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 20-1/2 to 23-1/2
cents per pound, averaging full 22-1/2 cents.

There are indications that Michigan is slowly but surely taking the
rank to which she is entitled in