The Minneapolis journal., 1903-04-10
MINNESOTA
MESABA Mine SALES
Outside Independent Iron Making
+, Concerns and Ore Sellers Make
Some Investments.
Bonuses Feature Of the Dealing
!, The Jones & Laughlins'
Sale May Fail.
Special to The Journal.

-
Duluth, Mimi, April 10.-Sales Of Me-
saba mines have taken place this week to
outside independent iron making concerns
and to ore sellers and agents at Cleveland.
The Pitt Iron Mining company, acting for
the La Belle Iron Works, Of Ohio, has
bought a body of ore in 4-5S-15 paying
$4,000 cash and 35c lease. The ore
runs under so per cent and is non-besse-
mer. The property has not been fully eN-
plored and may contain twice the 2,OO0,-
900 tons now shown up by the sellers.
M. A. Hanna & Co. have bought tract
near Ilibbing for which they pay sac, O0o
cash and S5c a ton, at the rate OF l00,Oon
tons year. This ore runs lower than the
Pitt purchase. and averages less than any
sale yet made on the range, considering
the price. They are to pay on all ore
found on the land, to the end OF mining
operations. The land is owned originally
by the state school funds. and these funds
will get 25c a ton on all mined therein.
i The Great Northern road has been ex-
, ploring for some months on the old Me-
! saba Chief mine, est Of Hibbing, and mas
finally closed a purchase at $4,000 bonus
above the CSC state royalty this also be-
ing%a state school tract. The ore IS very
low grade and will not be mined for some
years, but there is heavy tonnage IN
sight.
Big Bonuses.
These bonuses are DelnS pau ny OulSluo
companies which need ore, either for re-
duction in their own furnaces or for sale
on the market. Compared with the costs
at which the United States Steel Corpora
ton gets it's ore, grade for grade, the
present buyers are sadly handicapped.
But they did not appreciate the situation
as to supplies Of reserve ore as soon as the
big company did. and therefore they are
raying their prices. The big corporation
has just taken step quite the reverse Of
those of others. 1t has decided to aban-
din all explorations and options on which
there is a bonus consideration above the
royalty. unless there is ore shown In
quantity or some good reason for holding
the lands.
W. P, Snyder & Co., of Pittsburg. have
taken forty acres on the west side OF
section 15-5S-19 where much ore, but OF
rather low grade, has been shown by drill
explorations 1t is directly east OF the
Woodbridge mine and north Of the KOS
merl, both OF which are likely to be
opened another year. Ownership OF the
Kosmerl has been in the courts for sew
eral years.
Over Million In New Docks.
More than $1,O0o,00o is invested in ore
shipping docks that have been built the
mast few months and that go into com
mission about May !. These new docks
represent 100000 tons additional storage
capacity, or about 3,o00.000 tons annua
shipping capacity. One Of these docks Is
at Duluth, one at Ashland, one at Esca'
naba.
.,. There are invested in ore docks on upper
lake shipping ports more than $4,000.
900, and they have combined
shipping capacity Of at least 4o.OoO,O0t
gross tons of ore. OF these 55 per cen
Of storage capacity and so per cent o
shipping capacity are at Duluth and sub
ports, designed for shipping exclusivel!
from Minnesota mines.
Steps are under consideration looking t
the unwatering and reopening of the oil
Nanaimo mine, idle and full Of water TO
ten years. It Is at Iron Mountain, Mich
and is said to contain good non-besseme
ore.
The Oliver Snyder company will ope
its Webb mine near Hibbing this veal
and is preparing for shaft sinking there
, on. The mine contains a large ore bod
at some depth below toconite.
The Cleveland Cliffs Iron company
sinking large shaft at it's new Austi
mine, in the Swanzey district. Marquett
range. The shaft is in sand and muc
trouble is being had to get it down.