Grand River times. [volume] (Grand Haven, Mich.) 1851-18??, 1853-02-16
THE UPPER pENINsULA--CoppERDoM

nexed particulars, which cannot fail to be OF In
terest to large class of our citizens:
Considerable outside" excitement is visible
in copper stocks, and at the board several hun
dred shares of various sorts have recently chang
ed hands. The activity in the Forest Mining
Company is occasioned by the setting off of a
new mine, /" the Glen," from the property Of the
Forest. Each stockholders in the latter is to re-
ceive as dividend one-half as many shares in
the Glen as he now holds in the Forrest, while
n sufficient number of shares is to be retained
by the directors to procure an active capital, adj
equate to fully proving the mine, without fur
Their assessment. The Glen location is highly
spoken of, and the last report of the Forest
proves the latter to have rich and well defined
vein of metal, which cannot fail to be remunera-
tive. The Forest has been opened at an actual
outlay of $4,000, and is not likely we are told,
to call for many more assessments.
For "Copper Falls" 40 has been offered and
refused within day or two, and we hear of par
ties who, after all the knowledge they could OBJ
tain on the subject, have been purchasers of
nearly 1000 shares, at rates varying from 80 to
35.
We have received an interesting article from a
correspondent, signing himself " Through the
Mill" He will excuse our not printing his arti-
per over and over again. Its subject is "COp-
per Speculations in lS47 and 1858" and its pur-
pose is to show the difference in kind, between
the two periods as regards mining operations.
In l847, copper mining was pursued on paper
only. Certificates Of stock were printed by COM
panies that never worked their locations, and
that never intended to work them. People grew
crazy, and paid such enormous prices for utterly
worthless things, that no possible success in
mining could ever have justified. The bubble
finally burst, and the victims and their friends,
have ever since turned pale at the very name of
"copper" Thus is it that one of the most i'm
portant mining interests Of the country has been
behind cloud in public esteem, and for many
years, in consequence of the knavery of certain
cheats, and the folly Of certain cheated, who
might as properly have called their certificates
"moonshinc" as "copper." They had really
more to do with lunacy than mining. Some
people, however, continued to have faith-not
in speculative mining shares, but in the metal
ic wealth of the shores of Lake Superior. They
contributed their mites to the cause, and thro'
good times and bad times dug slowly into cop
per bearing rocks. After while the "Cliff"
began to pay dividends, and this success encour-
aged the formation of other companies. But
the capital at the command of each being limit
ed and only to be obtained by continued assess
ments upon stockholders, the progress was nec-
essarily slow, amid the jeers of the unfriends
and the wonder of the Indifferent, at the incura-
BILE folly of the copper people.
But time rolled on, and the harvest, though
long delayed, is now fast approaching "The
Minnesota" mine can pay dividend as soon as
the directors think fit to do So The profitable
ness of the Copper Falls, North American and
North West is held to be beyond question,
while that of the North Western, Norwich, For
est, Phoenix, Farm, Toltec, Dana and perhaps
some other mines there is no reasonable doubt
Not one of these concerns was got up on spec
ulation' Most of them have been several years
at hard work, on their several locations, and the
object OF the proprietors of all Of them was and
is, to dig copper and receive dividends from the
avails, and not to run up the shares in the mar
ket What may be in the future we know not
but at present the market prices of the various
copper stocks are based upon the amount ex-
pended on the locations, the character of the me-
talic veins, the state of forwardness of the mine,
and the future prospects Of the concern. ANY
Improvement in the mining prospects of any, ad- |
vances The stock in the market. There is, as
yet, no more speculation about them and we
heartily concur in the hope of our intelligent
that the scenes of l847 may new
or again occur.
vi the enormous metallic wealth of the Lake |
Superior country, there is no doubt. The only
question is whether specified mining operation
be commenced just on the right spot. 1t is
matter OF certainty, almost that upon the whole
Lake Superior mining is to be very. productive,
but individual companies may not succeed One
who purchases mining stocks therefore, should
iully understand that ifhe buy low priced shares,
having good prospects, he must take risk. If
ne buy in six companies, it is most probable that
four out of the six will be eventually profitable,
and that one or two perhaps may be exceeding
ly so.
The opening of a mine costs from 5000 to
100000, and it is only by expending some such
sum, that mine can be absolutely proved to
be either good or bad. The developing mine
Is slow and annoying process, and to hold on
to stock, amid good and evil report, and to con-
tine to pay assessments when prospects are
gloomiest, require much faith, courage and pa
tlence. One who buys copper stock should buy
1t with his eyes open. If he do not like to take
risk ne must wait until success is assured,
VINE wnen he will have to pay much higher prices
we are utterly opposed to mere speculation,
put we have no idea Of shutting our eyes to the
real Importance of great interest of the coun-
Try, because spectators may possibly take hold
Oh IL, to the injury Of those individuals who lis
Ten TO the vOioa IF Tho oh tH 4