The Minneapolis journal., 1903-03-03
MICHIGAN
BOSTON LEFT OUT
Calumet & Arizona and Other South
ern Mines Financed by Lake
s8 Men.
Stock Has Advanced From $40 to
g .$1S6 a share-Dividends
This Year.
Sliecial to The Journal.

Calumet, Mich, March 3.--Vast wealth
is being accumulated by the steel
crowd" in New York and Pittsburg and
by their friends in the Lake Superior
mining district out of copper in the south
west. They have already proved what is
one Of the very important
mines of America, and it's development is
still far from complete That it is des-,
tined to rank with United Verde and
Calumet and Hecla many of those inter
ested have no question. ~s
President T. F. Cole of the United
States Steel corporations iron mines Is
very largely responsible for the discovery,
and it was his money and faith that did
much toward its development. The land
was bought three years ago and a year
later mining company called the Calu-
met & Arizona was formed to operate the
property. which had then been proved of
considerable value. The stock was put
at 200, 900 $40 shares and they were over
subscribed s1,O00.00O in a single day.
chiefly on Mr.. Coles reports. = - =.
After the C. & A. took hold it began
finding ore of remarkable value, and it's
work from that day to now has been In
rich rock A smelter wds planned and
erected, being completed and in running
order eleven months from the day the
order was given. 1t has been making at
least $4,000 pounds Of copper since Nov.
Is, and second stack Is to be running in
the spring, doubling the capacity.
From $40 to $1ee Share.
1t is understood that the ore is being
treated at a large profit, and that it runs
high in copper. The $40 shares have
steadily moved upward. until this week
they have been sold at 1885, The mine Is
at Bisbee, Ariz., adjoining that Of the
Copper Queen Consolidated Mining. com
pany owned by Phelps, Dodge & Co., OF
New York. It's stock is half owned al
Pittsburg and New: York, a quarter al
Duluth and the rest at Calumet and
| Houghton.
Scores of men, in the mining district
who banked on Mr.. Coles judgment, have
already been made independent by the
advance of these shares. The mine viii
probably begin the payment of dividends
this year, making a record for rapid de.
velopment that has never been equalled
The mine has been developed along tle
I lines of practice common to the bes
judgment Of the Lake Superior region
which is famous as the leading mining
district Of the world. -
-. - Two Other Companies.
| Adjoining the Calumet & Arizona th'
same men have secured about sixty min
developing them. Their methods are ex
acty like those pursued in the first mine
and the indications in both arc that tn
Calumet & Arizona ores continue int
them. The two companies capitalize'
in 10000. shares. of $40 each were ais
over subscribed, and their stock is noy
more than ten times par. On each Q
these two properties there are shafts ex
cseding 1000 feet in depth II these PROV
, to carry. the Calumet & Arizona ore lense
the combined value is far more than -tia
of any copper mining company the worl
has ever seen. The daily output Of c..
A. alone will this year equal that c
Quincy, which is the second mine in til
'I lake copper, region. -.. ->.-,@~ -,
These are the first important coppe
mining deals ever financed outside {
Boston, and Boston interests in them no
are merely nominal. They were practica.
ly financed at the lake, much to the SUI
prise cf eastern copper brokers, who ha
not expected such a result. As the MAJ
: ket stands to-day these three propertie
are worth in the neighborhood of $45
100000, all the creation of the pas
3 twenty two months.