The Washington herald., 1918-04-30
APPRAISAL FOR
TAX PURPOSES
Iron Properties in Mime,
sofa Exceedingly Valu-
able, Says Holland.

II II be true that the State of
Minnesota has made an appraisal Of
the Messaba Iron properties which
are under the control of the United
states Steel Corporation OF $780,
Oee, 900. which is to serve as a basis
Of state taxes, then there is in
this way onicial recognition of a
romantic and remarkable story as
sociated with the growth of this
corporation.
Intimation by one who is excel
lent authority has been received in
New York within a day or two
which reports that so great an ap-
rraisal for tax purposes as this has
been fixed by the State Of Min
nesota on this property.
Several years ago the statement
was made by one who is Of high
authority in the steel corporation
that its ore properties in Mime
sofa were at that time equal In
value to or more than equal to the
par value of the total issue of COM
mon stock. These properties, how
ever, were not in possession of the
corporation at the time OF its or
ganization.
Was Real Bargain.
Publication was at one time made
of the fact that years ago a man who
was financially blind or very narrow
had opportunity to buy these proper
ties for about a hundred and fifty
thousand dollars. He objected to the
brokerage or commission which the
dealer asked and for that reason the
transaction failed. A little later an
other man or perhaps a little syndi-
cate had opportunity to buy these
properties for $4,000. That was
many more thousand dollars than
this syndicate could command. SO
that this proposition fell through.
The time came. according to tradition
when John d. Rockefeller. who could
command millions, secured ownership
or control of these properties. paying
therefor. according to the report al
that time in circulation. a large
amount OF money. That was looked
upon as a wonderful bargain, chiefly
; on account of the millions that were
involved.
- But the far-seeing men Of the
United states steel Corporation sub
p seauently secured this property and
II was estimated several years ago
to be Of the money value of 800, OO0, 600
But the ore was a long distance from
the furnaces which were controlled
by the corporation. However. with
characteristic energy and skill, the
corporation caused to be constructed
its feet of lake steamers whereby
the ore could be transported to the
furnaces in the Pittsburgh district or
to the contemplated town Of Gary.
That was accomplished at a cost OF
only thirty cents a ton. ten cents of
which were expended at the mines,
ten cents being the cost Of lake trans
portation. and ten cents being the
cost OF unloading at the Pittsburgh
district or at Gary.
In these figures are to be discovered
one of the reasons why this corpora
ton has been able to spend many
millions of dollars which it earned
in improvements and in the aCQuiSi-
tion of properties and. furthermore,
to increase, from time to time, wages,
while at the same time reducing the
cost of production so that it was pos
sible to standardize prices in the iron
and steel markets, and not steadily
to advance prices to consumers.
That was something of which
Charles NJ Schwab spoke in high
praise when testifying in the pro-
ceedings brought by the United States
against the Steel Corporation. as it
was also something TO which indie
pendent steel manufacturers willing
ly testified.
Mr.. Rockefeller-when he is in
Forr,aA he ~ aI
ready been, that the state OF Min
nesota has appraised these ore prop
critics at several hundred million dol
lars for taxation purposes-is likely
to reflect that however good a bar
gain he made he might have made
a better one had he waited for a
while.
Gen. Wood In France.
Wood was able to say to his friends
that he began to notice the numD SEN
sation which, since he was wounded
in France. has caused the fingers OF
one hand TO be practically useless.
was passing away. for he observed
that feeling was beginning to be re-
stored, although slightly, to hIs
fingers.
He has been wearing a glove since
his return to the United States, there
by better to protect the hand and
fingers. but II improvement continues
he may be able to give up the use OF
the glove in a short time. Friends
who have met Gen. Wood recently N
private. say that the public has little
idea of how narrow his escape from
death was at the time OF the acci-
dent in France.
He related to these friends the ma
ture of the wound. The piece OF
shrapnel or iron which struck him tore
the flesh from his shoulder to his eI.
bow, and the apprehension was thai
IL had also torn the muscles. Treat
ment in the hospital and further
treatment since he arrived in tht
United States has resulted in an ex
cellent healing of the flesh wound, but
it Is likely that always there may be
more CT less stiffness in the arm
With Gen. Wood at the time of tht
accident were two French officer!
and six French soldiers. so that there
were nine in all gathered together a
the moment OF the explosion
OF these nine, every one excepting
Gen. Wood was killed. And he was
so severely wounded that. for time a
least, there was some apprehension
that he might be permanently in.
capacitated. He stood alone in the
center of a group OF eight soldier.
who a few seconds before had beer
full Of life and energy. but who haC
in an instant's time passed On; he
though wounded. was safe.
The English Reserves.
A few days ago the statement was
made. according to reports from
London. that the English army in
France has been strengthened since
the beginning Of the German of.
fensiva 40 that uow fhs raSarya,