The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-11-10
EXCITE COMMENT.
A Recent Action of the Duluth &
Iron Range Starts the
Talk.

/
TO increase its capital stock from
three millionto ten million dollars,
has caused considerable comment, in
this city and in fact all along the line
The Duluth News Tribune in
Mondays edition contained the
following:
at is believed by number of Du-
luth men that have been watching
the course Of events in railroad and
mining circles that the Iron Range
Company has in view plans for enter
ing the Rainy River country another
year. The road from Port Arthur
that is now pointing down through
the gold country to the north will
come well down toward the boundary
line Of this state. 1t was announced
several weeks ago that there was
every assurance of substantial assist
ance to any road that would build
from Ely northward to connect with
the road from Port Arthur and that
application would be made the coming
winter 10 congress for such assistance.
Ely is the most northern point on the
Iron Range and the natural point
for a road from the Rainy river
country to make connections,
ga man in close touch with many
of tho proposed plans for railroad
from Duluth to the gold country says
there is not the slightest doubt the
Iron Range is seriously considering
| the idea of tapping that country. He
says that the application of the
company for permission to increase
its capital, signifis that the plans are
already formulating. 1t is not
supposed, however, that the proposit-
ion to increase the capital of the
company of 81, 200, 900 is based entirely
on the plan of extending the line. 1t
is is supposed that it also indicates
that there will be more important
developments in connection with the
Minnesota Iron company, the stock
holders of which own the Iron Range
road.
| at is learned wi tn much defnitness
| that it is not altogether improbable
that the Minnesota Iron company
may gain control OF the Pioneer iron
mine at Ely, Of which property Mr.,
Carnegie is also in pursuit. Since the
| negotiations between Mr.. Carnegie
and the lessees have been In progress,
! it has been ascertained that one of
the fee owners as the representative
| of the other fee owners as well as
himself has been in consultation with
the Iron Range and Minnesota iron
| interests with reference to the
property.
"The fee owners it is vel known,
have been the obstacles lthus far to
Carnegie procuring terms that were
satisfactory and it is known that
they have either gone to the Mime
sofa people or were invited to come
with relation to having the property
pass in the control Of the interests
among which it is located. Whether
this action was taken to assist in
bringing Carnegie to terms is not
known, but it is known that the
Minnesota Iron company, or at least
one of its chief representatives,
believes that the Carnegie offer was a
most liberal zone. He says that
another mine as good in all respects as
the Pioneer might some day be
discovered on the Vermilion .or some
other range where it would be easily
accessible, and then the Pioneer
under the circumstances would be
dear property, 1t was intimated
that in the event another mine of
equal producing power and of an
equal quality of ore should not be
discovered within considerable
period the price was not eXorbitant.
"a man that is in touch with affairs
in connection with the Minnesota
and Iron Range plans is of the
opinion that the Pioneer property
will change hands but that it by no
means certain that Carnegie will get
it. As matter Of fact, based on
very reliable information, the Mimi
esota Iron company will prevent
Carnegie from getting the Pioneer
providing the latter does not bid so
! high for it that the iron cOmpany
cannot feel justified In making more
/ liberal offer.
1T is also rumOred that the Missabe
| road is contemplating constructing
a branch road to Ely. If Carnegie Sc
cures control of the Pioneer property