The Logan Republican. [volume] (Logan, Utah) 1902-1924, 1913-03-15
UTAH WEALTH
Goes TO EAST

ket IetteT tHlb Weth, W. H. 1uiiuu
& Co., deplore the lack of interest
shown by Utah people in the great.
est industry in the state. 1t is point.
ed out that the S9,26O,776 paid in di.
vidends from mines last year would
have built seven Walker Bank build.
ings for Salt Lake, paved IS miles
OF the wide Salt Lake streets with
asphaltum, or built 926 residences of
$4,000 each. In part the letter says:
tall this wealth--is created with
in a few hours ride of your front
door and office. Much of 1t used ul.
timately to build skyscrapers, lay
pavements, erect residences, better
the surroundings, educate the fami.
lies and relieve business worries-in
Milwaukee, Chicago, Detroit, Phila-
delphia, Boston, Springfield, New
York, Cincinnati, Richmond and 9th
er cities in the east and south.
THAT s9,2Uy,716 was taken out of
Utah mines by Utah men. 1t was the
10 per cent paid as profits in 1912 on
total metal production of about
345,0OO,0OO.
: Then why was 1t permitted to go
TO the middle west, south and far
east? Had Utah failed to make
success OF its mines? Was 1t nee
essary to go among strangers to Sc
cure capital for our mineral develop.
ment?
For 80 years Utah mines were
owned in Utah. The profits were
paid out in Utah. In that time near
ly all the fine business blocks and
stately palaces in the city were paid
for by the mines. The mines fnanc-
ed our other industries, supported our
business and capitalized our com.
MERGE. Up to 1910 they had paid in
profits s79,57O.36s. Fifty.three min
ing properties were on record as hav-
ing distributed dividends and many
properties privately owned had yield.
ed fortunes to their possessors.
Nine out of 10 of the rich men
in the community had won their
wealth, or laid the foundations Of 1t,
with the proceeds of the mines. The
Alta club, Bransford apartments, Nc
Intyre block, Mccormick block. Godbe
Pitts block, Progress building,
Kearns building, Atlas block, d. +.
Walker building, Walker Bank build
ing, Cullen hotel, Commerce building,
Judge building, Grand hotel, Hotel
Utah-practically all of the large
business structures of the city, had
been paid for wholly or in part with
the dollars scattered SO lavishly by
the metal producers
Park City had poured out its
sl25,0OO,000; Tintic had yielded ore
to the value approximately of $780,.
100000; Bingham had turned out
about s75,000,OO0 and more than
SlOO,000,O00 had come from Mercur,
Frisco, Kimberly, Park Valley, Fish
Springs. Newhouse, Alta and other
camps of the state.
Surely no one could maintain that
the mines had not given royal re-
compense to those who developed
them. Were they exhausted? The d.
vidend records OF 1911 and 1912 an.
swer that question.
Never in the history of Utah min
Ing had the dividends been so large
as In 1911 when SS,500,000 was dis
tributed, and in 1912 the total was
nearly a million more. Nineteen
thirteen, although but three months
old, has witnessed the advent of two
splendid new dividend payers and
promises to pile hundreds OF thou.
sands upon the highest years total
in the past.
But these dividends, except in a
few cases, are not adding to the pros
perity and happiness of Utah people.
Most of the 100000 paid in January
by the Chief Consolidated mine Will
20 to Michigan. Boston gets the $780,.
600 from Eagle and Blue Bell anoth.
er new profit maker.
Tempted by inflated prices during
a short lived boom We parted with
our birthright for paltry mess Of
pottage. The pottage has gone into
offerings of blue sky, some of 1t in
Utah, more of it in other states.
The vitali2ing stream that made
Utah financial power In its own
right has been diverted. We are
turning more and more to the strang-
ers-the Greeks bearing gifts-for
the wherewithal to launch new en-
terprises, 10 build skyscrapers, the
factories, the commercial machinery
OF the future and for this accommo-
dalton We must pay tribute.
The sacrifice OF our local mining
interests was the first. easy, down
ward step from self respecting in
IT