The Virginia enterprise. [volume] (Virginia, St. Louis County, Minn.) 1893-19??, 1902-11-07

estimates that Duluth people have,
during the past three years, acquir-
ed from $5O00OO to 100000 from
the sale of iron ore leases, commits
sions, etc. He says that if fees of
iron lands which have proved val
liable are considered it will be
found that Duluth people have
profited to the extent of not less
than SIS, 100000 in the three years.
Many of the men who have made
money in iron lands during this
comparatively brief period were al
ready rich as a result of former
deals in Verml)ion or Mesaba prop
critics, but many have, during the
present boom in iron lands, made
their first money in this manner.
Duluth probably has more people
with substantial bank accounts in
proportion to the population than
any other city in the country.
Many Duluth men have become
very wealthy in iron range transact
tons and scores have made consid
cradle sums. The class who have
made hundreds of thousands are,
of course, we'll known, but there is
another class who have made from
few hundreds to perhaps $4,000
who are never heard off,
The word "Mesaba" is Chippewa
for giant. People may argue over
the right way to spell the word, but
it will be agreed by all that the
range was we'll named. Since the
timber is now pretty we'll cut off,
the Mesaba range looks rather DESC
late away from the towns. The
land is thickly studded with stumps
and the bleached faces of rocks
seem to stare inquiringly at the
visitor. But buried under the
stumps aud rocks lies stupendous
wealth of iron ore. Some of the
heaviest stands of pine in the state
were found on the Mesaba range
over the more extensive ore depos-
its. 1t would seem almost as if ma
ture had tried to hide the hidden
wealth as long as possible by the
wonderful growth of trees on the
surface.
INTEREST GROWS KEENER.
Five or six years ago, during the
depression throughout the country,
the iron mines of the Mesaba did
not command anything like their
present value. Properties that
were passed over as of little conse-
quence then began to be looked up
on with new interest about three
years ago. Two years ago the in
terest was keener than ever, as a re-
suit of the new demand for ore pro-
perties consequent on the return of
good times and the desire of con-
sumers to own their own ore depOs-
it's.
One year ago found verita BILE
iron ore boom in progress and it
has increased in intensity ever
since, with no diminution of in
terest in prospect. The value of
iron ore properties is increasing all
the time. The lease which may
have been sold yesterday for few
hundred thousand dollars cannot
be repurchased for million.
Properties which sold for a few
thousand dollars two or three years
would bring hundreds of thousands
in the market today. When nature
has been so lavish on the Mesaba,
it is no wonder that. Duluth and
range men have made much
| money during the boom. OfCourse
many acquired fortunes in the
early Gays in iron discoveries in
Minnesota. .lo-t of them are still
making money in he same manner
/ j., principally With the men who
have acquired WtHlt'! during the
present activity sine 1892, that Thu
S:n:'N mas il, deal.
:;H1:''. NJ: .N:EI1::, y WEAR
lnhn J. :!DTroW. l:iv ATTORNEY, has
within tllr past year or two arG{1ir.