THE CALUMET AND HECLA MINE 59 



mines have had, then even if the pits were full of 

 gold, it would be of no use. This will of course ne- 

 cessitate careful looking after here, and I shall do all 

 I can and all I know to put things on a good basis. 

 In the present condition of Calumet, it is capable of 

 producing copper at exactly one-third the price at 

 which the most successful mines have ever been able 

 to work. 



Hecla is also controlled by Quin and Shaw family ; 

 it was only commenced last October, being a wilderness 

 in September when I was at the Lake, and now it is 

 opened enough to be able to get out nearly as much 

 copper as any mine on Lake Superior, except Calumet, 

 at a very small cost. I am sorry to say, however, that 

 the price of the stock is pretty well up. Hecla is selling 

 for about $50 per share and Calumet for about $75. 

 The relative position of the two is about this ; during 

 1867 Calumet will produce 12-1500 tons of ingot 

 copper = $600,000-$750,000, at a cost of about 

 $200,000-$250,000, outside $300,000. While Hecla 

 will produce from 800-900 tons == $400,000-$450,000, 

 at a cost of $180,000- $200,000. Now all the figures 

 I give you are based upon the present state of the 

 mines, always supposing that there are no additional 

 facilities brought to bear during any part of the 

 coming year, which of course makes all my estimates 

 fall very far short of what we expect. One source 

 also which will increase our yield is that as we go 

 down in depth the bed increases in richness, and an 

 increase of from 1-5 per cent for our rock is enough 

 to make a difference of $500-$2500 a day, so you 

 see what a margin there is. All my calculations are 

 made also upon a yield of 10 per cent while thus far 



