The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1892-10-20
4 SITE FOR STBEL-MILLS.
A Large Enterprise to Come
% This City.
SUPPLIES FOR COAST TRADE
W. II. Watson OF Portland Will Erect q
Rolling Mill to Work Up the Product
Of His Mine.

w. II. Watson, a leading capitalist OF the
Northwest. has been visiting this city Oh
mission that portends great results.
lie Intends to erect an extensive stee
rolling-plant here of sufficient capacity tc
supply the entire trade Of the Pacific Coast
Mr.. Watson is member OF the firm Of
Smith Bros. g. Watson of Portland. and
also director in Ladd's Bank of that city.
besides being more or less prominent in
most OF other financial and mining enter
prlses in the Northwest.
For the past two or three years he has
peen patiently endeayoring to gain posses
sion of bed of magnetic iron ore on the
west coast of Mexico. There have been SO
many adverse claimants to the property
coveted by Mr.. Watson that he gave up all
nope OF ever getting possession OF it.
low months ago, however, he went to
mat country, and was so successful in set
tiing the adverse claimants and other titles
that lie was enabled 10 purchase the claim
entire
The ore taken from this deposit has been
FOUND to possess the best of steel-making
qualities.
Its merits have been tried both In the
East and in Europe, and when converted
INTO steel 1T possesses the Intrinsic merits OF
the DalZel article.
In its resemblance TO the latter make of
sleel IL VIII be highly priced for Dolier-
making and shipbuilding.
when in this city Mr.. Watson was 1nbl-
iant over his acquisition. which he believes
Will put this coast in a position to supply
the home manufactured article 70 Eastern
centers and compete with the imported
metal.
The deposit, Mr.. Watson claims. is mex
haustibe and will warrant the building OF
an extensive plant to work it.
Nhlle IN this city, and upon his return
from Mexico. few days ago, Mr. Watson
e0nhded to a leading importing house that
he would select this city as site for his
operations.
de stated that IL was his intention to ship
the steel blooms 0 manufactured from the
ore In Mexico to this city to be converted
into sheets and other forms required by the
trade.
lie IS multi millionaire himself and has
command Of ample funds to aid him In the
completion of his great enterprise.
In reply to question as to whether he
would require the assistance OF capital here,
Mr.. Watson stated that all the funds neces-
sary to carry the work through were already
placed at his disposal
Frederick A. Gibbs of the firm of George
w. Gibbs 81 Co., iron and steel dealers, said
yesterday that Mr.. Watson's enterprise
would result In great benefit TO the city.
CtOci 10 uSulpiuk
once held by iron," he remarked. I'VE no
longer hear OF iron boilers or ships. 1t is
all steel. and the reason for this is that steel
Is as cheap as iron. Under recent processes
steel has dropped from ten cents pound,
what 1t was four or five years ago, to four
cents.
I'VE get our best steel from Scotland. 1t
Is known to the trade as DalzePs. IL Mr..
Nats0n's Mexican deposit can produce an
article as good as That, why there's no two
ways about il but that San Francisco will
lead in all manufactures employing steel.
They have been several fine deposits OF
iron ore found in this State, but the trouble
has been that they were only pockets. In
the CLIPPER Gap mines this house alone In
vested 100000 and the only return was
about 1000 tons of pig iron and the mine
gave out.
II know Mr. Watson. He is a cool, cal
culating man who is not carried away with
delusions, and If he has bed of iron ore
that is unexcelled fer steel purposes he
knows what be is talking about. He has
been connected too long with the iron in
terests to be deceived.