The Virginia enterprise. [volume] (Virginia, St. Louis County, Minn.) 1893-19??, 1902-02-14
six Deals Glo$ed.
Six Mining Properties Change
Hands at Du1uth Last
Friday and Saturday. .
$75o.ooo INVOLVED.

$75oooo INVOLVED.
Friday and Saturday were record
breaking days in the matter of iron
ore property clearances in Duluth.
Six properties were transferred, in
volving bonuses aggregating $780,
coo and 25,OOO,OOO tons of ore, and
maybe great deal more, for not
all of the properties have been
thoroughly explored. Friday and
Saturday have certainly been the
iron ore mems busy days, and if
they had their "busy day" cards
hung out it was no bluff. ).
All of the six properties involved
in the recent transactions are situ-
ated on the Mesaba range, and the
activity which has characterized
leases on that range for so long
continues unabated. Available iron
ore properties on the Meeaba are
becoming scarcer all the time, and
in the natural course of events there
must soon come time when there
will be no new properties outside
of the strong hands. The Eastern
Minnesota road, P. L. Kimberly and
the Youngstown Iron Sheet and
Tube company, of Youngstown, O.,
are the purchasers of the six leases
referred to in the opening para
graph. The Eastern has bought
two'o of them, the Youngstown con-
Germ three and Mr.. Kimberly and
associates one.
The Youngstown company has
purchased the lease of 60 acres in
11-57-2l, south of the Mahoning
mine, known as the "Jones" proper
ty. The parties interested in this
lease were J. T. and T. J. Jones,
Captain w. H. Cole. John G. Will
liams, OF Duluth, A. B. Coates and
DR.. Stuart Bates, of Virginia. In a
brief item in the News Tribune yes
terday it was stated that the area
of the tract was 80 acres. The
Youngstown concern has also &C;
quired leases to two. Of the Matt.
land properties. one in 32-57-20 and
the other in 5-57-17, the latter forty
situated a short distance south of
the Fayal mine, near Eveleth. The
leases to both properties were own
ed by Former State Senator Matt
land. of Negaunee. manager in the
Lake Superior region for the Re-
public Iron & Steel company.
The properties acquired by the
Eastern Minnesta are situated in r.
57-2l, one in the northeast quarter
of the northeast quarter, and the
other described as the north half of
the northwest quarter of that Sec
ton. Among those interested in
these two leases were ]. L. Wash:
burn, Captain W. H. Cole and N. H:
Alworth.
The amount of the bonus in each
of the deals could not be ascertain:
ed yesterday, but it is learned that
they aggregate $5O0,O00, and that
the extent of the ore proved up on
them is about 100000 tons. The
two Eastern Minnesota leases
brought $225,O00. 1t is claimed that
the Eastern Minnesota now controls
land of known or prospective iron
ore value to the extent of more than
100000 acres. AZ is we'll known the
railroad company is intrenching
itself against the future for the
transportation of iron ore. The
company wants to be in a position
to control the movement of ore,
since the United States Steel COZ.
pOrati0n now controls both of the
other ore roads aud the product OF
many mines. .
The sixth deal reported yesterday
was one that has been on the tapis
for several weeks. 1t is the lease ia
12-57-21 controlled by Messrs. Hale,
Morrow, Palmer, Michaud and viii:
liams of Duluth. A very large de:
post of ore has been discovered on
this land, and in one place the drill
has shown a depth of 400 feet in the
merchantable commodity. It ie
said that the lease was Yesterday
transferred to p. L. Kimberly
of Sharon, Pa, man who has made
much money in Mesaba properties
during the past two years. The
bonus in this case is said to have
been $250,0O0, and the ore deposit
while not definitely known. is sup.
posed to be upward of 1OOOO!OOO
tons. J.. p. Morrow has been in the
east for several days on business
relating to the closing of the deal
-News-Tribune.
ORE HAl.h&