Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1920-10-14
MIR. BURsUM WRITES AGAIN.

Mr.. Bursum has written us another letter This
~, time it is defense Of the Chino Copper company.
ltl Mr.. Bmsum wrote gliby, like who is we'll at
{ home with the subject. Defending mining com
panies his great occupation for long
that he feels himself upon, familiar ground.
Mr.. Bmsuns letter well illustrates how he has
VII succeeded in foolng the people into allowing con
tinuance of his domination The letter sounds per
fectly fair and very specific. Then too it shows
the proper degree of moral shock that would
willfuFs misrepresent the facts. The letter sounds
sincere and entirely beevabe.
, But in fact it is the coldest-blooded and most
sinister effort to mslead the public which has oc-
CURED in this campaign and stamps Mr. Dursum
1fr utterly ruthless in his methods.
We said MI. Sully admits average met carnines)
.....in excess of $10000,000 per year" He does,
or least has repeatedly, and the records the
State Tax Commission will confirm that statement
if they opened to inspection.
- Mr. Bursum retorts in his letter. during year
of the operation of the Chino Copper company has
it shown met profiD of $4,000 600" He then
e gives figures purporting to be facts about the net
profits yeral years
Therein is illustrated how the hand quicker
than the eye Mr.. Bursum, by "a simple twist of
the wrist" which the average reader failed to OBJ
serve, converted statement of met earnings
into his statement of met profit"
NET earnings" is used by the experts in mining
operations Interchangeable with met income or
met value and represents what is left for the COM
pany after product been sold and the cost
Quoted, After the tax commission was through with
r. Mr.. Sully and had dsaIlowed nnumerable things
w which he wished to charge up production
- not permissible under the law, they found his
= average met earnings value" be in en-
of $1O4O0,OOO year for the three years in
,a question and it is upon that amount he is
M paying taxes. SO We believe he admits it he
: would accept his basis
Sa Mr.. Bursum, who has access to the books of the
Chino, although have not, takes their private
accounts and dpduCnp ri arm
ings' lot of things such the of maintaining
~= mahogany finished offices in New York, the cost
of millions of dollars of improvements for
which they paid out of earnings instead of
out of capital account" and the cost Of advance
exploration work by Of which they have UNI
covered enty-five-year advance supply Of ore
and arrives final figure Of profits which
- they are willing to admit BY slight additional
e manipulation and charge off" they could wipe out
all book profit and leave met profit"
d. We have not the figures available and may
be slightly inaccurate in the following figures. but
,sa they reasonably accurate: The Chino started
Z, six years ago with an investment of
!. about $l.75o,OO0. The best information We can
obtain is that additional outside capital has
since been invested. During that time they have
disbursed to stockholders some $29,0O0QOO in dvi-
dends informed The present going value
of the property is above 100000 900. The Orsinal
s1,750.O0O has therefore, neted about $50 600 600
''' in less than seven years.
If they sell today for 100000 900 the
state would get practically nothing upon the hidden
u profit which lies in the value of the property
Yet we "destroyers of industry" because we
declare this tax situation to be public outrage
If the sources we have depended upon for our
information which the best available to us att
this time, faulty will gladly print any added
facts either increasing lowering these amounts
We desire TO be fair
Will the people continue in power Mr.. Rursum,
-~- Mr.. Suly, Mr. Hawkins, Mr.. Springer and other
gentlemen guilty of this, similar outrases. against
tho public?