The Merritt Brothers made the first discovery of iron ore on the Mesabi Range in 1890 and called it a "mountain of iron." Their prospectors' camp then began to lose its temporary character and grow in size and importance. On October 17, 1892, the Village of Mountain Iron was incorporated, coinciding with the first shipment of iron ore from the Merritt-owned Mountain Iron Mine. The Duluth, Missabe and Northern Railway Company was established to carry ore from the Merritt operations to ore docks in Superior, Wisconsin. In trying to extend their railroad into Duluth, the Merritts overextended themselves financially and eventually lost everything to John D. Rockefeller, who had invested heavily in the railroad venture with Merritt holdings as collateral. Despite the Merritts' fate, the town continued to prosper. By 1915, it had a new village hall and an elegantly finished Carnegie Library, and the original railroad depot, the Leonidas Merritt home, and other historic structures and sites remained part of its history. The historic Mountain Iron Mine operated from 1892 to 1908 and again from 1942 to 1956.