The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-04-14
EASTERN men
INVADE BUTTE
DULUTH AND OTHER NORTHERN
MEN INVEST HEAVILY. .
New North Butte Mining ComItay
Will Become a Factor with the Anal
gamated and Heinze Millions to Be
Paid In on It's Stock oversubscribed
100 Per Cent in Three Days.
Special to The Journal.

Special to The Journal. ILL., ...-,. ~ rs.
Butte, Mont, April 1.-THE most important
here for many years has just been closed, accord
ing to advices from the east. 1t is q group OF
developed and operating mines In this city, In
Guiding the Spectator, JESSIE Edith May, Miners
Union and others to syndicate of eastern men,
headed by T. f. Cole and James Hoatson OF Du-
luth, MINI. :-r v. r.cs..s 4
Mr.. Cole Is the head of the mining interests
of the United States Steel corporation, is one of
the chief men in the Calumet & Arizona mines at
Bisbee Ar1z.. which have proved such phenom-
| email successes. Mr.. Hoatson was the discoyerer
of the Calumet g. Arizona at B1sbee, Ar1z., and
opened the Boston & Montana mines here. Assoc
| ciated with them are many persons at Duluth,
small interest in the Lake Superior copper region
and some Of the heaviest people interested in
steel and mining in New York and Pittsburg
In personnel the company Is said to be
among the strongest ever formed. In PROOF or this
organized, the SO, 900 to be paid in on its
| stock was oversubscribed 100 per cent in three
| days, and that without single public announce
ment, and with no knowledge of the matter ex-
cept among a comparatively few insiders. "
The North Butte Mining company has been
! formed to acquire the Butte properties, with
50, OOo, 900 authorized capital, of which two
| thirds will be issued at once for cash at par, in
400, 900 SIS shares. Payment has already been
made ON the mines, and they have passed into
the new hands. There has been as yet, however.
no change in management here. At present the
Speculat tor is hoisting about 600 tons day, and
other mines in the purchase add somewhat to this
tonnage. It is understood that the net earnings
are about $4,000 day, and that extensions and
betterments by the Duluth crowd will soon dou-
BILE this.
A large amount of additional land supposed to
carry high values, Is being optioned to the
North Butte company. These properties lie in
part Of the Butte camp that few years ago
was thought worthless. Now they are known to
carry gold-silver- copper values to considerable
depth, below that rich copper. The Spectator is
1000 feet deep and Is growing better as it goes
down. 49,.
James Hoatson will be president Of the North
Butte company and while its operations will be
conducted here the headquarters Of the company
will be at Duluth, where the largest single
ownership Iof its stock is said to be.
The advent Of group of expert mining men
who in four five years have put &c. 00O 900 into
| southern Arizona and have developed properties
there worth nearly ten times that much, is
welcomed at Butte. These men have most friend.
ly relations with existing in all districts
where they have gone, and it is probable they
will have no fights with either the Amalgama ted
Or Heinze. Indeed, it is supposed that arrange
ments have already been made between the new
company and the Amalgamated as to apex lines.
and other sources of litigation. This done by
these same men when they entered Bisbee. -"