There are large deposits of hematite iron ore in the town and early attracted attention, and it was long believed they would prove to be a source of wealth. Mining operations were begun on an extensive scale in 1864, and J. W. Lowden, an eastern capitalist, also erected a furnace at Cooper's Falls in De Kaib. Mr. Lowden invested a large sum of money, mostly in preliminary work, In 1872 he sold out his whole interest to the Union Iron Company of Buffalo, John Webb of Gouverneur acting as local agent of the company. The "hard times "of 1873-4 came on, and that fact was given as a reason for cessation of the enterprise, which has never been resumed. Like most of the other attempts to successfully mine and produce iron in this county, there seem to have been conditions and circumstances which, coupled with the cheap production elsewhere, rendered it impossible to profitably pursue the industry here.