The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-10-21
FOURTH CONCERN
:. TO Be ORGANIZED
PITTSBURG & DULUTH WILL SOON
49, BE A MINING COMPANY.
Lake Superior and Pittsburg Capitalists
Decide on a Line of Action-Con-
solidation Of Large Mining Tracts IN
Keweenaw County, Michigan, Is
Practically Assured.
.,..!
Snecial to Tha Journal.

Special to The Journal.
Calumet, Mich, Oct 21.-At meeting OF the
directors Of the Pittsburg Duluth Develop
.ment company this week, it was decided to re-
organize as mining company. Each snare
in the development company will be exchanged
for two and one-half shares of the new STOCK,
and will carry the right Of subscribing for two
and one-half more at par, $40 share. ray
ments will be spread over eight months The
Pittsburg & Duluth is under the same manage
ment as the hugely successful Calumet " Afl-
IONA, and is the fourth concern to be converted
into mining corporation by the Lake Superior
and Pittsburg capitalists, who have made mil
lions in the Bisbee, Ariz., camp. One company
remains. Of the Bonanza Circle group III the
development form, and it has probably reached
a stage where success is almost certain.
Another smelling plant will be in blast In the
Lake Superior country by the middle OF Decem-
Der. The Lake Superior corporation is building
a 3OO-ton snelter at Sault Ste. Marie, ONT.
There is a remarkable contrast between tne
smelling industry of the Lake Superior dlstr1ct
today and a quarter of a century ago. Ihere
are now four large smelters in Houghton county
alone, the $500, plant of the stanton-Paine
mines being the latest and most modern.
Mine Merger Assured.
The consolidation of the Miskwabik, Federal
and Union Copper Land & Mining tracts, in ke-
weenaw county, is, practically assured Al
meetings of the stockholders of the Miskwab1z
and Federal, the merger was ratified. Inc maj
papers have been forwarded to Boston to await
the action Of the other company BY the con-
solidation of these tracts large property Will
be formed, comprising about 1900 acres. :. 1t
is confidently believed that the Kearsarge lode
traverses the greater portion Of the lands.
Promising developments on a small scale have
been made on the Miskwabik. and it is under
stood that the outcrop of the lode has been
found and copper bearing rock taken out at the
Federal. The Union Copper & Mining tract
carries the underlay Of the Lode and. consequent
", has not been explored. 1t is thought that
the merger will result in the development Of an
other important mine. H. F. Fay, president of
the Centennial Alouez and other lake properties.
will probably head the concern. Eastern
offices will be maintained in Boston.
Accident at the Tamarack.
| :. An accident to the drum of the hoisting en-
CINE which has been in service at NO. sha1'
of the Tamarack mine has necessitated the sus
| pension of operations at that point Produc
/ ton has been curtailed 600 tons Of rock day
Repairs will require some time, and it is uncer
| tain lust when it will be possible to resume
| operations The new hoist is nearly completed
but the work of putting in the guides IN the re
manning compartments of the shaft Is moi
| finished.
Sinking in the Kearsarge lode, at the Mohawk''
new No shaft, has commenced. The rocl
taken out is the richest yet seen at the Mohawk
| and leads to the belief that the mine has IT.
| best ground yet to be developed.
| Atlantic is showing a gain In the percentage
of copper carried by its rock. The mine Ii
doing well this year, and will earn about 81 I
share, in addition to which there are prospect
Of opening one or two good mines on the squar
mile Of section 16.
Good progress is being made at the V1ctori
| millsite in completing foundations and prepar1n;
for the erection of the one-stamp MILL
= The fate of the Adventure still hangs In tn
balance There is no attempt by its official
to! minimize the serious nature of the condition
in which the property is placed but there i
hope that the mine may pull thru. Under tn
superintendency Of Samuel Brady OF the Mich
| gan former economies have been increased ant
| the property is running about as close, to tn
wind as possible. Just at present, the feeling
| is somewhat more hopeful than previously.