VAN VALKENBURGH, Circuit Judge.
The respondent is a mining corporation with principal office in Duluth, Minn. In 1905, at a cost of $10,472, it acquired a fifty-year mining lease which contained the following option clause:
"Article Twelve.
"Surrender.
"The Canisteo Company may terminate this lease and the estate hereby granted on the first day of January in any year, by giving the Landlord written notice of its election so to do at least...
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