The Virginia enterprise. [volume] (Virginia, St. Louis County, Minn.) 1893-19??, 1895-12-13
NEWS FROM THE IRON MINES.
INTERESTING NOTES RELATIyE TO
OUR PRINCIPAL INDUSTRY.
MesQb0 and Other IRON Raa1es.

| Mesaba and Other IRON Raases.
Officials of the Clevelands-
Cliffs and Lake Angeline mining
companies no longer seek to GOV
er up their connection with the
new Lake Superior & Ishpeming
Railway company, which has be.
gun the construction of a railway
from Ishpeming to a point on
Lake Superior just above Mar.
quette. The mining companies
are the principal purchasers of
the bonds of the railway com.
pany. They expect to furnish
business to the extent of 8,OOO,-
1000 to 10000, 600 tons of ore to
the new railway. This will be
mainly from the mines of the
Cleveland Cliffs, Lake Angeline
and Lake Superior companies.
The railway, which will have
about fifteen miles of main line,
touching Lake Superior at Pres
que Isle, just above Marquette,
will be finished about the middle
of June next. AS heretofore
stated in these colums, Winston
Bros. have the contract for con-
structing the line.
Relative to prices of iron ore,
the Iron Trade Review, the
furnaceman's sheet, says: The
q1estion of ore prices is still |
sealed; but there is no indication
that the mining companies will
/ make any departure from the
position established early IN the
present year, that as the last in
line they are prepared to resist
decentralization in the market and
to ensure a price that will be
fair to furnacemcn and give a !
fair return to all the interests
! depending directly or indirectly
on iron mining.
Late dealings in stock of the
Republic Iron Co. are Indicative
Of the great change that has
come over the iron market since
the panic. Another dividend OF |
81 a share has been declared by |
this company. It is payable on
the 10th inst. This makes s. a
share IN dividends from the Re-
public during the calendar year
1895. but only 50 within the
company's year. Investors who
bought this stock a year ago as
low as IS. so have realized S. a !
share in dividends and still find |
their stock worth about $13 a D.!
share.
The Iron Trade Review,
which assumes to be authority
on mines and mining matters,
states that the con tract for
stripping 100000 cubic yards at
the Sheridan has been let to
Winston Bros. & Co. This is
| doubtless surprising news to the
Winstons, as well as to the Oil
yer people, for whom the work
is to be done.
Receivers Rand and Merris, of
the Penokee & Gogebic Consol- !!
idated Mining Co., have re-
ceived an order from the United
States Circuit Court authorizing
the operation of the company's
property and to mite not to ex-
ceed $50, 200 tons. The amount
mined will come from the Ti]den.
John D. Rockefeller has order.
ed feet of eight new steamers
and the Minnesota Iron company
has ordered two big new barges,
for their ore carrying trade. It
is said Rockefeller will make his
order two more this winter. He
says he expects generally pros
porous conditions for some time
now and that this is a good time
to invest in vessel property. The
two barges for the Minnesota
will be built at the Calumet yard
where the Minnesota company
has already two barges under
construction which these are to
duplicate. They are each 352
feet long, A beam, 26 deep, built
of steel and reinforced with all
the solid finish that characterizes
the Minnesota company's fleet.
One of the Rockefeller ships is
to be built at the same yard. She
is to he 400 feet long, 48 beam
and % feet deep, about the same
} dimensions and pattern as the
Victory and Zenith City. which
came from the same yard. Work
Is to begin at once and the boats