St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-02-19

mine with steam Shovels will miss 1t
badly. 1t Is necessary. perhaps, in this
connection to sound note of warning
Iron mining, like Its prototype of gold
ana silver, is uncertain. There are
good properties and bad ones. Hence
II would be unwiSe for anybody to rush
IN and buy stocks without knowing
something of the men and the mines.
There Is an old Spanish proverb which
says: ut takes gold mine to run a
silver mine," and in like manner it
takes plenty of money to run an iron
mine, so it is very safe to keep an "eye
out" for wild cat schemes. During the
Gogebic excitement iron mining COM
panles were incorporated every day
with fabulous capital, whose incorpor-
atorS aid not have money enough of
their own to pay Incorporation fees if
any were charged. The policy of the
companies now in existence here is one
which will rebound not only to their
credit, but TO their financial standing.
They will not issue one share of stock
that is not represented by ore in sight.
Take, for instance, the Cincinnati COM
pany. They own eight "forties," and
with the present developments 5000, 900
tons are i'll sight, yet they are not
forcing their stock on the market, nor
are they making special efforts to sell
1t. Yet in three months the stock has
Jumped of its own accord
From 10 to 1911 Cents.
and lately it sold at 20 cents. In the
last ten days kanawba stock has sold
up from S14 TO $50, and cannot be bought
at the latter figure today.
What is needed now is railroads, but.
like everything else, these are coming,
too. Already the Duluth d Iron Range
Railroad company has party of sur
veyors in the field, and by early in May
or June anyway the sharp shrek OF the
iron horse will awaken the echoes and
set the deer and the elk to wondering
what new and strange arrival this is
that has penetrated to their taStnesS.
The Duluth, Mesabi II Northern is max
ing preparations to invade this prom
ising field, so that before long the terri
tory will be opened up and the intend
ing investor set down comfortably in
the heart of the mining field. With
such prospects in view it can hardly be
wondered at that thetwhOle Northwest,
yes. the whole country, is turning its
attention to the cities at the head of the
lake. Everything points to a period of
uneXampled prosperity. With iron laid
down here at the low figures that eX-
perts say it can, it means an enormous
growth of manufacturing industries i'll
both Duluth and West Superior. The
Steel Barge works, the Superior Iron
and Steel company, the mammoth blast
furnaces, will be forced to double their
capacities. and these will doubtless be
added to, making, in all probability, such
s'Flush'' Times
as this part of the Northwest has never
yet seen.
The prospects OH the range itself are
excellent for business. A new town has
been located on the shore of Lake EN-
barraSS, and at sale of lots a few DAYS
ago about fifty were sold at prices vary
ing from 500 to $3.50. Within the next
six weeks lumber for building pur-
poses and stocks Of goods for sum-
mer must be taken in there, so that
the advent of spring Will witness some
lively hustling in that section of coun-
try. There are now between 800 and
400 men at work on the different mining
properties, but as soon as the SHOWS dis
appear these forces will be Iargly aug
mented, thus affording ample work for
the surplus population of the city at
good wages.
While thus writing of new towns your
correspondent does not desire to be laid
open to the charge of town site BOOM
ing for the reason that while this town
been located at what its projectors deem
a desirable point, there is nothing to
prevent the various companies from lay
ing out town sites" on their properties.
so that it would be we'll for intending
investors to wait awhile before putting
their money into town lots.