Corrigan, McKinney & Co. was an iron ore wholesaler, iron mine owner and operator, and pig iron producer based in Cleveland, Ohio. Its majority stockholder was founder James C. Corrigan, and the silent partner was Cleveland railroad magnate Stevenson Burke. It emerged in March 1894 after the bankruptcy of Corrigan, Ives & Co., with Burke's son-in-law, Price McKinney, becoming the second largest stockholder. Gogebic, Marquette, Mesabi, Menominee iron ranges in Michigan, Minnesota, and Wisconsin, where for many years it was second only to U.S. Steel in terms of annual tonnage mined. It owned pig iron smelters in New York, Ohio, and Pennsylvania, as well as limestone quarries and coal fields in New York and Pennsylvania.
The company went into shipping business in 1896 and owned one of the most influential iron ore shipping fleets on the Great Lakes. It formed a subsidiary, Corrigan, McKinney Steel (later known as McKinney Steel before reverting to its original name), in 1907. Its four blast furnaces, steel furnaces, coking operation, rolling mills, and finishing mills on the Cuyahoga River were the largest in Cleveland and some of the most efficient in the United States.
In 1919, Corrigan, McKinney & Co. purchased and operated coal fields in Kentucky to ensure a steady supply of coal and coke for its steel mill.
Stevenson Burke's death in 1904 left his shares under the control of his widow, son, and daughter. The 1908 death of James C. Corrigan left his shares in the hands of his son, James W. Corrigan. He later purchased the shares of Burke's son. Price McKinney's suicide transferred his shares to his widow. After James W. Corrigan's untimely death in 1928, the shares passed to his widow, Laura Mae Corrigan.
Now known as Corrigan McKinney Steel, the company having renamed itself, the four women in control of the firm sold their shares to Cleveland-Cliffs Iron Co. in 1930. Cleveland-Cliffs borrowed heavily to purchase the shares, and was nearly driven to bankruptcy as its financial situation became imperiled by the Great Depression. Cleveland-Cliffs sold Corrigan McKinney Steel in 1934 to Republic Steel at a significant loss, and wound up a holding company that once controlled Corrigan McKinney Steel.
The sale to Republic Steel ended Corrigan McKinney's corporate existence.
Creation of Corrigan, McKinney and Co.
James C. Corrigan James Corrigan was a Canadian American who had engaged in petroleum refining in Cleveland from 1871 to 1887. He purchased his first shipping schooner in 1887, and became highly influential in Great Lakes shipping circles. He was a millionaire by 1889.
Having engaged in the transportation of coal and iron ore for some years, Corrigan decided to begin mining operations on his own. With co-investor and Standard Oil co-founder Stephen V. Harkness, he incorporated an iron mining company in March 1887 and leased the Iron Belt Mine on section 11 of the Gogebic Range (near Iron Belt, Wisconsin).
Dalliba, Hussey and Co. Dalliba, Hussey & Co. was founded in January 1887 by James H. Dalliba (a veteran mine operator), Horace P. Hussey (of the stock brokerage firm Hussey, Hoyt & Co.), and the firm of Moore, Benjamin & Co. (a developer of iron mines on the Gogebic Range). It purchased the output of iron mines on the Gogebic, Marquette, and Menominee ranges, and sold it to various foundries. All the mines were owned or controlled by Moore, Benjamin & Co.
Dalliba, Hussey was under financial strain, however. Needing a wealthier investor, Moore, Benjamin & Co. sold its interest in Dalliba, Hussey & Co. to James Corrigan in August 1887. Moore, Benjamin & Co. failed in November 1887, and Dalliba, Hussey & Co. went into liquidation in February 1888.
Corrigan formed a new company in March 1888 to take up the business of the old, operating under the name Dalliba, Corrigan & Co.; Stevenson Burke was a silent investor in the new partnership, which by agreement was to last three years.
Corrigan, Ives and Co. Dalliba, Corrigan & Co. dissolved in 1891, and James Corrigan formed a new iron dealership with Stevenson Burke and Franklin T. Ives after James Dalliba pulled out. The name of the new partnership was Corrigan, Ives & Co. Corrigan, Ives & Co. quickly became one of the nation's leading iron ore and pig iron dealers, and James Corrigan made a million dollars.
The Panic of 1893 began in February 1893. In early July 1893, Stevenson Burke asked an Ohio state court to appoint a receiver for Corrigan, Ives & Co. The court agreed, and appointed Price McKinney (Burke's son-in-law) receiver on July 8.
On the whole, Corrigan, Ives & Co. was solvent and making money during the receivership. The court permitted Corrigan, Ives & Co. to reorganize under McKinney, rather than force a liquidation.
While in receivership, the company purchased the leases on the Buffalo, Prince of Wales, Queen, and South Buffalo mines on Michigan's Marquette Range for $400,000 () in January 1894,; ; and purchased the Sunday Lake Mine in February 1894. Corrigan, McKinney & Co. obtained ownership of the bankrupt Buffalo Mining Co., reorganized it, and assigned it as the operator of the Buffalo Mine.; ;
Corrigan, McKinney & Co.'s early mining activities
1894 to 1908 Corrigan, Ives & Co. was reorganized as Corrigan, McKinney & Co. on March 15, 1894.; Franklin T. Ives left the firm, and Price McKinney joined as a partner.
Six days after its organization, Corrigan, McKinney, & Co. incorporated the Queen Iron Mining Co. and the Sunday Lake Mining Co. to operate mines on its behalf. The company soon leased the Dunn Mine; ; and the Dunn Mining Co. to operate it.; ; ;
In 1895 and 1896, Corrigan, McKinney & Co. leased or purchased five mines on the Mesabi Range,; ; ; ; ; ; ; ; ; ; ; ; ; five mines on the Gogebic Range,; ; ; and one mine each on the Marquette; and Menominee ranges.; ;
Some retrenchment occurred in 1897 and 1898, as it closed four mines on the Gogebic,; ; ; ; three mines on the Mesabi,; ; and one mine on the Marquette. It added only a single new mine, on the Gogebic Range, during this same period.
Becoming the third largest iron ore producer in America
In 1898 and 1899, Corrigan, McKinney & Co. purchased or leased nine mines on the Menominee Range,; ; ; ; ; ; ; ; ; four mines on the Gogebic,; ; ; ; ; ; ; ; and one mine on the Marquette. It also closed four mines on the Marquette Range.; ; ; ; The company also leased or purchased thousands of acres of land for ore exploration.; ; ; ;
In this initial four-year period, Corrigan, McKinney & Co. organized seven new subsidiary companies to operate its mines.; ; ; ; ; ; ;
Despite the purchase or lease of nearly 40 iron mines and ore-bearing properties throughout the Midwest after 1894, many of these properties were not producing. By March 1900, Corrigan, McKinney & Co. was only operating three mines on the Mesabi, five on the Gogebic, and eight on the Menominee. Even so, by the end of the year, Corrigan, McKinney & Co. was one of the top three independent producers of iron ore, along with Cleveland Cliffs Iron and John D. Rockefeller's Lake Superior Mining Co. (U.S. Steel was far and away the largest producer of iron ore in the Great Lakes region.) It also left CM&C with the third most extensive iron ore holdings in Midwest; only U.S. Steel and the Rockefeller trust controlled more.; ; ; ; ; ; ; ;
From 1901 to 1908, Corrigan, McKinney & Co. purchased or leased five mines on the Menominee,; ; ; ; and four mines on the Mesabi.; ; ; ; It incorporated two new subsidiaries to operate them.; ; It sold or closed four mines on the Menominee,; ; two on the Mesabi,; ; and one mine each on the Gogebic and Marquette ranges. It also leased much land for exploration.; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ;
Corrigan, McKinney was the third-largest producer of iron ore in the United States in 1901, The Plain Dealer newspaper called Corrigan, McKinney's influence over the iron ore trade "enormous" in May 1902. With U.S. Steel using the output of its mines solely for its own benefit, CM&C set the price for iron ore sold by independent companies in the U.S., due to its large mines on the Gogebic, Menominee, and Mesabi ranges.; It retained that title through 1906. By the end of 1908, Corrigan, McKinney & Co. was still one of the top four independent iron ore producers in the world. (The others were Cleveland Cliffs, M.A. Hanna, and Pickands Mather.)
Gold and copper mining activities
Concheno gold mine, Mexico In April 1895, bankrupt Wisconsin mine owner Ferdinand Schlesinger was forced to sell most of his properties. He sold his El Concheno gold and silver mine in the Mexican state of Chihuahua to Corrigan, McKinney & Co. The new owner funded the construction of a railroad spur to the mine, and added crushers and a mill.
Corrigan, McKinney & Co. sold the mine in December 1906 for $1.25 ($ in dollars) to Greene Gold-Silver, a mining firm owned by William Cornell Greene.; ; ; Greene Gold-Silver defaulted on its payments in December 1908, and Corrigan, McKinney repossessed the property.; ; ; Corrigan, McKinney continued to operate the mine.
Ropes gold mine, Michigan In January 1903, Corrigan, McKinney & Co. purchased the long unworked Ropes Gold Mine at the west end of Deer Lake in Marquette County, Michigan.; ; ; The purchase price was $12,500 () for the mine, and $2,600 () for the plant and machinery.
Abandoned on the site was $25,000 () worth of machinery in good condition. The former owners had also abandoned amalgamating plates on which $30,000 to $50,000 in gold was found ( to ). The discarded mine tailings contained another $90,000 to $200,000 in () gold ( to ). The company finished extracting what it could from the Ropes mine in 1914, and sold the machinery and buildings.
San Rafael and Rio Tinto copper mines, Mexico In August 1907, Corrigan, McKinney & Co. purchased the San Rafael copper mine for $50,000 ().; In September 1908, it purchased the nearby Rio Tinto copper mine for $187,000 (). This property included a smelter. Both properties were located about north of Chihuahua City.
In December 1912, during the Yaqui Wars, members of the Yaqui First Peoples tribe attacked the San Rafael mine, but were repelled by cavalry of the Mexican Army.
1903 death of Stevenson Burke In the 1894 reorganization of Corrigan, McKinney & Co., James C. Corrigan owned 40% of the stock. Initially, Stevenson Burke owned 30%, and Price McKinney the remaining 30%.
Burke died in April 1904, and his stock was divided among his heirs: 13.75% went to his grandson, E. Stevenson Burke Jr.; 8.75% went to his granddaughter, Parthenia Burke Ross; and 7.5% went to his wife, Ella Burke. All three could vote and sell their shares.
Shipping fleet
Corrigan, McKinney & Co. began building its shipping fleet with the steel barge Polynesia, which launched in June 1897. Two others, then both the largest steel barges on the Great Lakes,; ; the Amazon and the Australia, followed. In 1899, Corrigan, McKinney rapidly expanded its shipping fleet, purchasing 17 more boats. It made the Corrigan, McKinney fleet one of the largest on the Great Lakes. Two more vessels were added in 1900,; ; bringing the firm's expenditure on shipping boats to $3 million () in building its fleet.
Corrigan, McKinney fleet lost three ships in 1900,; ; two in 1901, two in 1902,; two in 1903,; ; ; and two in 1904.; ; At the end of 1905, having sold two ships and losing two more,; ; Corrigan, McKinney & Co. decided to gradually wind down its shipping business.;
In 1906 and 1907, the company sold four more ships.; ; ; This left it with just its three original steel barges. Corrigan, McKinney & Co. sold these last three vessels in February 1915.; ;
Involvement in pig iron production