St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-09-06
GORbLING IRON ORE.
The Rockefeller WetmoPe-
Merritt Syndicate
TAXES IK ABOUT EVERYTHING.
Nine-Tenths Of the BeSsemep
Ore in It's Nav.
n GREAT FLEET OF VESSELS
n GREAT FLEET OF VESSELS
One Of the Facilities Which
1t Will Control.
KaA1ALS IN A CEMETERY

DULUTH, Mimi, Sept. 5.-Today was
completed here the organization of the
Lake Superior Consolidated Iron Mines,
corporation which will have much the
same relation to the Bessemer iron ore
trade of America that the Standard Oil
company bears to the oil traffic. 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 than to own the ores. 1t will in
clude large mining facilities and ore
shipping railways from some of the
mines to this city and from others to
Ashland, Wis. 1t will control a great
fleet OF vessels on the lakes, with an
aggregate carrying capacity of $1,000
tons, and an Ore-recelving port and
railway from Lake Erie to the furnaces
OF Pennsylvania. Members of the syn
dlcate forming this huge deal are inter
ested in iron and steel manufacture,
both East and West, and in the new
company will be large interests in the
Spanish-American mines of Cuba, which
are now competing with American
mines and laying down
ORE ON THE SEABOARD
at a price to mset the Lake Supe-
riOr mines, even though the latter are
protected by 75-ceDt duty. The new
company has been in process of forma-
ton for several months. A heavy New
York syndicate was induced to advance
money to complete the railway from
Duluth to the MeSaba mines, and to
operate the mines themselves, Jonn d.
Rockefeller advancing S750,OO0 on the
bonds of the railway. Since then the
syndicate has been buying mines, and
this idea of giant combination has
been evolved. The consolidation is not
only like the Standard Oil company in
its control of the business in which it
takes an interest, but like it in the fact
that the men who engineered one ha We
made themselves the financial backbone
of the other. The New York members
consist of John d. Rockefeller and
some of his intimates, G. w. Wetmore
and c. l.. Colby, directors in the North
ern Pacific road; Colgate Hoyt, presi-
dent of the American Steel Barge COM
pany; ex- Secretary w. c. Whitney, E.
b. Bartlett, director OF the steel barge
company. and several others. and the
Duluth and consists of
THE FIVE MERRITT BROTHERS
and their associates. The COM
pany is to be managed by five
trustees, LeOnidas Merritt, Alfred Mer-
ritt and one other of Duluth, represent
ing one interest, and G. W. Wetmore
and F. L. Gates, the latter private Sec
retary to j. ID. Rockefeller, representing
the other. The head offices of the COM
pany will be i'll New York, with branches
at Cleveland aud Duluth, while all the
Individual companies entering the deal
will keep their separate existence and
headquarters i'll this city. Merritt was
elected president of the trust a few
days ago. The company is capitalized
at $30,000,000, all paid in. and the
Minnesota Iron company, which has
been giant among the iron mining cor
porationS, will be pigmy in compari-
son. The trust is organized by taking a
majority interest in the stocks of from
eleven to fourteen Mesaba ra nge mines,
on valuation OF SIG, ,00O,O 600, the Duluth,
MeSaba IL Northern railroad and its ore
docks in this city, the
LARGEST DOCKS IN THE WORLD.
at S2,OOO0Oy, and the Rockefeller In
terests in the Gogebic string of
mines in Michigan and Wisconsin, and
the same interest in the Spanish-Amer-
lean group of mines on the east coast of
Cuba. Other properties will also go in,
and the company will control tie A mer-
lean Steel Barge company fleet of
twenty-five whaleback steamers and
barges for the ore trade, and ore
receiving docks at Conneaut, O.,
and railroad facilities for getting
ore from these to Eastern furnaces.
The company has made an agreement
TO maintain standard of prices. These
prices will be such as will preclude the
possibility of competition by the deep
hard-ore mines of the older ranges.
Among the mines to be included in the
deal are the following: Mountain Iron
togo in Oil basis of 100000 Biwabik.
e2,250,000; Mesabe Mountain, 81, 750, 900;
Adams, $4,000, 900; Mckinley, 81, 900. 600;
Lake Superior, $3.50, 900; Shaw. Great
Northern, Great Western, $4,000, 600;
Lone Jack, S5,0O0,OO0, and several others
about S1,5O0,OOO. The company will
mine but little ore this year, but is pre-
pared to apportion at least 100000 tons
among the properties it will operate.
RESTLESS WOOL GROWERS