Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-12-08
Days Financial
News and Gossip.

Boston, Dec. Z, 1909.
The directors of the Mayf1ower Min
ing Co. have decided to thoroughly ex
plore the property with a diamond
drill, something never systematically
done. Financially Mayfower is in bet
ter shape than many Lake copper pros
poets, having nearly $4,000 cash in the
treasury. 1t owns $40 acres of land and
is capitalized for 100000 shares, par $25.
The Mayf1ower is one of the so-called
Fay properties.
New York-Republic Iron & Steel Co.
has awarded contracts for construction
of new blast furnace increasing the
Haselton group in the Mahoning val
ley. The furnace will be the fourth
owned by the company and the hot
metal will be carried to the Bessemer
plant. The furnace will be modern in
every respect and will cost close to
81, 100000.
HCughton-The Isle Royale manage
ment has decided to resume develop
ment work in the Isle Royale load COM
manded by shafts Nos. 4, 5 and in
which operations We're curtailed sew
eral months ago, owing to the unfavor-
able conditions existing in the metal
market. During the past three months
operations at this point We're centered
in the extraction of commercial rock
already developed and all work in nom
productive ground was avoided as far
as possible. The new order means that
development work, including shaft
sinking, will again be in progress with
the beginning of this week.
The Iron Age says: 1t is estimated
that the new industries which have
been definitely located at Gary will en-
ploy more than $4,000 men and support
a city of perhaps 100000 people when
they are fully developed. The American
Bridge Co., American Sheet & Tin
Plate Co, American Car & Foundry
Co., American Steel & Wire Co., Amer
lean Locomotive Co. have all purchased
sites for plants which will surround
the steel works. radiating like the
spokes of q wheel
American Bridge Co. has begun con-
struction on 100 acres. 1t will employ
1900 men, an output 10000 tons per
month at Gary. American Car g. Foun-
ry c. plant will cover 200 acres en-
ploying 10000 and turning out 200 cars
per day, a yearly production that will
equal in capacity the annual loss of
cars on all railroads. American Loco
motive plant, covering 1870 acres, will
employ 1900 and turn out $50 locomo-
tives per month. enough to supply
roads west of Chicago, and equal to-
about half the country's an
nual production. American Sheet
& Tin Plate plant will cover
200 acres and American Steel &
Wire plant 100 acres. Indiana Steel Co.
now employs 500 men and 1900 to 49,
600 will be employed when eight blast
furnaces and all finishing departments
are in operation.
1t is becoming evident that the Gary
plant will be wholly inadequate, on the
basis now nearing completion, to take
care Of the enormous demand that has
grown up in the Mississippi valley.
With eight furnaces the output of
rails. bars, structural shapes, plates,
axlcs and other products for sale will
not much exceed 100000 tons This
will be swallowed up by the current
demand from the Mississippi valley
and the West, and will not leave any
provision for the enormous car build
ing shops and other industries under
way'''' 'fs@@.''@"t hi'& 'a7f
Montreal-Vice. Pres. Bosworth Of
Canadian Pacific, discussing thel strike
of the swftchmen in the Western states,
says: Canadian Pacific will be able to
handle all freight offerings from the
East, as we'll as from st. Paul and
Chicago. This freight can reach the