New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-16
IRON ORE MEN IN TROUBLE.
ATTACHMENTS AGAINST PROPERTY OF THE
SCnLESINGER SYNDICATE
TIE NEWS PRECIpITATES FAILURE IN CHICAGO
ANp sTARTLEs THE IRON TRADE EVERY
WHEHE-MAGNITUDE OF THE SYNDl'

GATES OPERATIONS IN MICHIGAN.
Nccnuncc Mich. Jul, ~I5.-Deputy shcriif' are
attaching the property Of the schcslnger syndc"'e
mine, at the instance Of the Chicago and Northwest
eru Railway and other creditors. The syndlch'e
| operated Il dozen more mines on the Menomhee
| and Marquette iron ranges. having productive
| capacity Of 100000 tons OF ore annually. Local
officials apparently know very little about wnat the
| trouble Is or what will be done
| Milwaukee. Wis., July l5.-Fcrdlnand schlcslnger
said today on seeing the dispatch announcing the
feet that some OF his iron properties on the Menomnee
and Marqucte ranges had been attached by the North
western road that he could not understand what was
meant.
The schlcsngcr syndicate he said. "is n debtor
TO the Northwestern Railway to the extent Of perhaps
! 100000 That company has moved our ore, and OF
course I'm this way freight bills have been run up
Preparations had been made to meet n portion OF
them while time to he granted on the remainder
| and | cannot see what has induced the company 10
| take this action.
1t Is u complete surprise TO me- as had sup
posed that everything all right This matter VIII
be settled Immediately. and will not Inconvenience
our synGicat" in the least"
The attachment proceedings are, according 10 Mr..
Schleslngcr. against what Is known a :he Bu1al"
mine which Is located Negaunee, which Is tho
property Of the syndicate. The schcsingers not only
own and control the Buffalo mlno. but are Interested
In 4 large amount Of property in Northern Michigan
which /, valued In the aggregate at many millions OF
dollars.
Chicago. July ID notwithstanding 10 n we'll
known Chicago iron the Schlcsngcr syndicate Is
we'll able 10 weather the storm prccpitatcd by the
action % the Northwestern road I'm attaching the But
falo mine last night for unpaid freight bills. Inc
reported failure created tremendous sensation IN iron
circles this morning. There prompt recovery
when the stories officially denied from NIL
wauce, whore the hcndquartcr, o; the schlesneer
.fraa of titn SIN
news was in the assignment Of the Bouton
Foundry Company. a Chicago connection OF the syn
dcac. The company went into the County Court
little before noon and filed assignment papers nam
ing the Equitable Trust Company assignee The
liabilities 300 600 and the assets about Sl5o,ooo
4 petition presented to permit the assignee to con-
tinue the business
The schlesing"rS, II Is stated, have simply Dcen
tied up hand and foot. by the financial strinSency,
Which has prevented them from collecting paper held
by them from realizing on their ore. The hrst
hard How they received from the failure OF Cor
ryan, lvcl Il Co. u few week, ago. This house acted
rs agent for nll their mines except the Chap'n. Inc
agent for the Chaplin mine Is Marcus \. Hanna
wealthy iron man Of Cleveland. Corrisan, Ives a
Co.. being unable collect sold 10 the furnaces
were Obliged 70 give way. AZ the time Of their
fiilurr their paper 10 the amount Of s1COo0OO was
held Iy tie ynious companies controlled by t' ScI's
myers and OF course It Of no Immediate value
10 them. The Iron trade sune.vl result oi THIS
blow and The situation has gone from bal 20 worse
ever since some Of the companies have found them
selves actually unnnle ship their from the SIDES
Of the mines, Large freight bills due To the
railways and I'm many places II il snid the wages oi
IA horde Of worlingmcn employed by the o'hl"Nlh;"rs
remain unpaid r." action Of tn" Northwestern Rail
way forcing crisis AT The Puialo min" 10y l"vyihg
an attachment 1, not understood, for 1t Is believed
that the scllsinccrs are Wen able to secure The In
f,ltt OBJ
Gnry can't fail who'll, sid Chicago Iron iron
uau They have IN unlimited foreign capital bchi Il
G.m and their condition IS solely due TO the present
state " finances. ~ any rntc. tn" complete down
~ tl" mining companlc, In us turn and that Is
NAV H. in bad way by reason Of the Corrignn-
lv~ failure. hui The great cha pin min" Is going along
smVaihly. paying T., debts and shipping | ; orr. ~
o.,r,tfn. Indeed 4 complete overthrow Of the
81 SINGERS would bc dlsa.ter To tire financial IN
i.iutcn, Of America and even 20 s)mc of tho'" in
WIl he failure Of he .chleSngsr indicate is de-
rrnph'.i nom MIw,ukcr attachment Of the Busap
MIN ~ ia. Northwestern Hallway COMPANY f.r %
small -um - 10000. iuc as nrp1Id freight bll,,:
I, aid nat for cog,idcrsblc p"fcd Their" In, been
,vl~nc' 81 the inability ~ ih" railway company 10
,cire pa, -nts L. The syndicate on freight accounts
liz" statement T. al-o current that ab2n' the tine Of
sliiwny cump,Hy SlOO.JJo AMI TINT heavy con.
-!-nm"n', II or were attach d at Escnnaha ,nl hed
inrr /, IA" active spirit Of the syndicate the repre-
-.ntail,c OF ,cr'n1n capitalists. II" hr,, apparel in
rhr ore district Il, the purchaser Of The amon, Chaplin
Mine I'm i-o0. IN - ,trurct" with the Northwestern
"ricai, for rates -chcslnc"r. It t. s1ii tried -
lion MAO admission hi, nurrs by threatening TO
d rrlls In" tw'em Esc""e Io ana IL, s, m'n %Sys
I,on rypre.,ol whether any purpose originally
cqulp me road Ia OF the fact that II could not
no..iilv derive comprn.aiirc revenues from Other
traffic and must necessarily be- operated alone for
tlr iran. poriatior Ol products from It's own mines
However tie Northwestern officials Stubbornly re
sisted The synGica,c' demands ne road ""S bnlt
Sor;hNc.icr. T. I, thought the German capitalist,
,hc Cnap!n nine. TIE property was purchased by
cleveland WORKERS. II Is -ad that Ferdinand !
sllc-ne shorty a!t"rvari visited Germ ny, and
his return negotiations Wrr" entered INTO lor we
purchase bnck from IN" Clovclind parties of the
Chaplin property. nnd TINS was elected though at
much greater price than that for Which 1t was sold /
Wall Street wa -tartcd yesterday 10 learn by !
di, patches from Chicago that deputy shcrlhs had
la,h he'll the prop Of tn great ~chlcs!ngcr synd
cate controlling iron mines In Michigan. Tho at /
tachments were snid 10 have been secured By the /
Chicago and Northwestern Railway. The >chlcsnger
mines are in the Mcnomlne' and Marquette iron /
ranges. and are said to have IA yearly productive I
carncIiy 81 I.5OO.oO0 tons. The capital of the
yariou, compnnc. in the syndicate rp several /,
Millions. Tile companies include the Chaplin Mining
Company. the Eunalo Mining Compiny the LIre .
Mining Company the Ncw-Nor, Iron Company. the /
Aragon hon Company and the sunday Lake Gogelic ,
Company.
The .yndlonlc formed about five years ago By ,
the ~r,lc niger Bios. Of Milwaukee. whore the central
ollccs are situated. About two years ago the synd
cate undertook 10 build line Of railroad about 100
miles long from Iron Mountain. the seat Of the .
chaplin nine. To Escanabl. the iron shipping port.
II +, aid that financial difficulties resulted from this
enterprise, which ma e necessary outside assistance.