The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-11-21
IN THE BUSINESS WORLD,
STATEMENT FROM ELIAS NOR
RIs OF TIE SUGAR co.
he Answers the Statement Attrib-
uted to Hon. David Eccles-Bid of
$1o5 For 2. C. Nj. I. Stock-The
Spencer Clawson Cornpany-Real
Estate TRANSFERABLE Clearings.

Considerable comment has been oc-
casioned by the press notices of the
I speech made by Hon. David Eccles at
the sugar factory meeting in Ogden
/ last Tuesday. evening, in which he
stated that his sugar investments had
netted him 427a per cent in two years.
The Herald made the matter the sub
1 ject of an editorial, drawing attention
/ to the rich plum the Utah sugar fac
! tory was to it's owners. There is evil
IDENTIFY a serious error somewhere,
! either in Mr.. Eccles' statement or the
published reports
Elias Morris, president of the sugar
company, in conversation with a Her
aid representative yesterday, said
Mr.. Eccles' statement is entirely in
correct and l must believe that the re-
porter msquoted him. There are about
700 stockholders in the Utah Sugar
company scattered throughout the
state. and it VIII be a matter OF won =
derment to them, l know, to read Mr..
Eccles' statement that the sugar COM
pany has paid 421a per cent in the past
two years. Mr.. Eccles either said that
his stock had paid him 421a per cent
in seven years which is exactly what
the other stockholders have had Can
average of 6 per cent per annum) or
purchases made on the market when
the stock was selling at from so to 60
cents on the dollar. Mr.. Eccles, l am
informed is one of those who was for
tunate enough to lay in some stock
at that figure. The reports of any such
enormous returns have q mischievous
effect and / feel that this statement
should be corrected. The factory
struggled for several years without
| NOV In
burden they had to sustain in planting
the industry and demonstrating that
it could be made a success, was so
enormous that | often look back now
and wonder how it could be borne
Certainly no one will begrudge the
present owners the 6 per cent per
annum their investment has yielded
them or think it is in any way dispro-
portionate to the risks they assumed
or the capital they invested"
g q s.
Another home institution has taken
advantage of New Jerseys favorable
Incorporation laws. A certified copy of
the articles of incorporation of the
Spencer .Clawson company was filed
yesterday with the secretary of state
and also with the county clerk. A
certificate was also filed designating
Spencer Clawson as president and
manager. The company is incorporated
under the laws of the state of New
Jersey, and the principal places of
business named in the articles are Jer-
sey City and Salt Lake City. The
organization dates from Oct. q, 1897,
and the capital stock is S25O000, of
which $4,000 is fully paid up. The
incorporators and stockholders, besides
Mr.. Clawson, are Lloyd K. Garrison,
Harry w. Thayer and William 3.
Goodwin of New York City and Albert
G, Wall of South Orange, n. j., but
since the date of Incorporation Messrs.
Goodwin and Thayer have resigned
and have been succeeded in the di
rectorate by H. 3. Clawson and w. T.
Foulger of this city, and in addition
Hon. a. ". McCune has been elected
vice president.
The corporation has succeeded to the
wholesale dry goods business of Spen-
Ger CIawson e Co. in this city, and the
intention is to enlarge the scope of
its operations. The head of the large.
institution owns and controls 1900
shares out of the $500 in the capitaliza-
ton, and, considering the fact that the
majority of the directors are Salt Lake
men of high standing in mercantile
affairs, the corporation is, after all,
essentially local in it's nature. How
ever, Spencer ClaWson & Co., with it's
local backing and strong eastern con-
nectionS, has added great strength to
it's already solid foundation.
The new Union Light & Power COM
pany's offices are being very hand
someIy fitted UP in the building owned
by lions Savings Bank 81 Trust COM
pany, next door tor that institution.
The new board has taken control and
holds its first meeting on Wednesday,.
g @ g
Local dividend paying stocks con-
tinue in active demand Grant x 60.
report 500 per share offered for Y. C.
NJ. l. yesterday, with no one found who
was willing to sell.
Local insurance men were very much
interested in reading the reports of
the losses by British companies sus-
terday's Herald. The actual figures of
the losses, distributed among the va
rious companies, viii not be Obtainable
for some time yet.
q @ @
Home Fire is one of the local stocks
for which brokers were hunting during
the week. Aside from the heavy in
surance business the company carries
on, it is q heavy gamer each time z.
c. M. l. stock advances a peg, as the
Home is the largest owner in that in
stitution.
Yesterdays clearings We're $379, 1O3, as
compared with 1916, 725 for the same
day of last year. The weeks clearings
were S2,604, 952, as compared with ST.
90S,275 for the corr esponding week of
1896