There have been since 1845 no less than 116 copper-mining companies organized under the general law of our State. The amount of capital invested and now in use, or which has been paid out in explorations and improvements, and lost, is estimated by good judges at $6,000,000. The nominal amount of capital stock invested in all the companies which have charters would reach an indefinite number of millions. As an offset to this, it may be stated that the Cliff and Minnesota mines have returned over $2,000,000 in dividends from the beginning of their operations, and the value of these two mines will more than cover the whole amount spent in mining, and for all the extravagant undertakings which have been entered upon and abandoned. While success has been the exception and failure the rule in copper speculations, yet it must be admitted that these exceptions are remarkably tempting ones. Doubtless there is immense wealth still to be developed in these enterprises, and this element of wealth in the Lake Superior region is yet to assume a magnitude now unthought of.
The copper is smelted mainly in this city, Cleveland, and Boston, the works in this city being the largest. There is one establishment at Pittsburg which does most of the smelting for the Cliff Mine, we believe; one at Bergen, N. Y., and one at New Haven, Conn. There are two at Baltimore, but they are engaged on South American Mineral. The Bruce Mines on the Canada side of Lake Huron have recently put smelting works in operation on their location. Prior to this the mineral was barreled up and shipped to London, being taken over as ballast, in packet ships, at low rates.
The amount of copper smelted in this city we can only judge by the amount landed here, but this will afford a pretty accurate estimate. The number of tons landed here, in 1859, was 3,088. The copper yield of Lake Superior will produce between 60 and 70 per cent, of ingot copper, which is remarkably pure. The net product of the mines for 1859, is worth in the markets of the world nearly or quite $2,000,000. This large total shows the capabilities of this region and affords us some basis of calculation as to the value and probable extent of future development.
Beside the amount already noticed as landed here there were 1,268 tons brought to this city from the Bruce Mines, and sent on to London. The mineral of this location is of a different quality from that of Lake Superior and not near so productive of pure copper. The price of ingot copper in New York the past season has arranged from 20-½ to 23-½ cents per pound, averaging full 22-½ cents.
There are indications that Michigan is slowly but surely taking the rank to which she is entitled in the manufacture as well as production of iron. The first shipment of pig iron of any consequence was made by the Pioneer Company in the fall of 1858. Dr. Russell, of this city, is turning out large quantities. His works went into operation about two years and a half ago, but were burned after running sixty days. They were immediately rebuilt by the enterprising proprietor.
The Lake Superior iron has been proclaimed the best in the world, a proposition that none can successfully refute. Its qualities are becoming known in quarters where it would naturally be expected its superiority would be admitted reluctantly, if at all. It is now sent to New York and Ohio, and even to Pennsylvania—an agency for its sale having been established in Pittsburg. For gearing, shafting, cranks, flanges, and, we ought by all means, to add, car-wheels, no other should be used, provided it can be obtained.
A large amount of capital is invested in the iron interest in Michigan, as the following figures prove:
| Pioneer | $150,000 |
| Jackson | 300,000 |
| Collins | 150,000 |
| Cleveland | 300,000 |
| Lake Superior and Iron Mountain R. R. Co. | 700,000 |
| Northern Michigan Iron Company | 110,000 |
| Wyandotte Rolling Mills | 236,000 |
| Eureka Iron Company | 117,000 |
| Dr. G. B. Russell's | 60,000 |
| Ford & Philbrick's Steam Forge | 25,000 |
| ————— | |
| 2,148,000 |
Marquette is the only point on Lake Superior where the iron ore deposits have been worked. There are deposits of iron in the mountains back of L'Anse, but this wonderful region leaves nothing more to be desired for the present. At a distance of eighteen miles from the lake, are to be found iron mountains named the Sharon, Burt, Lake Superior, Cleveland, Collins, and Barlow, while eight miles further back lie the Ely and St. Clair mountains. Three of these mountains are at present worked, the Sharon, the Cleveland, and the Lake Superior, and contain enough ore to supply the world for generations to come. The mountains farther back embrace tracts of hundreds of acres rising to a height of from four to six hundred feet, which, there is every reason to believe, from the explorations made, are solid iron ore. The extent of the contents of these mountains is perfectly fabulous, in fact, so enormous as almost to baffle computation. The ore, too is remarkably rich, yielding about seventy per cent. of pure metal. There are now in operation at Marquette three Iron Mining Companies, and two blast furnaces for making charcoal pig iron, the Pioneer and Meigs. The Pioneer has two stacks and a capacity of twenty tons of pig iron per day; the Meigs one stack, capable of turning out about eleven tons. The Northern Iron Company is building a large bituminous coal furnace at the mouth of the Chocolate River, three miles south of Marquette, which will be in operation early in the summer.
Each of the mining companies, the Jackson, Cleveland and Lake Superior, have docks at the harbor for shipment, extending out into the spacious and beautiful bay which lies in front of Marquette to a sufficient length to enable vessels of the largest dimension to lie by their side and to be loaded directly from the cars, which are run over the vessels and dumped into chutes, which are made to empty directly into the holds. The process of loading is therefore very expeditious and easy.