New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-07-25
PROFITS OF COPPER MINING.
From The Providence Journal.

Beyond question the two most prosperous sections
of the United States, at the present time and for
district and the Lake Superior copper district.
With wages as high as before the panic OF 1898,
with more mines working, more men employed,
larger production, cheaper cost of producing and
larger profits TO the stockholders, the residents Of
pie who have money invested in their industries
have every reason to congratulate themselves upon
their good fortune during times OF general indus
trial and business depression, now apparently draw
The principal. if not the sole reason for the good
times enjoyed by the copper districts found in the
enormous foreign demand for the product Of the
mines. OF the 1895 American production 60 per
cent was exported. and for the first half of the cur.
rent year the exports have exceeded IS per cent Of
continues to slowly but steadily decrease being at
present less than thirty-three thousand tons: al
though the American mines have increased their
production steadily for a number of years past.
be bctte for With general revival Of Business IN
this country the domestic demand Will be greatly
metal allows enormous profits. an enhanced de.
mand Will Of necessity bring about higher prices
and even larger profits than are now being earned.
shown by the following table. setting forth the dvi
depds paid 70 date BY fifteen Lake Superior mines:
CcTtral. si,s70ooc; Clin. s2,5lso2o; Copper Falls,
neSoa nSsoGo: National $50 IS: osceolS sir
800; Pewabic $4,000: Phoenix $4,000; Quincy. 500
@os75 Jus ''''''"' ''' avn '''''''' '''''' '''
During the period of developing these mines
sessments amounting 10 s1.s69.5O0 were levied leav
Ing net profits OF $6 990S75 In addition this. the
present value of these mines is in excess OF SbDeo-
900 Il current quotations on the Boston Exchange.
where all the leading copper shares OF Michigan
and Montana listed and extensively traded In.
Eight Of these fifteen mines are stl IN active oper-
alton. One. the Pewabc. has been absorbed by its
larger and more powerful neghbor. the Quincy, OF
which IL now forms rich and productive portion.
The Cliff Minnesota and National mines the
former in he yeenaw and the two latter in on
tonagon County. which were the banner dividend
payers OF the early period now closed, though
there are many old mining men who affirm, and
with good show az reason. that these old mines. u
reopened and equipped with modern machinery ana
mills could again make big PROFITS for their oper-
ators The Copper Falls. in Keweenaw County
will probably be consolidated soon with It's neigh,
Dor the Arnold, and again worked. The Central
mine. for the abandonment of which all prepare
tions made three years ago. Is still producer
and IL looking better than for years. . . a,
During the past twelve months larger divldenas
have been paid by the Lake superior mines thtn
ever before In the period OF time. The great
Calumet and Heca, the richest mile IN ,he wG'I ~
led with dividends of $40 per share, a totai "
100000 followed by the Quincy. with rouhsI
million OF profits paid stockhoiders me IamaraaV,A
paid $4,000 and the Osceoa. hearsarge ana Az
lantic also paid Handsomely.