The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-10-12
Solution of Financial Troubles Is
Offered. Z
MEETING HELD YESTERDAY
OFFER OF PREFERRED STOCK
TO BE MADE.
Receipts For the Season Amounted to
$4,000 From All sources-M Money
Applied to Running Expenses and
Cost of Construction, But a De-
felt of About $3s, 900 Is Left.

A solution has been found. it is be-
lieved. for the financial troubles that
beset the Salt Palace association. In
its opening year the expenses natural
\ ly were heaviest: the association has
| been unable to get but a meagre return
for the expenses incurred and capital
invested. The season has been short
and cold, only forty-five days in all, SO
that the receipts have been light. as
compared with what they would have
been had the Palace been ready for the
public earlier in the summer.
Creditors Meet Directors.
A joint meeting of the directors and
creditors of the association was held
yesterday afternoon. at which more
than one-half of the entire indebted
ness was represented. The situation
was gone over carefully and at the
close of the meeting it was believed
that a. way out of the difficulty had
been found.
The detailed statement of the asso-
citation was NOT completed, but in gem
eral terms it's affairs We're stated. The
receipts for the season have amounted
to $4,000 from the gate and $40, 600 from
other sources. There are at present
about $4,000 in outstanding debts. the
greater part by far of which is for ma
"A
money has been received from any
source it has been applied, first to op-
Grating expenses and the residue To
construction, SO that now there is prac-
tically nothing in the way of cash on
hand. The small floating indebtedness
amounts to less than $4,000.
Extravaganza Charged.
During the meeting the situation was
canvassed with cand0r and a Just APP
probation of the disadvantages under
which the association has been opeF-
ating. Some fault was found, how
ever, on the score of extravaganza.
There was a heavy loss-over $4,000
on the Hagenback show, which. it was
stated, was due to the directors being
misled as to the character and value
of the attraction. Then, too, the prizes
for the bicycle races were regarded as
extravagant. Over Sc. coo was expended
in this attraction and the profit was
almost nothing.
1t was believed that next season the
receipts will be large, and not only the
present indebtedness cleaned up, but a
surplus aTnassed.
Before the close of the meeting a
committee of creditors was named
which Will consider a proposition of the
association, and. if they regard it ia
vorably, make it to all the creditors.
1t is that creditors accept preferred
stock of the association as security for
their claims and probably be allowed
a majority of the board of directors if
they desire it. One of the main objects
in SO increasing the stock is to secure
contingent subscription of $1,000 if
the plan goes through. This preferred
stock will secure the creditors claims
and as they are paid off it will be
turned back into the treasury.
1t seems quite probable that this plan
will be adopted. Practically all of the
large creditors of the association have
shown a disposition not to embarrass.
and it was believed by the creditors
that with another year the indebted
ness could be cleaned up without par
tieular difficulty