The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-12-26
MICHIGAN
LAKE SUPERIOR COPPER
Profits for the Year Comparatively Small
Millions Melted In Investments


Millions Melted In investments.
HouGHToN, MIcH.-The year now
nearly ended has not been altogether
pleasant one for lake copper mines. The
price OF copper has ruled between IL and
Il cents a pound for most of the time,
and taking into consideration increased
wages and the, increased price of prac-
t1cally everything in the way of ma
chtnery and supplies, the average figure
received for the product of the mines,
during 1902, has left scarcely more mar
gin for aproft than when copper sold at
the ioW-rccord price of cents, in 1894.
Some OF the mines had contracts at higher
prices for part of their metal delivered
in the earlier months of the year and
this has helped q trife. The dividend pay
ments Of lake copper mines have been
| smaller than for some years.
Of the newer mines the Mohawk has
just started production and while no re-
turns have been given out, the results
secured are satisfactory. The Phoenix
/ is mot yet a producer, but will become
one next spring. Explorations have begun
| on the Almeek tract for the I<earsarge
lode, the Centennial is still developing on
the Kearsarge lode and has some excel
lent slopes In its north drifts. The Rhode
Island remains merely q prospect, without
any especially encouraging developments.
| Tia Arcadian has been stripped of its
t'best machinery, which has been taken
| to the Trimountain. The Isle Royale is
working one stamp only and can scarcely
be earning expenses under the circun-
stances The Baltic has greatly increased
it's production, and is now one Of the big
copper mines of the world. The Tri-
mountain is operating two stamps in its
own mill and is getting excellent re-
turns. The Champion has also started
it's new mill. and is proving as rich as was
| NV or.f1or o 1,,,ip = ~
The Winona is furnishing rock to one
head at the Atlantic mill, and is securing
better than per cent ingot copper. The
| Wyandot and Elm River remain mere
explorations. The Mass is working one
stamp and is preparing to lenlarge its UNI
foreground openings in order to furnish a
better selection and more adequate supply
of rock. The Adventure has its new mill
! in commission. and while results are
! Hardly up to the expectations Of share
I holders they are by no means discour-
aging. Michigan is planning on new
mill and is opening some rich ground or
it's branch vein. this affording the finest
showing Of heavy copper to be found in
any Lake Superior mine at the present
time. Victoria is still developing, ant
| has begun the Harvesting of the biz
water power that is to operate the mine
and mill.
While the lake mines have not, yielded
large profits for the year. more millions
have been melted by Lake Superior. iia
Vestors than i'm any previous year. mainl!
through the development of the Calume
& Arizona mine. in Coochise county, Ari
IONA. This is now a producer, and il
proving as rich a property as was claimed
for. il. Millions of dollars of lake casl
have been invested i'm western mines dur
ing the year and much Of this is hope
lessly lost. but there are several goot
properties that promise. to give large
profits III the future: -
l. The production Of copper by the lax
I1istrict is greater in 1902 than in any pre-
tvious year and will be larger. In 1903
barring unforeseen contingencies. Par
Of this product has been made at a goot
profit, while another part has been Sc
cured practically without profit, and ;
proportion has been made at an actrla
loss. Should the price of the metal re
or three years to come, several Of tb
mines of the district will be forced t,
drop out of the list Of producers from in
liability to get a new dollar for an old one
but none Of the larger producers will b
put out of commission, and the produc
tion of such magnificent new mines a.
q the Mohawk, Baltic, TriInountain ant
I Champion will not only make good an.
possible loss caused by the suspension o
mines now active, but will materially in
crease the output as a whole. $50 s5
Unless the mines Of Butte increase thei
output within the next two or three year
Montana, will be, passed by Michigan
which will then occupy first place anon,
the copper producing districts of thu
globe. 80 -. -.