The total assessments of the Lake Superior Consolidated Iron Mines on ore stocks was $1,249,390. The increase brings it to $2,498,780, an increase in the state’s valuation that will have a very material influence.
The iron companies were represented by J. B. Cotton of the Duluth, Missabe & Northern, F. B. Kellogg, general attorney for the Duluth & Iron Range and Chester A. Congdon of the Oliver Iron Mining Company.
According to the figures submitted by the iron company representatives the ore at the mines is worth next to nothing. They considered 50 cents a ton rather a high assessment.
State Auditor Dunn presented figures showing that on May 1, as a result of the winter’s work, there must have been on hand at the mines at least 4,000,000 tons, which at 50 cents a ton would mean a valuation of $2,000,000. He contended that $1 a ton was a very fair valuation.
The resolution was adopted by a vote of 10 to 7.
The Minneapolis Journal; “St. Louis Co. Iron Ore. ‘Twill Be Assessed $1 Per Ton. Companies Protested Vigorously and Will Fight Assessment to the Death.”; Sept. 28, 1901; p. 1.
Chester A. Congdon