One of World’s Largest Deposits
PLATTSBURG, N.Y., March 6.–The Chateaugay Ore and Iron Company has recently discovered that the vein of iron ore at its mines near Lyon Mountain, N.Y., which was supposed to be thirty feet in thickness, is in reality more than seventy feet thick and extends for six miles in a northeasterly and southwesterly direction from Lyon Mountain, making it one of the largest deposits of iron ore in the world. The company has increased its capital stock from $1,500,000 to $2,750,000, of which amount the Delaware and Hudson Company owns $1,400,000.
The company has hurried a force of several hundred men into its forests to get out a supply of wood for charcoal. The charcoal blast furnace at Standish will be rebuilt, with an annual capacity of 25,000 tons of charcoal pig iron. Fifty new brick charcoal kilns will be built. The company is now mining about 800 tons of ore per day and this output will be doubled.
The officers of the company are Smith M. Weed, President; Talbot Olyphant, Vice President and Treasurer; James N. Stower, General Manager. Among the stockholders besides the Delaware and Hudson Company, are Robert M. Olyphant and C. Adolphus Low, uncle of Mayor Seth Low of New York City.