The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-11-25
AN INCREASE OF CAPITAL STOCK
VOTED BY THE DIRECTORS
AT CHICAGO.
ROCKEFELLER DRAGGED IN.
MESABA MAGNATE CREDITED
WITH A CONTR OLLING INTER-
EST IN PROPERTY.
TEE RAINY LAKE. STORY REVIVED.
Extension to the Gold Field Assumed
as the Motive for the Action
Taken.

CHICAGO, Nov. 24.-John D. Rookie
Teller, it is believed, seriously contem-
plates extending his operations beyond
the fields of oil and iron into the allur-
ing realm of gold The reason for this
belief is found in the action of the
board of directors of the Duluth & Iron
Range railroad, which is generally con-
sidered here to be controlled by the
rockefeller interest, IN voting to in
crease the stock from 100000 to $10,-
100000 at a meeting held In this city
today. This followed as the result Of
the action of the stockholders at a
meeting held in Duluth. The connec-
ton between this action and opera
lions in the gold fields is found in the
well grounded suspicion that a large
amount of this unusually large in
crease of stock is to be devoted to the
construction of a branch line Of the
road extending up into the Rainy lake
gold regions, lying on the American
and Canadian border, which are like
ly to become very rich producers. There
was a disposition on the part of the
directors to deny that any such move
ment was contemplated, although they
admitted that the officers Of the road
had been appraised of the matter of
building a road into that region, and
it might be done if it could be done
to advantage.
Those present at the meeting were
H. H. Porter, of the Chicago & East
ern Illinois road: Marshall Field, J.
L. 0. Greatsinger, Duluth, president of
the Duluth & Iron Range road; D. H.
Bacon, of Tower, Mimi, president of
the Minnesota Iron company, which
is the heaviest stockholder of the road;
c. w. Holland, Of Duluth, secretary
and treasurer of the road; NJ. ]. Car
penter, Chicago, chairman of the board
of directors; G. P. Coffin and James
Belden, of Chicago, and ]. H. Chand-
Ter, Chicago general solicitor Of the
road
The present mileage of the road is
154 miles, extending from Two Har-
bors, on the northern shore Of Lake
Superior, twenty-seven miles east of
Duluth, in a northeasterly direction to
Ely, MINI. To build into the Rainy
lake regions would involve the con-
struction of about eighty miles of
road, and it is difficult to reconcile the
any other scheme Of Improvement. 1t
is admitted that its purpose, in addition
to making extensive improvements
along the range in the way of added
mileage and increase of rolling stock,
is to put the corporation in a position
to take advantage of any contingency
which may arise, which, under the cir
cumstances, is not unreasonable to as
sumo lies in the direction of a. Rainy
lake branch.
J. H Chandler, general solicitor of
the road, speaking of the action of the
directors, said that, under the laws Of
Minnesota, no stock can be issued ex-
cept it be fully paid UP, either in
money, property, labor or material, and
that the new stock will only be issued
and used, from time to time, as re-
quired in making necessary extensions
of the road and improvements. large
sum would be spent, he said, in the
construction of additional docks at Two
Harbors, while ST. 600 will be spent
on the new equipment during 1898.