The Minneapolis journal., 1903-03-20

Copper Producer Likely to Rank
Second to the Great Calumet
& Hecla in 1908.
Stock Of Latest Arizona Flotation
Jumps From SIS to $100 in
a Few Weeks.

Special to The Journal.
Houghton, Mich, March 20.-The Osce-
ola, mine has begun making copper in
earnest and an estimate Of 25,000,000
seem unduly high. improvements under
ground and on surface at the two Kear-
sarge mines are practically completed,
and heavy tonnage is going to the mills.
Unless there is-a break somewhere in the
program the Osceola will fill second place
among lake producers at the close of 1903.
The settlement Of differences between
the two factions in the mines manage
ment, at the annual meeting in Boston
last week, was perhaps for the best inter-
ests OF all concerned, although the old
management got much the best end Of the
bargain, retaining complete control and
conceding only a minority representation
on the board of directors to the protest
ing shareholders, this being accompanied,
however, by q written pledge to operate
the mine to it's full capacity and along the
general lines laid down by the rebellious
shareholders. Upon one point the fac
tions were united before any agreement
was reached, and that was the desire to
retain the local management without any
change.
Another Arizona Proposition.
The latest Bisbee tlotation promoted by
Duluth, Houghton and Pittsburg capital,
weeks ago. at SIS a share, closed the same
evening at $50 share, opened the next
morning at $50, and is now in brisk de-
mand at around s100. Almost any sort
of a prospect in >Cochise county goes to a
premium at once, and remains there, if
hoated by men of recognized standing as
successful promoters and mining men Of
good judgment.
The Calumet & Arizona is a phenomenal
copper mine. What it's ultimate rank may
be can scarcely be foretold at present, but
it is already among the dozen best mines
Of the world, and growing rapidly. The
present output is about 100000 pounds
Of blister copper monthly, from a single
furnace. The blowing in Of a second fur
mace within few weeks will double the
productive capacity Of the mine, which
should turn out about 30,000,000 pounds
of copper this year. The actual cost of
production is not positively known, but is
reported, from Bisbee, on apparently good
authority, to be under cents pound.
| AS the blister copper carries some values
| in gold and silver, these should go a long
way toward paying freight and electro
| 1ytic refining charges, so that it is safe
| to place the cost of Calumet & Arizona
refined copper at the seaboard not more
| than Z cents, and possibly not more than
6 cents a pound. The ore slnelted ranges
| from 10 to II per cent in copper, which
is the highest average secured by any
large copper mine. The oxidized ores art
found in large bodies, and are not being
gouged out to make record, but are be-
| ing Systematically developed and saved fol
mixing with the iron-sulphides found be.
low. such a mixture affording very de.
sirable furnace charge, as it gives free
smelling and clean slags. ,,.
! .: Mass Needs an Assessment.
! The financial affairs of the Mass mine are
| not in the best Of condition, but by nj
| means badly involved as rumor stated
| What the Mass needs, and must have
! eventually is another stiff assessment, tt
be expended underground in making new
openings. The surface equipment is ex.
| ce1lent.
The Federal Copper, company Of Duluth
has some landed holdings in Keweenav
county that are promising. The tract ha.
$50 acres, about mile; southeast Of tht
Phoenix and not far from the Miswabik.
The Michigan is driving crosscut from
the Calico lode to the branch vein, on tn,
tenth level. The Arcadian is operating
ten drills in the Douglass shaft and is Sc
curing production Of about twenty -fiv.
tons of refined copper monthly. -.'.-s.--