The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1881-04-06
2. C. II. /.
The Report Of President Hooper to
the Stockholders at the Semi
Annual Meeting.

intendent VIM. Jennings, Gen. II. S
Eldredge, until recently superin.
tendent, and Hons. George @. Can.
non and Joseph T. Smith. Being a
semi-annual meeting, the matter OF
the election of new officers and
other business incidental thereto did
not come up. The meeting having
been called to order, and the custom
airy preliminary business disposed
of, President w. III. Hooper stated
that the secretary would read to the
stockholders his semi-annual report
T. G. Weber, Esq, secretary, there
upon read the report, which, being
short and of very general interest,
we give in full:
! l have the pleasure to present to
you my report of the condition CT
the institution for the half year
ending February %, 1881, and as the
secretary and treasurer'S report is
so full and explicit, deem it I'M
necessary TO repeat; in fact. / accept
| and adopt Une Same touching theue-
rIaifs of the institution, and the re-
solves of the directory on March
2Sth last, in regard to dividend. On
| the date Just mentioned the direc-
| tory adopted the recommendation
of the secretary and treasurer, and
declared a dividend of 8 per cent.
for che half year; and the remain
/ ing earnings of the six months
$50 .29)Will be carried to reserve
and stock dividend accounts. This
per cent. dividend may seem to
some a small remuneration for CAPT
tai, but when we consider all things
l should really be at loss to known
where better investment could be
met with. While for several years,
namely, from the spring of 1874 to
the spring Of 1878, no dividends
were declared, yet l find, as per a
statement furnished me by the
secretary, that the cash and stock
dividends made by the institution
were of such magnitude that /, N.Y.
self, am aStonished, and l feel that
every investor in the institution
should be fully satisfied that he
could not have done any better. l
beg leave, therefore, to here enter
a note of the result referred to:
The Institution commenced bust
ness March, 1869, and during the
twelve years it has existed,
there have been declared
cash dividends aggregating 1O1
per cent, and stock dividends |
aggregating so per cent. In other |
words, a stakeholder who put in |
SI60- one share in March. 1869. |
would, up to the present time. have
received Sl37.70i in cash as dividents,
and his original 500 investment |
would now be worth at part S2O6.97.
Thus the investor has received a
yearly average dividend of at least
10 Iper cent. in cash and nearly 9
per cent in stock, notwithstanding
the lapse of four years during which
period no dividends were declared
or paid.
The prospects of the growth of
Utah through the industry of her
people, with the promised railroads
that are now heading towards her
borders, as well as the extension of
the several roads now in existence
say emphatically that every indus
try already started will be greatly
enlarged, and the day is not far dis
Jant, hope this year, when we shall
see iron, Lead and various other man
industries started, which
will render it possible for a greatly
increased population to exist and
thrive, and thus the merchant will
De greatly benefited in the increase
II his business and profits. With {
his bright outlook for the future. |
nay we not expect Z. C. NJ. /. to be-
come the growing, mammoth insti-
utiOn that her supporters and
friends have confidently anticipated.
Our Bear Lake and Soda Springs
will soon have a stand {
lrd guage road, branch of the I
Union Pacific, destined for Oregon:
huS the isolation of those desirable o
Ocalities will be broken. Bear Lake. G
With her fel tile soil, great timber
md coal interests, and her beautiful =
axe and well watered country will =
Don become a second Cache Valley.
md Soda Springs a celebrated water e
ng place. b
1t was in anticipation of this en- s
erprise, though not so soon expect
d, that induced the late superin-
endent and myself to erect. the
eat, small store at soda springs.
have already shown
was done none too soon.
The new building at Ogden is
and occupied. ] paid a ID
iSlt to Ogden a few days since and q
Ook much pleasure in thoroughly =
its arrangements, solid -
and l MAJ add its -
beauty. l consider it IN
the best house il the ter
tory, and much credit is due to
eneral Eldredge for his labors and
ne watchful care which he gave to
he construction of the edifice.
ur industry of tanning and
manufacturing of the leather
moving along as satisfac-
'rily could have been expected. en-
am gratified in reading a commu ~ u;
lcatlon from Mr.. Rowe, to find Fs
le operation of manufacturing as
rye as it is. He states that the
lumber Of employees at the shoe =
.ctory are some $50 and that the
)ots and shoes made during the !
iSt half year aggregate IS, $50 pairs.
Ie value of which is over $1,000.
Daily experience teaches us that
I'D reforms are
eded, which would be the case in
y mercantile Institution so large
ours; but with due diligence and +
e experience we have, we have no Il
ubt the institutions business in
e future will not only be more
to the stockholders. /.
It more satisfactory to her custom L
).
Following the reading of this re- L
TT, came those of Superintendent
m. Jennings, which was brief, aud
e secretary and treasurer. The E
ports were received. being of a de- Il
ledly satisfactory character, and n
re adodted. The meeting then Is
jOurned for a period of six Is
,nthS. II