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EXHIBIT S-18

Summary of net operating income from Minnesota mining operations based on occupation-tax reports, years 1939 to 1943, inclusive

1943

1942

1941

(1)

(3)

(3)

(4)

(5)

(6)

(8)

(9)

$1.4143

Open-pit direct shipping ore:

Net income over $1
Net income between $1 and $0.30
Net income under $0.30 and with losses.

32, 494, 744 $45, 958, 498.08 10,359, 354 6, 584, 010.64 4,322, 343 71, 535. 71

.6356

28, 360, 517 11, 160, 894 1, 447, 383

$44, 234, 458. 22 8,075, 533. 81

(59,871. 63)

$1.560

724 (.041)

30, 524, 202 $44, 667, 960.84 8, 783, 910 5,895, 159.36 2, 685, 334 (726, 907. 27)

$1. 463

671 (. 271)

.0166

[blocks in formation]

Tons

Net operating Average

income income

Tons

Net operating Average

income income

Tons

Net operating Average

income income

Total..

47, 176, 441

52, 614, 044. 43

1. 1153

40, 968, 794

52, 250, 120.40

1. 275

41, 993, 446

49, 836, 212. 93

1. 187

Underground direct shipping ore:

Net income over $1
Net income between $1 and $0.30.
Net income under $0.30 and with losses.

0
834, 540
2, 472, 408

560, 560, 52
(1, 545, 892.50)

Total.

3, 306, 948

(985, 331.98)

50, 483, 389

51, 628, 712. 45

1. 0227

48, 118, 346

54, 025, 208.73

1. 122

48, 752, 323

54, 165, 189. 40

1. 111

Grand total, open-pit and underground direct

shipping ores.
Open pit beneficiating ore:

Net income over $1..
Net income between $1 and $.30.
Net income under $.30 and with losses.

1. 213

1. 283

139, 632
11, 726, 806
6, 621, 428

174, 126.72
7,089, 182.33

(769, 418. 08)

1. 2470

.6045
(. 1162)

3, 701, 637
15, 607, 263
2, 671, 196

4, 489, 534. 78
11, 448, 052. 28

(293, 916. 66)

.734

9, 749, 951 4,741, 612

441, 986

12, 511, 052.32 3, 246, 177.51

64, 453. 02

(.110)

Total.

18, 487, 866

6, 493, 890. 97

.3512

21, 980, 096

15, 643, 670.41

.712

14, 933, 549

15, 821, 682. 85

1. 059

Underground beneficiating ore:

Net income over $1..
Net income between $1 and $.30..
Net income under $.30 and with losses.

0
372, 079

Total..

372, 079

(212, 018.01)

(.5698)

99, 572

(129, 144.88)

(1.297)

(1)

(1)

(1)

Grand total open pit and underground benefi

ciating ore.

18, 859, 945

6, 281, 872. 96

.3331

22, 079, 668

15, 514, 525. 52

. 703

14, 933, 549

15, 821, 682, 85

1.059

[graphic]
[blocks in formation]
[blocks in formation]

Underground direct shipping ore:

Net income over $1.
Net income between $1 and $0.30.
Net income under $0.30 and with losses

Total..

Grand total, open pit and underground direct shipping ores.
Open pit beneficiating ore:

Net income over $1..
Net income between $1 and $.30-
Net income under $.30 and with losses.

Total.

174, 562
1,890, 852

175, 530
2, 240, 944
19, 665, 851

.439

.640

1. 088

26, 470, 215. 54

1. 346

[blocks in formation]
[blocks in formation]

(1) Net operating income shown above have been determined by adjusting Minnesota occupation tax returns for each property to include royalty tax and occupation tax in order to arrive at the net income from operation.

(2) For comparative purposes mines from which ore was produced by combined open
pit and underground operations are included in open pit. Likewise, the mines from
which both direct and beneficiating ores were produced have been included in the bene-
ficiating group.

(3) Large drop in net operating income from 1939 to 1940 caused by United States Steel reducing lower lake ore price 50 cents per ton.

AVERAGE NET OPERATING INCOME PER TON

Year

Direct

Benefici.

ating

1943.
1942
1941.
1940.
1939

$1. 023
1. 122
1. 111
1. 088
1. 346

$0.333

. 703 1. 059

. 786 1. 210

NOTE.-Figures in parentheses indicate loss.

EXHIBIT S-19
Comparison of iron ore production for years of 1939 to 1945 showing tons, net operating income before fixed charges and Federal taxes, amounts

collected by upper lake rail carriers, and royalty taxes paid to fee owners, designed to show gradual increasing unfavorable position of producers
of beneficiated ores

OPEN PIT MINES

Total royalty and royalty

tax

Year

Royalty and

royalty tax

Net operating Operating, Freight colincome income lected by rail

roads

Total tons shipped

Total royalty and royalty

tax

per ton

per ton

(8)

(9)

(10)

(11)

(12)

(13)

(14)

Beneficiating mines with net operating income of $1 per ton or over

9, 092, 223
4, 198, 510
9, 749, 951
3, 701, 637

139, 632
470, 058

0

$12, 858, 324. 37

4, 866, 333. 50
12, 511, 052. 32
4, 489, 534.78

174, 126.72
516, 828. 77

$1. 411 1. 159 1. 283 1. 213 1. 2470 1.0995

$8, 364, 845. 16

3, 862, 629. 20
8, 969. 954. 92
3, 405, 506.04
1 132, 315. 28
1 445, 426. 96

$0.668

827
711
474

468
0

$6,073, 604. 96

3, 472, 167.77
6, 932, 215. 16
1, 754, 575. 94
65, 347.78

0

Direct shipping mines with net operating income between $1 and $0.30

Beneficiating mines with net operating income between $1 and $0.30

Direct shipping mines with net operating income under $0.30 and with losses

Beneficiating mines with net operating income under $0.30 and with losses

Net operating Operating

Royalty

Total tons shipped

Year

Freight collected by rail

road

and royo

incorne

income

alty tax per ton

per ton

(1)

(2)

(3)

(4)

(5)

(7)

Direct shipping mines with net operating income of $1 per ton or over

1939.
1940.
1941.

1939.
1910..
1911..
1912
1913
1944
1915...

14, 916, 750
23, 858,878
30, 524, 202
28, 360, 517
32. 491, 744
28, 658, 533
31, 531, 287

$24, C42, 764. 11
33, 520, 491.53
44, 667, 960. 84
44, 234, 458. 22
45, 958, 498. 08
40, 086, 379. 37
45, 662, 066.59

$1. 612 $13,723, 410.00

1. 405 21, 950, 167. 76
1. 463 28, 082, 265. 84
1. 560 26, 091. 675. 64
1.4143 1 30, 792, 019. 41
1.3988 1 27, 156, 825. 87
1. 4480 29,879,047.56

$0. 293
298
310
249
201
. 1969
. 2116

$4, 370, 607. 75
7, 109, 945. 64
9, 462, 502. 62
7, 061, 768.73
6, 531, 443. 54
5, 642, 865, 15
6, 672, 020.33

1942.-

1943
19442
1915.

1939..
1940..
1941..
1942
1943.
1944
1945.

1, 829, 558
6, 116, 410
8, 783, 910
11, 160, 894
10, 359, 354
9, 982, 216
5, 381, 149

$1, 059, 155, 17
4, 857, 505. 82
5, 895, 159.36
8,075, 533. 81
6,584, 010.64
6,361, 965. 28
2, 730, 825. 93

$0. 579

794
671
724
6356
6373
5079

$1,683, 193, 36
5, 627, 097. 20
8,081, 197. 20
10, 268, 022, 48
19, 816, 523. 85
19, 459, 147, 88
15, 099, 176. 79

$0. 459

465
456
411
533
4029
.5347

$839, 767. 12
2, 844, 130. 65
4, 005, 462, 96
4, 587, 127. 43
5, 521, 535. 68
4, 021, 834. 83
2,877, 300.37

1939.
1940...
1941.-
1942..
1943..
1944..
1945.

1,721, 295
5, 138, 480
4, 741, 612
15, 607, 263
11, 726, 806
10, 020, 691
10, 512,061

$1, 448, 450.93
3, 401, 721.04
3, 246, 177.51
11, 448,052, 28

7, 089, 182.33
5, 058, 583. 19
6,564, 751. 53

$0.811 $1, 583, 591. 40

662 4, 727, 401, 60
685 4, 362, 283. 04
. 734 14, 358, 681. 96
.6015 111,112,321.37

5048 19, 495, 606.79
.6245 19,961, 229.00

$0.776

565
764
719
592
6429
. 5212

$1,335, 724, 92
2, 903, 241. 20
3,622, 591. 57
11, 221, 622, 10
6,942, 269.15
6, 442, 302, 24
5, 478, 886. 19

1939..-

19.10.
1941.
1942.
1043
1914
1945.

678, 599
3, 759, 979
2,685, 334
1, 447, 383
4, 322, 343
5,918, 307
4,078, 301

($66, 998. 05) ($0.099)
139, 427. 17

.037
(726, 907.27) (. 271)
(59,871. 63) (. 041)

71, 535. 71 .0166
(158, 411, 71) 0268)
(948, 252. 61) 2325)

$625, 231.08
3, 459, 180.68
2, 470, 507. 28

1, 331, 592. 36
14,095, 852. 23
15,608, 187.71
13, 864, 598. 03

$0, 649

381
561
497
410
6182
. 4626

$440, 410.75
1, 432, 552.00
1, 506, 472.37

719, 349, 35
1, 772, 160. 63
3, 658, 697. 39
1,886, 622, 04

1939.
1910..
1941.
1942..
1943..
1944.
1945

806, 627
793, 911

441, 986
2,671, 196
6, 621, 428
7, 267, 444
8, 358, 775

($155, 761, 56) ($0.193) $742, 096.84
(157, 409. 70) (198) 730, 398. 12

64, 453, 02 . 146 406, 627. 12
(293, 916, 66) (. 110) 2, 457, 500, 32
(709, 418.08) 1162) 16, 274, 465. 17
(295, 296, 70) 0406) 10, 886, 029. 93
856, 966, 56 1026 7, 920, 775, 19

$0.847
1.030
.945
.618
.620
.5868
7273

$683, 213.07
817, 728. 33

417, 676, 77
1, 650, 799. 13
4, 105, 285, 36
4, 264, 536, 14
6, 079, 337. 06

[graphic]

UNDERGROUND MINES

Direct shipping mines with net operating income of $1 per ton or over

Beneficiating mines with net operating income of $1 per ton or over

$160, 597.04

1940

$1,474 1.084

$257, 304.39
3,742, 364.74

1939.
1941.-

$0.327

.480

$9, 411. 29

174, 562
3, 452, 366

$57, 081.77
1, 657, 135, 68

8, 674

$1.085

$17,061.35

$0.696

$6,037. 10

Direct shipping mines with net operating income between $1 and $0.30

Beneficiating mines with net operating income between $1 and $0.30

1939
1940..
1941
1942.
1943.
1944
1945.

1,890, 852
2, 334, 638
1,002, 441
4,471, 811

834, 540
635, 233
872, 015

$1, 268, 794.53
1, 248, 302.95

901, 403.80
3,524, 072.68

560, 560.52
324, 667.59
475,056.03

$0.671

535
899
788
6717
5111
5448

$1,739, 583. 84
2, 147, 866.96

922, 245.72
4, 114, 066.12
1 790, 810.10
1 601, 946.79
1 826, 321, 41

$0.456

441
474
535
471
4807
.4167

$862, 228. 51
1,029, 575.36

475, 157.03
2, 392, 418.89

393, 068.34
305, 356. 50
363, 368.65

1939.
1940..
1941..
1942.
1943.
1944.
1945.

No beneficiated underground mines made a profit in range from $1 to $0.30.

Direct shipping mines with net operating income under $0.30 and with losses

Beneficiating mines with net operating income under $0.30 and with losses

1939.
1940.
1941..
1942
1943
1944.
1945.

175, 530

473, 505
2, 304,070
2, 677, 741
2,472, 408
4, 120, 994
1,824, 290

($90, 804.61) ($0.517( $161, 487.60

(14, 483. 72) (.031) 435, 624.60
(314, 792.07) (. 137) 2,119, 744. 40
(1,748, 984. 35) (.653)

4, 463, 521.72
(1, 545, 892.50) (.6253) 12,342, 853.82
(1,683, 603. 71) 7938) 1 2,009, 853. 91
(1,580, 793.66) (.8665) 11,728, 697. 20

$0.293

157
294
335
328
3229
3450

$51, 430.29

74, 340.29
677, 396. 58
897, 043.24
810, 949. 82
684, 868. 96
629, 380.05

1939.
1940..
1941..
1942..
1943..
1944.
1945.

Includes 3 percent transportation tax which must be paid by mining companies.
* In 1944 Dunwoody mine was the only mine with operating income over $i. This mine is owned in fee.
NOTE.-Railroad freight charges arrived at by multiplying tonnages by 92 cents. Actual rail revenue somewhat higher as part of ore is shipped all rail to consuming points.
NOTE.-Figures in parentheses indicate losses.

EXHIBIT S-19
Comparison of iron ore production for years of 1939 to 1945 showing tons, net operating income before fixed charges and Federal taxes, amounts

collected by upper lake rail carriers, and royalty taxes paid to fee owners, designed to show gradual increasing unfavorable position of producers
of beneficiated ores

OPEN PIT MINES

Total royalty and royalty

tax

Year

Net operating Operating, Freight col

Royalty

and income lected by rail

royincome

roads

alty tax

Total tons shipped

Total royalty and royalty

tax

per ton

per ton

(8)

(9)

(10)

(11)

(12)

(13)

(14)

Direct shipping mines with net operating income of $1 per ton or over

Beneficiating mines with net operating income of $1 per ton or over

9, 092, 223
4, 198, 510
9, 749, 951
3, 7C1, 637

0

$12, 858, 324. 37

4,866, 333. 50
12, 511, 052. 32
4, 489, 534. 78

174, 126.72
516, 828. 77

$1. 411 1. 159 1. 283 1. 213 1. 2470 1.0995

$8, 364, 845. 16 3, 862, 629. 20 8, 969, 954, 92 3, 405, 506.04 1 132. 315. 28 1 445, 426. 96

$0.668

827
711
474

468
0

$6,073, 604.96
3, 472, 167. 77
6, 932, 215. 16
1, 754, 575. 94
65, 347.78

0

Direct shipping mines with net operating income between $1 and $0.30

Beneficiating mines with net operating income between $1 and $0.30

[blocks in formation]

Direct shipping mines with net operating income under $0.30 and with losses

Beneficiating mines with net operating income under $0.30 and with losses

$0.847 1.030

945

Total tons shipped

Net operating

income

Year

Royalty and roy

Operating Freight colincome lected by railper ton

road

alty tax per ton

(1)

(2)

(3)

(4)

(5)

(6)

1939
1940..
1941..
1912
1913
1944.
1945..

14, 916, 750
23, 858, 878
30, 524, 202
28, 360, 517
32, 491, 744
28, 658, 533
31,531,287

$24, C42, 764. 11
33, 520, 491. 53
44. 667, 960. 84
44, 234, 158, 22
45, 958, 498.08
40, 086, 379. 37
45, 662, 066. 59

$1. 612 $13,723, 410.00
1. 405 21.950, 167.76
1. 463 28, 082, 265.84
1. 560 26, 091, 675. 64
1. 41431 30,792, 019. 41
1. 3988 127, 156, 825, 87
1. 44801 29,879, 047.56

$0.293

. 298
.310
.249
. 201
. 1969
. 2116

$4, 370, 607.75
7, 109, 945. 64
9, 462, 502. 62
7, 061, 768.73
6, 531, 443. 54
5. 642, 865. 15
6,672, 020. 33

1939
1940.
1941.-
1912
1943
19442
1945.

139, 632
470, 058

1939.
1940.
1941..
1912
1943.
1944.
1945.

1, 829, 558
6,116, 410
8,783, 910
11, 160, 894
10,359, 354
9, 982, 216
5,381, 149

$1, 059, 155. 17
4, 857, 505, 82
5, 895, 159.36
8,075, 533. 81
6, 584, 010.64
6, 361, 965. 28
2, 730, 825. 93

$O. 579

. 794
.671
. 724
.6356
.6373
. 5079

$1, 683, 193. 36
5, 627, 097. 20
8,081, 197, 20
10, 268, 022. 48
19, 816, 523. 85
19, 159, 147.88
15,099, 176. 79

. 037

. 146

1939.
19-10.
1941..
1942
1943.
1944
1945.

678, 599
3,759, 979
2,685,334
1, 447, 383
4, 322, 343
5,918, 307
4,078, 301

($66, 998. 05) ($0.099) $625, 231.08
139, 427. 17

3, 459, 180.68
(726, 907. 27) (.271) 2, 470, 507. 28
(59,871. 63) (.041) 1,331, 592. 36

71, 535. 71 0166 1 4,095, 852. 23
(158, 411.71) (. 0268) 15,608, 187. 71
(948, 252.61) 2325) 13, 864, 598.03

$0.649

381
561
497
410
6182
. 4626

$440, 410,75
1, 432, 552.00
1, 506, 472. 37

719, 349.35
1, 772, 160.63
3,658, 607. 39
1,886, 622.04

1939.
19-10..
1941..
1942.
1943..
1944.
1945

806, 627
793, 911

441, 986
2, 671, 196
6, 621, 428
7, 267, 444
8,358, 775

($155, 761.56) ($0.193) $742, 096.84
(157, 409. 70) (. 198) 730, 398, 12
64, 453. 02

406, 627. 12
(293, 916, 66) (. 110) 2, 457, 500. 32
(769, 418.08) (. 1162) ||6, 274, 465. 17
(295, 286, 70) (. 0406) 16,886, 629. 93
856, 906. 56 . 1026 7, 920, 775, 19

.618

$683, 213.07
817, 728. 33

417, 676. 77
1, 650, 799. 13
4, 105, 285.36
4, 264, 536, 14
6,079, 337.06

620 5868 7273

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