Bisbee daily review., 1907-10-13

per. The Calumet & Hecla mine
 consumes 100000 tons Of coal a year at an average cost Of s2.SG q ton,
 and always has a years supply on ! hand as precaution against any in. terruption of navigation or caol mining operations. At the coal sheds of the Calumet & Hecla company at Lake SiEden, it's own exclusive port from which it's copper is shipped. are 1 stored already more than half a mil lion tons of coal which will keep the furnaces going at least until the l close of navigation in 1908.
 There is very little farming in this vicinity. Some of the miners have gardens in which they raise a few vegetables for their own use, and | most of the farmers raise a few po- tatoes and as much hay as possible, for both are easy and sure crops. and | bring good prices at the mine. But that is the extent of the agricultural industry in this part of Michigan Everything else that IS eaten or worn or used is imported from the outside. Mondays and Thursdays are called 'car days" when four solid trains of foodstuffs from Chicago and Mime sOta are unlOaded at the cold storage warehouses. from which supplies of meats, breadstuffs. provisions. butter, eggs and vegetables are distributed to the retail dealers throughout the district. Several groceries and pro- vision stores in this town do a busi- ness of s1 O00.000 a year. and one has trade Of over S2000. 900. The min CTS get good wages and live well. They want the best. In addition to the regular imports that come nn "@1r days the retail merchants pay from S4 ,000 to s5,000 a year in express charges upon small packages of emer- gency supplies from Chicago and other markets. They have to import everything except potatoes and fish.
 This is the second richest county in Michigan. Although one Of the smallest in area and one of the most sparse in population of the eighty four in the state. it pays II per cent Of all the taxes. The deposits in the Houghton banks exceed s13.000,000 and interest is paid upon 50 per cent of that amount. which represents the savings of the miners and not the working capital of the mining com panies. The operators do their busi- ness in Boston. sell their ore there, deposit the proceeds there. and re- init to Houghtou once a month only enough cash to meet the pay rolls. which amount to about st,250,000 a month. The several mining con- panies in county disburse about $1,- 500,Q00 per month for other purposes, and not less than s5,000,00O comes in here annually in the shape of divi- He inN in mines here. in Montana and in Ari- zona. One company alone disbursed S1 100000 in dividends among its stockholders in Houghton last year.
 Speculation in mining shares is al- most universal. One of the brokers told me that about half a million shares change hands here every year, exclusively those of copper companies owning local properties. and the North Butte mine in Montana and the Calumet & Arizona of Bisbee. Arizo- na, which are controlled here. The stockholders trade on their knowl- edge of conditions in these mines, and many ordinary miners have become rich in that way. One of the brokers told me that at least 1000 out of 4,500 inhabitants of Houghton hold stock in copper mining companies. TTI05T 0s thISTTI 5z5z=<t shares more CT less. In times of great excitement as many as G,0G0 shares have changed hands here in a single day. Everybody who gets a little money ahead buys copper st1cs. There are two private wires connect ing the brokers offices here with Bos- ton. and they are busy all day.
 There are thirty-two copper mines actually in operation in this vicinity, which represent the investment of many millions Of dollars. much of t local capital The local investors are thoroughly informed about their con- ditions and usually have pretty accur- ate opinions. Many of them have never paid a dividend, but keep on working m hopes year after year as long as their managers can find money to pay expenses. Copper Is a long proposition. There is no ore in this country. but the metal is found in a pure state in the cracks and crevices of the rocks. where 1t ran in liquid form ages ago when the earth was on fire. and made a general smeiter of this part of the universe. Miners almost always have to go deep for this copper, and when they cannot find 1t in one direction they try another. But all miners are op- timistic and invariably speculate on the bull side of the market.
 The amount of money sunk in ex- perimentai mining in this vicinity cannot be calculated l was out the other day with a party of friends residents. and all mining men-who, in answer to my uestion. looked over the ridge and estimated that twenty millions of money had been expended in the development Of properties that have not yet paid a dividend. Other well-informed men consider this sum too small because here. as elsewhere, people do not advertise their losses
 -only their gains.
 The copper mines in this vicinity are all owned and controlled in Bos- ton. and always have been. Hence the dealings and speculations are with Boston. but. as a rule. the su- perintendents and managers are local men. The Boston directors general " come to Houghton twice year to icok over the.r property and hear the reports Of the management. Pro lessor Aggasiz who controls the Cal umet & Hecla mine always comes twice a year. generally in May and October. and usually stays a month each lime