The daily morning journal and courier., 1904-01-18
REPORT OF CONDITION
AND LAKE ESUPERIOR CO,SPROB.
 ABLE EARNINGS. i,
Oniciai Statement Made Regarding the Eaormous Plants of tho s1oo,ooo,ooo Company Recently Sold Oat to speyer
 n. Coitateraf For Loan.

Enormous Plants of tho s1o0, ,0oo
 Company Recently Sold Ont to speyer
 & co. ns Coiiaterai For Loan.
 Montreal, Jan. 17.--The Herald pub lished the following, which is an off cial statement of conditions:
 While only three of the subsidiary companies of the. Consolidated Lake Superior now in operation are earning anything above operating expenses. if the money was provided for operation and working capital by February 15, by May 1 everything would be running on earning basis of $16S,500 a month or s2,022,000 per annum.
 '"The pulp, veneer and saw mills have been most affected, as men should have been in the woods all winter to get out wood enough to keep them all continu- pusly employed. The sawmill, however, could start May and be supplied with sufficient logs to run steadily.
 s'There is 6,0OO,0O0 feet available as soon as streams open in the spring and further supply could be cut and sent In by rail before the 6,000,00O feet is exhausted.
 "The veneer mill could be kept run ming steadily after July by logs cut in woods and sent in by rail. One pulp mill could run from May i with logs now frozen in the streams and by Au- gust 1 enough could be procured by rail to keep both pulp mills running continuously thereafter.
 "The steel plant could run now with American pig iron, but of course more money could be made by using our own pig iron. Ore to make our own pig iron cannot be brought in before May 1.
 s'The charcoal retort plant cannot be run until the steel plant starts up as there is no market now for the char goal. The blast furnaces in the steel plant will require 15,000 bushels of charcoal per day. The Helen ore mine and the car shops cannot earn before May 1.
 The three companies now earning above operating expenses with the amount per day are the Ground Wood Pulp mill, $50 day; the Tacoma Wa ter & Light company. $50 day, and the North Shore Railway, making $20 a day above operating expenses.
 '.The Algoma Central Railway and the street railway companies on the American and Canadian sides while not making any net profits are earning operating expenses.
 "Of the companies that will contribute toward an earning basis of S16S, 800 some will work under different condi- lions than they did before the shut down occurred. The veneer mill could now earn $3,00O month. It never ran more than half capacity because we had not money to build warerooms and were In the mafekt only five months Had we kept going we would have sold full capacity inside ninety days, and at haf capacity made s1,2e0 month
 'The sulphide pulp mill had just been repaired and improved to earn $4,00O l month when the shutdown came. The paper mill, which can earn $3.Q00 a month. has just been completed and mas not yet run on regular order. The Copper Nickel Reduction works, if money is furnished, can be completed in sixty days and can earn $30000 a month, and the Michigan and Lake Su- perior Power company, which now has only a half of it's power rented, could earn $25,000 when all the power is being used.
 'The estimates made for other com panies are on the basis of what they have already earned"