Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1882-11-21
VERMlLION ORE LEAD.
Company Organized at &c. Paul for its
DEVELOPMENT,

CHIcAGo, November 2O.-A dispatch from
st. Paul, Mimi, gives the following ac-
count of scheme for developing the iron
ore on Lake Superior:
Tie Minnesota Iron Company has just
been Organized in st. Paul, with $40, 900, 900
capital, for the development Of the YER.
million ore lead on the northwest shore Of
Lake Superior, and the Company contem-
plates building q railroad from the mines
TO Duluth, or some point on the lake, where
a good port may I've formed. The latter
scheme brings to the surface the contro-
versy concerning the land grant OF the
Dulu tn and Iron Range railroad. This
grant was given to the road with the usual
conditions of forfeiture, il not completed
in a certain time. A financial panic coming
on shortly after the inception Of the un-
dertaking paralyzed this project, but now,
the charteI having been acquired by men
of means and influence, it is the intention
to build the road from Duluth to the IRON
district of Minnesota, if the grant can be
retained. There are influences at work,
however, to deprive this road OF the beDe-
fits of this grant, claiming that the losses
of the Iron Range road have deprived
them of all such benefits. The Duluth and
Winnepeg road is
The Chief Mover
in this, its alleged game being to get posses
sion of the land grant. This same company
has already a grant of /, 100000 acres OF
swamp land worth, at the government
prize Of TSiSS = gsF gin acre. l$SG The land
of the Duluth and Iron Range Company's
going to Duluth, and OF stopping at Aga'e
bay, where water frontage and harbor iacll-
titles can be had. 1t is claimed by the
Iron Range Company that there has been
no forfeiture; that there can be none unul
the Legislature passes On act TO declare tne
conditions broken and withdraws the grant.
The company Just incorporated has among
its members Charlemagne Tower, OF Phila-
delphia, and Edward BretuDg,of Negaunee,
Mich. the latter an expert as well as q
capitalist, and who con tends that the ore IS
the very finest quality OF Bessemer steel
ore. The company contemplates building
its reduction works in connection with
steel rail and other mills in st. Paul
working Half Hime.
A Scranton dispatch says regarding the
iron and steel business:
The Bessemer steel works OF the Lacka-
wanna Iron and Coal Company in this CITY
which employ large number OF men, os-
gan working on half time yesterday owing
10 decrease in the demand for rails caused
by a shrinksge in the work OF railroad
building. The company had two years OF
unexampled prosperity, aRd the sudden
stoppage, being unexpected, caused quite
commotion among the worknen and the
merchants of the place. 1t is giYen, out
that there will be Stacking up OF all the
steel industries in the country, As the in
ducements to stock rails are not so great as
thew were one year ago. The railroad boom
is on the decline, and cautious mill owners
are not willing 10 take the risk in antici,
patipg orders in advance. 1t was rumored
here this afternoon that the mines would
at the offices of the principal companies
ELECTED that there was no authority for
such statement at present.