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Under A Cloud

Under A Cloud image
Parent Issue
Day
21
Month
July
Year
1893
Copyright
Public Domain
OCR Text

Nkgaunee, July 15.- The Schleisiner syndioate, the largest ore operators in the world, are in difficulty owing to the depression in the trade. Adolpli Schleisinger, one of the orjjanizers of the syndieate, says the output was reduced 25 per cent. some time ago. All the mines are in Michigan and the central office is in Milwaukee. The plants owned by tn 6yndicate are: The Chapin Mininp company, the Buffalo cornpany, York Mining company, Arogan Mining company, Claire .Mining company and Sunday Lode Mining company. Attachments aggregating $32,800 have been placed on the property of the Buffalo Mining company. The largest claim is $24,000, held by the Chicago & Northwestern Railway company for freight on ore shipped. Other claims are by the Duluth, South Shore and "Atlantic railway for freight; F. W. Read & Co., mining timber, and M. A. Hanna & Co., ore brokers, Cleveland. Sheriff Broad is in possession and has completed the inventory, which shows 115,000 tons of ore alone in stock, worth easily two dollars a ton in the mine. The sheriff is not interfering with the mining work at all, which is going on as usual, over 500 men being employed. Ferdinand Schleisinffer, president of the Buffalo Mining company, frankly adinitted the embarrassmentof the Buffalo company, but stated that if given several days to turn around in he can square everything, and the indications ure that he can do so. The Milwaukee banks hold $1,000,000 of Sehleisingers' paper secured, but in justice to themselves they must come to his rescue in this case, especially when less-than $50,000 will set the Buffalo company well on its feet again. Schleisinger began operations four jears ago and has cut a large figure in theiron trade. He was embarrassed ten years ago, but sold the Escanaba, Iron Mountain & Western railway to the Chicago & Northwestern railway and pulled out of difficulties. If matters cannot be fixed here it will probably lead to trouble at his numerous other mines, employing nearly 2,500 men all told. ': Negaunee, July 17. - Superintendent Colé has returned from Milwaukee, where he conferred with Ferdinand Schlessinger, president of the Buffalo Mining company and head of the Schlessinger syndieate. lt is expected raoney for the payments of all claims ■on which attachments were based will be forthcoming in a few days. Other reditors manifest no uneasiness and the general opinión is that the embarrassmer.t will be speedily relieved.

Article

Subjects
Ann Arbor Argus
Old News