The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-09-18

The report of the alleged salary grab
on the part of the officials of the Swan
sea Mining company, as published in
Thursdays issue of The Herald, fell
like thunderbolt in the camp of the
minority holders Of Swansea stock, and
for awhile there was some. doubt among
some of them as to the correctness of
the rumor, but before the close of the
day Che truth of the statement was
pretty well established, when astonish-
ment changed TO Indignation. and some
remarks we're made regarding this ac-
ton on the part of the officers of the
company, which. although emphatic,
and to the point, would not look well
in print
The Herald, before giving publicity to
the rumor. gave the president and
manager OF the company ample oppor-
tunity to refute the same, but the re-
porter detailed for this purpose was
given to understand that the public
was in no way interested in the mat
ter; in fact, the reception given the re-
porter when an interview was sought
was on
THE PUBLIC BE DID,
order, and still ii was believed that the
NbN1NaAH NuulG 1lahe an EFFORT 10 QGllN
the reports after they had been pub
lished. Not so, however, as the silence
Of a Sphynx has been maintained re-
garding the matter as far as the COM
pany is concerned, as it is evidently the
belief with the officers that as the
runlors cannot successfully be denied,
the best way would be TO let the storm
blow over unnotieed.
The minority stockholders, however,
do rot propose to let it pass in this
manner. and it is more than likely that
before the affair is considered as closed
the company viii hear something drop
that will demand careful attention.
1t is conceded by the minority stock
holders of the company that the officers
are entitled TO a nominal salary for the
present, or until the mine reaches q.
point where its dividend account is al
least on a parallel with that of the
Mercur or Silver King; but they hold
that it is out Of place for the officers
OF q little struggling mine like the
Swansea to pay its president $3.50 or
5000 per month for simply
LOOKING PLEASANT AND WISE,
and to allow the treasurer and manager
$500 a month for his small services, and
especially so when this gentleman is
alleged to receive 5000 a month as COM
pensatiOn for his services by a railroad
company. AS for the secretary. his sal
airy of $125 or $3.50 a month is consid-
cred excessive, and especially so as
charge Of % cents q certificate is made
for each transfer of stock.
The fact that the officers of the COM
pany have engaged il a shameful sal
airy grab has been too well established
To admit of much doubt as TO this be-
ing the exact condition of affairs but
when it is said that at the directors
meeting late in August, when the sal
airy resolution was passed, the date was
fixed at the first of June last when these
excessive salaries were to begin, the
avariciousEess Of the participants of
the salary grab can be more fully ap-
preciated and understood, and espec-
tally as early If the spring the board
discharged Superintendent William
Hatfield,
TO WHOM BELONGS THE CREDIT
CT making the mine what it is today, on
the score of economy, much TO the dis
gust of those who are in close touch
with the history of the Swansea mine.
OF course the officers Of the Swansea
are entitled to a reasonable compensa-
ton Tor their services, but. in the minds
of the stockholders this should be gov
erned largely by what the officers of
other mining companies are receiving,
and also the size Of the property in the
way Of its dividend account, as it would
not be expected that the officials of a
company that is only paying s.. 900 a
month in dividends, with a skip of a
month now and then. should expect to
receive the same salary that is paid by
such corporations as the Silver King,
with its $4,000 q month regularly in
dividends, or the Mercur. With its dis
tributi0n of So. 900 q month: and vet
the salary that ii is alleged the officers
OF the swansea are receiving is in eX-
cess of that paid by the Silver King or
the Mercur. as It is stated that David
Keith and Thomas Kearns of the for
nler receive $3.50 and 5000 respectively
a month for their services, and they
ARE PRACTICAL MINING MEN
and devote most Of their time to the
management Of the magnificent prop
erty under their charge. While 1T is I'M
derstood that $400 a month covers all of
the Office expenses of the Mercur. and
Mr.. Dern. the manager, devotes nearly
all of his time as secretary, besides
Which the okkeeper comes in for his
share Of the allowance.
The South Swansea, adjoining the
Swansea. and which is just as big a
mine as the Swansea. pays its secre-
tary the nominal salary of $50 a month,
while the officers of the company are
allowed nothing more than their ac-
tu2i expenses in looking after the af-
fairs Of the property, and even then
they are limited to $50 month each.
The Disqualification is another in
stance where close economy is eXe1'-
cised. as the only salary paid by the
company is to Colonel Miner. as man
ageT. who receives 500 a month fer his
services. and out of this he has 20 pay
he boolikeeDer. and ii is safe to say
that the Geyser-N Marion transacis three
times the amount Of business that the
Swansea does.
It IS in view Of these facts and with a
feeling that they have
That number of the minority stock
holders Of the company have announced
taeir intention, if the charges against
the officers Of the company are proven.