Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1852-02-07
COPPER MINES ON LAKE SUPERIOR.

A new and important business has arisen in thb
country without hitherto attracting the public atten
ton-we allude to copper mining on Lake Superior
The wonderful mineral depostes that have been
discovered have been known to but few, and scarce
ly believed when seen. One cause OF the Ignorance
that prevails is doubtless owing to the wild speculation in
stocks that upon its first discovery before any le
climate efforts made to work the mines. As
the facts generally disseminated showing the profits
consequent upon the judcous management of the bust
ness apprehend another mania will seize the public
mind and probably lead to various specuations No
ton viii prevent persons of sangune temperament in
of prosperity from embarkng in the most extray
agant adventures
We propose to give few facts to show the advantage
Of udicous prosecution of this business and the value
of portion of the country which few years ago
garded worthless The mine which has thus far been
the most productive is called the Boston and Pttsburg
Mining Company. Work commenced in 1876.
capital of $4,000 paid in about SIS per share
on six thousand shares In 1849 100000 divided
among the shareholders; in 1850 $84, 900; in 1851
$50, 0OO and in 1852 $50, 900 viii be divided, In
another vew shares which $1S1 have received back
in dividends S84, and worth 800 in the market.
The Northwest Mining Company ranks next in value.
Mining here commenced in earnest in l849. About
$50 900 have been paid in In l849 the nett proceeds
from the sale of copper amounted to So, 000 in
1850 to about 1872 600 and in 1851 to something
10000. This company large tract of mineral
territory upon which valuable veins have been OPEN
ed and a number Of others discovered. The property
owned by this company is of immense value; and mag
nifcent fortunes will in few years doubtless be realized
from it.
The Minnesota Mining Company is located near the
0ntonagon river forty miles westward of the
preceding Immense blocks of pure copper are taken
from this mine. 1t commenced in the autumn of 1S4S
and has capital paid in of some 500, 000 $50 on
share-there being but three thousand shares. They
command $3.50 in the market. A large dividend will we
think, be paid from the earnings Of this year
The Copper Falls Mining Company is now prosecuting
its business with much energy and 1t likewise
has large tract of land and several very promising veins
Mr.. Hill, the superintendent is very sangune of com
pete success and his experience and judgment
titled to much weight The shares selling at less than
$40, although he considers them low at S25.
There a number of other companies working with
various The prospects of of Them as
instance the Bohemian, Quincy Douglas, Houghton and
Albion, excellent; and the shares now very
low inducements offered for investment and the pro-
liabilities that there will be rapid appreciation
Our object is merely to direct the attention Of the
terprisng to this interesting region The gain reaped
from the workings of successful mine is frequently five
hundred per cent Shares in the Boston and Pttsburg
Company which cost 1850, sell for 800. In the Min
nesota for $50 the receive $3.50 The |
Northwest shares viii probably increase hundred per
cent in value in year.
bill for the construction of canal around the Falls
of ST. Mary has been reported in the House. and will pro-
badly pass Congress This will reduce the cost of
poration and render the working Of the mines still more
profitable Labor is already falling in price the Lake
and agricultural products increasing and consequently
the price diminishing.
Sufficient have been given why public attention
will long be directed to the Lake Superior Mines ~
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