The Barre daily times. (Barre, Vt.) 1897-1959, 1906-06-23
MINE
EXHAUSTED
Iron Mountain Company to
Be Dissolved
10 DISTRIBUTE sl,OOO,OOO
Concern Has Melted Them Profit Of
100000 The Property Will
Be Converted Into
Vast Pasture.

st. Louis, Mo-, June 2a.Bereft of
mineral value, the famous Iron Mountain,
at one time the richest iron ore region
| in the United States, is soon to be trans
| formed into vast pasture for the breed
ling oil finc stock. The finale III the Iron
Mountain Company, a s3,600,oo0 cor
lporation, which has netted stockholders
profit Of $7,000,000, will become 4 legal
fact early ID luly- wien il ii dissolved
with the mutual consent Of It's owners
by the Circuit Court at Pennington.
There are 3,600 shares, and the assets Of
| the concern are S275,000. This $275,-
600 will be distributed, principally in
st. Louis
The concern was organized forty years
ago when great supply Of superior
iron ore was discovered within eighty
miles of st. Louis. The discovery Great
ed sensation throughout the country.
| Az caused TO be constructed the Iron
Mountain Raiload, the great system
which transported thousands OF tons OF
the mineral to market,
Among the original incorporators were
James Harrison, Jules Vale, Charles y.
Chouteau, Henry Belin, Julia Maffitt,
1
ed among the wealthiest citizens nf Mis-.
souri,. james Harrison was the first
president of the concern He was sue
ceeded by Jules Vale.
! The petition 10 dissolve the corpora
ton has been flcr at Pennington by
Montague Lyon, st. Louis attorney,
and director Of the Iron Mountain
Company /. q. W. Steedman, Nalie
Reyburn and Charles A. Pilley are
among the present officers Of the cor
poration.
The passing Of the wealthy mining
concern has aroused unusual interest
among ST. Louis capitalists.
According to the petition filed il was
discovered in 1900 after expensive ex-
ploition, that the lands Of the corpora
tion were no longer valuable as mineral
lands. The corporation then ceased ac-
tive business. The thousands who had
been given employment for thirty years
were discharged. The town OF Iron
Mountain. once the home OF 5000 souls
dwindlcd down to population Of fifty
people. Lands belonging to the corpora
tion were sold and the remaining por-
ton are to be converted into stock
farm by William Smollinger.
After having paid 200 per cent, in
dividends, the remaining assets are val
ned at $4,000. including lands, stocks
bonds, notes. cash and property in ST
Louis. There Il no indebtedness, Other
than the current expenses Of the corpora
tion.
More than 1900 acres Of land are
owned bv the corporation III Washing
ton. Madison. jefferson, St. Francois
and Iron counties. The corporations
own considerable real estate in st. Louis
Among other assets are valuable leases
to the Hemah Construction Company
for gfanite, and the Syenite Granite
Company. The personal property in
cludes 1870 shares Of the Wabash. Ches-
ter Il Western Railroad Company
eleven first mortgage bonds of the same
company, which are valued at $1,000;
si7,302 IL on deposit in the state M.
tional Bank Of St. Louis: S94,s2l.65 on
deposit in the State National Bank oil
st. Louis, and two notes, valued at $50
900.
! Tile lands are now being sold here foI
various purposes. but the Iron Mountain
proper will he used as a pasture foI
breeding stock.
The winding up Of the affairs OF tht
company will cause the distribution OF
nearly si,000.000 among stakeholder.
and heirs throughout the Unified States
The Circuit Court viii take final ae
ton on July II, at Pennington.