The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1907-04-19


of Minneapols. have obtained control
of the property known locally as the
New Adams, called after D. Il. Adams
of Duluth The property has been
proved to be aIbg mine. 1t is situa-
ted on Lot and the net of the SCI of
5. 5S-15, on Embarrass lake, Mesaba
range, near Biwabik. The fee of the
property is owned by the c NJ. Hill
Lumber company and the Adams Sc
cuIity company The latter company
is owned by D. Il. Adams The mine
is known TO be large one, but no
official estimate Of the extent of the
ore deposit has been. given out. The
lessee pays a royalty OF % cents a ton
and it is provided that the lessee shall
i pay "a royalty on not less than $4,000
lions IL year, o. $4,000. 1t is no,
known whether the lessee pays any
advance royalty or other considera-
ton. The fee owners admit thai
Messrs. Longyear and Bennett have
probably obtained "a good thing in
this transaction. Mr.. Longyear has
been one of the most active and per-
sistent explorers for iron ore on the
Mesaba range, and it is said that he
has made IA very large amount of mon
ey in ore in the past six or eight years
| There is one great mine on the Mesa
ba named after ID. L. a dams. and for
the present at least there is another
that bears his name as the New
Adams" As Messrs. LOngyear and
Bennett are not engaged in mining
and shipping of ore 1t is expected that
they will turn il over to some large
operating interest.
The New York State Steel COM
pany, which has recently invaded the
| Mesaba range, is now preparing to
make d campaign for new iron prop
critics in the Crystal Falls district.
| The company was ii little late in get
Ting in the field for the requirement
of properties for producing its own
ore, but it is apparently determined
| TO get some more. Il is also stated
| that The company is inspecting some
additional Mesaba range properties.
Reports from Cleveland are to the
effect that the iron ore stocks there
are being rapidly depleted and the
new season will bSopefYed With first
H. -. SsH.
quite bare of the commodity. When
one considers the enormous amount
of iron ore that was shipped from the
| lake region last Seasan, this news is
quite impressive. The total, it will
be remembered, was more than 81
SOC, 900 tons. The estimates of ore
shipments for this seasan continue al
about 42.000,000 tons. Some author
Iities think that this amount is per-
haps million tons high, but it is
generally admitted that present in
| formation on the subject carries the
assurance that the total for the sea-
son will be in the neighborhOOd of
~, 600, 600 tons, providing there are no
unusual conditions arising to curtail
the movement considerably.
The announcement that the Duluth,
Rainy Lake & Winnipeg road is going
to build an extension from Virginia
to Duluth is coupled with the state
ment that the company will also build
an ore dock. This would indicate
that the new company is going to try
and get share of the ore traffic. 1t
is certain that the road is seeking en-
trance to Duluth, but whether it will
enter into the iron ore traffic remains
TO be seen. Three or more independ-
ent iron ore companies are operating
at Virginia, and one at least is tied
up with a road for its ore tonnage.
The new road. however, is not being
extended with the transportation of
iron ore as the main incentive, al
though it would be only natural that
the road will seek to get some of it.
The pig iron situation holds strong
assurance of the sound condition of
the prosperity in iron and steel. The
production in March was 2,1S6, 709
tons as compared with 2,047, 036 tons
in February, in the Pittsburg district.
/ There has been an advance of ST a ton
for pig iron during the past ten days.
Stock gossip month ago told of the
persistent rumors Of the cancellation
of orders for iron and steel. This was
at the time a few professional stock
raiders were crying panic. The ru-
mors described were apparently made
to order to serve a purpose, for the
iron and steel situation is on a sound
and healthy basis and the future
never looked Enthusiastically.
John Finnegan Dead.
John Finnegan, who was one of the