The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-03-06
MICHIGAN
WEAKNESSIN STOCKS
Failure. Of a Boston Firm Has Bad
Effect on Mass and Other
~..~s~ Properties. <..,,..s :
Kearsarge Lode Encountered on the
Ahmeek Property in,Kewee-
nav County.
Special to The Journal.


of A. B. Turner & Bro: of Boston, and
the enforced liquidation Of a large amount
of Mass (, stock,J.s carried by that
firm, which was ,the promoter Of the
Mass: Consolidated i Mining company,
has caused great weakness in the stock
and has directed general attention to the
mine and its neighbors, with the effect Of
weakening the prices of all Ontonagon
county mining shares. The Mass
has proven disappointing in its production,
and the mine has not made any money.
+ The increase of the dividend rate of the
Wolverine to $3.50 semi-annually, or Is
percent yearly on par value, is due to the
increased production and the better price
OF copper. Present earnings are at the
rate of So to $40 a share annually, and the
company has substantial surplus to
serve as a balance wheel.
Production of the Calumet & Hecla for
1902 was almost. exactly the same as for
the preceding year. Owing to the enlarged
milling facilities, 1903 should show a small
increase. There are; rumors current at
Calumet that the company will soon re-
open its mine on the Osceola amygdaloid,
but these lack verification. 1888 ...- ~.
One of. the leaders of the movement
against the present management of the
Osceola has gone to. Boston and a delega-
ton of six or eight other shareholders con-
nected with the revolt will be present at
the annual meeting to be held at the
company's eastern office on Thursday,
March T.. L..
1t would not be surprising were the
Calumet & Hecla to make an effort this
season to explore thoroughly the Kear-
sarge lode on the G. & H. lands. This lode
has. proven very valuable at many points
to the northward, and is worthy of atten-
tion on the Calumet & Hecla tract.
The 1902. production of the Baltic places
that mine ahead Of the Atlantic, while the
Franklin made approximately 5,250,000
pounds of refined copper, which is much
the largest production ever secured by
that property. The production Of metal
was a trifle more than ITO, 100000 pounds
and should exceed 200, 900, 900 pounds dur
| ing the present year. -.-, 4-'E
| The mines Of the south range are jus
tifying all the enthusiasm ever displayed
! by friends of the various properties. They
are the future big mines of the district
beyond doubt. The Baltic will soon be
i feeding four heads. to their capacity ant
an increase of milling facilities will b.
i considered The Champion is already a
a point where an increase from fo1,
stamps can be seen as: necessary for tn,
future, and the Trim ountain will continue
the use Of leased stamps at the Arcadial
MILL in addition to using four at its owl
mill, and more stamps will be needed
be feeding twenty stamps within the mex
three or four years, each stamp crushin:
an average of about $50 tons Of rock daily
or 5000 tons for the three mines.
Il CALUMET, eMICH.--The Kearsarge, on
of the master copper bearing lodes of tn
Lake Superior district, has been encoun
) tered on the southeast portion Of the All
meek property in keWeenaw county, mex
north of the North Kearsarge mine. TIL
strike is one Of the most important devel
opments in the lake district in recen
years, as it not only means the openin
t Of what in all likelihood will prove q bi
and profitable mine at the Ahmeek, but
e greatly enhances the value Of the severe
v properties adjoining and to the north.
s The cutting of the Kearsarge lode o
the Ahmeell property practically. assure
the Allouez a mine of large proportion
h. A shaft will be put down to interrupt tt
n underlay, Of the lode. next summer a
: extensive tract of land a mile and
s half north Of the Mohawk mine will be e.
: plored.
u These lands are controlled by the Misl
e wabik Development, Federal Mining ar
e Union Land companies. The work wi
IL be conducted under one management I
mutual consent, and it is likely that tt
work will reveal richly mineralizs
/ formation on all three properties.
# The first dividend disbursements
u Lake Superior copper mining cornpari,
I this year have been very satisfactor
S. Both the Quincy and Wolverine paid
"A cents on a share more than was expects
Sixty men have been discharged at tt
y Adventure mine as a. matter of econom
The reduction In the working force W