The republic. [volume] (Washington [D.C.]) 1849-1853, 1852-02-09

Copper Mines on LIKE Superior.
A new and important business has arisen in this
tention--we allude to copper mining on Lake Su-
perior. The wonderful mineral deposits that have
been discovered have been known to but few, and
scarcely believed when seen. One cause OF the ig-
norance that prevails 10 doubtless owing to the wild
speculation in stocks that arose upon its first dis
eovery, before any legitimate efforts were made to
wouk tho mines. As soon as the facts are gene
rally disseminated showing the profits consequent
upon the judicious management OF the business,
we apprehend another mania will seize the public
mind, and probably lead TO various spscalations.
No caution will prevent persons OF sanguine tenn
permanent, in season of prosperity, from embark
ing in tho most extravagant adventures.
We propose to give few facts TO show the ad-
vantage of udicious prosecution Of this business,
and the value of portion Of the country which a
few years ago was regarded as worthless. The
mine which has thus far been the most productive
il called the Boston and Pittsburgh Mining Com
pany Work was commenced in 1916. capital
of $4,000 was paid in, about BIS 50 per share
on six thousand shares In l849 1000 was di-
vided among the shareholders; in 1850, $84, 900;
in 1851 $4,000, and in 1852 $780, 600 more will be
divided. In another view, shares which cost 8lSl
have received back in dividends $34, and are
worth s 100 in the market.
The Northwest Mining Company ranks next in
value. Mining was here commenced in earnest in
ls49. About $4,000 have been paid in. In ls49
the net proceeds from the sale OF copper amounted
to some $4,000; in 1850 to about 8 80 900; and in
owns a large tract Of mineral territory, upon
which two valuable veins have been opened, and a
number of others discovered The property owned
by this company 10 Of immense value; and mag
ni6cent fortunes will in q few Year, doubtless be
realized from it.
The Minnesota Mining Company is located near
the Ontonagon river. some forty miles westward OF
the two preceding Immense blocks OF pure copper
taken from This mine. Il commenced in the
autumS of ls4s, and has capital paid in Of some
$4,000. or $40 on q share-there being but three
thousand shares. They command $3.50 in the
market. large dividend will, we think, be paid
from the earnings Of this year.
The Copper Falls Mining Company 10 now pro-
scouting its business with much energy and sue
cess. II likewise has large tract OF land and
several very promising veins Mr. HILL the supern.
tcndent, il very sanguine Of complete success; and
his experience and judgment are entitled to much
weight. The shares selling at less than $40,
although he considers them low at 825.
There are q number Of other companies working
with varied success. The prospects Of some OF
them-as. for instance, the Bohemian, Quincy,
Douglas, Houghton. and Albion-are excellent; and.
the shares are now very low, inducements are
offered for investment, and the probabilities are
tina, there will be rapid appreciation.
Our object 10 merely TO direct the attention OF the
enterprisng to this interesting region The gain
rcaped from the wor kings OF successful mine IL
frequently five hundred per cent. Shares in the
Boston and Pittsburgh Company which cost 8 IS 50,
sell for 800 In the Minnesota. for $780, the
owner can now receive $50. The Northwest
shares will probably increase one hundred per cent.
Ia value in year.
A bill for the CONSTRUCTION S canal around tho
Falls OF st. Mary has been reported in the House,
and win probably psss Congress. This will reduce
the cost Of transportation, and render the working
OF the mines still more profitable. Labor 10 alrcad
falling in price the Lake, and agricultural pro-
ducts increasing, and consequently the price di-
minishing
Sufficient reasons have been given why public
attention will ere long be directed to the Lake su-
perior mines