The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-03-15
FINANCIAL AND COMMERCIAL

- tnat Miners and Isle Royale will
ooIlolhe share for share. Then the Ar
cdQIan and the new company will be
united on the basis of about 80 for the
otter and l05 for Arcadian This, of
curse, Is supposed to be only another
"@S station on the road to the Ameri-
cdn copper Company.
Inc statement of President BigeloW
at the annual meeting of the Osceola
mlhlng Company that sales of copper
LOT domestic and export trade were
peIng made at going prices for delivery
IN september and October next is one
| whlch has a most important bearing on
| me earnings of Lake Superior copper
companies for 1899. The marked adj
vance In the copper metal market oc-
CURED in January, and with deliveries
| as Tar ahead as October at lie a pound,
at least Ice market for the calendar
year of 1899 would seem to be reason
doly certain. Should a Ice average be
I maintained the additional profits of the
| Lake superior companies the current
year would amount to 4c pound, as last
Years average was 12.01c On Calumet
q Hecla's 10000. 900 pound production
thls additional profit amounts to $780,
UUO or $50 per share. On Quincy's 1900
VOO pounds output the additional profit
amounts to about 81 per share.
According to the Denver Mining Rec
ora, Colorado does not propose to be
out or the race for ore, no matter what
Klnd is needed. She is in the lead for
gold and silver and is now preparing
TO enter the field as copper producer
Arizona is overrun by men of capital
looking up copper properties. Colorado
mas good show of copper properties in
the same condition of development, and
when capital gets through with Ariz-
ona, or does not feel like travelling that
far for investment in copper mines, it
Will do well to remember that Colorado
always keeps the door open for the hon
est investor and is able to give as good
values as any other Rocky Mountain
state"
The status of the Gold Coin mines is
this: Development up to date has been
unsatisfactory. Expert opinion was
asked, and on the strength of that re-
port an assessment was called. The
expert thinks that the money received
Will open up profitable ground It may
or may not Purchasers of the stock
should not forget that at present the
mine is only prospect. The assessment
paid is covered by a mortgage on the
property, which I am told is ample
security for the amount even if the flu
ture development work is unsuccessful
The annual report of the Allouez Min
=
Balance on hand Dec 81 1898. 1884; re
ceiveG from sale of old machinery in
1897. S7075; received from assessments,
$l6,29S: interest and rental receipts
$S220; total, S95, 2S4 Expenses for the
year aggregated $45,O79, leaving net
earnings $50, 204 John Stanton for the
directors reviews exploratory work
stating that the diamond drill boringS
on the 40 acres of land purchased from
the St.Mary's Canal Mineral Land com
pany found the OsceOla lode carrying
only a small quantity of copper. A
three compartment shaft was started
at point that would command a large
extent of lode. The first level was star
ted $50 feet from the surface, but not
finding much copper at this point, drift
ing was suspended and taken up again
a the second level, $50 feet from the
surface. and this level is extending
along the lode in both directions from
the shaft.
At special meeting of the stock
holders of the National Mining com
pany in Boston yesterday morning, the
plan to- reorganiZe as previously out
lined was carried out. Stock increased
from 10000 to 100000. The So assess
ment was rescinded. Work will be be-
gun at the mine as soon as possible.
Weakness in Santa Fe said to be due
to steady selling by old stockholders
who received stock in new company on
the basis of one share of rev for five
old Santa Fe property said to be in
fair state of development as work has
been kept up in small way Tor the past
10 years until now 100000 tons Of ore
are blocked out.