The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-09-02
MICHIGAN
COPPER SHARES
STRONG AGAIN
rs SWINGING IN THE
OTHER DIRECTION.
Lake People Are Turning from Their
Arizona Investments to the Home
Field-Many Millions Made and Lost
in Speculation in Shares of Southern
Companies.
Special to The Journal.

Special to The Journal.
Houghton, Mich. Sept. 2.-The strong mar
ket for the Lake Superior listed shares on the
Boston exchange is attracting much attention.
The majority of, the students of the situation
consider the movement natural and likely to
run for some months, subject to occasional
checks, tho some conservative persons are stlll
inclined to the opinion that the market is manlp-
ulated. Manipulation there, may be, but there
seems ample evidence that the movement is at
bottom, u natural one. The pendulum IS swing
ing in the other direction and higher prices are
natural. : r. .- ...-'f -ss. :.
To cause a better feeling followed by higher
prices, there are several factors. The OUT
come of the presidential election has been dis.
counted by shrewd observers, and the admlmstra-
money is plenty; the panicky feeling has worn
away entirely; and last but not least, the Lake
Superior people are back in the Boston market.
The period of Arizona Investments by Michigan
capital covered about five years The first
outlay was in 1890. in what became the Calu-
met and Arizona mine two years later Inc
eyes toward Arizona, and especially toward
Bisbee. Under the wing of the Calumet ana
Arizona four other companies were promoted.
One Of these Is already an assured success ana
will probably surpass the Calumet and Arizona
in time. Another is showing up we'll, ana the
| other two are still in the prospective stages.
OF the other development companies formed by
local capital to operate in the Warren district
and elsewhere in Arizona, not one can be. called
an assured success, tho two of them have ore in
| encouraging quantities. Several companies have
AS a consequence of, the Arizona excitement,
Lake Superior people control one of the best
copper mines Of the world, and are developing
another of at least equal promise, and have
| several encouraging prospects on the credit side
Of the ledger, while on the debit side are halt
a dozen fat failures. The people who bought
the right stocks have made millions-many mil
| lions-but those who picked the wrong shares,
| and their name is legion, have lost several
| millions. Speculation in Arizonas is at low
ebb, tho the good stocks are held strongly, main
for i,,1,nc ty,nnf Thl "a
| whole, have made up their minds that .,nere
are more promising opportunities for speculation
| in their own shares than further aield, hence
they are returning to the Boston market in ever
increasing numbers. The bulk of the shares OF
the Lake copper mines are owned in Boston
and its suburbs, yet the Lake people, witt
minority holdings in every local mine excep
lative matters. tho New England money does
the bulk of the business after the game Is vel
| warmed up.
commission, and No. shaft is expected to in
crease its output largely in the near future.
! The building of underground dams Of con
crete and masonry, cutting off the water from
| No. shaft of the Isle Royale mine, is indi
cation that the shaft will not be retimbered il
| the immediate future. The showing on section
| II is SO much better that the Isle Royale owners
are amply justified in turning their attention t.
| that point instead of reopening portion of tn
mine that proved very disappointing, and coul'
under normal circums tances, do little or nothin,
more than return dollar for old one.
Quincy No. shaft has been completely re
paired and is expected to go into commission
= next week.. No. s shaft, the northernmost, OF
the Mesnard property. is holding the improve
| ment gained at depth, but is not up to tn
| average Of the older. shafts the Quincy an
4 Pewabic.: Excavation and building Of founda
lions for the addition to the Champion stamp
mill are under way.
| SAULT STE. MARIE, M1CH.-State Gam
Warden Charles H. Chapman reports that Angus
was q record-breaker for prosecutions. Fifty
six persons arrested and nearly $1,000 /