The Badger’s output will shortly be increased to about 1,000 tons a day. After a test lasting two months the Lake Superior Company finds that 3 cents is the fuel cost per ton of ore raised from the ~ mine with coal at $4 a ton at the mine. ; Railway Construction in the Mining Region. A correspondent of the Engineering and Mining Journal writing about railway construction in the Michigan mining re- gion says: “The Milwaukee & Northern Railroad Company (owned by the Chicago, Milwaukee & St. Paul Railroad Com- pany) will certainly construct docks at Menominee and will reach the same over its own line via Ellis Junction, 22 miles distant. Fhe work will be completed before the season of 1892. The company now ships from the port of Gladstone, utilizing the Minneapolis, Sault Ste. Marie & Atlantic line from Pembine, a distance of 50 miles. By the new arrangement the haul will not be shortened. The company has in contemplation considerable construction work for the ensuing year. At present it has a line north from Milwaukee, Wis., to Champion, Mich., and another from Ontonagon, Mich., south to Sidnaw, Mich. In connecting the two separated lines it uses the track of the Duluth, South Shore & Atlantic Railroad Couipany for a distance of about 50 miles. For several years it has been known that the company intended to build into the heart of the copper country from the Ontonagon branch of its line. Inasmuch as the Duluth, South Shore & Atlantic Railroad Company has a monopoly of the cop- per rail-freight business, it would be necessay for the Milwaukee & Northern to own its own track before it figures as a competi- tor. With this end in view it is soon to build from Sagola, a point on its main line 30 miles north from Iron Mountain, direct- ly north, 55 miles to Sidnaw. ‘The work will probably be com- pleted in the course of a year. It is known thata survey has has been made into Houghton, Mich., from Port, a point on the Ontonagon branch about 25 miles from Ontonagon. This line will not be likely to be built during the present year. “The Kewaunee, Green Bay & Western Railroad Company has during the summer built a line from Kewaunee, a town lo- cated on the Wisconsin shore of Lake Michigan, 35 miles west; to Green Bay. ‘The road-bed will be completed Sept. 1, This line, it is said, is to be a link in the chain designed to tap the great southwest. This system is made up of the Deleware, Lackawanna & Western; Flint, & Pere Marquette; Kewaunee, Green Bay & Western; Green Bay, Winona & St. Paul and about 140 miles (recently constructed) of the Winona & Southwestern, a line reaching into Iowa. The new line will obviate the neces- sity of navigating around the Green Bay peninsula in order to make connections with the Green Bay, Winona & St. Paul at Green Bay, and also the necessity of utilizing the tracks of the Milwaukee, Lake Shore & Western from Manitowoc, Wis., in order to put down the eastbound freight at an open lake port during the winter season.”