The Virginia enterprise. [volume] (Virginia, St. Louis County, Minn.) 1893-19??, 1896-01-03
NEWS FROM THE IRON MINES.
IN, Esx1RG NOTES REEr1EE T0
-
our PRINCIPAL INDUSTRY.
Aeeaeo ond Other Iron RossQss.

DASSuoSAO0 VI Vuo p1lCo Va VIZ
for 1896, says the Iron Trade Re
view, is less active among seller.
of iron ore than among consum
ing interests. There has beer
not little guessing of late ir
some of the printed comment or
the situation, but it seems to be
forgotten in these attempts q,
forecasting that there are one o,
two questions that Immediately
overshadow that of price. The
attitude of leading interests or
the Mesabi range is one of these
1t can hardly be taken for grant
! ed, because of the Mesabi's grea,
capacity for Bessemer ore pro-
ductlon in 1896, that therefore
no agreement among Bessemer
ore producers will include that
range. The ability to produce
was great in the year just clos
ing. A year ago careful estl.
mates put the possibilities for
1895 shipments at 4, 500, 900 tons,
but the actual was about 81, $50,
600 tons less. A question more
to the point is what proportion
of the consumption of Lake Su.
rerior Bessemers in 1895 was
Mesabi Bessemer. If, say, z,
$50, 600 tons of Bessemer ore and
of ores going into Bessemer mix.
lures were shipped in 1895, and
the Mesabi contributed 2,000,.
600 tons of this Qeaving 10000
tons of its output non-Bessemer)
some criterion is afforded Of the
proportion the Mesabi will fur.
nish Of the Bessemer ores tha,
will be bought in 1896. Some
furnacemen are increasing their
use Of Mesabi ores; others will
take no more than :heir present
percentage. The action of pro-
ducers on the new range in refer,
ence to a price agree nent will
not be t rminated. therefore, so
much by their ability to produce
as BY their ability to SELL. See
ing that there is a limitation from
without on their output. it is
natural to assume that the Mes
abb companies will have a like
desire with those On other rang
es to get profit on the ore they
take out.
Fortynine thousand four hun
dred and seventy nine dollars
and sixteen cents is the amount
involved in a suit begun in dis.
trict court yesterday by the Oil
YER mining company against
Merrill Nj. Clark and the Amer.
can Exploration company. The
complaint alleges that the south
west quarter of the northwest
quarter of section 9, SO. II, known
as the property of the Oliver
Mining company, was originally
leased to Nat Moore and James
P. Foley by A. E. Humphreys
aud others; that late4' on Alfred
Merritt owned a Is I'D of the
property, and on January 8, '92,
leased the same to defendant
Clark; that Clark leased the
property to the Oliver Mining
company with the understanding
that the latter could exercise the
option of buying it within sixty
days at the agreed price of $40, .
479. 16; that on March /, 1895,
the plaintiff, the Oliuer Mining
company, exercised such option;
that on March II. 1895, Clark
gave a mortgage on the property
for $36, 302 80, and later on trans.
ferred his equity to the American
Exploration company. This ac'
ton is brought to compel the
defendant Clark to convey to the
Oliver Mining company his IS
I'D interest in the lands above
described in accordance with the
contract. The plaintiff demands
first, that the American Explor-
alton company convey the prop.
erty back to the defendant Clark
that Clark satisfy the $685. .302. 81
mortgage; and finally that after
certain deductions for liens hel<
by Alfred Merritt have beel
made, the defendant Clark dee.
over to the plaintiff the propert.
in question upon the tender o
the amount due. Billson, Cong
don & Dickinson are attorney
for plaintiff. News Tribune.
The managers of the Rope
gold mine, at 1shpeming, ar
jubl'ant over the recent develop
ments in the property. A vel
of quartz, thirty feet in width
has been encountered on the six
teenth level. The quartz assay
between 81 and 90 to the to,
Tho ,n;no rovor 1ooIo1 hotte