The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1893-09-13
A GIGANTIC ORE DEAL.
The Lake Superior Mines Consolidated on
der a Trust-The Syndicate Capitaiize
a On mn O00.


Tho Lake Superior Mines Consolidated un,
dor n Trust-The Syndicate CapitaiiAou
for e3O,O00,o00.
DULUTH, Mimi. Sept. 6.-Yesterday
completed here the organization Oh the
Lake Superior consolidated iron mines
a corporation which will have much
the same relation to the Bessemer iron
ore trade of America that the Standard
Oil Company has to the trade. 1t Will
control fully nine-tenths OF the pro-
ductive mining capacity for Bessemer
ores of the United States and the other
tenth Is harder and more expensive TO
mine the ores. II will include larger
mining facilit ties and ore shippers rail-
wavs from some OF the mines to TINS
city. and from others to Ashland, WIS
1t will control great feet OF vessels
on the lakes with an aggregate carry
inc capacity Of 6O1, 900 tons, an ore re-
ceiyinr port and railway from Lake
Erie to the furnaces Of Pennsylvania
Members Of the syndicate forming
this huge deal are heavily interested In
iron and steel manufacture, both east
and west and In the new company VIII
he large interests in the Spanish-Amer,-
ican mines Of Cuba, which are now
competing with American mines ana
layinp down ore on the seaboard AT
prices to meet the Lake Superior mines,
even though the latter are protected
by 75-cent duty.
The new company has been In pro-
cess OF formation for several months
A heavy New York syndicate was IN
duced to advance money to complete
the line from Duluth to the Mesapa
, mines and TO operate the mines them
selves.
John d. Rockefeller advanced $3.50,
, 900 on the bonds Of the railway. Since
: then the syndicate has been buying
: mines and this idea Of the gigantic
l combine has evolved. The consolida
4 ton is not only like the Standard VI
| Company in its control Of the business
a rs II takes an interest, but like 1t II
Q the fact that the men who engineered
the deal have make themselves TIT
= financial backbone of the other. Th
Q eastern end consists Of John d. Rookie
l. Teller and some of his intimates, c. W
Wetmore and GIL. Colby, directors II
d the Northern Pacific railroadx olgat
Q Hessa. presi dent Of the Ameribda Stse
O Barge Company; ex-Secretary ".
r, Whitney, a. b. Bartlett, director ot th
,e Steel Barge Company, and several OIL
N err. The Duluth end consists OF tn
/ FIVE Merritt brothers and their assoc
81 ates. The company is to be manage
)" by FIVE trustees.
The company Is capitalized at sSC
900, 900, all paid in, and the Minneso'
q. Iron Company, which has been u
on giant among the iron mining corpor
lions, will be pigmy in compariso
lr- The trust is organized by takingov
nd majority interested in the stocks
ce from eleven 70 fourteen Mesaba ram
In mines, ON valuation basis OF sl7,oO
ss, 900, the Duluth. 'Mesaba & Northe
a road aad ies ore decks at this city I
mt largest decks In the world, at 2,Oo
Up 600, and the Rockefeller interests
the Colby group Of the Gogebis ra2
we mines and the same interests fht
pa. spalish-Am@ioap group Of minos
red Cuba. Other properties will go in q
-hc the company will alss CONTROL
nd American steel barge feet Of TWEEN
lad Ave whaleback steamships and bari
en- for the ore trade and ore receivi
raj docks at Conneaut, o. The compa
ce, has made an agreement to maintain
ion standard of prices. These prices v
ir- be such as will preclude the possieil
Of competition by the deep hard
re- mines OF the older regions.