The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-02-07
NEW ORE FIELDS
ARE BEING OPENED
Properties of Duluth and Superior Iron
and Steel Company Are Pro-
ducing Fine Ore.

According to reports from the head
Of the lakes, the properties held by
the Duluth and Superior Iron and
Steel Company are showing every in
dicatiOn of being valuable finds"
This company owns 780 acres Of
land in three groups on the famous
Messaba iron range on the road of the
Great Northern, which passes through
the north end of one Of the properties,
and runs close to the others. The ore
is Bessemer, running very low in phos-
phorous and very high in manganese.
This ore is marketable at a higher
price than most any ore in the same
locality, on account Of the high per
cent of manganese, and is in great de-
mand on that account
On one of their properties they have
about 10000 tons of ore mined on the
stock pile, which will run at least SO
per cent, and they expect to ship at
least 10000 tons more, making 800, 600
tons of ore in all from this property
alone this year. They propose to run
q railroad right down on the bed after
the surface is stripped and use steam
shoVeIs, Which reduces the cost of mar
keting this ore to about rs cents per
ton. The estimated profit on this ore,
deducting all the expense of mining,
marketing and incidentals, will prob
ably net the company about $3.50 per
ton.
In order to take care of immediate
improvements and to provide funds for
Improvements and other workings
planned, the company is selling a limit
ed amount Of the stock at fifty cents
per share for short time
1t would seem from the standing Of
the gentlemen connected with the COM
pany as 1t officers and directors, and
the shrewdest of commercial sagacity
is sure to govern the destinies Of the
corporation, and the stock has been
finding a ready market.
A new feature Of the offerings of the
Duluth and Superior Iron and Steel
company is the protection of the in
weston by the issuance of a guaranty
gold bond, written by the Pacific I'm
derwriting and Trust company, which
insures the investor against the loss
OF his original capital. The Pacific
is credited by Bradstreet's with
resources running we'll into the
millions. The Northwestern office of
this company, located at 421 Andrus
building, Minneapolis, under the man
aSement of Mr.. VIM. P. Mason, is han
ding the stock offered Offices are
maintained in st. Paul at BIT Man
haitian building.
The officers of the Duluth and SUI
perior Iron and Steel company are all
men well known. Among them are:
Ex-senator w. E. Mason, Of Illinois /;
A. r. Merritt, of Duluth, one of the
prominent iron operators of the Mes
saba range, one of the discov-
erers Of the range, and also one
of the builders of the Messaba Range
railway. Mr.. Merritt is president OF
the company. In his report to the d.
rectors he makes a conservative esti-
mate of the profit per ton which will be
shipped this year at $1.25 per ton
which will net in dividends to the com
pany 100000, with the prospects OF
increasing this shipment next year
100000 tons.
Other undeveloped properties of the
company are showing up well under
tests ard will doubtless render sub
stantial returns under development.
1t would appear that with the safe
guards taken TO protect the investor
and the apparently bright future Of
the company, that the investment Of
ftered should appeal to the man look
ing for chance to turn over his
money.