<TABLE>
FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ACE Limited COM G0070K103 6775 400000 SH SOLE 400000
AGCO Corporation COM 001084102 5525 425000 SH SOLE 425000
ASA Ltd. COM 002050102 7576 364000 SH SOLE 364000
AT&T Corporation COM 001957109 4785 110000 SH SOLE 110000
Alleghany Corporation COM 017175100 4099 23160 SH SOLE 23160
Anadarko Pete Corp. COM 032511107 3056 100000 SH SOLE 100000
Anglogold Limited Sponsored AD COM 035128206 25716 818002 SH SOLE 818002
Apache Corporation COM 037411105 864 20000 SH SOLE 20000
Archer-Daniels-Midland COM 039483102 127 10492 SH SOLE 10492
Asarco COM 043413103 18630 690000 SH SOLE 690000
Battle Mountain Gold Co. COM 071593107 1981 621500 SH SOLE 621500
Berkshire Hathaway Inc. Cl B COM 084670207 22272 12000 SH SOLE 12000
Bethlehem Steel COM 087509105 11445 1551900 SH SOLE 1551900
Birmingham Steel COM 091250100 5659 742200 SH SOLE 742200
Boeing Company COM 097023105 20247 475000 SH SOLE 475000
Borden Chemical and Plastic COM 099541203 3795 920000 SH SOLE 920000
Carpenter Technology COM 144285103 2450 100000 SH SOLE 100000
Chubb Corp. COM 171232101 11662 235000 SH SOLE 235000
Cleveland-Cliffs Inc. COM 185896107 10831 348000 SH SOLE 348000
Coeur D Alene Mines Corp. COM 192108108 1692 360966 SH SOLE 360966
Compaq Computer Corp COM 204493100 10980 480000 SH SOLE 480000
Conoco Inc. Cl A COM 208251306 4856 175000 SH SOLE 175000
Consolidated Paper COM 209759109 4031 150000 SH SOLE 150000
Cott Corporation COM 22163n106 3281 750000 SH SOLE 750000
Cyprus Amax Minerals COM 23281P106 10955 558200 SH SOLE 558200
Deere & Co. COM 244199105 3869 100000 SH SOLE 100000
Detroit Diesel COM 250837101 12802 692000 SH SOLE 692000
Dow Jones & Company, Inc. COM 260561105 5871 110000 SH SOLE 110000
Esg Re Limited COM g31215109 1376 155000 SH SOLE 155000
Federal Realty Investment Trus COM 313747206 1047 50000 SH SOLE 50000
Federal Signal Corp. COM 313855108 1987 100000 SH SOLE 100000
Fleetwood Enterprises COM 339099103 19380 960000 SH SOLE 960000
Ford Motor Company COM 345370100 17085 340000 SH SOLE 340000
Freeport-McMoRan Copper & Gold COM 35671D105 1808 130274 SH SOLE 130274
General Motors Corp. Cl H COM 370442832 7156 125000 SH SOLE 125000
Global Industrial Technology COM 455905109 9303 759400 SH SOLE 759400
Gold Field Limited New, ADR COM 38059t106 510 110344 SH SOLE 110344
Halliburton COM 261597108 15801 385400 SH SOLE 385400
Hecla Mining Co. COM 422704106 1726 587600 SH SOLE 587600
Hecla Mining Preferred Conv. COM 422704205 1714 50500 SH SOLE 50500
Helmerich & Payne Inc. COM 423452101 14479 572000 SH SOLE 572000
Hershey Foods Corp. COM 427866108 4869 100000 SH SOLE 100000
Hillenbrand Industries COM 431573104 5934 225000 SH SOLE 225000
Homestake Mining Co. COM 437614100 19883 2164130 SH SOLE 2164130
Horace Mann COM 440327104 2710 105000 SH SOLE 105000
Hubbell Inc. Cl B COM 443510201 7172 225000 SH SOLE 225000
IMC Global, Inc. COM 449669100 8009 550000 SH SOLE 550000
Imperial Chemical - ADR COM 452704505 6910 160000 SH SOLE 160000
Imperial Oil COM 453038408 14257 685000 SH SOLE 685000
Intermet COM 45881K104 953 112500 SH SOLE 112500
Intl Game Technology COM 459902102 9900 550000 SH SOLE 550000
Kinross Gold Corp. COM 496902107 884 307508 SH SOLE 307508
Koninklijke Philips Electronic COM 500472204 3878 38400 SH SOLE 38400
LTV Corporation COM 501921100 7686 1413500 SH SOLE 1413500
Leucadia National Corp COM 527288104 2100 100000 SH SOLE 100000
Loew's Corporation COM 540424108 23372 333000 SH SOLE 333000
Longview Fibre Company COM 543213102 6038 485500 SH SOLE 485500
Louisiana-Pacific Corporation COM 546347105 14836 949500 SH SOLE 949500
Mandalay Resort Group COM 562567107 14674 743000 SH SOLE 743000
Markel Corporation COM 570535104 6008 33000 SH SOLE 33000
Mattel Inc. COM 577081102 3040 160000 SH SOLE 160000
Merck & Co. COM 589331107 8102 125000 SH SOLE 125000
Meridian Gold Inc. COM 302494109 3199 469600 SH SOLE 469600
Mesabi Trust COM 590672101 412 150000 SH SOLE 150000
Mirage Resorts Inc. COM 60462e104 6299 449900 SH SOLE 449900
Mississippi Chemical Corp. COM 605288208 5177 739600 SH SOLE 739600
Newmont Mining Corp. COM 651639106 23390 903944 SH SOLE 903944
Northrop Grumman Corp. COM 666807102 12712 200000 SH SOLE 200000
Old Republic International COM 680223104 20501 1420000 SH SOLE 1420000
Overseas Shipholding Group COM 690368105 1054 68300 SH SOLE 68300
Panamsat Corp. COM 697933109 903 25000 SH SOLE 25000
Phillip Morris Cos. COM 718154107 5983 175000 SH SOLE 175000
Phillips Petroleum Co. COM 718507106 15137 310500 SH SOLE 310500
Placer Dome, Inc. COM 725906101 19821 1332500 SH SOLE 1332500
Pope & Talbot COM 732827100 6351 513200 SH SOLE 513200
Potlatch Corp COM 737628107 10795 262100 SH SOLE 262100
Rio Tinto Plc-Spon. ADR COM 767204100 1775 25000 SH SOLE 25000
Roadway Express Inc. COM 769742107 2019 100000 SH SOLE 100000
Rowan Companies Inc. COM 779382100 10449 643000 SH SOLE 643000
Royal Gold Inc. COM 780287108 1500 300000 SH SOLE 300000
SAFECO Corp. COM 786429100 14840 530000 SH SOLE 530000
San Juan Basin Rty Trust Unit COM 798241105 1513 170500 SH SOLE 170500
Saul Centers Inc. COM 804395101 1496 95000 SH SOLE 95000
St. Paul Companies COM 792860108 8250 300000 SH SOLE 300000
The Walt Disney Company COM 254687106 5200 200000 SH SOLE 200000
Timken Company COM 887389104 4837 300000 SH SOLE 300000
Toys R Us COM 892335100 4500 300000 SH SOLE 300000
UICI COM 902737105 1406 55000 SH SOLE 55000
UST Inc. COM 902911106 4528 150000 SH SOLE 150000
USX-U.S. Steel Group COM 90337T101 19354 751600 SH SOLE 751600
Union Pacific Resources Group COM 907834105 15437 950000 SH SOLE 950000
Valero Energy Corp COM 91913y100 9161 475900 SH SOLE 475900
XL Capital LTD - CL A COM 982551056 16965 377000 SH SOLE 377000
Battle Mountain Gold 6.00% of CONV 408390 1260 2000000 PRN SOLE 2000000
Coeur D Alene Mines Corp. 6.00 CONV 420799 826 1450000 PRN SOLE 1450000
FMC Gold cv sub. deb. 6.75% of CONV 433020 2202 2560000 PRN SOLE 2560000
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