During the 1890s, as the local limonite industry declined and railroad transportation improved, Thomas Iron switched from using local ore to hematite from Michigan or overseas. However, they continued to use New Jersey magnetite. By 1891, the company's Richard Mine was the largest producer of ore in New Jersey. The declining importance of local ore also prompted Crane and Thomas to divest themselves of the Catasauqua and Fogelsville: 60% of the stock in the railroad was sold to the Reading in 1890, which leased it in 1893.