The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1892-02-03
Whisky Trust Natters

CHICAGO, Feb. 2.-Ats meeting of the
directors of the Distillers and Cattle Feed
ers company to-day, President Greenhut
presented a somewhat lengthy communica-
ton, dealing with reports which had been
in circulation rejecting on Nelson Morris
and himself. He denied the charges which
had been made against them and said his
aim had been to guide the affairs of the
company on conservative basis. This
policy was not satisfactory to certain
stockholders, and for some time every
means had been brought to bear with
the board to hold the market
so as to show abnormal profits, etc. Mr.
Morris and himself finding their protests
unavailing, began to fear the result and
concluded it was best to sell most of their
stock, which, he says, they had perfect
right to do. Nothing was done on their
part which was not to the best interests
and for the permanent success of the com
pany, but as their course was not in har
mony with those endeavoring to create
fictitious value end then sell out. They
had been subjected to abuse and accused
Of trying to bear the market Mr.. Green
hut referred to the efforts of Morris and
himself in purchasing the stock in large
quantities at critical times when
essential to sustain the reputa-
tion and credit OF the colnnanv
and said they could not afford to sacrifice
their reputation by allowing the impres-
sion to prevail with the public that they
counteranceo any OF the many reports sent
out 70 boom the stock. He had already
pointed out at previous meetings that the
company is keeping the market for its pro
dudts too high. When the rebate system
was adopted great disturbance was
created In trade, owing to the belief the
company would attempt to squeeze bv
forcing prizes abnormally high.
1t was not until after his personal as
surances, made at a meeting of representa-
tlves In the trade, that the policy of the
company would be to keep prices on fair
basis that trade became in a measure rec
onciled to the rebate system. OF tIafe
however, there has been a growing pres,
sure brought to bear by certain stockhold-
ers to ignore the pledges made to the trade
and such policy, in connection with other
matters referred to, is, in his Judgment
sufficient to cause disastrous results In
conclusion, MIR. Greenhut said that wish
ing to make necessary preparations for a
trip to Europe, he desired as soon as possi
BILE to be relieved from further responsibil-
ity in official position.
The board Of directors unanimouslv
adopted resolution refusing to accept his
resignation and recording its absolute com
fdence in Greenhut's integrity. Another
resolution was adopted, entirely exonerat-
Ing Mr.. Nelson Morris of the charges
Aaue III uiAerSnb papers, ana declining to
sccept his resignation as director. An
other resolution was then adopted. TO the
effect that the basis price of the product he
reduced cents per proof gallon at once.
and as the determined policy of the board
that the price be maintained at such point
as will enable the company TO hold lis
trade at all hazards. The officers of the
company are authorized to put down prices
TO such point as they may, from time To
time, deem necessary,
The directors state their object in giving
the officers power to make prices is to pre-
vent any more encroachments into the
business as have of late been made. Thirty
per cent OF their business, they say. has
been taken away from them up to the pres.