The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-05-12
lAsikHated exclusively in The Herald

lAs@ated exclusively in The Herald
at the time of the holding of the an
nual meeting of lions Cooperative
Mercantile Institution, the term of life
of that great institution will expire by
limitation early in the month of Oc-
tober. and steps are being taken look
ing to the incorporation on the old
basis, with the term OF years fixed at
probably fifty years. The feeling
among the stockhold ers is unanimous
on the point Of reincorporatioa, and
there is no doubt as to the final out
come Of the negotiations. Some time
before the time limitation of twenty
five years is reached the affairs of the
institution will be in such a condition
that the new articles may be filed of
record at the necessary hour, and
lions Cooperative Mercantile Insti-
tution VIII enter upon another remark
able period of prosperity.
President Woodruff and Secretary
Weber have prepared an address to
the stockholders, which is being sent
out 10 every member Of the company.
1t gives a concise statement OF the
condition Of the institution, work ac-
T1e property now held by it. This ad-
dress makes a remarkable and at the
same time highly gratifying showing,
Tor 1t is a credit alike to the institu-
ton and the people of the west whose
patronage has made it possible for the
great Coop to make for itself a name
renowned the world over. Not only
does the circular speak of the condi-
ton of the company, but it also has
4 good word to say for the general
business outlook Of the territory. 1t is
as follows:
TO the Stockholders of lions Co-opera-
tive Mercantile Institution:
Our semi-annual reports have no doubt /
famAliarized you in the past with the gen
eralVcollitiOn OF the institution and your |
reguH receipt Of dividends has been the j
eVlae15eS OF the prosperous condition OF /
OUT tysIncss: II may not, however, be /
out 81 place 10 repeat the statement, that /
during the twenty-siX years existence OF
ZionS Cooperative Mercantile Institution
u has paid out in dividends the large sum
CT 81, $780, $3.50, or an annual average of ga
per cent. while TO the original capital
there has been added from time to time /
the handsome sum of S414, 81. II in stock
dividends. And yet, this gratifying imam
cial success is but q, small thing, COM
pared with the greater though perhaps
less tangible, benefits which have accrued
10 the inha bitants of this territory
through the institutions influence in con-
trolling and regulating prices. This has
and he has thereby secured the largest
possible value IN merchandise for his
money.
The period for which the institution was
Incorporated Will expire within the next
few months, and re-incorporation is
deemed advisable for many reasons; these
areS in part, TO preserve the value Of our
larg& properties. We have something like
t5Eee-Quarters Of a million dollars worth
OF merchandise, besides our large hold
1ngs Of real estate, neither of which could
be converted Immediately into cash eX-
cept at a ruinous sacrifice; while to coll
lect our outstanding accounts by forced
ana perhaps bankrupt many Of our nu-
merOuS customers So under all the cir
cumstances it has been deemed best in
the interest OF the stockholders, 10 rein
corporate, and continue a business that
has been 80 prosperous in the past.
Notwithstanding the depressed condi-
tons generally throughout the country,
the institution, by economy and constant
~ turning over its stocks of merchan-
disc, has been enabled TO earn remunera-
tive dividends, and we feel assured that
no investment has paid to stockholders a
faireI' return for their money than has
Zyan's Cooperative Mercantile Institu
The outlook is exceedingly encouraging.
Experience has demonstrated that peri
DDS of financial depression are followed
by Increased prosperity and commercial
activity. 1t is evident the turning point
haF been reached, and already we see I'M
miktakable evidences of better times.
MOI is easier; our patrons are meeting
the5N obligations with greater prompt
ness; trade is increasing, and everything
warrants the belief that we are upon the
threshold of an era, of prosperity that will
enable US to make better returns to our
stockholders than for many years past.
We have prepared q, memorandum of
agreement by and between the stockhold-
eTs of this institution. which is self-eX-
planatory; also q. power of attorney, au-
thorizing US to represent your interests
in the new Incorporation, copies of which ;
we now have pleasure in enclosing. and
would be obliged il you would kindly sign
and return same by early mail.
Yours respectfully,
MILFORD WOODRUFF,
President.