The Duluth rip-saw. [volume] (Duluth, Minn.) 1917-19??, 1920-11-27

| ny OF them sold for go cents the stock
that cost them 81 a share. Later, that
deprecated stock rose to high and
profitable figures, but that did not
help the original owners who got weary
and unloaded for 121a per cent of the
original cost.
Butte & Superior was put on by
Capt. A. B. Wolvin, assisted by A. p.
Peake of Valley City, N. D., and 9TH
ers. 1t is said that 100000 worth of
stock was sold over night. That flo
tation just about drained Duluth dry Of
speculative money.
At that time, Carr Brothers, then in
a fevered heydey of their career as
mushroom brokers, with offices in the
Manhattan building, had the only pri-
vate wire to the copper country. Later,
another wire was secured by M. w.
Lee & Co. That firm soon was recog-
nized as the dominant brokerage house
for Butte & Superior. That wire event
| ually was extended until it included
| such firms Or Minnear at Calumet,
Brady at Ironwood, Holman of Duluth,
Fred Miller & Co., of Detroit, New
York and Boston, and Fred 81. Merritt
| of Duluth.
Martin Rosendahl was a nervy and
spectacular broker in Duluth who was
at his zenith, perhaps, in 1907. It is
! said that he attained fortune three
times, only to be set back into the
| hole, finally winning out in Kentucky
| oil, with flourishing automobile bust
ness to pay family expenses. In 1907
there were G. B. Aske, I. N. Power,
Ray Butchart and the Lee contingent.
M. w. Lee, the elder, is reported to be
wealthy and has retired to life in sun
ny California. G. E. Lee, the younger,
is located in Minneapolis, where he is
heavily interested in an automobile
manufacturing concern.
N. s. Mitchell, another of the knights
of speculation who were in high fea'h-
er in 1907, now is seeking oil in Texas.
Fred H. Merritt, who thrice went
broke in Duluth, is drilling for oil in
Oklahoma and Kansas. E. Downie,
partner with G. E. Lee in the American
Security Co., which firm still is in
business, is interested in the American
Bakery Company.
Will Holman died in the woods of
Northern Minnesota, after making
three fortunes and losing each of them.
Then there was Joe Brierton, with of.
fices in the old Boyle hotel building,
who left rather hurriedly for parts un.
known. Lee Farmer died in the west
and Frank Green, a shrewd trader, af-
ter many ups and downs, is successful
ly saving wood, so to speak, on the
Pacific coast. ...
Louis 81. Merritt, with several flo
tations and some big deals to his credit,
spends most of his time in New York,
where he is known as one Of the most
laring and successful market plungers
that ever came out of the West.
Thomas Merritt, safe and consistent
Spectator, also engaged in much con-
structive work in mining and oil wells
with the result that he made a fortune
in Oklahoma and Wyoming.
John A.. Percival was q noted mem
Der Of noted syndicate of Duluth
mine-makers and his magnum opus
probably was the Consolidated Inter
state Callahan. He died in New York
last August. ....-
John Robbers, popular Iron Range
conductor, was a quiet, conservative
broker who now is reputed to be worth
couple million of dollars.
John T. Lanigan conducted a high
class buffet and cafe in those days and
it was popular with brokers and trad
ers. John A. Percival put Lanigan into
Interstate Callahan with the result that
he was credited with making $4,000
and enough more to permit him to win
ter in sunny California.
Many a quick turn in the market
was celebrated by feast moistened
with cocktails and wines at Johnny
Lanigan's place.
At one time, McFadden & OLeary
had rather pretentious offices on the
street. j. G. McFadden is said to be
practicing medicine in Old Mexico. J.
A. o Leary trades in Boston stocks and
considers Duluth his home.
w. Fl. Locker and E. J. w. Donahue
made things count on the Guyana iron
range. They were prominent in the
Guyana Duluth and Guyana Mile Laos,
later merged into the American Man
ganese Manufacturing Co. Mr.. Locker
now is president of the Bank of Com
merce & Savings in Duluth and Mr..
Donahue has his eyes open for Ken
lucky oil.
Then in iron and later in oil must
not be forgotten that prince Of good
fellows, L. L. Culbertson. William
Lynch, M. M. Ftzsimmons, W. T..
Smith, A. L. Warner and Col. Matt.
Gasser were noted promoters, traders
and investors up to the time the World
War put erimp in speculation in Du-
luth.
Theodore HOLSTER, once prominent
member of the local bar, plunged on
Butte & Superior when it hit bedrock
and, at one time, at least, he was the
heaviest individual stock holder. Today,
he is farming in the edge Of the city
Of Duluth.
Joseph Cotton, associate Of T. F.
Cole, was hard hit in 1907, but he hung
on and came back in good shape. To-
day, he is prominent New York at.
torney with branch offices in Duluth.
George n. Crosby and his Copper
Queen must not be forgotten. What he
did not make in that deal, hesis cred
tied with more than making up on the
Guyana iron range. How the share
holders Jared, history is rather silent.
Only the ghost of the brokerage bus
mess remains in Duluth. Only a few
hardy old veterans watch the quota
tions as they are marked up on one or
two blackboards in the city. ThesDu-