The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-04-03
MICHIGAN
BOOM IN C0PP !
Boston. Says It Is Temporary and
Fictitious and Is Taking
No Active Part.
In the Meantime Residents Of the
Lake Region Are Taking
Out Fortunes.
Special to The Journal.

Special to The Journal.
Houghton, Mich, April 4.-The amount
of lake capital going into western Mines
mainly Arizona copper properties, runs
we'll into the hundreds of thousands
monthly, this referring to actual cash in
vested and not to paper profits, the latter
having averaged about two millions
month for the past two years. The local
banks are full of money, and every one
seems to have few hundred dollars to
invest in every new copper mining propo-
sition that is stamped with the magic
name of Bisbee or Cochise.
The very latest success Of this sort is
the Wolverine & Arizona, which had its
preliminary organization less than a
month ago, and is not yet fully organized
The first block Of shares, subscribed at
$40, has sold as high as SIS.
There are more than a score Of Lake
Superior mining or development compa-
MES operating in Cochise county, Arizo-
ma, and shares. in the pioneer mine, the
great Calumet & Arizona, are now SELL
ing at 5000 each, which is at the rate. Of
| $40, 900, 900 for the mine, which is a higher
market valuation than possessed by any
other copper mine of the world; except
only the Rio Tinto and Calumet & Hecla.
Some OF the other properties OF greater
promise are selling at the rate of millions
in fact, the Wolverine & Arizona is al
ready rated at upwards of million, on the
cling hands. 1t is understood that this
company, not yet fully organized, has re
fused an offer of 81 100000 cash for its
holdings, which are exceptionally Well 10.
Gated, though yet entirely undeveloped.
Boston people stand aloof and shake
their heads at the lake copper boom, which
they denounce as temporary and fictitious
Perhaps it is being overdone, but at the
worst the net balance to the good OF lake
Investors from money placed in Ar1zors
&C pper properties will run into the ten
of millions.
The Calmet &. Hecla will entirely rebttilt
its old mills, beginning in the next hev
weeks. The improvements in the mlil WI
result in a closer extraction of the cop
per values than has ever. been secure
in the past. 49, : ::...s -
The Quincy, which was the first: lax
copper mine to try electric tramming, !
so we'll pleased with the results that tn
entire mine is to be electrified. ,- 800,
The Copper Crown Mining company i
sinking a shaft on the Meads amygda
loid lode at the Hamilton mine. This be
was found as wide as. forty feet In tn
. Norwich mine, adjoining, and carried
|promising grade of stamp rock.
The Osceola production for March wa
!, probably about the largest ever secure
from that mine. The Osceola should max
!, mot less than 20, 100000 pounds of cope
: i this year. and possibly 25,000,000.
The Franklin management is conten
= plating the installation of the fourt
stamp, for which the new mill has room
= The three stamps are being worked
9 their full capacity. >,: i .# i.
The, Champion mine is. supplying i
!. mill with upwards of a, thousand tons
n n rock daily from opening work alone. VIM
the mine can do when it has the mllilr
:. facilities to call for stopping in earne
!. may be inferred
:, :: The rurnor that the :Arcad1an was .
3 close down is denounced by the local mai
l. agement" as a. pure fabrication.