New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1849-10-09
Copper Mines, Lake Superior, and DIR.
Jackson.

The PsnE:ylrdnian quotes and sharply COM
nen,s upon q recent statement. on the alleged au-
th rity Of Dr.. C. T.JAcgsos, late U. s. Geolosist,
implying that no Copper mine on Lake Superior
would ever make more than five per cont. on its
capital. We emit this comment, since Dr. j. dis
claims the language objected to- aud state inste ad
that the Cliff Mine, having placed 1000 tuns Of
Mass Copper at tho Saul this Season, expects to
deliver 200 more, making 200 tuDs equal TO 1000
Of pure metal, worth at least 100000. The clear
profit on this rM exceed the entire cost Of the Mine,
or capital Of the company. including 5000 acres OF
land explorations. losstions, opening, buildin3s,
machinery, &c.
Says the writer in The Pennsylvania;
Prom the report Of Nj. Hare, Treasurer OF the Bos
Ton and Pittsburgh Mining Company, 1t appears that
The esrnings of the Nine for the nrst three years
we're S2o7 oOJ %
Total expenditures, less losses........- 25J,4is O2
leaving excess of earnings over expendi.
The dividend paid the Goth May was $4,000. or el0
Per share stock which cost only sis so 100 which
sover so per cent instead OF as DR.. Jackson says
The total annual expenses. now are about sIOOO per
month, or SEA 900 per year. The annual product OF
he Mine with tho present force will equal about 700
nns of mass and Stamped Copper, yielding 10 per
tent 600 tuns of ngot copper, worth $500 per tun,
making the aggregate o..
Or net profit Of lfOOO
FOR the year ls49 the original capital Of. 10000
More than 100 per cent. instead OF s.
ence the above article was prepared, Professor {.
LJsekson, Y. 8. Gsolosist has appeared In letter
asyng that he spoke sinst the Lake Superior Cop
PER Mlnss. and HE remarks have been misrepre'
seed In letter TO the Boston Journal be thus states
Wat be did say the meeting OF the American Asso-
Gallon for the advance Of Science, held lately at Cam
Nudge, Msss.
sss,sS IN, a.. vo,hic. of natvs ronner ines WA
~ business not only in this country but for Europe
Nd that II impossible 10 predict with certainty the
s1s OF deep working but that 80 FAR ss experience
Nd gene Lake Superior, Il had proved that for the
spth Of At ess SO feet, the vein 81 the Gin Nine, on
tge River had enriched and hat huge masses OF cop
~ were extracted from that mine and were cut up into
,ees OF ton in weight al the moderate cost OF
Npr square foot OF cut surface and that the miners bad
ecaed great cextery Ia the Management, OF these i'm.
hsoss masses Of COPPER
rur,herrnore, stated tbs, the Pittsburgh and Boston
company working the Cit mine the west branch Of
tse River, had declared dividend Of $40 per share TO
nsr stockholders while the capital psidin estimated
Ssooat go per share.
ispolsfvoraSly al.o Of the prospects Of Copper Pals
Nnes, 90 kewecrsw Point and mentioned certain mines
The Onlorsgon River &c having given promise OF vsu
oe esul but TOOK occasiou 10 remark That large ex
eociare OF capital required before any mine could
opened 90 ~ TO give probable returns, and advised
M mining operations should be trusted only TO expert
Seed miners and thai the work should be laid out by
scnpeieut mining epgtnters
observed thai la the hundred locations which were
Asn ost on the keweenaw Point, at random IN isA -
&snd, n would be pricing N per cent Of them
eonld prove 10 contain valuable mines Respectfully,
var obediens servant
Ssioa, sfrr a cHAs I. JACKSON use