Salt Lake Herald-Republican | 1918-02-24 | Page 47 | Mine Workers Share High in Earnings, Says the Banker

MINE WORKERS SHARE HIGH IN EARNINGS SAYS THE BANKER Relative to a rL recent talk of or a n business business busi busl- ness neBS man on Arizona mining conditions where in this ono one state alone the annual annual an un- nual wage Is figured at tho the Arizona chapter of oC the tho American minim min min- mining In ing im congress sends out the thc following bulletin The Tho increasing scarcity of or real money coin coin tho the high percentage of oC gross Jross Income tho the worl workingman Is IJ receiving reCel the thc necessity for tor preparing for Cor tho the war after period b by putting all Industries industries Indus indus- tries on n as strong an operating basis as possible and doltl doing everything to for Cor their theil develop declo additional resources resource future were points Joints put first In discussion discussion discussion dis dis- banker r rot b by a prominent cast eastern of ot things th the public needs to cons consider der Declining his name nano because ho he said It U might lend lead some to wrongly argue that hi his motives In speaking were hero selfish this visitor saidI said mone money I i I spoke of scarcity of or moan mean the tho public Is drawing coin out of or circulation all over the world 1 hoarding hoarding hoarding hoard hoard- ing it in belief that paper money will It haBIn has haB hasin hasIn soon j see ee general depreciation as In Russia and Germany Then we a aro ato drawing enormous sums Into bond is Is- Is sues Not only the workIngman but er e every man neel needs s to push on tho the wheels of ot Industry In order that we do not lose 1000 losea of or wealth I Ifor a dollar from flom our production for wo we are going goin to need every cent of ot I all the vt wealth wo we can cnn make malte Every Ever disaffected man sulking on the Job every even striker IK III putting the end of ot the war further urther off oCt and increasIng increasing ing war after financial an and social dangers dan- dan gors gers which will have to be faced when th the the- people of oC tho the world come to realI realize e e ethe I the tho enormous financial burden with I which the they the have hae been shouldered In the tho st-ri st struggle t f or for democracy and the tho ready money mone It has taken from their u use e Every Even wot needs keep his head and realize when ho lie listens to tho the agitator that the are receiving re reI receiving re- re celvin the highest percentage percent of oC gross I receipts of ot Industries In the tho worlds world's history Take Tako the copper Industry In Arizona Arizona The Tice lowest fj figure figure ure I have seen I on Its prevailing wages wage Is the year ear Do tho men In your our your mines mills and smelters realize that on that I rate of ot pa pay pa they are receiving without a cent of ot Investment financial risk or 01 business endeavor or 2 25 per cent of or gross Jross Income from the pounds of or copper being made mado annually annual In Arizona Arizona Arizona Ari Ari- zona And If Jt a a. fair charge Is added for depreciation of oC the thc mines than they are arc receiving recel 33 per cent colt of oC the thc gross in In- In como come On the other hand Interest paid for mone money In the tho copper Industry through dividends has been heen reduced to an nn average average aver aver- age of oC less than 7 per fer cent by hy tho the price fixed for Cor copper You cannot go JO Into a a. bank In the west and get et mone money for less than 10 per cent In the thc past st 15 per cent was considered ered necessary from froma fromn a n mining Investment In because of ot the element of oC risk This has s been moro more than cut In two averaging the copper producers throughout hout Another important point that H is not generally considered Is that dividends do not represent ent pure profit from min min- ing In part the they Include return of oC borrowed capital used In opening and equipping the tho mine and Interest there there- on Much tuh less than 7 j per pcr cent profit Is therefore being received b by the tho In Investor investor In- In vestor estor who made the copper mines possible possible pos pos- sible taking all tho the risk making all tho employment as compared with the 33 per cent of oC gross ross Income from these mines which the thc workingman Is now I receiving and which among other things s Includes a 44 H per cent wake ake in increase in In- I creaso crease since the prewar period I