The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1906-03-09
More Property to Be Secured By the
Combine Later On.
DEPOSITS OF 3O0,O00,0O0 TONS
They Are Richest in the Messaba
Range and Are Worth
Mint Of Money.

Pitsburg, March THE sale of the
to the steel trnst Is cn!y part of stu
pcndous deal by which the billion-dol-
lar trust will accomplish another bill
lion dollar transaction.
The United States steel corporation is
arranging to take over the largest. steeI
and iron interests in the country, ii deal
which will invoice $l,242. 3l3.l0O, and
prove to be as gigantic a merger as was
that which gave the corporation its in
ception.
The plan as outlined readily explains
why the Republic lron-La Bele-Tennes-
see Coal & Iron deal has not been per
mitted TO reach full elimination, and
WHY the Great Northern ore deal has
not yet been officially announced as
completed.
John W. Gates, in his plans for the alb
sorption of the Republic Tennessee La
Belle and Sloss- Sheffield companies, IS
acting for no other interest than the
United States Steel corporation.
The fact that John \. Topping saw
fit to resign the presidency of the Am
crican Sheet & Tin Plate company, one
of the most important of the United
States Steel corporation properties, to
assume the presidency of the Republic
2 Iron &, Steel company, after tohn-- w.
Gates secured control of it, lends further
color of accuracy to the prevailing re-
port.
Appraisers are now at work on the
small and large Independent steel and TIN
plate companies throughout the country
many of which are to be taken into this
gigantic merger
The Great Northern ore lands on the
Mesaba range. better known as the }
J. Hill properties, represent ore depos'
IFS of 300 900 900 tons. The terms OF. the
pending deal provide that the United
States Steel corporation will pay ~
cents a ton for the ore mined, and 81
cents ton for carrying the ore to Du-
utb. Five cents a ton is to be added
each wear until the mining price reaches
81 ton. Another stipulation is that TO-
OOO 600 tons be mined annually.
In this same range, and adjoining the
Great Northern properties. lies body
of the richest ore in the district. estl-
mated at 5O.OOO,OO0 tons, recently ac-
q1ired by w. p. Snyder from the Oliver
interests, together with Other holdings
These included four blast furnaces at
Sharpsyille, Pa; the Shcnaiigo Steam
ship properties on the lakes, new 10
OOO-ton freighter, and some important
Connellsvlle coal lands.
Shortly after acquiring these proper
ties Snyder merged them into a hold
ing company, known as the Shcnango
Furnace company, with capital OF So
600 600. Within the last few days d
bond issue of 81 100000 has been offered
bv the new company through the Union
Trust company of Pittsburg, and Is be
mo acquired by parties whose identit!
is not revealed at this time
While the Enyder interests are among
the largest in the iron market, they are
nevertheless, dependent in great meas
IRE upon the ore absorption OF the Unit
ed States Steel corporation. The merg
ing of these newly acquired properties
in holding company and the new bono
issue are taken to indicate the favora
bic means by which the Steel corpora
ton can take over the properties.
The Colorado Fuel & Iron company
Tennessee Coal & Iron company ant
Republic Iron & Steel company, now II
control of John W. Gates, are to pas.
over to principal interest at the proper
time. The La Belle stock is being
quietly taken over at the rate of -
for 81, notwithstanding the expiration
of the recent option, and it is said that
a majority of the Sloss-S Sheffield com
pany stock also has been acquired.
A party of important steel officials
will leave for the west within the nexi
forty eight hours to inspect number o
the more important steel, iron and til
plate properties, upon which the ap
praisers have been at work. The whole
merger and absorption will not tak'
place until July |, as some delays are be