The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-09-19
TIME OF RECKONING
Third and Final Stage Reached in
the Investments of Copper
Country Men.
Some Have Made Winnings, but the
Majority Are Whistling for
Their Money.
snseial 10 rha journal

special TO The Journal.
Houghton, Mich, Sept. 19.-It is evil
dent that the mining boom that led thou
sands of investors in this district, both
large and small, to put sums ranging from
few dollars UP to hundreds Of thousands
each into mines and prospects in all parts
of the United States, Canada and Mexico,
during the past three years. has entered
upon the third and final stage.
The first period was that of investment,
when everything went" and almost any
sort of mining scheme in almost any
part of the world could be foated here
with ease by almost any sort of man.
The second stage was one Of greater con-
seryatism and the raising Of reasonable
doubts that led to the exercise of greater
caution. The third stage, and the most
unpleasant, Is now with us, for this is
the period Of house cleaning, when bub-
bles are being punctured, and posses
sions once cherished are bundled off to the
junk shop to sell for what they will bring.
On the Ragged Edge. !.
The Northwestern Development Syndi-
cate. operating in British Columbia, is out
of money, and must raise large sums or
lose the bulk Of the property, which is
held under bond and lease. The Protogene
Gold Mines company. which took over the
old Foley mine, in the Rainy Lake dis
trict of Ontario, Is without money or
prospects of getting any, and will prob
ably go into the hands of a receiver soon
the sooner the better, as the company
has no plans for anything but drifting
along, which yields no revenue and piles
on expenses. The Union Gold company,
having a promising property in Arizona,
was smashed by a Detroit bank failure.
The Sylvania company, operating In
Clear Creek county, Colorado, is in fnan-
cial stress.
Among the lake companies interested in
western copper fields, the Bisbee & SUI
perior has just surrendered It's lands,
twenty eight full claims in the northern
end Of Tombstone canon, north OF Bisbee,
Arizona. Others among the local con-
Germs interested in Arizona copper pros
poets may come to grief thru lack of cash.
There are many strong companies still
operating, with good prospects of success,
but the time has come for the division OF
the sheep and the goats.
The failures have been due either to
lack Of cash for development, or lack OF
cash to make heavy bond payments.
Some of the solidly- built Michigan Ari-
IONA companies are sufficiently advanced
SO that highly encouraging returns may
be expected at any time, while other local
companies have reached a stage Of over
ripeness from which 1t Is natural to infer
a breaking down, from strictly natural
causes, in the near future. 4
Monthly Copper Production. e.
Lake copper production Is running at
the rate Of better than 100000 pounds
a month.
The new equipment at No shaft of
the Mohawk Is practically completed and
will be placed In commission next month.
There is still discussion locally as to
whether the Trimountain swallowed the
Copper Range, when it was absorbed,
ostensibly at least, by the latter. AT any
rate it may be set down with safety that
the Burrage-Lawson combination. Of Bos-
ton which has always had very close affil-
iations with the Amalgamated Copper
company, will have much to say about the
future management Of Copper Range, and
the Copper Range Trimountain merger is
generally held to be the first step of the
Amalgamated in securing g. foothold IN
the lake district.
Lake people are not pleased at the idea
but what cannot be cured must be en-
dured, and only those most easily fright
ened are doing any worrying.
Contemporary for the Mohawk.
Since the starting Of it's new mill, les!
than a year ago. the Mohawk has beer
tha only Copper producer of Keweenav
county, where the earliest and most sue
cessful of the pioneer Lake Superior mines
were developed. This honor the Mohawl
must now share with the Phoenix, which
becomes the seventeenth producing MIN
of the district.
In addition to the two mines actuall.
making copper, Keweenaw county ha
several other properties In more or les
advanced state Of development, Of wh1cl
the Allouez and Abmeek are almost Ger
tain to make good mines In time, Will
the Miskwabik Development company l
pushing exploratory work actively, an
the old Cliff mine, after Information O
exactly quarter Of century, Is agai
doing some work, this time In search @
the much sought-for Kearsarge lode.
BEssEMER, MIcH. James sovante was p,
under $4,000 bonds to answer to charge
Dominic Pinetti the 16-year-old lad, WI
stabbed Peter Beecher's boy some two montl
ago. This promises to be an interesting case
tie foreign departments of both countries al
mixed up In 1t.
HouaHToN, MICH.-To bring ten hsherme
before Justice Of the peace in Keweenaw coul
ty would have been expensive, 10 "the court
was taken to Isle Royale, where the fsherme
were arrested convicted and fined $3.50 in the Al
gregate for violations of the fish laws, Most
The fishermen from Duluth and Chicago.
IRoNwooD, MICH.-The Davis mine, aft
years of litigation, is to be sold by a Unite