Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1893-10-05
THE PROGRESS MADE.
Annual M.sling Of The Stockholders
Of z C. n, l.
ELECTION or THE OFFICERS.
AGtlrs In San Juan County. bingham
Gald.-licme Industry In
Sovler.--Notrs.
ELECTION or raE OFFICERS.

4 wv r "a . ANN NAAN AAANHNAAAN# HA''aAHH.A HAN'
hous Vt assembling rs ~ O'CLOCK nom,
but tHoru no, uo!ng sufficient sock
represented, an adjournment wastaken
tll . p. M, when the aicc Sh0ldefs as.
sembled. The ticket for Officers VASES
foliows:
President, wiliord woodruff.
Vice President. Moses Thatcher.
Secretary, r. q. Weber.
Treasurer, A. w. Carlson.
Din c.or-Grorso @. Cannon, jos.
r. Smith, Hsbrr J. Grant, George
Romucy, J. II. winder, Il. Diuwoodey,
T.. r. FArnswor,h, j. Il. barnes, w.
II. Rove, John Henry Smith, Il. NJ.
Lyman.
The Presidents report, which is the
for,y.nintn In the history OF the insti.
tuition, stated that during the fiscal
half year rep5r.o the greater portion
Of tie time hAi been conspicuous Tor
general disturbance ia financial aiIifs
aud loss OF confidence IN bu,iness cir.
clcs. Various reasons Lad to1u aseflbed
for thla, but ia the opinion % the prrti.
dent there were two chief causes, via.
nvof.Hprcuiatlun aud extravaganza.
Corporations, tfustF, combinations aud
syndlcatca, he said, had Brsuug up like
mushrooms, values hal been main.
lainCd by artificial muaus, aud shrink-
age had naturally followed.
Ia reviewing the history Of the pres.
cnt financial distrca-, the president
stated that, starting with dlstfust OF the
United States cutfenoy bspnusea large
portion OF Il was claimed by eastern
hnanciors 10 DO based on uitfusted
mo,nl-silycr, capitalists came TO
believe that banks nud olrpomtlons
had based their trading, bonds and
stocks, on astots ns insecure ~ they
believed the white metal ~ be, ~ thnt
good anu had alike bal fallen under
suspicion. That suspicion haI gone too
lar, extending over "a greater deli than
ihe instiga,Ors OF the sJsr, Intended.
| For "a change AMI the fcstorAtion OF
| full confidence 10 would lie necessary 10
walt until there was n change In sruti.
mrni, which was an important factor
! iu valuep.
by the scare which had been irsll.
| tuted In tho mRuucf Indicated, all de.
paTlments NJ Industry, ttaIr and n.
nance hal hten egmrHt d wit iislrust,
which cOngilUu sil,l Continued h a
| greater or lees extent. In tbs opinion
/ OF the president, however, thrfe was
/ no cause for panic, ~ crops were iais
/ ami the county generally prosperous.
/ Tho decentralization which has pre-.
vailed Ia the financial circles whore
II originated had, however spread
/ through the commercial aud Industrial
/ fabric. Many VI tho mills had closed
/ not becausr VI OyUr.pr0ductiOn or low
/ pFlctH, but because Of dialfust, and
| hAukB that were IN sound condition
| haI suspended beCause they could not
| Withstand the sudden pressure VI Otli.
| CATIONS created solely by lack Of con.
| nuCucu on the part OF deposition.
10 was not a quviliOu Of Intrinsic
| values, tho report went on 10 say, that
| had 10 be- C0ulvnded with, bu. the
stringcucy In mguuy. People had sold
/ stocks ana bonds aud other securities
because they needed money la
| their business, anu buyoB were
few because few had money
! that they could Ur were willing
| to spare. Between these two cOndi.
tions, prices fell. Tbs president suggssif
/ at lhis Point In the report that no hold.
or OF good securities should become
alarmed and sell NJ panic prices merely
out OF fright. II the property was
reasonably good itehOuld DO kept, no
matter what tho quoted price may be.
| As TO the period the doptossiOn will
continue, the report says that none
eau tell; but wtils II exits there
would ba falling Oh la Wholesale and
retail busiueHs. TIE institution had,
therefore, underworld 10 meet tho
situation thus created 10y Curtaillng
| purchases, restricting credits aud cut
ting down expenses. Salaries had
boon red uced, some employees diE
charged, and others lail Oh portion
OF tho tmo 10 equally distribute un.
avoidablu priyations consequent on
hard timtt.
reference IL made In ths report Il
the products VI the Territory, such n,
cattle, sheep, wool, oats, wheat, etc,
| which had found little outside market,
and contqunully brought In llttl,
money. Tne outlook was growing
somewhat brighter aud the money
market more hoalIhyi while very III,
tie money was available Tor cOmmer,
cial loans or di'counts, yet there wa,
some relief IN lhls direction.
TINS PRECEDENT said that tho Territory
was 10 be- congratulated Mt having
suffered comparatively 80 little In the
depression. Financial and business
Institutions generally had stood the
shock in manner that enhanced tue
already fair name OF Utah IN this 70
gard, aud reelected great credit upon
her business men aud institutions.
The sales Of the insututiOn for the
hali.yeat reached close TO million
d0llals, while Ia each receipts Tor the
| same period wtfo over million and d
quarter dollars. The notes RnJ ac
counts receivable had IN the ria
months increased less than $1,000
Closing his report, the PRECEDENT tay
that, the turnlng p0iat having hreu
rraohed In tho financial aud business
depression, hu lUDGed Tor a season Of
fair trade iurtuy Institution.
FHOM riE ~ JUAN.
Judge +. A. Hammond arrived 10,
day rom Bnu Juan county. lie re,
potts Affairs ~ fairy prosperous Ia the
southeastern plrt Ut the Territory
Tho people have felt rnthet severely
the effects OF the financial stTlngency,