The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-09-04
MINNESOTA !
MINNESOTA
SHIPMENTS DECLINE
Ore Movement for 1908 is Not So
Strong as During the Season
Last Past.
What the Reorganization Plan Of
Lake Superior Consolidated
Calls For.
Special to The Journal,

D..
Duluth, Mimi, Sept. 4.-1ron ore shipments
during August amounted to 2,496,OO0 tons, not
including those Of Michigan and Wisconsin,
which We're about 10000 600 tons more THESE
all make a gross total for the season Of ZOO,
900 TONS which is but 800 600 tons short of last
year to this time, and Is 1000 900 tons ahead
Of the preceding year to the corresponding date.
The largest record ever made by an ore shipping
railway was during last mouth by the Duluth,
Missabe & Northern, a road belonging TO the
United States Steel Corporation which moved to
its Duluth docks and sent therefrom 1,o2O,Ooo
tons in the twenty working days OF August.
This roads gross earnings for the month were
$500, 900. Of which about 80 per cent were net.
Ore shipments from the Great Northern road
are showing decline, not only from the early
estimates Of 5000. 600 tons for the year, but
from their revised estimates Of 5000, 600 tons
1t is not probable that more than 100000 tons
will be moved in 1908 by this system 50
many of the heavy independent shippers on this
line have curtailed business on account of
shortage of sales that its traffic is thus h1ndered
The road will be immense shipper another
year. "
=. NJ A. Hanna & Co. have commenced the open
ing of a mine on state school land in section
21-5S-19 which recently secured by them.
the same township. None Of these mines can
ship before the coming year.
The Morris and Monroe.
The Morris mine, of the United States Steel
Corporation. has been stripped this summer
and will make slight shipment before the close
IL u
be an important shipper in 1904.
~- So great is the preliminary work in opening
such a mine as the Monroe that it will scarcely
ship any ore even next year, tho very large
force will be maintained all winter in opening 1t
as shipper. a H.
For two years the Chicago, Milwaukee & St.
Paul road has been exploring near Amasa, Me-
nominee range, keeping persistently at It, tho
at times with slight hope of reward. At last
it has succeeded in finding what seems to be a
promising property Of soft ore, and perhaps IN
considerable extent. ,. --.... ..s... :.
Mining explorations and shaft sinking on the
new formation in the Marquette range are now
being carried on without any facilities for get
ting the ore to market when hoisted to surface
There has been 80 much friction between the
Escanaba & Lake Superior and the Milwaukee
roads that neither can build In, and the matter
| results in deadlock the extent of which nobody
can guess -.r:,-.-t -
Some ore is being shipped to the new blast
furnaces of the Lake Superior Consolidated COM
pany at the Canadian Sault, in expectation OF
the commencement of steel making there In the
fall. These shipments are far from the com.
! pany's own mine, but later In the season Mesaba
| low phosphorus ores will be taken down for a
mix. The, company's mine is shipping this
| year about $50, 900 tons to Lake Erie ports.
| -. Consolidated's Reorganization
The Consolidated company's reorganization
| plan calls for a payment of So on every share
preferred and common. This 1s not an assess
nent for the stock is not assessable. After
| this payment and in exchange for present stock
| the holder Of each 100 shares of preferred viii
| get forty shares of new common, and the holder
| Of each 100 shares of present common will ge
twenty shares Of the new common. There vii
be no new preferred stock. This will wipe gu
the speyer loan Of $5,o5o,O 900 and provide
working capital sufficient to operate the stee
works: etc.; .s,rs.. - 5c- ~ so {.
! With the paymentgof IS q share the compan.
will have an outstanding capital Of $40 ,o0o, 600
| which Is almost precisely the amount Of cash tina
will then have been put into the works. II
is understood that the money for this rreor
ganization has been put up, and that the frs
thing to be done is the purchase Of the Speye
mortgage, which is to be foreclosed by the reor
| ganization committee for the and benefit o
all stockholders who desire to come in and pu
up their So a share.a -
The money thus secured, about S. ooo 900, i
not new money in, the sense that It Is an expend1
ture before unexpected, but, it is just about tn
amount that the company year ago expected t
receive from the sale Of preferred stock the
underwritten, but the non-payment Of which pre-
cipitated the company's disastrous experience
later. -.. ~. p d.
1t is understood that the working expenses 0
the entire concern have been met for the pas
few months solely by The earnings Of plants nov
working plants. The companys great none
maker is expected to be its steel mills.
$3.50. Fairly Eats Up tho Timber. -. =
The new Pioneer furnace of the Clevelen
Cliffs Iron company, at Marquette, is consumin
annually the product Of 1000 acres of heavil
are employed in the woods getting this, ou
aside from an equal number engaged in II
transportation and preparation. Il
The company is forced to maintain in til
wood, drying. It's large production Of acetat
of lime has been sold to the German syndicat
) which controls the worlds acetate product, ar
which will buy this material Lake Superio
back rather than permit any American competit,
to get hold Of It. .-.-