The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1906-10-19
He was already many times million

He was already many times a million
aire.
The Northern Pacific railway lands
mixed up in this deal, and going in
as from the Securities company,
formed to control those lands, after
the Northern Pacific bought the St.
Paul and Duluth road, extends fur
ther east, but are not Of particular
Importance, compared with other
tracts in this stupendOus deal Ever
since Mr.. Hill has had a share in con-
troll of the Northern Pacific road,
these lands have been held inviolate
from option or lease by any outside
interest, and doubtless at his dicta-
ton. He has forseen all the time the
overwhelming Importance OF an ag-
gregate of great tonnage held enbloc.
And IN this foresight has been his
opportunity and his success. 1t has
been known all the time, despite the
statements from New York, that
these Northern Pacific lands would
form part of the Chill deal. They
may be worth from S25, 1000, 900 to
SAC, 900, 900, as stated, but exploration
has been so slight and fragmentary
that no one has any warrant 70" esti-
mating their value. These were
swamp lands granted the predecessor
of the Duluth & Iron Range by the
state some 35 years ago. and selected
many years later.
A table published in New YORK,
and reprinted here few days ago,
claiming to give the various holdings
of ore on Lake Superior by the differ
ent steel making interests is so enron.
eous as to be unworthy the slightest
attention. The steel corporation is
much underestimate; Cambria Steel
company with 100000 tons, is also
below the mark, it has a good deal
more than that on the Mesaba alone.
w. P. Snyder is very much underesti-
mated at 100000 tons. He has
practically that amount in one Mes
aba mine, and controls several of
them. Twenty-Five million tons for
Corrigap, Mckinney & Co. may be
somewhere near right, though low;
Jones s. Laughlins have twice the
a 900, 900 tons credited them, and
this Oh the Mesaba range alone, while
they have mines on two Others. Rog-
ers, Brown & Co. are put in the TO-
600, 900 ton rank. They should be up
with Jones s. Laughlin. Cleveland
Cliffs Iron company at 50 900, 600 tons,
including their Marquette range hold
ings, is far too low. 1t may be 5O,OOO,-
900 tons is round figure for cOnserva-
tive estimates. They own half of the
Negaunee and Mass, and Ashland, all
the Princeton district. Pickands,
Mather & Co. at 20,0OO,OOO and the
Lackawanna Steel company $500, 1000
also long way under the mark. The
Lackawana holdings, including their
interests with P. M. & Co. and the
Cleveland Cliffs, should be well up to
what both firms are credited with in
the estimate referred to. Their half
interest in the Negaunee mine and in
Mass, their interests in several COM
panies with Pickands, Mather & Co.
and their state lease on the Scranton
property, in Minnesota, put them
many times above what they are cred
tied with.
The Pickands, Mather & Co. own
ership of mines is now very large, es-
pecially on the Menominee range,
where they have recently added ma
terially to their holdings. On the
eastern Mesaba too, they have been
busy acquiring mines and have large
tonnage there, near Hibbing and Ev-
eleth. The Republic Iron & Steel
company is credited with but 100000
tons: but 25,ooo,ooo to 100000
would be nearer. Cherry Valley Iron
company, at 5000. 900 and the La
Belle Iron company at 1000, 900 tons,
are similarly underestimated. In ad-
dition to these are numerous merch-
ant ore firms such as Oglebay, Norton
& Co., NJ. A. Hanna & Co., Ferdinand
Schlesinger, Joseph Sellwood, Laden
burg, Thalman & Co., and others,
whose gross tonnage is easily oo,ooo,-
tons.