The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1906-10-12
STROKE OF THE PEN
Brings Fortune OF s24,0oo,ooo To a
Lucky Prospector.
Detroit Cor. New York WORLDLY

Detroit Cor. New York World
Made "a times millionaire by
single stroke of the pen, a Michigan
man, hitherto unknown to Wall street,
suddenly has come into the limelight
in the financial circles of New York
and OF the world.
This man is J. NJ Longyear. He
is the same who, year ago. moved
his magnificent stone mansion from
Marquette, Mich, because of taxes he
said were unjust, and set it up again
in Brookline, Mass, stone for stone.
exactly as it had stood in the Northern
Michigan city.
The immense valuable iron ore lands
owned by him in the)northern PENN
sula, which for years ne has refused
to sell. now have given him new prom
inence. He has leased his holdings
the deal being made in the Office of j.
P. Morgan & Co. by Z. H. Gary, repre-
senting the United States Steel Cor
poration.
The royalties from his lease to the
Steel Trust will bring Longyear and
his heirs s24.00O,OOO.
For years Longyear was prospec-
tor in the rich iron ore lands of the
lake region. He struck IT rich, accum-
ulating 100000 tons of iron ore.
When the trust entered the field there
was a scramble for the property but
Longyear, with patience and fore
thought. held on for q still greater de
mand for mis- holdings. He absolute
Iy refused to sell. He could afford to
wait. Recently he or tered into nego- !
tiations with Mr. Hill for the lease of
their combined holdings.
For months the deal had been slow
ly reaching climax. BY Fridays |
in the Office of Mr.. Nor
gan. the former Marquette man is as
sured one of the largest fortunes ever
revealed from ore lands.
Details of the deal by which the
Steel Trust comes into possession of
such extensive additional holdings
show that the Cambria Steel Company
is the largest holder of ore lands in
the Northwest with the exception Of
the Steel Trust. 1t controls 52,000,00O
tons of Mesaba district iron ore. Mr..
Hill estimates his holdings at approx
imately 500 900. 900 tons. Of this the
Northern Pacific owns 25,000,0 900 tons.
No matter what prominence he may
attain in the financial world. Long
year always viii be remembered in the
West for the remarkable achievement
in taking apart his house, which cost
100000 to erect, loading it on train
and Transporting it thousand miles,
then putting it together, and presenting
t to one of the most pretentious mans
ons in Brookline. The feat was ac-
in June, 1903.
In 1890 Mr.. Longyear, one time May
II of Marquette, Mich, and then re-
luted to be the richest man in this
state. had built the house of native
sandstone on the shores of Lake Mich
gan. It was furnished with artistic !
aste When he decided to pull up :
stakes and move, he bought site on 9
he crest of Fishers Hill, Brookline.
Then he chartered 50 fat cars. sum $
noned an architect and a corps of q
builders and laborers and had his
louise torn apart. Every. stone was +
abeled and carefully protected against i
hipping or breakage, and the whole +
vas shipped in two consignments to +
=
The reconstruction attracted the at .
ention of builders throughout the :
country. and when it was finished the h
erdict was that it was handsomer and a
more symmetrical piece of architec- h
ure than it had been originally. The X
ost Of transportation and the improve! v
nents in re-ereetion was about $4,000