New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-07
BIG MINES CONSOLIDATED.
MANY MILLIONS OF CAPITAL INVOLVED.
rur pocxrrr1LrGs AMONG THOSE INTERESTED

,ur pocrrEr1LEEs AMONG THOSE INTERESTED
r,,xspoRT,TIoN TO BE CONTROLLED
A. details were finished yesterday for the
,,ion NJ the Lake Superior iron mihihs
a,,,es into one gigantic corporation lhese
s.as,s ,,ere settled late yesterday AFTERNOON ny
George w Murray the wel-knowh lawyer III W
,,,us Ruilding who represents the interests Vi i,
n Rockefeller and others OF the "''"'
co,n.rv who have taken "A large part III ''e
accumulation of the iron mining trust Eioi'' no
g, IL for some time by the men intercsVeu
q, the iron mines OF Lake Superior 10 coi"D'
under one head the business when they "eio ~
Iron mining has not been at all pron'apie 'oi
time owing 10 the cost OF running inc mn 10
,an,es the red Iction in the price of iron ore
and the sharp competition -,,t
About the first men whom the mine owners Se
l.. ,,or.st I'm this combination were the heads VI
che standard Oil Company. which ALREADY ia"
large interests in certain Lake superior
This company has for some time pee" NV -.
"a ~ the bu,lding of the whaleback boat WHICH
an carving iron and copper ore ana gram '
practically revolutionzed the lake-carryhg pu9,
&c This ia due TO the cheapness of constructor
~ the boats the amount OF freight when can "
"a rried and the small number of men required "
manage them This consolidation Is sara 10 i'P
sent one of the largest combinations Oh o"P'
this country. The capital stock OF the he" -
nanv is put at s3OooOOcO and behind 1t are n'iieS
q
18th q mn 600 900 more. The corporation 'dhc'
On the mines controlled by the Merritt brotherS III
the Messba range; the interests when inc i'
fellers hold in the Colby group OF n"'es ~ ~
Coyehic range in Wisconsin and Michigan ana inc
interests which the same people hod III 'ie %p
ish- American mines. on the east cons VI -.
or course the Cuban mines are of little account
comparatively. .,..
One of the men who has taken the most ac'lre
part in the consolidation is Leonidas Merritt ,i
came to this city three months ago - man
ARRANGEMENTS and said yesterday 'ha' "e 80
return TO Duluth either to-day or to-inoiio" WIN
all Of the papers organizing the new COMPANY
~ sa,a that the Headquarters of the new company
,,,ould no in this city, but the active operations
would be carried on in Duluth. 49,
..rho name of this new corporation, SAID MI
,,r,,, % .. renorter Yesterday. "is the Lake SUI
,arior Consolidated Mines Company, ana pans nave
hsen on foot for some time to bring TINS ABOUT
THE report that Colgate Hoyt and William & "ht-
80 arc heavily interested i'm the new company Is
false but the Rockefellers the Wetmores ana 'he
Merritts are. The trust. as II may be Called Is
orranized IN this way: We have secured mdJoil'H
of the stock in fourteen of the Mesaba range IRON
,oines at a valuation of sl7@0.ON; the pulu'h'
Nesaba and Northern Railroad ana It's ore uochS'
a. a valuation of e2CoocOo, and the Rockefeller
interests In the Colby group of mines in the Gose-
bic range Besides this the company secures con-
troll Of a feet of steel whaleback ore ooa'S' anu
ore receiving docks at Conneaut Ohio besides ran
road facilities for getting the ore TO the Eastern
furnaces at low rate II mas pe'ii "e''"eu ~
maintain a standard of rates. but this standaru
,s auch that il will prevent the deep. marlboro
mines OF the older range competing with us we
figure that the consolidation Will BRING ABOUT
such saving in management. freight rates e'',,
that we will make clear profit Of s. % ton on All
OF the ore mined by us. There is not aio'iie'
company in the world, those of Europe with
on
comnete with this company the new arrange
roent If we desired to do so. simply by lowering
the selling price it would be possible for TINS com
pany to shut up every other mine In the country
This We do not intend to do. but VIII Keep 'he
price of iron ore AT 81 % ton.
Among the trustees of the new company al
r. w we,mor. the well-known lawyer; Frank 7.
Gates and Mr. Merritt.