The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-11-13
MILLIONS MADE IN COPPER.
COLOSSAL FORTUNES CREA x T1THIN
4 FEW MONTHS.
old C6pper shines OF the Lake Superior
District increase Forty Millions IN Value
Within. F,pnr Years aud Newly Opened
Mipes Are Worth Twenty millions More.

Old Copper sfines of tho Lake Superior
District Increase Forty Millions IN Value
Within. -Four Years aud Newly Opened
Mipes Are Worth Twenty millions More.
HouGHToH. Mich. Nov. 10.-Nowhere else In
the world. at tho present time, Is there the same
activity In opening new mines as in the Lake
Superior copper district. The reason is not far
70 seek. for. Of all the metals mined by man.
only gold and copper have not suffered Ia de-
mand by reason OF overproduction during
recent years. Panics have not affected the
copper mines. and dividends increasing yearly
in volume have been paid by the lake proper
ties. The enormous cost OF developing even
promising copper lodes into paying mines has
operated to restrict development for many
years past. Not a few companies having rich
lodes we're forced 10 suspend opera
tions during the eighties. solely because
the amount of money needed TO set
their mines on their feet had been under
estimated. II is now generally held by the
best mining men and capitalists connected
with copper production that It Is not safe TO
attempt the development OF n copper mine in
the Lake district. from grass roots, with less
than 100000 capital. no matter how rich the
showing. A few mines. notably the Wolverine.
have succeeded with less. but the Wolverine
was opened in 1882 and. until eleven years
later. was constantly on the ragged edge OF
bankruptcy. Nothing but the sagacity, econ
omy and ~untiring labors OF John stanton OF
New York enabled the Wolverine to assume
the highly favorable position IL now enjoys
among the mines OF the district. Five years
ago its shares were selling at 10 cents each
to-day each OF the 10000 shares Of capital
atock 10 worth over $50, or approximately two
millions Of dollars for n mine that five years
ago was worth but $4,000. Three years ago
the shareholders grumbled at being compelled
20 raise S60.000 by assessment. yet, as a result
OF that judicious call for more cash. the mine is
to-day earning S17.000 every month
The Wolverine may fairly be called the excep-
ton that proves the rule. Properties with only
$500 or 100000 in cash may be made into
paying mines. but the chances are more than
ten 10 one against their pulling through. As an
instance OF delayed appreciation Of the amount
OF capital required. the Michigan, formerly the
Minnesota mine. Is an Illustration. The Min
nesota. located In Ontonagon county. sixty
miles from Houghton, was once the best mino
in the district. rich in masses Of great size, one
OF which. the largest ever discovered. weighed
300 tons. 1t was 46feet long, 49, feet wide and
81 feet thick. This mass was found in 1857 and
It required the labor of twenty men for fifteen
months to cut IL into pieces small enough to be
lifted to surface by the not very powerful
hosting machinery then used. The Mime
sofa paid dividends OF Sl.S2O.O00 during its
period Of prosperity. The directors declared
dividends as fast as the money was earned.
but there came a time when copper sold low in
price. and poor stretches Of ground we're en-
eountered in the mire. The owners lost hope
and abandoned the mine. unter almost pre-
c,sely similar circumstances the owners OF he
Quincy mine. located here. raised $4,000 by |
Assessment. and. before the money was spent. |
opened rich ground. from which over SlO.OOO.- |
600 in dividends has since been paid, while the
mine itself is now valued at more than Sl2,-
b0O,OOO. The Minnesota mine passed into the
possession Of Benjamin Jetfs. who had great
faith in the property, hut was unable to interest |
capital, He died. land-roor. two years ago.
LAST winter his heirs succeeded in Interesting
and raised S3S,UUO to reopen the mine. Only a /
week ago the property was placed In the hands !
Of a Detroit broker identified with copper min
Ing for reorganization. The owners found that
their capital was torelessly Inadequate, and
under the reorganization plan proposed at
least 25O.OOO will he raised In cash and placed
IN the treasury. With that capital there is
every reason to hope u fine mine can be made, |
but the people who invested the small n { !
last spring would assnrcdly have sunk n |
last dollar In development without openiI. a
producing mine. and were wise in knowing !
when to call for help.
AZ. the close of business on Monday Of this
week the producing mines of the d strict we're
ures In every case being found by multiplying
the number of shares by the last price at which
shares were sold on the Boston Stock Ex-
change. that city owning two-thirds of the
stock In nearly all OF the mines:
A.~1t