Edgar Cayce Readings, 1196-8

Time and Place: 3:40 to 3:50 P. M. Eastern Standard Time. ..., Ala.

TEXT

GC: You will have before you the property of The Midvale Mining & Development Co., located in Etowah and Blount counties, Alabama. In Etowah County, the company owns minerals rights on land as follows: Township 11, Range 3, East, 1190 acres. In Blount County, the company owns mineral rights on land as follows: Township 11, Range 3, East, 741 acres. Township 12, Range 2, East, 445 acres. You will answer the questions, as I ask them, concerning this property and the future development or sale of same.
EC: Yes - some of this we have had before.
Most of the minerals, as we find, are known. The quantity of the manganese in those portions where these have formerly been exploited is in a sense unlimited.
In portions of the land, as we find, in the southwestern portion of Blount, especially along the ravine, there are the prospects for oil and gas. The gas is more in quantity than commercial oil; and for the conditions that are in, not close but in the portions of the country, this is the more valuable.
In Etowah, where there have been old outcroppings of silver, there is more of lead ore than silver; and unless these were exploited in a large scale would not be of commercial value.
These are the conditions as we find.
The natural conditions, where there has been the change from these surroundings - the deposits of manganese that have been used, there are still - with the prospects of greater activity in the steel industry - the probabilities of sale.
As we find, considerations by the Tennessee Coal may not be properly considered - but with the Ford interests, or even the Bethlehem interests, these may be considered as a proper prospect.
If this is pursued, we would find a sale; and this would be profitable to all concerned.
Ready for questions.
(Q) Is it likely that beneath this property oil may be found in paying quantities?
(A) In the portion as has been indicated, not so much oil as gas. In the Blount portion.
(Q) According to our representative, C. W. Ashcraft of Florence, Ala., who is trying to sell the holdings, eastern capitalists have raised a good part of the purchase money. What is holding up the full raising of the money necessary to buy the property?
(A) The variation in the interests in the steel industry and those activities in same.
As we find, the interests if they are referred more to the Ford - there would be the more likelihood of the better prospects, the better consideration.
To be sure they have interests also in Tennessee - that is, Tennessee proper, not Tennessee Coal & Iron.
(Q) Most of the property being within a short distance of Walnut Grove, Ala., right around town, not far away from which the Indians once mined silver, is that silver deposit still there - and is it worth while to try to mine it?
(A) As has been indicated. This may be on a larger scale and the consideration given to other minerals, rather than so much for the silver itself, be mined - the present valuation of silver. But not unless on a large scale.
(Q) As the selling of this property would relieve a lot of want and suffering among certain stockholders, please advise how this may be done - and if it may be done.
(A) As has been indicated. While there may be consideration through the present ones that have been interested, there are greater possibilities and probabilities of sale through interesting the Ford interests.
(Q) We think there is sufficient manganese ore under the ground to last the furnaces in and around Birmingham, Ala., 100 years, for the purpose of making steel with iron ore. Can this source of information confirm our belief?
(A) As has been indicated, in a manner it may be said the amount is limitless - for such purposes.
(Q) Any further advice to the stockholders who are anxious to get some returns from their investment?
(A) Through the channels as indicated, as we find, the better interests, possibilities and probabilities may be had.
We are through for the present.
Copy to Mr. [1196]
Copy to Ass'n file

BACKGROUND

Mr. [1196] obtained previously six Physical Readings and one Life Reading.
1/24/37 [1196]'s letter to EC:
Alabama PERSONAL
Dear Mr. Cayce:
My wife and I own 52 shares of stock (left me by my father) in The Midvale Mining & Development Co., an Alabama corporation owning some manganese ore lands in Blount and Etowah counties in Alabama. The company is not operating, but it has this property for sale if anyone wants to buy it. I am Secretary-Treasurer, without salary, for the company. We have a Mr. C. W. Ashcraft, of Florence, Ala., trying to sell it, and we hope he will be able to do so, as what my wife and I would get would make us quite comfortable.
I am enclosing check from Midvale Mining & Development Co., per [1196], Secty.-Treas., (just signed [1196], Treas.) in your favor for $10.00. If you will do what I ask below, the information will not hurt anyone and I will appreciate it.
Will you please ask "Information" all about this property, if it is of much value, just what other deposits or minerals, such as oil, gas, etc., are under the ground, (we know about the manganese) and what prospects are for the company selling it? About when it will be sold and something about what we we get for it?
The information you give me will be treated in the strictest confidence and not given out.
Yours very truly, [1196]
1/27/37 EC's letter to [1196]:
Mr. Edgar Cayce, Virginia Beach, Va.
Have both your letters of 24th [See one under 1196-6 Reports], will combine answer in one if I may. First thank you for check enclosed. Now first about this property, as you may well imagine, there has been from time to time, quite a number of request for information regards lands in Ala. Many people, in many ways, quite a bit has been given from time to time. Some good, some bad, but not very often has such information been sought by the owners of property. Now I think to undertake this, would have to have a bit more definite information as to the location of the holdings of Midvale M. & D. So in view of the fact so much has been said one time and another about property in these very counties, would be much better were such a reading given when you were present and could ask questions, that naturally arise in such information. Feel very sure this will be better delayed then until we are there with you.
4/10/37 Letter reporting on 1196-7 on health: "I am enclosing copy of my letter to you of Jan. 24th about a reading on the mining property. Do you think you can soon give it?"

REPORTS

5/06/37 Letter to EC from [1196]:
Thanks for your letter of the 4th, also for the reading on our mineral property. I have sent a copy of the latter to the man who is trying to sell it for us, and if anything develops I shall let you know all about it. Your reading certainly pointed out that the Tenn. Coal, Iron & R.R. Co. is not favorably disposed to us - and, as a matter of fact, we know that from our experiences with them. I have asked our representative, Mr. Ashcraft, to follow your reading's suggestion that probably Ford or the Bethlehem interests would purchase our property.
7/30/38 See 1561-3, Par. 10-A--12-A regarding minerals in Alabama and Tennessee.