Show TELEGRAM c t f E SALT LAKE LAK TELEGRAMS TELEGRAM I Why te the Copper er Mies Mines Closed Dw Down I. I Several of our largest copper producing producing producing pro pro- companies companie have within recent Weeks issued orders to close their properties completely until further notice no- no tice says the Literary Digest The Boston Doston News Bureau defends their ac action acton ac- ac tion ton as having been dictated by economic economic eco ceo common sense It would have been the height of folly foly we are told to to keep on extracting copper every pound of which meant a loss and met no demand The ThE tep step it seems was taken reluctant reluctantly but after aier It had become demonstrated that conditions promised no other alleviation it was Imperative A leading copper man connected with wih some of the companies which have shut down Is quoted by Financial America Ameria as saying It I is the belief belef of the respective managements that It Is not to the in interest Interest In in- terest of the consumer nor to the la laboring la- la boring men who are employed at the properties nor to the shareholders that production should continue when there is such a large stock of unsold I copper In this country and when current consumptive demand Is so light A continuation of or such production I which cannot be sold at a the cost of production would only lead later to toa a demoralization of the industry a detriment to the shareholders and ul ul- ul a much greater pecuniary loss to the This authority does not think that conditions will wil require a very long period period pe pe- pe- pe nod of shutdown While the tho action might have been taken some months ago It was delayed he says until re recently recently re- re centy In order that the workers might not be turned loose until the begin begin- I of activity on the farms In the editorial quoted above the Boston News bureau explains and justifies the clos cbs closIng closing ing of the mines as follows follows- An existing surplus of or more snore than a I billion pounds upon an an almost almost al almost al- al most stagnant market and thereby loading to a market price that at 12 cents leading stood 2 23 per cent to 50 per centI cent I cent under the unit cost of production for tor formost torI formost most of the mines is the kernel cernel of f that compelling condition Until that I demand shall revive that surplus dwindle dwindle dwin dwin- dle die to tolerable proportions and that price Irice again represent a living wage for fori capital the shafts shans must stand Idle the theore theore theore ore stay in natures nature's treasury It may seem hard hard on on copper miners to seek a stopgap job elsewhere or on I copper shareholders to forego divi But nut a more grevious ious ge visitation upon both would be the virtual wrecking wrecking wrecking wreck wreck- I I ing of the property and the industry There would soon be and for an indefinite in indefinite in- in definite period no job to go goback o back to al aU hope of investment return would In-I In be be- swallowed In capital destruction Stoppage now salvages hope for tor both capital and labor within a reasonable period Factory machinery Is silenced when there are no orders for gods Even Een the farmer in his lo lo seeks scales see to 10 adapt his acreage to calculated demand and return And both those thoe are processes processes pro pro- pro pro-I I that permit practically endless f repetition But hut the pound of copper once dug leaves a vacuum behind It J Financially it must be amortized To ToI 11 I continue to dig and sell sel it i at a going price that means so cruel a drop below below I cost cost in in contrast with the price career career creel ca- ca cI c- i i would be besheer besheer I reer reel of so many other things would things sheer squander without even the rakes rake's I pleasure of squandering I |