Bisbee daily review., 1905-12-22

from the common western plan. With Lake Superior flotations of the better sort there Is no peddling of treasury stock, no unloading by insiders" to break prices. and no non-assessable stock. The Lake Superior man be- lieves in a strictly assessable stock, and believes that all of the stock should be- placed before the company begins business. After that 1t is a fair field and no favors, and the com pany's treasury Is undisturbed by mar ket fluctations of it's shares.
 Lake Superior capital Is developing more mines in Arizona than In any other western field, the bulk of these
 properties being in Bisbee. Several
 Mexican mines also are being opened by local money and there are large holdings in Butte with scattered prop critics in almost every western state and territory. A local company is reopening the Sampo copper mines, of Finland and this work is going along steadily, despite the state of the an- archy prevailing in Russia proper. The
 Films are an orderly and intelligent
 people, and can run their own affairs in case the Czar finds his hands too
 full at home 10 direct the politics of the grand duchy of Finland.
 The Lake Copper Co.,, which takes over the old Beld mine had the 15,000
 shares allotted for public subscription
 subscribed three times over. The Belt
 property was unwatered and little
 exploratory work done four years ago,
 but the last active mining was conduct ed by an English company, which
 expended upwards of s1.250,OOO to
 such little advantage that when the
 mill was completed no mine had been
 opened. The Belt was the English
 mems last venture in Lake Superior
 copper mining, where they have been uniformity unsuccessful, from their been the same in every case. The
 near as can be learned, the reason has first efforts until the present day. AS first English venture in this district which also was the first in historic | times, was in the winter of 177O-I1
 when a long tunnel was driven. Un | fortunately 1t was found, when the spring thaw arrived, that the tunne had been driven in a clay-bank, anc the collopse of the tunnel brought about the collapse of the company
 The old Belt Mines Company spent
 million and a quarter dollars to opeI
 a quarter mile of mine, an average expenditure of about one thousand doi lars per foot. The Calumet & Hecli mine holds the worlds record of divi dend payments, with disbursements O s92, $50 900, but had the Calumet Hecla conducted it's mining operation on as costly scale as the Belt unde i the English management, it would no , only have paid no dividends, but woul have had to levy somewhere betwee' . | five hundred and six hundred millio
 dollars in assessments to secure To , miles of underground openings. Thos v who are inclined to condemn the Bel mine because of it's failure under th . old management are invited to glV P consideration to these figures.
 The Superior mine Is completin ' Tits new equipment, including permi
 Inent shaft-house, larger compressc
 and hoists and other improvement o The shaft will be sunk steadily and O ' plorations conducted systematicall . under the general direction of Jarnt ' MacNaughton, superintendent of tn ! Calumet & Hecla, which solds a col : trolling interest in the stock Of th L Superior Copper Company.
 f HORACE J. STEVENS.