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MARINE REVIEW. 8 lron Mining. In his last annual report, printed in this issue, Mr. JteS} Fay, who recently retired from the management of the Lake Superior Iron Company places the value of the company's ves- sels, mining equipment etc. at $20 a share, and the valuation is' undoubtedly conservative. 'This is exclusive of the mines and thousands of acres of mineral lands owned by.this big corpor- , ation, and yet the stock of the company would not at this time bring more than $25 a share, and it is doubtfulifany great amount of it could be disposed of at that figute if offered for sale. © |" Stock in the Chandler company, which was upheld during the' ™} © dull period preceeding the present demoralized conditions in mining matters, would not bring at the present more than $35. But even these figures cannot be quoted as actual 'values, as there is absolutely no market for mining shares. . Investors out- side of the controlling owners of the mines have lost all interest in these securities, and it is evident that when the business is again put upon a steady footing there will be a reduction of mar- gins in all its parts. On Wednesday the 12th inst., 355,581 tons of ore had been shipped from Two Harbors. The shipments of the different mines is as follows: Chandler 177,791 tons, Minnesota 154,396, Canton 14,612, Cincinnati 8,782. Minnesota Iron Company, As was expected the Minnesota Iron Company, alike to all other mining companies in the Superior region, had a very large amouut of money tied up in ore both at the mines and at Lake Erie ports when its annual meeting was held a iew weeks ago, and this is largely the cause of the dividend being passed. The following statement of the affairs of this big company, given out by the management, will prove interesting: The capital stock of the Minnesota Iron Company is $16,- 500,000. 'The property of the company now consists of the iron mines in Township 62-15, St. Louis county, Minn., thoroughly equipped for business with the most modern machinery, and mining now at the rate of 600,e00* tons per year, and with not less than 4,000,000 tons of iron ore in. sight; about 11,000 acres of land selected with reference to mining interests; about 2,700 acres of land at Two Harbors, on Lake Superior, the shipping port for the Duluth & Iron Range Railroad; the Duluth & Iron Range Railroad, 135 miles in length, thoroughly equipped in every respect, its ore docks, machine shops, and yards at T'wo Harbors alone costing more than $1,200,000, and with a state land grant of about 500,000 acres, of which 184,o00 acres have already been patented to them; the Chicago & Minnesota Ore Company, owning a majority of the stock of the Chandler mine, mining this year about 700,000* tons of ore; and also owning the Canton mine, mining this year about 100,000* tons; also various other organized companies owning in the aggregate about 24,000 acres of timber and mineral lands. The company also own eight large steel steamers, four built in 1890, two in 1891 and two in 1892, their aggregate carrying capacity between docks at Two Harbors and Lake Erie ports be- ing about 500,000 tons per annum., 'The steamers cost over $1,- 600,000. Much of the property mentioned, including the steam- ships, is represented by the stocks and bonds of proprietary com- panies, all of which are in the treasury of this company. 'The Duluth & Iron Range Railroad is subject to a mortgage of $5,- 209,000, interest 5 per cent. per annum, payable semi annually. The net earnings of the entire property owned by the Minnesota Iron Company for the past five years, after paying interest on railroad bonds, have been as follows: Year ending April 30, 1889............::ecsseeseeeseeesveececeeceene $632,900.45 es a RTO, LOO eatsrcccses PRESSES Shee itor es 932,578.05 fs ae Gee SU PLB QU na an qauhecarte. aieate <p@cnbiadteddep cs vere 1,570,.446.36 0 a se S05 SOD wosstecstavakat apaadqet ree crehd--bets 1,157,846.48 ee ee Deel), Mago e te eeccsier sates esunsr secre eee a aie 1 351,721.62 DOtAle: Aetceeteecs ct sow sce ones sot cetescos <n ces Pon neeneec veers $5,645 492.96 The Minnesota Iron Company has paid the following dividends: Year ending April 30, 1891........66 ceesesscseeeeeeeeteeeceeeeeerens $840,000.00 HS a 655 30 1892.00 p comand -saveueese seston nee s4smres 915,000.00 ae = Rey tO GUS etek. sacs santos goatee ray * cote pan 990,000.00 MRO teal ee ae che conta oases cennecnecssenstenrscvorezeccecmecnmenee 2,745,000.00 Leaving a balance of surplus earnings Of......+..220-+++0+eeee 2,900,492.96 fore mentioned has been made, as well as large expenditures in improvement and enlargement of docks, track, machine shops, and yards of the railroad company, and machinery and other im- provements at the mines, all believed to have been wise expendi- tures in the interest of the company. On May 1, 1893, the Minnesota Iron Company had on hand: Ore, in,stock.at, mines,,334,/70 tomgs:at COSt.-5, iu denyehe son peaeneaucateep $468 678.00 Ore in transit, 2,101 toms 'at CoStr...0s.c-s. a0 der een. cies an eee ae ee 4,843.59. Ore at Lake Erie ports, 235,050 tons valued at......... $1,014,753.81 Less ore due to customers, paid for but not taken...... 513,485.75 a 501,268.06 Cash, bills and accounts receivable, all believed to be good............ 678,412 80 Suppliesiat minesii7.. cake. RE Mt ea rtece ee, itera ane, ee 95,977.45 Good railway first mortgage bonds................06 a Ee $640,000.00 - Miningistocke'valued ati. RUAN. sitar. sik coatencns tt, teeters 40,210,00 Ras : ----- 680,210,00 . Totaly 5 2.000 Ba. Ga ete a teense ode eee 2,429 389.90 Tts' total indebtedness wase..1....Jviscsostidaeddeervedeed. ostaseeaePheatetoe 379,094.37 Balan@ivcacs. ssc rseccosvesdeenssacastareesuaencce nel vole ent ete erameeete $2 050,295.53 *These estimates were made at a time when the present depression in the iron trade was unthought of. Lake Superior lron Company. The report of Treasurer J. S. Fay, Jr,, of the Lake Superior Iron Company for the year ending April 29, 1893, presents some . interesting facts regarding the affairs of this company, which is" probably next in importance to the Minnesota company among the mining concerns of the Lake Superior region. The report is Mr. Fay's final report as treasurer and managing director, (he has since been succeeded by Mr. W. D. Rees of Cleveland) and _he notes that since he assumed the management in November, 1881, the company has paid $3,882,000 in dividends. 'The net reserves have increased from $402,653.07 to $854,426.60 and the active asssets, such as cash, bills receivable, stocks, steamships, etc., would readily realize $20 per share in cash, leaving all the lands, mines equipment, etc., intact and entirely free from debt. For the year covered by the report the gross earnings were $1,- 370,783 and expenses, $1,398,646, making a deficit of $27,863 ;_ but ore on hand is reckoned as cash, making the net earnings $172,030, after crediting depreciation account with $155,688 to- offset a reduction in the valuation of the company's steamers, cost of special repairs at the mine, etc. The company had 196,- 608, tons of ore in stock May 1, 1892, mined 474,087 tons during the year, shipped 370,269 tons, and had 295,426 tons at mine April 29, 1893. 'The company's six steamers, two of which were finished too late for a full season's work in 1893, transported 87,- _ 366 tons of ore from Marquette and 221,150 tons from Hscanaba © for the company's account, at average market rates, and 19,530 tons of ore, 79,631 tons of coal and 2,463 tons of grain at open market rates for outside customers, making a grand total of 410,- 140 tons. After writing off $67,550.74 for depreciation, the steamers earned a trifle over 6 per cent. on 852,550.74, which | was their book valuation. is as follows: A balance sheet, date of April 26,1893, Real estate and mining property $1,273,612 65 Steam ships (6 steamers).......... $785,000 00 NGRoval COR oA Ceoncounadosdan0E nhsb06 9505800 787,691 45 Agent's inyentory....48,223 54 Agent's Cash.......0.0. 1,657 49 Agent's acc't rec'ble 5,793 44 55,674 47 Notes receivable..................++. 22,738 85 Accounts receivable,.............+: 142,117.32 Gag hiiecs.. capsid isaan es omcetelosmereaens 28,567 51 Suspended debts.......s..00+0sae00. 131 22 Atlantic Iron Co stock (750 shares) 25 00 Brown, Bonnell Iron Co. stock (ZO iShanes)Mapecesecccsertaeee ose 3,950 00 ents, meaLnede-saraersresseanenesecee 200 00 Office furniture, in Boston ...... 100 00 _---- 1,826,195 82 TURERTI SWOE Ssanacnoncsacos conocer 2 400,000 00 e Steam ship operating (new acc't) 4,886 11 Notes and accounts payable....... $56 5312 12 Debt at mine, as follows: Paige ll enceesteceecteme ec ceatema een 38,965 73 Accounts payable............sscecee 25,968 31 Guarantee and benefit fund..... 28,870 08 -- 93,804 12° Interest, balance vs. Co.......... 181 74 Capital stockrcrnceons assess cose tives 2,500,000 00 Reseryves.-- (CETTE SUN eoemancacdon coc ahocInoocect 260,505 27 Depreciationss..t-ccc-.-sccseeeces sores 416,640 83 Pratt aad; Ossi sess. sc soos aerate 177,280 50 854,426 60 $3,504,724 58 $3,504,724 58