Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1870-04-23
The Smith Iron Mine,

Mine discovered in Marquette Co., Mich, by
s. G. SMrrn, Esq, of Marquette who is now
making his arrangements to become citizen
of this place. Soon after its discovery. Mr..
Smith with his characteristic energy and en-
| erprise, commenced with small force of
men, stripping the mine to thorougly test II as
to quantity and quality. He soon became sat
is6ed thathe had good mine, one that would
warrant extensive operations. and yield in re-
turn large dividends.
On the 7th day of January, company was
organized under the laws of the State of Mich.
igan, with a capital stock of $500 900, divided
into 10000 shares of $500 each, under the
name of the "Silas G. Smith Iron Mining Coz
Its charter prescribes its business as mining,
Smelling of Iron Ore and other metals. and
metallic ores, and manufacturing the same"
"Its general business Office is to be kept in
the village of Ashtabula,in the County of Ash
tabula, in the State of Ohio. Its Office for the
transaction Of business in the State of Mchi-
gan shall be at the mine of said company"
The officers Of The said company, elected on
the Goth day of January last, are
Directors Silas c. Smith. VIM J. Smith, and
Henry Hubbard, of Ashtabula, Oscar f. For
syth and Peer White, Of Michigan.
President-Sllas c. Smith.
Secretary and 7reasurer-IIenry Fassett Os-
car f. Forsyth is the general agent of the com.
pany at the mine.
1.-THE mine, including T03 and G9-t00 acres of
finely timbercd land, lying on either side of
the Escanaba river, aud on which there is a
fine water power, together with all the ore
mined, and buildings erected thereon with all
the tools and implements for mining, were
decided and transferred by Mr. Smith to said
company, he receiving in exchange therefor
12,500 shares Of the capital stock of said COM
pany. 1880 shares of said stock were set aside
by the directors of said company, rs working
capital SO much Of said amount as shall not
be sold within two years from Jan. 1st, 1870,
shall at that time be divided pForata among
the then shareholders.
BY vote of the Directors 5000 shares rthc
stock was authorized to be sold at ten dollars
per share, for the purposes above authorized,
and from the proceeds of such sales, the mine
is now being strip ed and worked, buildings
erected, sc.
Certificates Of stock will be issued to persons
wishing To make an investment in this mine,
at ten dollars per share, until otherwise direct
ed, on application to Henry Fassett, Treasurer
Of the Company at Ashtabula.
Having thus briefly given statement of the
organization and doing5 of this company, VIC
append few extracts, showing what Others
think OF the enterprise The Mining Jouynal
of Marquette, of January Goth, says:
SMITH MINB--We visited this new mining
location on Tuesday last, in company with
Mcssrs. Smith y Forsyth TO say that we
were ugrccably disappointed in the appearance
Of the mine would hardly express ali that we
desire TO say in reference to it. We have "A
general suspicion Of these new discoveries.
especially when made outside the generally
acknowledged range or belt, in which the
great bulk of our iron ores ure popularity sup.
posed to exist We therefore had our mis-.
givings in regard to the Smith Minen since il
is in II locality where the existence of iron ore
was not dreamed of year ago by anybody,
unless we except Mr.. Smith himself Ii is sit
uaied in town 45 Range 25, about twenty-five
miles directly south Of Marquette, a short dis
tance west of the EsCanaba River. II is about
three miles distant from the line of the G. d
n. w. r., in IA direct course and the route is
track. The mine itself is in the midst of an
immense tract of hardwood timber, and the
location a most beautiful one, sloping or grad
ually to the river from height Of one hundred
and fifty feet '5. f..I
Some fifteen or twenty men are at work in
The mine, principally stripping and getting
ready for mining operations in the spring,
though about seven hundred tons have been
taken out and n part of it hauled to the rail
road, Work commenced in the latter nnrt nf
October and considerable progress has been
made A body of one one hundred feet square
has been exposed, aud one or two shafts sunk
to depth of twenty or thirty feet The lest
pits show the deposits to be about 1870 feet in
width and 800 feet in length, though it is be-
ieYcd to be u continuous range. Mining op-
eralons are in charge of Capt Mitchell, for
merly of the EdwardswhO is driving the work
vigorously. Two good log buldings,a shanty,
black smith shop and stable constitute the VII
lage 10 present.
The ore is u hematiic, comparing invorably
with the ores of the same class, found at the
jackson and Lake Superior mines. Its ap
pearance indicates the presence Of hard ore in
the immediate vicinity, ifindeed it Is not found
in the same bed after going down u few feet
further.
We give il as our opinion that the Smith
Will prove n most valuable property. 1t has
all the appearances of valuable mine, and
from what we have seen we are ready to be-
llcve that the deposit is very extensive, and
the ore fully up To the shipping standard
We are informed that the Organization of
the new company will be perfected Mt once and
that mining operations on larger scale will
be commenced in the spring.
From the Superintendent of the N. Y.
Mine, of Lake SuneYior"