St. Paul daily globe., 1892-02-21
THE IRON EXCITEMENT
Further Facts About the Great
Mesabi Range and Prop
critics on It.
Fortunes Being Made by
Lucky Investors Who Be-
gan to Buy Early.
Interesting Comparisons Be-
tween the Alabama and
Minnesota Mines.
A Warning to Investors to
Look Out for Wildcat
Companies.
Special to the Globe.


Special to the Globe.
DULUTH, Feb. 2O.-Horace Greeley.
In moment of bitterness, once said,
"It is true that all Democrats are rot
thieves, vet all thieves are Democrats"
The application of this is. that while all
mines are holes in the ground, all holes
in the ground with the possible ex-
ceptiOn of Charley Hoyt's) are not
mines. This little truism forms the
basis of a story concerning A. E. Hum
phreyS, which will be read with interest
by thousands of people, as it amply
demonstrates the reason for the high
regard in which he is held here. and
perhaps better than anything else illus
trates the character for uprightnesS en-
Ioyed by the gentleman. 1t is common
talk here. and forms the basis of the con-
fidence with which everything his name
is connected is with regarded. AS the
story goes. Mra Humphreys came to Du-
luth from Charleston, ". Va, last
winter. and while here bought the lease
of property on which it was claimed
there was good iron ore and plenty of it.
With every confidence in the outlook.
he stocked the property and sold some
of the stock and returned home. Later
on he put some men TO work, but they
never succeeded IN finding one dollars
worth of ore. After several months of
vain work the stockholders be-
came dissatisfied and began to
esmplain. Learning of their dis
satisfaction, Mr.. Humphreys prompt
iy came from West Virginia,
and, after making thorough examina-
ton of the prorerty, he became con-
vinced that there was not pound of
ore upon the land. Then he returned 10
Detroit and called a meeting of the
stockholders, and informed them that he
would pay to each and every one of
them every dollar they had invested,
saying in the course of his remarks,
1.-The owner of one share shall be pro-
tected equally with the holder of a hun
dred shares" This promise he
Redeemed 10 the Letter,
and today those gentlemen are among
his warmest admirers, and they and
their friends are never weary of sound
ing the praises of Mr. Humphrey and this
is why his properties every one of them
are ''booming.'
After performing this honorable deed
Mr.. Humphrey went back to West Vir-
ginia, where he was largely interested
in different enterprises, among which
was the Mountain Lake Land company,
owning over 100000 acres of the finest
timber and iron lands in the South.
While still connected with that and kin
dred concerns, he made one trip to the
Mesabi range, and after a careful in
epecuOn Of the ground he decided that
there was a great future before the
country, and especially for Duluth, and
decided to cast his lot with these enter
prising people. He accordingly returned
TO Virginia, arranged to close up his
business there, and brought back TO
Duluth his family. and will hencefor-
ward be found in the van of those who
labor long aid earnestly for the well
fare of the city, fully and confidently
expecting TO see the Gay when Duluth
will wear the crown and scepter of the
'BiUmingham of America" Such is
the story told of Mr.. Humphreys by
people who have every reason to feel
proud of the man who. coming from his
West Virginia home almost stranger,
is today leader among the hustling,
progressive, enterprising people who
have made the city at the head of the
lakes what it's.
Messrs. Humphreys, Hale and Nc
Kinley control more than $4,000 acres of
land in fee and lease, which comprises
some of the most valuable mining prop
critics on the range, and they have the
reputation of Offering for sale nothing
but absolutely gilt-edged stocks.
In connection with this matter, it is
something marvellous the way matters
are booming" The stories told read
like pages torn from copy of Monte
CristO;'' yet they are true, for your cor
respondent has taken pains to verify
them. Last December a Southern gen.
tleman invested S6,250 in the Cincinnati
properties, and during this last week
Sold Out for $4,000.
Another man put in $1,000 short
time ago. ana in the course of a day or
so will draw out in the neighborhood of
$4,000. Stock is selling rapidly, and if
it keeps on going, as the indications
now are that it will, it will reach 80
cents before many days.
Now word or two as to the condi--
tiOhs existent in the iron world Up to
within a year or so Great Britain pro-
duced the largest amount of iron ore
and pig iron among the nations of the
earth, but in 1890 the United States took
the lead, producing over 1,G00, 600 tons,
Of this amount New York and Penn
sylvania produced the greatest guam
tity, Michigan, Alabama and Minnesota
following in the order named. In 1890
Michigan took first place, with Ala
bama good second, Pennsylvania and
New York third and fourth and Mime
sofa fifth. Every one will recall the
stories told of the iron excitement in
Alabama. Towns which had slept and
slumbered along for years suddenly
sprang INTO prominence and became
cities. New towns, such as Sheffield.
Admission, New Ironton and host of
others came into being, and it was free
ly predicted that Pennsylvania was
doomed and that thenceforward the
great blast furnaces of Pittburg would
close down and that grass would grow
In the streets of the Smoky City"
This was because it was claimed
that iron could be mined and the mig
iron produced so much more cheaply in
Alabama than elsewhere. Yet what do
the facts show? The average value of
each ton of ore mined in Alabama in
1859 these statements are from the pen
of II. Y. Wirchell, assistant state geoI-
OgiS) is given in the bulletin of the
eleventh census at 96 cents, and the
value of ton of Minnesota ore is quoted
in the same year as S2.S7. The cost of
producing ton of iron ore during the
same year in the Southern state was So
cents, and in Minnesota it was Sl.SO.
Thus it will be seen that. while the
profit arising from the mining of a ton
OF ore in this state was SLOT. in Ala
bama 1t was but IA cents. Now,
Note the Difference.
There are contractors here now who
agree to mine every ton of ore on the
Mesabi range at cost not to exceed so