GREAT NORTHERN IRON ORE PROPERTIES
SC 13D, 1994-10-27
MINERAL ROYALTY TRADERS
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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13D


                   Under the Securities Exchange Act of 1934
                           (Amendment No.    5    )*
                                         ---------

                      Great Northern Iron Ore Properties              
       ----------------------------------------------------------------
                              (Name of Issuer)

                      Certificates of Beneficial Interest                     
       ----------------------------------------------------------------
                         (Title of Class of Securities)

                                   391064102          
       ----------------------------------------------------------------
                                 (CUSIP Number)

Thompson, Hine and Flory, 1100 National City Bank Building
Cleveland, Ohio 44114, Attention:  Gregory A. Smith, Esq. (216) 566-5653    
- ------------------------------------------------------------------------
  (Name, Address and Telephone Number of Person Authorized to Receive 
                   Notices and Communications)

                                  October 27,1994        
       ----------------------------------------------------------------
            (Date of Event which Requires Filing of this Statement)


If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].

Check the following box if a fee is being paid with the statement [ ].  (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)

Note: Six copies of this statement, including all exhibits, should be filed
with the Commission.  See Rule 13d-1(a) for other parties to whom copies are to
be sent.

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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<TABLE>
                                  SCHEDULE 13D

CUSIP   391064102  
      -------------

<S>      <C>     <C>       
                        
- -----------------------------------------------------------------------------
/X/      1       NAME OF REPORTING PERSON
                 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
                          Oglebay Norton Company
- -----------------------------------------------------------------------------
/ /      2       CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP      (a) [ ]    
                                                                   (b) [ ]    
- -----------------------------------------------------------------------------
/ /      3       SEC USE ONLY

- -----------------------------------------------------------------------------
/ /      4       SOURCE OF FUNDS

- -----------------------------------------------------------------------------
/ /      5       CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                 PURSUANT TO ITEMS 2(d) or 2(e)                         [ ] 

- -----------------------------------------------------------------------------
/X/      6       CITIZENSHIP OR PLACE OF ORGANIZATION
                          Delaware

- -----------------------------------------------------------------------------
/X/      NUMBER OF         7      SOLE VOTING POWER
         SHARES                       None                 
                          ---------------------------------------------------
         BENEFICIALLY
/X/      OWNED BY          8      SHARED VOTING POWER              
         EACH                         None                 
                          ---------------------------------------------------
/X/      REPORTING         9      SOLE DISPOSITIVE POWER
         PERSON                       144,100     
         WITH             ---------------------------------------------------
/X/                       10      SHARED DISPOSITIVE POWER
                                      None           
- -----------------------------------------------------------------------------
/X/      11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                     144,100            
- -----------------------------------------------------------------------------
/ /      12      CHECK THE BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES 
                 CERTAIN SHARES                                         [ ]  

- -----------------------------------------------------------------------------
/X/      13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
                        9.61%
                                                                             
- -----------------------------------------------------------------------------
/X/      14      TYPE OF REPORTING PERSON
                          Co.

</TABLE>
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                          This Amendment No. 5 amends the Schedule 13D (the
"original Schedule 13D"), as amended by Amendment No. 1, Amendment No. 2,
Amendment No. 3, and Amendment No. 4 thereto, each filed with the Securities
and Exchange Commission by Oglebay Norton Company, a Delaware corporation
("Oglebay Norton") in respect of its ownership of the shares of beneficial
trust interest (the "Certificates") of Great Northern Iron Ore Properties (the
"Trust").  Items and sections of the original Schedule 13D and the amendments
thereto not changed by this Amendment No. 5 have been omitted.

Item 2.  Identity and Background.
- ------   -----------------------

                          This Amendment No. 5 is filed on behalf of Oglebay
Norton Company ("Oglebay Norton").  Oglebay Norton is a Delaware corporation
with its principal executive offices at 1100 Superior Avenue, Cleveland, Ohio
44114.  Oglebay Norton is a Cleveland-based raw materials and Great Lakes
marine transportation company serving the steel, ceramic, chemical, and oil and
gas well service industries with iron ore and other minerals and supplying
manufactured products used in hot metal processing.

                          Filed as Appendix I to this Amendment No. 5 is a list
of the executive officers and directors of Oglebay Norton, containing the
following information with respect to each of them:  (a) name, (b) business
address, and (c) present principal occupation or employment, and the name and,
if different than such person's business address, the address of any
corporation or other organization in which such employment is conducted.  Each
person listed in Appendix I is a United States citizen.

                          During the past five years, neither Oglebay Norton,
nor, to the best of Oglebay Norton's knowledge, any person named in Appendix I
(a) has been convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors) or (b) has been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction and as a result of
such proceeding was or is made subject to a judgment, decree, or final order
enjoining future violations of, or prohibiting or mandating activities subject
to, federal or state securities laws or finding any violation with respect to
such laws.

                        *              *              *
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Item 5.  Interest in Securities of the Issuer.
- ------   ------------------------------------
                          Oglebay Norton beneficially owns 144,100 
Certificates, which as of 10/27/94 represented 9.61% of the aggregate
number outstanding Certificates of the Trust. Filed as Appendix II to this
Amendment No. 5 is a list of the persons who hold a beneficial interest in the
Certificates of the Trust owned by Oglebay Norton.

                          Filed as Appendix III to this Amendment No. 5 is list
of the transactions in the Certificates by Oglebay Norton that were effected
during the past 60 days or since the most recent filing by Oglebay Norton on
Schedule 13D in respect of the Certificates, which is less.

                          To the best of Oglebay Norton's knowledge, no other
person has the right to receive or the power to direct the receipt of dividends
from or the proceeds from the sale of, the Certificates.

                        *              *              *

                        [Following page is the signature page]
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                                   Signature
                                   ---------

         After reasonable inquiry and to the best of the undersigned's
knowledge and belief, the undersigned certifies that the information set forth
in this statement is true, complete and correct.


Dated:  October 27, 1994          OGLEBAY NORTON COMPANY
        ----------------

                                  By: /s/ Richard J. Kessler
                                      ------------------------
                                      Vice President-Finance
                                         and Development
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                                   APPENDIX I



                            INFORMATION RELATING TO
                        EXECUTIVE OFFICERS AND DIRECTORS
                           OF OGLEBAY NORTON COMPANY




                                    OFFICERS
                                    --------

         The following is a list of the executive officers and directors of
Oglebay Norton Company as of the date of this Amendment No. 5.  The business
address for each of the executive officers is Oglebay Norton Company, 1100
Superior Avenue, Cleveland, Ohio 44114-2598.




<TABLE>
<CAPTION>
     Name                               Title
     ----                               -----
<S>                       <C>

R. T. Green, Jr.          Chairman, President and Chief Executive
                          Officer and Director

T. J. Croyle              Vice President-Refractories and Minerals

E. G. Jaicks              Vice President-Marketing

R. J. Kessler             Vice President-Finance and
                          Development

H. W. Ruf                 Vice President-Administrative and
                          Legal Affairs

J. L. Selis               Vice President-Iron Ore

S. H. Theis               Vice President-Marine Transportation

</TABLE>

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<TABLE>

                                   DIRECTORS
                                   ---------


<CAPTION>
   Name              Business Address             Occupation
   ----              ----------------             ----------
<S>                <C>                        <C>
B. D. Baird        1350 One M&T Plaza          Private Investor
                   Buffalo, New York 14203

M. E. Bank         Thompson, Hine and Flory    Attorney, Partner
                   1100 National City Bank     Thompson, Hine and Flory
                     Building
                   Cleveland, Ohio 44114-3070

W. G. Bares        The Lubrizol Corporation    President and Chief Operat-
                   29400 Lakeland Boulevard    ing Officer, The Lubrizol
                   Wickliffe, Ohio 44092-2298  Corporation

A. C. Bersticker   Ferro Corporation           President and Chief Execu-
                   1000 Lakeside Avenue        tive Officer, Ferro Corpora-
                   Cleveland, Ohio 44114       tion

J. J. Dwyer        Oglebay Norton Company      Retired, Attorney, Partner,
                   1100 Superior Avenue        Thompson, Hine and Flory;
                   Cleveland, Ohio 44114-2598  Retired, Vice Chairman of
                                               the Board of Directors and
                                               President of the Company

R. T. Green, Jr.   Oglebay Norton Company      Chairman, President and
                   1100 Superior Avenue        Chief Executive Officer
                   Cleveland, Ohio 44114-2598  and Director of the Company

R. D. Ketchum      RDK Capital, Inc.           President and Chief Execu-
                   100 Corporate Circle        tive Officer, RDK Capital,
                   30050 Chagrin Boulevard     Inc.
                   Pepper Pike, Ohio 44124

H. S. Richey       Richey Coal Company         Retired, President, Richey
                   P. O. Box 1010              Coal Company
                   Hot Springs, Virginia 24445

R. D. Thompson     Oglebay Norton Company      Vice Chairman of the Board
                   1100 Superior Avenue        of Directors of the Company
                   Cleveland, Ohio 44114-2598

J. D. Weil         Clayton Management Co.      President, Clayton Manage-
                   509 Olive St., Suite 705    ment Co.
                   St. Louis, Missouri 63101

F. R. White, Jr.   Oglebay Norton Company      Vice Chairman Emeritus of
                   1100 Superior Avenue        the Board of Directors of
                   Cleveland, Ohio 44114-2598  the Company
</TABLE>
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<TABLE>


                                  APPENDIX II



                    BENEFICIAL INTERESTS IN THE CERTIFICATES




<CAPTION>
  Number of Certificates
Name, Address and Position                          Beneficially Owned
- --------------------------                          ------------------
<S>                            <C>



                                None

</TABLE>

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<TABLE>

                                  APPENDIX III



                        TRANSACTIONS IN THE CERTIFICATES
               SINCE (INSERT DATE 60 DAYS PRECEDING DATE OF THIS
              AMENDMENT OR LAST SCHEDULE 13D OR AMENDMENT FILING)





<CAPTION>
                     Number of    Purchase/    Price Per       Type of
      Date         Certificates      Sale        Share       Transaction
      ----         ------------   ---------    ---------     -----------
<S>                    <C>          <C>        <C>         <C>
July 22, 1994          5000         Sale         $41.00      Open Market

August 26, 1994         900         Sale         $45.00      Open Market

September 1, 1994      3100         Sale         $45.00      Open Market

September 8, 1994      5000         Sale         $47.00      Open Market

September 12, 1994     2000         Sale         $48.50      Open Market
</TABLE>


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