The Virginia enterprise., 1898-08-12

OAR s. REESE.
For associate justice. CHAs. L. LEWIS.
For associate Justice, Z. L. BROWN.
For associate Justice, JOHN A. LOVELY
10 RAISE NAME VALUATIONS.
State Auditor Bob Dunn isn't
yet with the valuation
that is put on the mining pro
perties of this county. The au-
ditor figures that Ramsey ounty
is valued 10 per cent higher than
it should be; Hennepin county 6
per cent and. St. Louis county
considerable higher as a whole
than it should be. But the state
auditor believes that the county
has to suffer for the undervalu-
ing of the mining properties. So
he is preparing to bring before
the state board of equalization
at its next meeting questions
that will call for an examination
of the properties, under the pro
visions of the Thorpe law, pass
ed at the last session of the
legislature. This gives the state
board power to inquire into the
assessment of any firm, indiyid-
ual or corporation which does
not seem to be adequately as
sessed, and to raise the valua
ton. if proper, but not to lower
it.
Mr.. Dunn is said to believe
that through the cooperation oil
the county auditors little is 60
ing to escape taxation this year,
But he reasons his case against
the iron companies in this way
The total assessed valuation OF
of this class of property is fixed
by the county board at "a, $780,
600. Last year a case was made
up for the district court in which
a finding was given that the
total valuation should be $12,-
000, 0O0 But Mr.. Dunn believes
that neither figure is adequate.
For instance. the Pioneer, which
is the original basis of the com
plant in the ore rate case, is
valued by the assessors at $50, .
600. It was leased the other day
to the Oliver Mining company
for so years on a 35-cent royalty,
with a minimum output of 500,
600 tons. The lessees are to pay
the owners from $175, 900 a year
up. If there is ore enough to
last 50 years the proceeds of the
mine will be 81, 100000. That is
not necessarily the value of the
mine. For one thing. the Oliver
company had to buy out the
previous ']essees, who were in.
corporated as the Pioneer Min
ing company. The stock pre-
sumably had some value. For
another thing, the output may
run above 100000 tons a year.
The big Chandler, near the Pho
neer, mined 600, 900 in 1897 and
572, 600 the year before. 80.
The Biwabik mine is assessed
at 1925, 900. T. is leased for so
years at 80 cents a ton, with a
output of 100000. It
is said that the output this year
will be between 600, 900 and 7O0,.
600 tons. The royalty is thus
not less than 800, 600 d year and
may be twice that. But that by
no means exhausts the value of
the property. The Biwakik
company has subleased to the
Bessemer company at
50 cents q ton, giving the lessees
; differential of 20 cents 4 ton, or
b60, 600 on the minimum output.
According to the terms of the
lease, the property is thus worth
b15O, 900 a year, outside of any
profit the mining company may
make. Mr.. Dunn holds that
hat iustiiies an assessed valua.
ion higher than $225, 900 any
way. Il = =. =. Il .,.% !. /
The Mountain. Iron is assessed
1t 1876, 600. Thesaaditor'ss last
'eport, telling how near the
state came to getting this prop ].
srty among its school indemnity
lands, estimates this property to
oe worth not less :than $12, ,oo0,-
100.
Those are some Of the proper
les that he knows Of. In the
premises he will make stropg
representations to the stdte1
,oard Of equalization for 9 con.
'iderable increase in all these
valuations.
Men that are posted on the
say that Auditor Dunn
oresupposes too much in figur-
ng on . minimum output for the
maximum period of the leases as,