The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1915-05-13
OTHER DISBURSEMENTS BE-
SIDES DIVIDENDS.

The public is naturally disposed &c
place its estimate upon the value of a
mine by the dividends it pays. and
from the standpoint Of the investor
that view ia correct But in its broad
er sense In It's relation to the immedi-
ate community, county and state In
which ii Is located, the dividend earn
ing capacity of a mine is a matter OF
secondary Importance and as a rule
the people are interested In 1t only te
the extent that 1t Is necessary to keep
the mine in operation Generally
speaking, the dividends go to stock
holders residing in other states and
are unimportant so far as the Local
community dependent upon the min
Ing Industry Is concerned
Look over the figures published In
last issue of the Miner While all the
mines had not reported, the total
gross value of the ore produced last
year was in round figures $16,5O0.OOo
The dividends, of which we hear SO
much, amounted to $5,000,000 less
than a third of the gross value of the
ore produced. Who got the other two
thirds OF that enormous gross value
The answer to that question has more
10 do with explaining the prosperity
that always follows in the wake of
successful mining operations than the
amount of dividends. OF course we all
want to share the dividends. but the
fact remains that the dividends have
little to do with maintaining the pros
porous conditions that go with the
mining Industry. OF the $l6,500,000
representing the gross value of the
ores, two thirds or about $11000,000
was expended for extracting and mill
ing the ore, freight and treatment and
for betterment and repairs. That
means that all that vast sum went d.
reetly into crculatlon through wages
paid to an army Of employees in all de-
partments, in the purchase of supplies
in the form Of lumber machinery,
groceries, vegetables, meats and all
manner Of farm produce, and To the
railroad companies and smelters
which In turn disbursed most of 1t In
wages. II will be seen by this that the
far reaching benefits that come from
mining the ones that contribute to the
development ana upbuildng of the
state, provide never failing mar
ket for other products of the state and
at the same time assuming just
share Of the burdens of taxation, are
due to the enormous disbursements
through payrolls and the purchase of
supplies rather than through the divl-
dends
This is view of mining that Is sell
dom taken by those removed from the
mining sections of the state. and who
are at times, about the time the leg
stature meets. disposed to pass laws
that would handicap the mining IN
iustry under the mistaken notion,
gained through the published state
nents of enormous dividends paid,
hat the miners are growing fabulous
y rich without giving the state any I,
benefit. As q matter !
If fact the encouragement of the min /
ng industry is the one thing that will s
10 more than anything else to develop S
he resources of the state by provid- s
ng markets for all products Of the I
oil and tonnage that win induce the [
construction of railroads to remote \
ectlons that would otherwise remain q
solated, And while It is the prospect q
t dividends that leads to the devel- q
pment Of mines, II is the enormous I
disbursements incident to their opera r
ion that spreads prosperity over the n
tate. Id