The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-04-03
.CLERGUE'S PLAN
WELL CONCEIVED.
Multitudinous Projects Of the Great
Promoter on the Threshold
:s,... Of Success.
Fortified by One of the Worlds
Chief Water Powers and
Immense Grants.
ron enli1o +nd EIoLo crrnr;nr naolin q
Consolidated Lake Superior Decline.
Not Justified by Condition
of Allied Interests.
Special to The Journal.

Special to The Journal. - Es.,A
Sault Ste Marie, Ont, April 3-The vast
sums that have been spent here during the I
past ten years to carry out the enter
prises conceived by F. Fl. Clergue have
borne fruit. Almost every one of the
many industries planned by him and put
under way by the Philadelphia money he
was able to secure, is either making earn |
ings or is on the very point Of doing SO.
The question. rises, especially since the
stocks OF the parent company owning
these works has been subject to such a
sudden. and violent decline-has the
money been we'll spent and can the works,
once they are in motion, earn any such
sums as will recoup the holders of stock
for their investments? In other words,
have the Clergue plans been we'll con-
ceived and ably carried out, and are the
natural resources Of the region of suchi
a character as he has believed and led
others to. suppose? ,-@
| Like all collapses in stock market val
ues the decline of Consolidated Lake Su
perior came at the worst possible time.
Mr.. Clergue had pushed ahead with his
expenditures faster than the stock sub
scriptions were payable, on account of the
| fact that he wanted to get the various in
| dustries into operation at the earliest pos
| sible moment. and on account of the high
| prices Of iron and other products they eN
| pected to make. In order to get the money
| with which to do this the forthcoming
payments of stock subscriptions were by
pothecated at banks and the loans used
for construction. Suddenly there was a
| decline of the stocks below the subscrip
ton price and the subscribers refused to
pay. This brought about the collapse
! that recently occurred, taking many per
| sons to ruin and costing Philadelphia from
! $15, 0O0 900 to $20,000,000. ...
~ Large Earnings Just Ahead. 1. -
The simple fact Of the collapse has been
| generally considered as proof that the al
lied Industries at the Sault were almost
worthless and that the company was in
! as bad shape as it's stock would indicate.
! A careful investigation, made here on the
spot, seems to show that this is very far
from the truth and that the Consolidated
Lake Superior, is on the very verge OF
great earnings and comfortable profits,
that the Clergue plans have not been
vague and extravaganza but precise and
thorough, and that the company is a well
rounded whole. which it requires but a
| short time to bring into harmony and rea-
/ sonable success.
| The basis of the enterprises at the
Sault are the vast water power of Lake
| Superior and the enormous grants OF land
and cash by the dominion is unique. By
i it's ownership Of riparian rights along the
banks Of the 500 river, on both American
4 and Cana dian shores, for miles above and
i below the rapids, and by agreement with
I national and state authorities the COM
I pany has a practical mono .,oly Of this
! water power, which is one of the greatest
in the world.
In the way of lands. it has already
saearfIsd and selected about 1:S00, 900 acres
y and has a right to select about 8. o00,09{
acres which will be earned and taken as
fast as may be- This land is not a barren
= cv,1D, Il foy,
ests Of pine and spruce. maple. birch, OAK
! and other woods, and is, when cleared
well adapted for farming. Much Of this
princely tract is Inineralized, and many
deposits Of copper, iron and gold are
known to exist therein, though how large
and rich they are is not yet established.
.<,..~ s.. :; Allied industries. = -. e7ss
4 = Al simple catalogue of the Industries
established and in operation, and those
about to wheel into line, will not be very
lucid without explanation These indus
tries Include paper pulp, of which $50 TONS
are made daily The mills are sold ahead
for long time They also include the
Algoma Central and Manitoulin & NORTH
Shore railways both of which are earn
ing good interest by the transportation Of
mineral and forest products, and both o.
which are to be- extended to important
connections with mines and railroads
There are machine shops and foundries
splendidly equipped and very busy, ant
able to turn out work of large size ant
intricate character. There are blast fur
e naces and steel works. about ready TO
! operation, and built on modern plans il
the most substantial way. There are saw
. and veneer. mills just started and nov
= earning a large sum. There areTnickel
d copper and iron mines in operation who's
product is either sold or is used in tn
: works for the production here of finished
= MATERIAL -. .:>y.F = E..~ .
. There are sulphur reduction works, en-
ploying methods singular to this company
1 for, the elimination and saving of sulphu
l from nickeliferous pyrotite ores, and Their
lare mills for; the treatment of the result
ing ferro-nickel in preparation for tn
blast furnace, where it will be made int
an alloy suitable for steel making. Their
are car shops, brick yards, street railWa
II and ferry lines, steamships for both pas
senger and freight traffic, and numerou
other enterprises Of more or less import
I ance.r T.. tr -'r.. y. .
III Experimental Work Success