davidaulloa/AmericanStories huggingface dataset:
The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1903-07-18
THE MINING INSTITUTE.

The headquarters Of the institut
will be in this city says the Ishpeming
Record and Secretary Yungbluth is
continually engaged in assisting the
committees in their work OF preparing
for the entertainment of the guests
II is expected that there will be
about 100 members of the institute
VINO will be present at this meeting
The exact number will largely depend
on certain influences which may come
up prior TO the time of the meeting,
as a mining man never knows exactly
whether he oan leave his Office for a
few days or not. Large delegations
are expected from the Mesabi and
Gogebic ranges, from the copper
country, from Menominee and from
other mining sections in this part Of
the country. The party from Mesabi
and Gogebic probably will arrive on
the train reaching here at o'clock
Tuesday morning, and the Menominee
party IL is anticipated will arri ge over
the ST. Paul at about 10 O'Clock in
the morning. Whether the copper
country people win come down the
night before or will not arrive until
the 2.iO oc lock train is not determiu-
ed.
No program has been arranged for
Tuesday morning except the mere
formality OF properly taking care Of
the guests as they arrive. and this
will be in the hands 70 a general com
mittee Of local mining men.
The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1903-07-18

on having 700, 900, 900 tons, worth a
dollar a ton, to be allowed for by
bonds retirements, .aiderably deprecia-
ton and reserve accounts. Even IL
the whole $3.50 600. 600 of new 5s were
issued, the total bond of sinking fund
appropriations would only be 81, 040, :
900 for the first Is and 81. 0l0 900 for
the second, or $1,000, 0OO annually
This is only % cents a ton on the ore
the corporation mined last year. The
total contributions Of the two bond
sinking funds during their entire life
would be only S2l2, 600, OO0 or 33 cents,
ton on 700, 900, 600 tons.
Clesrly then, the ordinary method
of regarding the corporations ore and
bonds is not consistent with the facts
To retire the bonds and consume the
ore concurrently, as is generally as
sumed. would require the ore mining
TO be spread over 80 or 90 years, i'm
stead of over II years If the rate con-
times 10 increase. or 80 years il it
does not increase. But on another
opposition, that the greater life Of the
ore will be due to its proving to be OF
much larger extent. then the amount
per ton Of ore mined required 10
maintain the bond sinking funds will
be much less even than 33 cents.
What the corporation is really doing
in mining ore faster than would be
contemplated by the terms Of the
bonds. is converting the ore into plant
with continuous earning power.
The weakness Of the corporation has
been that ii has been paving interest
and dividends on securities whose
principal was represented by ore In
the ground, such ore making a return
only once. when IL is mined As n
ton of ore could not be expected. at the
end OF 40. 80 or 60 years, 10 yield
enough TO make mp for the interest
paid in the interim. the burden had to
fall on other earnings.
The investment OF the money realized
on ore mined beyond what is required
for the bond -sinking funds is exemplifi-
ed in the t36. 600, 600 now being spent.
IL spread over period OF two years,
they represent just about dollar ton
The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1903-07-18
ORE VALUES.

In May, 1901, G. NJ. Schwab, pre-
sident of the newly- United
States Steel Corporation, stated before
the industrial commission at Washing
ton that the corporation he'd lover
600, 600, OF tons of ore in sight, and
that "if the consumption OF iron ore
in the northwest goes on as it has in
the past it will not last very long.
perhaps Go years. In the year just
preceding this testimony the Lake
Superior ore shipments amounted to
20, SOB. 537 tons. IL there were a total
Of one billion tons, it would take,
without any increase 81 years 10 ex-
haust il at the 10 rate.
But only.two years later the ship
msnts 1902 increa sed to %, 57l 12l tons
aud the belief is that this year will
show further increase. Comparing
1893, when-the shipments were 6,o65, !.
ZIG tons. with 1902, here was an aver
age increase. from one year to the
next, on compound interest basis, Of
ls. 3 per cent This would be very
unfair standpoint, because 1893 was a
very poor year showing "A heavy de.
crease from the four previous years.
But by taking 1890 AS basis we ule
year which will show the least an
nua increase The 1890 shipments
were 0, O03. 725 tons in the IL years
20 1902 there was an average annual
increase, one year over the preceding,
OF 97I5 per cent. Taken an even 10
per cent increase each year over the
preceding, it develops that in the short
space of II years. following 1902, there
WOULD be shipped a total Of only 30 >
600 600 tons less than an even billion.
Assuming that the 1902 basis were
maintained and not increased, IL
would take 90 years to total a billion.
1t has been customary TO assume
that the total ore in the Lake Superior
region did not exceed a billion tons
Many estimates have been considerably
less. Whether the real quantity be
more or less, IL is pretty generally
taken that.the steel corporation figures
The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1903-07-18

on the ore taken out in the same period.
The ore is really yielding, at the price
the Cleveland ore firms are selling
their ore at this season, about 81. IL
the corporation continues such OUTLAWS.
partly for new plant and partly in buy
ing up other ore deposits in the
country, II will in the course of a
couple of decades or so have converted
its ore in to other property. The pre-
sumption is fully warranted that it
will always be able to invest new
cash in plants which will pay better
than per cent. per cent or per
cent required by the different classes
OF securities.
The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1903-07-18

In the afternoon OF Tuesday il \
expected that the visitors will be 81
en- on board special train and tan
about this city and a visit will
paid to the different mines ThI
will 60 to the Lake Angelina, Sectia
10. the Lake Superior and to II
Cleveland Cliffs shaft. and will vij
other points OF interest more accessit
from train than in any other mai
ner because of the limited time TO
devoted 10 such visitation.
On Tuesday evening there will be
session held at the opera house or son|
other appropriate hall, when the AZ
dresses Of the officers will be head
and there will be some papers read 4
mining subjects specially appropriad
to the work in the Lake SuperisS ID
gion. 1t is anticipated that ths wi
be one of the most interesting feature
Of the meeting.
On Wednesday 0xysvi.itoI
will start on spe7~ Yin wfic
will leave here about 70 clock, &C
cording to the present intentions an
will go TO Negaunee where they wi
visit the Queen mines and possibl
some of the other mining ,pycpertie'
and then they will go over The L.
a. !. to Marquette. where they wi
visit the new furnace and other point
OK interest. About noon on that da
IL is expected that the party will 90 0
a special train TO Munising where the
will spend the balance Of the after
noon on the water and on Grand Is
land. The party Will be taken TO tn
Pictured Rocks AID other points q
interest. II there is time there wi
be AN evening session of the institut
at Munising, and IL not. the secon
evening session at which time officer
will be elected and general matters (
business will be transacted, wiz b
held AT the 500.
Probably late in the evening trai
will be taken for Sault Ste. Marie
where Thursday will be spent by tn
mining men looking over the iron In
dustries and other matters OF interest
The Clergue plants will be visited an'
The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1903-07-18
the power plant inspe ted.

The power plant inspe ted.
Thursday night 81 iepers will lie tax
EN- and the party will return to
lshpeming early Friday morning.
While the al owe is IN ontlire OF the
contemplated program il has not been
definitely settled on in every way and
u is subject 10 some changes. In the
IN ,in however, the scheme If enter
tainmnet az ouiinsd will DO carried
out. Ishpeming Record
Concluded ia Column T 20 on This
Page
The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1903-07-18
WILL BUY IT BACK

Yon a m no risk when you bu
Cham e. lhin's Collie. Cholera an
Diairhoel Remedy. r. W. Cole will
refund n money If you are not
satisfied after using II. 1t Is every
where admitted 10 be the most sue.
cessful remedy in use for bowel COM
plants and the Only one thas neve
tails. II il leasa;.t, safe and reliable
The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1903-07-18

20 doz mems overa:ls double knee
IS ct quality. clearing sale 49,
price. 80. ...-....44C
Extra heavy overalls. :. .........5 SOD
Mems blnck working pants EnJ
never sold less than l.25 at QUO
Mems working shirts 60 CT 90
quality clearing saleprice. ID o.
6 doz mems summer drawers 81
35c quality saleprice. ..... i CCI
Mems Isle thread summer O1tk!
underwear 75c quality at y Il
Mems cotton sox per pair. .....
Mes black Isle thread sox per pr
The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-25

MONEY AND EXCHANGE.

Money on call :a?t, per cent LA last 1San
money Is quoted at 31,m4 per cent for sixty
Der cent for six months, and Sa5l per cent:
for seven and eight months Commercial
paper is quoted at t'.mS,. percent per cent tor prime
single names ana bllis receiVaole' other
names, 505h per cent.
Sterling exchange market was weak and
lOM20 points lower There was u some what
better supply Of bills. while the demand
from remitters was not urgent. Cont lnent al
rates We're quoted at 81 $50 for long bills
and 81 $50 for short; Actual rates: Long
bills, As5@s. $50; sight drafts, !s755@
Francs were quoted at 5lSHM5i7ls for long
and 5.l5Hm5 is for short; reichsmnrks were
quoted at s5d95l. for long and 9oI. "a 95 Iii
~ OK FOR FOR L long and .oJ. - t-iS for short ~
Domestic exchange on New York: Bost on
Sc. premium and par. Charlesto n-Buying,
par; selling, i-lNc. premium: Savannah
saS FsTaneisoo sa se we prcmpm tee
graph, &C. premium st, Louis-55c. pre-
MUM Chicago--a5c. premium. Cincinnati
6oa banks S
7sc. discount; banks, 81 premium.
Money in London, 2'.d?', per cent. Rate
of discount in, open market for short and
sol for money closed at 81 s-iO and for the
account at al. Paris adyces quote per
rate Of discount tIG Per ssnt E1e Rs
advices quote exchange on London - marks
s9H pigs. The private rate OF discount is
81 per cent.
New York Clearing e House statement: Ex-
Sub. Treasury debit balance SOS. Gl0.
Commercial price of bar silver in New
York 52Ic. Bar silver in London closed at
2Htd. Mexican silver dollars were quoted
The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-25
FINANCIAL NOTES.

Five shares OF the stock Of the Trust Com
pany OF the Republic sold at auction yes
terday at o9h. The last sale previously
Notice Is given by James speyer. Jacob H,
Schid and Edgar Speyer, voting trustees
of the National Railroad Company Of Mexico.
tn at the voting trust Of that company, which
was formed March IS, 1907, has been dis
solved, and that on July u next the trustees
will exchange certificates of preferred and
common stock for all stock trust certificates
that are surrendered. Stock trust certif-
Gates must be presented for exchange tn
Speyer 4 Co. Mt their office in this city or TO
Speyer Bros. at their Office in London or to
Teixeira de Mattos Bros. at their Office in
Amsterdam, Holland. the agents of the vot-
ing trustees for such purposes,
The Continental Railway Equipment Com
pany announces that the plan to purchase
the stock OF the Compressed Air Company
having become operative no stock OF the
Com pressed Air Company will be received
by the Corporation Trust Company after
June 20. 1908. except on such terms as the
directors may determine
Senator ". 4; Clark. laid, Yesterday that
he expected within few days the papers
would be completed and signed transferring
that part of the Oregon Short Line between
Salt Lake City and Callentes New. to the
san Pedro road, and that by July / the phys-
cal operation of the property will be taken
over by the San Pedro.
Mortimer y. Buckrer was elected third
vice-president Of the Continental Trust Com
many yesterday, the offlcc being newly created.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-25

Live Stock Market.

WEDNESDAY. Iun' -
Receipts OF heevcs were 30s8 he4d Including :,
cars for export alive, SO for slaughtcreIs l4a =
for the market. Steers were slow and tul'i 10
lower fat bulls rather easier: bologna bulls stfa4I
cows steady to strong. Eight cars OF steers "
sold inn Medium to choice steers sold at s. f5 SS'SS
per 100 lbs. bulls at 50 1884 so: COWS ct 81 1"s,'
Dressed beef firm Al 7@s.c per lb. for natiIG Sic
WIN lttle extra beef selling az sc 'Hn.e, w.
changed but nrln. Exports to day, iia betNcs aA'
6.l03 quarters OF beef: none to morrow. 80,
Receipts OF calves were $50 head hclns W.
Tor butchers and 5.597 for the mnSrl Its4G VA
brisk and prices very tlrm. ycalS selling !ha. h'eI
than ON Monday and buttermilks o. higher ="
pens were cleared Common 10 choice NtaIS -
at 525GS per 100 lbs; Il few head al = - ~ ,
a. Aools5; huttcrmIlks nj A@si =" ycN'lhtN
H. CITY dressed vcals higher az q l2c. i'e! l"''
country dressed calves al 6l.talic, -,
Receipts OF sheep and lambs w'rr 81 heau' -
Guiding cars for Slaughtcrcrs and g.: ior u,
market. making. with the stale stock, ~ CArS
sale sheep in fair demand and St,adl foaH
choice handy lambs firm to sllHdc hisHci o,n,.
no more than steady, 10 carr. ll'c arrivals, "
held over. Common to .airly good sheep Hoi" sou,
SSTS.5O per 100 lbs. no strictly primo ot .hW' q.
offered: common To choice lambs sold -"
$500 culls al $50. Dressed '1utton Ni'aGy o
loo. per III; dressed lambs Al lonl2;r. .,..
Receipts OF hogs were t. lO7 head irrlnu ny a".
$50 fo- the market. Firm 10 shade hicnct
live hogs. State hogs were auoiaoe az S''o's''
Per 100 lbs.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-25

COHce was moro active and there was furthcf
moderate advance In prices stronger cables
some foreign buying and local covering. On thc
rise recent buyers took profits, checking the I'D
vance.
MErA1s.-In London tin declined los. to fl27 for
spot and fl25 IS. for futures. Here the market
advanced abou, &c. Copper IN London was un
futures at $50 Is Cd The local market ives un
changed. Lead advanced l2s 3d. abroad 70 Gil
changed Spelter was unchange. In both markets.
with the foreign closing tla 15s. Following are
the quotations Of the Metal Exchange: Copper
Lake, spot 400. elect royic spot IA SOC: casing
spot. l4c.: tin, 2s.123 a2s.37ia Co.: lead iI?i5r
spelter. &C.: Iron, Northern No. X, la.5oGc0r, D..
No. y. ls5oalac. No. 2 plain. 1sfls5 SOC. south
.rn No. foundry. laa ~ SOC. No soft. 1870 10 SOC
NAVAL SroREs.-Spirits Of turpentinc. 5OG5o.c
Common TO good strained rosln s2,i0
PRoy1sIoNs.-Lard was weak refined Continent
SsS5: Western prime. 1915; Brazil kegs, $1,000:
South American $3.50, Pork was quiet vi tn mess
at SIS 25dsis50 Tallow. &c. Dressed hogs 81.
&c ButterE Butter. extras. 2i,sc.; nrsts. ?os
fancy. !osc fair to prime sss a Ioaic large coored
fancy. los4c EEgs-Nearby, fresh gathered. OK
tras ls'ac.; seconds to frsts. i5l49ei7c. Chlcaro
June A.-"The market was overwhelmed by the
enormous run OF hogs and the entire list closed
lower. There was no doubt liquidation to Create
or less extent by leading local bulls. and this. OF
liquidation. Some Of the lard sold by a leading
local trader yesterday was covered to day, and
English houses also covered shorts. There wat
fairly good commission house buying OF Septcm
Der pork for outside account"
SUGAR. was nat at s 10 &c. for o. test and
siSc. for 20 test. Refined was in moderate demand.
steady: eranulatcd. 4.s5T5 Csc.
'bpsp trevr a
The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-25

The rse in cotton was due very largely to ner-
vorsncss the part OF the bears In regard TO the
July notices and to fear OF an even worse squeeze
perlenoed. Mr. Frank Hayne Is believed to be
here to stop the July notices and the Idea OF very
many Is that Il. bun clique have July August and
even September absolutely under their control
LltySsrpoo was ,dlsappon;ing there being very
relatively moderate advance in New Orleans Is
looked as though long liquidation took place there
also. But the strength OF September here was a
strS|ng feature. an even more striking fcatur re
than the strength OF the old crop months though
the winter months were rather freely sold by West
em and some other operators on the better crop
outlook ofiate. Asto the crop. however some close
observers lay stress this morning on the @ 'ciock
temperatures. which they consider too low and they
thnk. too that North Carolina at least has had too
niue rain and for that matter other cotton regions
would be better for less Of that showcry weather
"a, .hat Is reported from day to day. The general
idea, however Is that the crop Is In better condI.
. .ion than recently and were not for the ageres
by operators who have the prestige arising from,
great success there would he more selling OF Dc.
ccmbcr and later months " "
one house said The weather conditions through
out the belt continue very variable. and while
favorable conditions seem 10 have visited most
sections their prevalence Is not universal or long
enduring. and a continuation Of Temperature
factory 10 an impartial observer hoping for gen.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-25
THE OUTSIDE MARKET.

. Ell dividend.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-25
STOCK EXCHANGE LISTINGS.

The Governing Committee OF the New York Stock
.xchange has listed The following securities:
Pttsburg. Fort Wayne and Chicago Railway
ompany's 81. 0lo 400 additional guaranteed special
took, making total amount listed s?e.oi3, 700.
The PENNSYLVANIA Railroad Company'S Sh7s $50
ddltonal capital stock, making total amount
sted s22e sos 800 and 81 ooo.Oo full paid receipts
onverttble into capital stock. The committee
Irther recommend that additional amount or
eceipts b, added to the list from time TO time up
s7s .oe47 $50 on an ON ,ia not hcation that they
ave been Issued and paid tor In full
The Missouri, Kansas and Texas Railway sys-
ans $4,000 Missouri. Kansas and Texas Rail-
ay Company Of Texas" additional tlrst mort i
age. guaranteed bonds. making total amount
The Norfolk and Western Railway company's
10000 additional hrst consoli dated mort gage
8.?lO5oo.
The Atchison. Topeka and Sante fe Railway
pmpanys A.520.OOo Eastern Oklahoma division
s! mortgage pc, cent :S-year bonds Of 1928:
7cr cent. S0-year coupon bonds,
The Lackawanna Steel Company's s3sos, 600
rt mort gage per cent. convertible bonds,
Chicago. Rock Island and Pacific Railroad Com.
nys $40 333. COO collateral trust per cent. coupon
1nds.
The Rock Island Company sis374 900 additional
mron stock. making the total amoun. listed
1as2, 200 and s.. 10000 preferred stock. making
le total amount listed Sl.i00?oO.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-25
OFFICE OF
THE CONEY ISLAND AND BROOKLYN
RAILROAD COMPANY; srocK.

NOTICE 10 BU.IIII!OLULNo H'ND ofOSHs
HOLDERS
Under provision OF the Mortgage securing tho
issue Of S2,oU,Oco ~ Gold 3onds OF thls Com
many dated March II. 1898. &7OOOW OF said bonds
Are reserved for the redemption of SSO0,OO0 First
Mortgage So bonds maturing July l. 1909. and
100000 Certificates OF Indebtedness bearing IN :
Ing July I, 1908. ~ a..
Certificates OF Indebtedness are hereby offered
the option Of exchanging them for the ist Con
sdlid.ted Mortgage ~ GSd Bonds OF tsis e, con tb.
Mercantile Trust Company 100 broadway. New
York on or before July |, 1903.
ine sfyer this option Is exercised then the stock.
holders OF this Company are offered the oppoI :
tunity 10 subscribe for said Consolidated bonds
remaining, al par and interest. The bonds to be
allotted according TO the date OF application and
shares held by the subscribing Stockholders.
JOHN l.. HELMS. President.
BROOKLYN, y. Y, juno I, 1903.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-25

Continued speculative apathy and in.
significant price movements were to-day
again the principal and almost sole features
Of the outside securities market; In very
few inst ances did the extreme fuct uations
exceed y per cent. Price movements were
ness transacted only showed a moderate
improvement, Northern, Securities was dull
o. The copper shares We're dn
in Greene Consolidated. At the opening
II rose u per cent, but in the subse anennt
which forced the price down to yesterdays
final.
The return Of Mr. Morgan and other di-
rectors Of the Internal ional Mercant lie Marine
Company from abroad influenced the shares
Of this stock considerably. The vice-presl-
dent is, quoted as saying that so far as he
knew there is not the slightest reason for u
reorganization of the company, The COM
mon. in the init ial trading. rose ~ per cent
lost half the. gain. Considerably, better
support was given to the preferred stock
which advanced over 5 per cent. from the
last previous bid. selling up to 2e1.. and held
all but fra ct ion of the gain.
The transactions In the market to- day
The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-25
National Railroad Co.
of Mexico.

To Holders Of Trust Certificates for Preferred
and Common Stock Of NATIONAL RAIL
ROAD COMPANY OF MEXICO. issued
under the Voting Trust Agreement dated
tho 18th day Of March, 1902;
Notice Is hereby given Of the dissolution OF the
abovo mentioned Voting Trust Agreement ana
that on the 18th day Of July. 1903, the under
sisued Voting Trustees WILL in accordance with
the terms Of said agreement, In exchange for and
uptn tine surrender OF any stock trust certihcates
then outstanding make delivery OF cer'ihcatcs
Of stock of the NATIONAL RAILROAD COM
pANY OF MENICO.
All holders Of stock trust certificates issued
under said voting trust are hereby required 10
exchange them for certificates OF capital STOCK
on said 27th day of July. 1908.
stock trust certificates must be presented ior
exchange TO Speyer & Co" al their once In inc
CITY Of New York. or to Speyer Brothers. al their
once In the City OF London. or TO Teixeira DC
Mattos Brothers. at their once in the City OF
Amsterdam, the agents OF the Voting trustees
for such purpose.
Dated New York. June 25th. 1903
JAMES SPEYER.
JACOB H. SCHIFF
EDGAR SPEYER,
Voting Trustees.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-25

eral and marked improvement. period OF dry
hot weather would unqueStlonably serve the CROP
as a whole much better than the recent spells Of
showery days and cool nights. which have held
1t cannot however. be claimed that harm has re
suited which may not be rcmedlcd during JUL
and August, particularly as the crop Is backward
and has yet 10 demonstrate Its future possibilities
under favorable conditions. AS far as the market
Is concerned, we are inclined to consider II too
largely under the Influence OF Individual Inter
es,s Ia be Influenced fairly by natural causes ana
we prefer to await this weeks developments Wit
clearing speculative. skies before recording our
Judgment on It's possibilities"
toFFEERo on the spot was steady at Size
for No. 7. Sales, 1000 bags Santos No. I at 6isc.,
5000 Santos No 4at SIC. andf; 1000 Santos Nos
vanced TO 10 points. closing steady with sales o.
1850 bags. Havre was ~. to ~ higher anu
warehouse deliveries s.745 bags. Rio advance
% reis; receipts 900 bags stock $4,000: exchange
IL sd. an advance q CO Of i.s?d Santos was un
The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-25

This shows the grain movement:
New York: Wheat. Corn. Oats. rye. BaHer
Receipts.... 6O,075 a3+50 $500 975
Exports...u.. 27,S22 $3.50 3l.lSo
Chicago: $500 o --oo, ~, nm IN, M
Shipments $1,000 $4,000 $500 ''''
Buffalo: M. NM, ~, o,o
pec.l SfIVD Gsl,WD 5-iNb
Sh,n,ren,s . As OOO 1893 lsD 232 co.. 1890 ..,.