Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-10-05

ton of the eighty-four in the state, and 1t
pays IA per cent of all the taxes. The de-
posts in the Houghton banks exceed $13.-
OOO,OO and interest Is paid on 80 per cent
of that amount. which represents the saw
ings Of the miners and not the working
capital Of the mining companies. The
operators do their business in Boston, sell
their ore there, deposit the proceeds there
and remit to Houghton once month only
enough cash to meet the pay-rolls, which
amount to about 81, 100000 a month. The
several mining companies in this county
| dsburse about s1.5OOO 900 per month for
other purposes, and not less than So, 600 600
comes in here annually in the shape of div
fdends from investments in copper mines
here, in Montana and in Arizona. One COM
pany alone disbursed $1,60O,000 in dividends
among its stockholders in Houghton last
year. - Ssh; ..s ~
Speculation in mining shares is almost
universal. One of the brokers told me that
about 100000 shares change hands here
every year, exclusively those Of copper
companies owning local properties, and the
North Butte mine of Montana and the Calu-
met and Arizona of Bisbee. Ariz., which are
controlled here. The stockholders trade on
their knowledge 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 the $500 in
habitants of Houghton hold stock in copper
late in such shares more or less. In times
of great excitement as many as 100000
shares have changed hands here in a single
day. Everybody who gets a little money
ahead buys copper stock. There are two
private wires connecting the brokers' Of
fees here with Boston, and they are busy
all day.
Thirty-Two Mines Operated.
There are thirty-two copper mines ac-
fI1allv n n fhis vicinity wi oh
represent the investment of many millions
of dollars much of it local capital. The
local investors thoroughly informed
about the conditions and usually have pref
ty accurate opinions. Many Of them have
never paid dividend. but keep on work.
ing In hopes year after year, as long as
their managers can find money to pay ex-
penses. Copper is long proposition. There
Is no ore in this country. but the metal is
found in 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 or this part of
the universe. Miners almost always have
to 20 deep for this copper. and when they
cannot find it in one direction they try an
other. But all miners are optimistic and In
variably speculate on the bull side Of the
market.
The amount of money sunk in expert
mental mining in this vicinity cannot be
calculated. I was out the other day with
a party of frends-residents. and all min
Ing men-who. in answer to my question,
Cooked over the ridge and estimated that
twenty millions Of money had been expend-
ed 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.
There have doubtless been similar results
in speculation. We do not the evil
dences of losses. but only those of gain.
The long line of handsome houses upon
the main street of Houghton stand for
enormous profits in copper speculations, but
there Is no such index to the losses. The
familiarity of the spectators with the min
ing business and the conditions and pros
poets Of the local mines and others of
which local engineers have the manage
ment have doubtless enabled them to specu-
late more inteligently than the average