United labor bulletin., 1914-11-07
CT. 81. EARNINGS
SLUMP S6,5l2,862
Welborn's Report Brings Sor-
row to Two John DeeS
Says Great Loss Due to Stand Taken
AGAINST Invasion" Of the United
Mine Workers Of America

Jesse F. Welborn, president of the
Colorado Fuel and Iron Company. has
made public his twenty-seeond annual
report to stockholders, chief of whom
are John d. Rockefeller, senior and
Iunior, in which the decrease of earnings
for the year ending June 80 are shown
to be S6y5l2,s62. Since that date other
millions have been slumped by reason
of the fanatical war waged on union
labor. He deplores the fact that the
striking miners have been financed from
outside the state, but makes no COM
ment on the millions sent from Colo
rado to enrich the non-produeing cap
tains of industry"
Another feature OF the report is q
statement that sales at company stores
increased 81, 7,067.52 over the previous
year. In view of the fact that all en-
ployes, strikebreakers and guards, are
herded in the coal camps like sheep and
are not permitted to trade elsewhere,
this increase was to be expected.
President Welborn's report on the op-
erations of the company for the year is
as follows:
ITO the Stockholders of the Colorado
Fuel and Iron Company-The report OF
the operations of your company for the
year ended June 80, 1914, is submitted
herewith:
Earnings Drop Off s6,s12, ,s6z.so.
"Gross earnings from operation were
sl7, ,S03, ,025-2l, a reduction of S6,5l2,-
s62.50 compared with the previous year.
The reduction in sales of iron and steel
was s., sos, 1873, and of fuel S3,00I,
364.57. Operating expenses were Sl6,-
729, ,255.25, and net earnings from oper-
ations 81 ,OT3, 1896, being a reduction OF
81, SAC, ,493.3s. OF this decrease 81 y325,-
l7Il9 occurred in the iron department
and was due primarily to the general
curtailment of steel business through
out the country. The decrease of ST.
22l ,320.l9 in the fuel department was
caused mainly by the direct and indi-
rect effects of the strike, though with
out the strike there would have been u
substantial reduction in these earnings.
Income from other sources was S577,-
447.39, making a total net income of
81 l,65l ,247.35. Bond interest, taxes,
sinking funds and other charges against
income amounted to 2,557 -2l5.7S, re-
sulting in n deficit of s9O5, ,96s.43.'
In his review of the strike President
Welborn says that it has been from the
first one of national Importance and
that it is now SO generally admitted.
Emphasis is made on the statement
that it has been financed by an organi-
state and with money raised beyond the
state boundaries.
Stand Against Union Invasion
The review gives an account from the
company's standpoint of most of the
events of the strike, explains the en-
ployment of camp marshals and the
reasons for increasing the number dur
ing the strike.
1T is a significant fact which bears
evidence OF the favor in which our
mine stores are held by the workmen,
whether employed or idle, that the re-
tail sales in the stores of southern Colo
rado, the center of the strike trouble,
during the fiscal year under review,
were S47, 7,067-52 greater than they were
during the last preceding year. says
the report.
The report says in conclusion:
recognizing our responsibility to the
stockholders, to our employees and to the
public for the proper conduct of the
affairs OF the company, we believe it TO
be our duty to take a stand with our
worknen against the invasion OF that
UNITED Mine Workers. labor organiza-
ton