The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-11-27
MICHIGAN
NEWS FROM ARIZONA
Michigan Holders Of Stock Cheered
by the Tidings From the South
ern Properties.
Lake Superior & Rttsburg Has
Large Ore Bodies Calumet &
Arizona Dividend.
Special to The Journal.

Houghton, Mich. Nov. 27.-The news
from Arizona Is interesting, sufficiently SO
to monopolize attention, owing to the
many millions invested by lake Superior
people in the copper fields Of the far south
west The 50 dividend of the Calumet &
Arizona has not yet been declared, but
certainly will be payable a week before
Christmas. This will dsburse $500, 900
profits to owners Of a mine that began
production only fifty-three weeks ago.
Furthermore, 1T is understood that this is
to be made a quarterly dividend, putting
the Calumet & Arizona, on dividend basis
of S1,600,000 annually. AS matters are
now going the mine Is earning q little
better than this rate.
The Calumet & Pittsburg Development
met & Pittsburg Mining company. The
capital stock will be increased from 5000
shares to- 100000 shares, of which 10000
shares will go to present holders in ex-
change for development stock; 100000
shares will be offered for. pro rata sub
script1on among shareholders at par. $40,
and $4,000 shares will remain in the
treasury. The management would have
preferred awaiting six months. and
securing further development of the ore
bodies first encountered last June. before
reorganiZing, but the bond on the property
is about to fall due, and it is, necessary to
change the company from a development
lhlc II lully lullllnS COl pOl III
order to secure the funds to meet the
heavy payments required to complete the
purchase price of the lands.
The Lake Superior & Pittsburg is open
Ing some large ore bodies, and it is the
opinion of many shrewd judges that this
will eventually make a bigger property
than the Calumet & Arizona The bond.
on which st.o5O 900 is still due, has some
time to run before expiring. -,..p 4. 81 +
The Wolverine &; Arizona is the latest
Michigan Arizona copper development
company to strike ore. The discovery
was made at the beginning of the week.
and while the ore body is a mere stringer,
and not OF especially high, grade, it is
taken as the, precursor Of the main ore
Ibodies. for the reason that similar discoY-
| cries, apparently of small Importance,
have been the forerunners to big ore de-
posits, in the case Of every successful
property in the Warren camp.
Phoenix Veins Rich in Copper.
|. The mill returns of the Phoenix for last
week averaged thirty seven pounds of
mineral to the ton. This is next to the
Calumet e. Hecla in the lake district. and
bears out the theory that the Phoenix fis-
sure veins will make up for their small
size by their superior richness in copper.
The Ahmeek work is going along like
clockWorli. 1t is just as certain as anything
/ can be that the Ahmeek will make fine
mine Opinion of all the authorities in the
district is unanimous on this point
The situation of the rAllouez Is much like
that of the Ahmeek. .withithe important
difference that the AhTneek has the afrisg
daloid opened while the Alouez must go
down nearly thousand feet. to. intercept
| the underlay. There are many excellent
: reasons to believe-in fact a reasonable
certainty-that the Allouez will also find
the lode rich ~ 3D. spo.pas.
| Chunks of Pure Metal. r. o. ~
ia The Michigan. which began production
! this month with single stamp on hal Ii
a,time at the Mass mill, is getting a nice run
| Of masses. One was raised this week
weighing II 900 pounds. As it is necessary
| to stamp about 700 tons of Atlantic rock.
| or about 500 tons of Isle Royale rock, to
Esecure an equivalent amount of copper. 1T
can be seen what an advantage is given
the, Michigan by its ability to dig out such
chunks of pure metal from time, to time .
Some rather ridiculous dispatches have
been printed recently. purporting to, eman-
ate from Carney Mich. relative TO the
discovery Of a copper mine lust. like the
I Calumet 81 HecIa,'' near tina t town. There
is about 100 miles distance between Calu-
fmet and Carney, as the crow flies, ana
geological conditions are not similar The
truth about the discovery is, that some
promising ore has been. found, and a local
pool has been formed to probe the ground
further.
g. Osceola is now. making copper at the
rate of 2O.OOO.o 900 pounds yearly, or per-
haps a little better. The output for the
YEAR will be about half way between this
figure and the production of last year
The former deficit in the sOsceola treasury
has been turned into credit balance, and
a dividend is looked for soon. 4