Word: inlander
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...Greenbriar suite of Cleveland's Terminal Tower, lean, white-thatched old Cyrus S. Eaton, 70, invited newsmen last week, to tell them of one of the biggest and most successful deals of his roller-coaster career. Chicago's Inland Steel Co., eighth biggest in the U.S., had agreed to put up $50 million for development of Eaton's Steep Rock iron-ore deposits at Steep Rock Lake, Ont. As part of the deal, Eaton's own Steep Rock Iron Mines, Ltd. got an $8,000,000 loan from Inland to help develop its own diggings...
Under the agreement, Inland will pay Steep Rock royalties on all the ore it ships. Within seven years, it expects to be shipping 3,000,000 tons a year. By then, Eaton claims Steep Rock itself will be shipping twice as much. (Steep Rock's present tonnage...
...Steep Rock ore was at the bottom of a lake until Eaton, with $5,000,000 from the RFC, shifted the course of the Seine River and pumped out 125 billion gallons of water to get at it (TIME, Nov. 16, 1942). In 1949, he gave Inland options to test-drill nearby deposits. Eaton said these tests indicated the presence of 50 billion tons of ore, some of it with 62 to 64% iron content"-i.e., as rich as the famous Mesabi ores now nearing exhaustion. No man to belittle his holdings, Eaton grandly added: "These deposits go right down...
...deal, biggest Inland has ever made, was quite a comeback for Cy Eaton, who has been in many hot spots but has proved as durable as the phoenix. In the '20s he built a Midwest empire of steel, rubber and iron ore, only to lose control of it during the Depression. Slowly he built another, only to see it threatened three years ago, when his Otis & Co. walked out of a Kaiser-Frazer stockselling agreement, and his ex-friend Henry Kaiser won $3,000,000 in judgments (TIME, July 16, 1951). Otis filed in bankruptcy, and Kaiser began hunting...
...soundings on RFC convinced him that the Eisenhower Administration might well carry out a general program to liquidate some of the 21 other Government corporations, and to render some of their fat back into the Treasury. Last week Commerce Secretary Sinclair Weeks put up for sale the Government-owned Inland Waterways Corp., which operates barge lines on the Missouri, Illinois, Mississippi and Warrior Rivers. (Inland Waterways, which has net assets of $14.4 million, has been put on the market before, but no prospective buyer has ever made an offer which the Government considered acceptable.) Meanwhile, both Congress and the Administration...