The Birmingham age-herald., 1908-05-31
THE STEEL TRUSTS . ENORMOUS HOLDINGS Inventory of Its Vast Properties
 Is S1,782,OO0,OOO c.L VALUED S50,OOO,OOO Growth of the National Political Con- vention From the Congressional
 Caucus of the Time of
 Washington.
I. C. l. VALUED S5O,OOO,OOO
BY SEWELL HAGGARD.

the Tennessee Coal, Iron and Railroad company.
 These figures were not given out by the corporations in fact, it is declared ] that the corporation has no compilation showing the present value of it's prop. critics. The figures given herewith were obtained by Frank A. Munsey, who has very interesting article on the subjec. iii the current Munseys.o
 According to MT. Munsey, the corpora tion has in the Lake Superior districts 1.1S2S1 200 tons of unmixed ore of all grades, exclusive of the Great Northern "ailroad ores. Estimating this at 60 cents a ton the value would be S709 6S9, ,12O In mining plants, Improvements and develoo- ment work at active mines, including mine and stripping equipment, tracks. etc, and cost of removing overburden from ore not yet mined mine dwellings, etc., is represented the sum of s23, ,432, ,sS6. The corporation possesses 803, ,S6S, ,000 feet of standing mining and saw log stock. l,4t6,000 cords of logging, pulp wood and cord wood, and 191 S37 acres of land with an estimated value of $5,744011. This would bring the total value of the ore and mining timber properties up to $73S,- Se6, OF.
 The coal and coke properties of the corporation are valued at $142 s39, ,779, di- vided as follows:
 Unmined col1ng coal in the Councils vile region Pennsylvania, 60,003 acres owned (coal only, not including surface); 1515 acres leased on royalty basis; also 21, 100 acres of surface land (of which 750 acres are river-fronD owned in con- nection with the foregoing, $93, ,656,20O.
 Unmined coling coal in the Pocahontas region, West Virginia, 5,497 acres leased; i; valuation in equity above royalties, S3.- 4,s50
 Unmined steam and gas coal in the Pittsburg district in Pennsylvania, m Ohio, Indiana and Illinois, 50,252 acres owned, (coal only, not including sur- face); 354S acres leased on royalty basis; also, 99S acres of surface land owned in connection with foregoing, $SS9S,S2S.
 ColSing plants, comprising 20,225 ovens in the Connellsvile region and 2151 ovens in the Pocahontas region, including mine openings, shafts, slopes, tipples, power plants, mine and over tracks, and all ma chinery and equipment in connection with the mining and colxing of coal at the above plants; also, complement of tene- ment-houses for employees, s29,S75,15o.
 Coal mining and shipping plants at mines in the Connellsville and Pittsburg districts, not constructed in connection with coSing plants, $2,741,4 ,412.
 Miscellaneous, including standard-gage railroad equipment (six locomotives, 7aO steel cars and 1894 wooden cars), oper- ated in connection with the foregoing properties; water-pumping stations, pipe lines and reservoirs; shops, office build ings, stores, telephone lines, live stocN etc, s4,S93,33
 The estimated value of it's limestone and natural gas properties is $12,9S0, ,469; it's transportation properties $162, ,703975, and it's manufacturing properties exclusive or Gary. Ind including 145 separate plants covering an area of S0S9 acres, are valued at 1882 PAS, ,S97.
 Gary, Ind, alone represents an invest ment of $24,O63, ,38s. The corporations sundry real estate, consisting of land sit uated near manufacturing plants, and of unimproved tracts suitable for manufac- turing sites and for terminal railroad and dock facilities, is valued at $6694,973
 The value of the Tennessee Coal Iron and Railroad company Is placed at s50,- 000 000. Of this concern MT. Munsey says
 "The Tennessee Coal and Iron company is entered as a separate item In this in- ventory. It's ore and coal and mills and furnaces and other properties are not in cluded in the other classifications. This company Is put in at an estimated value of s50000,0O0. which is somewhat more than the Steel corporation paid for it. but probably a much smaller sum than 1t is worth to the Steel corporation. It's chief value lies in its coal and ore prop critics. Its ore Is estimated at 700, ,000, GOO tons It is not as high grade as the northern ores, but assuming that 1t is worth 15 cents per ton, 1t alone would amount to $105, ,0O0, ,000 It's coal is esti- mated at about 1000, 0C0, 600 tons, which at 10 cents a ton would be $10O0O0,OO0
 From the fact that the known supply of ore in the country is limited, 1t may we'll be worth two or three times this price. There is no way of telling just what it is worth. But as a guide to the value of ores we may take the price fixed upon for the Great Northern ores between James J. Hill and the Steel cor poration. The Great Northern railroad and the Northern Pacific had vast hold ings of iron ore In the Messable Range and after many months of negotiation the Steel corporation entered into a contract a year ago to take all this ore at a cer- tain price per ton the price to be ad- vanced each year over the proceeding year 40 cents. The first years price, which covered the year 1907. was S5 cents a ton. This year 1t Is SS 4-10 cents a ton. On this basis the price will soon be over $1 ton. and the average cost for the entire supply will be considerably in ex- cess of that figure
 And this ore is supposed to be of a lower grade, as whole than the orc owned by the United States Steel corpor- ation, which in this inventory has been corservatiyely. ultra-conservatively. fig- ured at 60 cents ton. If the Hill ore 10 worth over $1 a ton, the ore of the Steel corporation IS worth quite much, and even more. as it is of better grade. And these prices of this Northern Pa- cific ore have an important bearing on the ore properties of the Tennessee Coal and Iron company.
 'T should think that MT Charles M. Schwab Is as good an authority as there is in the world on the value of iron ore. He said to me two or three days ago that the ore holdings of the Steel corporation were easily worth s1 a ton, and. In fact, might safely and conservatively be re- garded as worth still more, for the reason that they cannot be duplicated"
 It is interesting to follow the growth of the national political convention. Be- fore Washington's administration had ended two parties had been formed and nominating machinery was provided in the shape of congressional caucus by which the congressman of each party selected the candidate and the electors ratified this selection. The congressional caucus lasted until 1924 when the Jack son men bolted the nomination of Craw ford The early national convention. the Grgf af xxvIt t,I lxo1L yxx %kx,