The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1891-03-28

THE NORTHWESTERN GET THE scHLEsIScEI
RAILROAD Ana CHAPLIN NINE.

THE NORTHWESTERN GET rHE sCHI-EsIScER
RAILROAD Ana CHAPLIN NINE.
The long talked Of sale 81 the Chaplin
mine and the Escanaba, Iron Mountain
x Western railroad was contaminated
Monday night, and new officers were
elected for the management oi each, says.
the Sentinel The board of directors al
the Chaplin mine are NJ. A. Hanna, al
Cleveland; George Henry Kent. Hamil.
ton Mex -Twombly, William ID. Sloan,
Francis Lynde Stet-on, Charles McNeagh,
all of New York; George ID. Van Dyke.
Ferdinand Schesingcr and John ;.
George, OF Milwaukee. The board elected
Ma. Hanna president and George Henry
Kent Misrepresentation, secretary anu treas-
urer. Tie capital stock uf the mime II
fixed Mt So 900 600 and Is held by the
parties named, although the amount 81
stock in the hands OF each u not stated.
IL il known, however, that Mr.. Hanna y
n very heavy stakeholder, perhaps haN-
inc considerable more than one-iourth OF
the stock i'm his own hands.
Mr.. Hanna said last night: 1.-THE deal
is, think. entirely satisfactory To all
concerned and IL may be considered com
plinentary % MIR. Schlesnger and those
interested with him that IL has been car
ried through withoutany property losses.
The company Is now i'm excellent condi-
tion financially and PREPARED 10 work
the mine for all there Is IN II. All indebt-
edness for labor has been paid and nil
other demands against the mine will Toe
cashed at once MIR. Kent, of New York,
will remain here In connection with the
business. shall also remain here much
of the time for some weeks. The business
will receive our personal attention and
every effort will be made Co crowd the
a. n ...tN ~ l...
equipment, II the demand for ore and prize
es Justify it, There Ia now about loo, 600
tons OF ore on the surface, and although
we are not bringing a great deal up at
present, n large amount 81 dead work
IL being done IN the mine. The present
force will not be reduced, but viii be con
siderably increased as soon as the ship
ping season begins II the demand Tor ore
will Justify It,"
In regard TO the Vanderbilts being di-
rectly interested in the mine, Mr.. Hanna
said he had no knowledge that such was
the case. lie only knew that the stock
was booked in the names OF the parties
elected as directors, some of whom ARE
related 70 the Nanderbits. There IL "a
general understanding that the Wander
| bilts are in, but not directly connected
with the deal either for the mine or the
railroad, but that the purchase is made
/ by the gentlemen named ON their own
account. Mr. Hanna said: These gen
/ tlemen are eastern capitalists To whom
suggested that the Chaplin mine offered ~
! good opportunity Tor investment, and
/ from that suggestion the sale has result
ed. True, IL has taken "A good deal OF
work, az there was large volume of
business and many records, all OF which
had Co be carefully examined, so that the
purchasers might have clear knowledge
OF what they were buying. But the deal
is satisfactorily closed"
The board Of directors chosen for the
Escanaba, Iron Mountain x Western
railroad are: Francis Lynde Stetson,
president; George Henry Kent, Leslie
Ryan, Byron l. Smith, and one place to
be filled. IL is not improbable that MIR
John 4. George may be chosen to fill the
vacancy. " hen asked II he could give
any information as TO who would operate
the railroad Mr.. Stetson said he could
not speak as TO that. IL might, he said,
bc the Northwestern, or, II better terms
could be made elsewhere other parties
might get it, He could only say that
present he was the owner oi the road. IL
IL practically known, however, that the
road will be operated by the North West
ern company. That part OF the matter
has been understood Tor some time, al
real purchasers Of the road are Messrs.
Stetson, Twombly and Kent. The Others
represented are made nominal stockhold-
ers for the purpose OF eiiecting the organi-
zation of board of directors. The
Northwestern was sorely in need OF
better facilities for handling ore, and but
for securing this the road would have
been under the necessity OF double track
ing it's present line as speedily M possi-
BILE. The Schlesingor line is known TO be-
on much easier grades than their present
line, and il is estimated that thirty per
cent. heavier loads can be handled on
the new line than ON the old. Hence the
new line will be- used largely Tor hauling
ore from the mines TO Escanaba and the
empty cars will be run back over the old
road
The old Scl.lesinger syndicate still owns
the group OF mines, embracing the York
and Sunday Lake mines at Negaunec,
Armenia, Claire and Dunn mines at Crys-
tai Falls. The sale, however, carries with
IL contracts for transporting all ore pro-
duced by the mines in the syndicate, for
"a term OF years, thus materially weaken
ing the power of other mines on the Me-
nominee range To induce the building OF
am independent line TO handle their ore.
The sale embraces only the Chaplin
mine and the rail- Dad The new boats
being built mt Cleveland for transporting
the ore are not included. The firm of Nj.
A. Hanna & Company, at Cleveland will
continue 20 handle AN of the ore produced
by the Chaplin mine IN the future az in
the past Mr. Hanna said last night that
the orc would be shipped TO Lake Erie
ports as heretofore, and from there dis
tributed Co the various rolling mills.
/ .
Fine Quality Ore.