arter of the company to
make its northern terminus on the Minnesota side of the harbor, where
Duluth now stands, and founded that town as the terminus of the road.
Some years after Minnesota Point was cut by a canal at its base, or
shore end, and the entrance to the harbor changed from its natural
inlet, around the end of the point, to this canal. This improvement has
proved to be of vast importance to the city of Duluth and to the
shipping interests of the state, as the natural entrance was difficult
and dangerous.

Duluth increased in importance from year to year by reason of the
natural advantages of its situation, as the outlet of much of the
exports of the state and the inlet of a large portion of its imports. As
railroads progressed, it became connected with the wheat producing areas
of the state, which resulted in the erection of elevators for the
shipment of wheat and mills to grind it. As nearly all the coal consumed
in the state came in by the gateway of Duluth, immense coal docks were
constructed, with all the modern inventions for unloading it from ships
and loading it on cars for distribution. Duluth soon attained
metropolitan proportions. About the year 1870 Mr. George C. Stone became
a resident of the city, and engaged in business.

In 1873 Jay Cooke, who had been an important factor in the construction
of the Northern Pacific Railroad, failed, which was a serious blow to
Duluth. Mr. Stone had given his attention largely to the investigation
of the mineral resources of the Lake Superior region in Minnesota, and
had become convinced of the presence of large beds of iron ore in its
northeastern portion, now known as the Vermillion Range. When he first
made known his discovery, the location of the ore was so remote from
civilization that he found it difficult to interest any one in his
enterprise. Few shared his faith, but undismayed by lack of support, he
undertook, with steady persistence, the task of securing the capital
necessary to develop what he was convinced was a great natural
wealth-producing field. Comparatively alone, and with little
encouragement at home, he visited the money centers of the country, and
assiduously labored to induce men of capital to embark in the
enterprise, but found it to be uphill work.

The first men whose support he secured were Charlemagne Tower of
Pottsville, Pa., and Samuel A. Munson of Utica, N. Y., both men of
education and great wealth. They became sufficiently in