Bisbee daily review., 1905-12-22
LAKE SUPERIOR COPPER.
Especial to Review.)

.Houghton, Mich, Dec. 16.-One of he most interesting features in con
 nection with the growth of the Lake
 Superior copper industry during the past few years is the exploitation of
 other mining fields by capital from this district. It is less than ten years | since the man or men who wished to | enlist capital for the development of | q large American mining enterprise were forced to go to New York, Bos- l ton, Chicago, Denver or San Francisco for the money needed. Smaller min
 ing ventures were financed by other | towns, but any mining enterprise of
 magnitude, except coal or iron ore, had, of necessity, to call for capital from some one or more of the large centers named. Lake Superior peo- pie have been dabbling, in a small way. in western mining ventures for many years, but until so recently as lhe beginning of the present century,
 an effort to finance a large enter
 prise by local capital only. would have been regarded as cer- tain to fail The real financial strength of the Lake Superior country was not known until April, 1901, when
 million dollars in cash was raised in
 single day, much to the surprise of all concerned for the Calumet & Ari-
 Zona- Since that time the raising of
 money by the millions has become comparatively old story. The largest
 mining enterprise ever floated without ! the aid of New York or New England capital, and one of the largest ever | promoted in the United States was
 the North Butte, for which six mil
 lions cash were raised. with ease last spring, the money coming mainly
 from Lake Superior towns. with a con-
 siderable contribution from Butte, it. self a mining camp. and with smaller sums from Pittsburg and several och- | ar points. No other mining company ever formed has made money so rapid lily and in such enormous amounts, | Tor it's shareholders The men who put six millions in cash into the en- | terprise last spring have seeen the | stock. within 2 little more than six
 months, increase skiold in value and
 the original six millions grow 10 thir- ty-six. The gold mines in the Wit
 watersrand. the diamond-fileds of Kimberly and the silver mines of the Comstock lode have been the worlds
 great bonanzas of the past fifty years
 but no single mining company in any
 Of these great fields has done what
 he North Butte has done in the few
 months of it's existence, in the way
 of earning profits and adding tens of
 millions to the wealth of its share
 holders.
 It Is obvious that another great source of capital for legitimate mining
 ventures has been developed here with n the past five years. In that time
 he profits of Lake Superior investors
 n mines have approximated one hun
 fred million dollars, and most of this
 money is available for other mining ventures-providing the right men and
 the right property are joined. A great IadvanIage pertaining to this new source of capital for mining finance Iues in the important fact that the own.
 ars of this money are, in most cases. residents of mining fields, accustomed for years to mines and mining, and having a far better understanding of the advantages and disadvantages of mining ventures than is or could be
 possessed by nine out of ten eastern Investors. The local people know that
 mining, when successful. Is the most remunerative of all legitimate lines of : Industry. They also understand that la certain amount of risk is inherent in Ievery mining venture. Most import ant of all is the fact that long experi- ence-and in many cases sore expert 'lence-has taught them that no mining l venture can be successful unless com Ibining at least four absolutely indis- pensible elements. Those four re- Inducements are ore, management, ' lmoney and time. The time will pro- } Ivide itself, if the other three are fur : nished, but if anyone of the three ele' ] uents first named be missing failure r lis certain in at least 99 per centum oi ' Irhe cases. The best of management ] with the most of money cannot make } mine without ore, but good manage 2 ment does not go into venture where ? he chances for getting ore are no' . favorable. Ore alone will not make [ mine. To develop the ore there : must be a large cash outlay, conducted . Inv men who are honest, experienced |; land capable. One of the reasons fol ? Ithe great success of the flotations bJ ]. line most successful group of Lake .- Superior mining men is that unlimited e leash can be raised because investors e Ihave as yet to score a loss under thu :. leadership. Given the ore the exist q snce Of which is usually reasonaor
 lcertain before big company is organ b lized, mining interests with ampi' e means and long experience are unham s oered by the restraints of empty col }. Hers and balky shareholders that nav \. wrecked so many promising mininl $ Inronerties in almost every westerl e stare. It might be well to advert ais Q lto inc fact that the Lake Superior plal . of uuine finance differs most rso'ea'T