The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-11-24
BIG BUSINESS
CONSOLIDATION
Coop and Consolidated ImpIe-
ment Concerns Unite.
CAPITAL WILL BE 81, 500, 600
JOSEPH F. SMITH PRESIDENT
OF NEW COMPANY.
CAPITAL WILL BE $500, 600

One Of the greatest business consoli-
dations in the history Of Utah IS now
practically completed, by which the
Cooperative Wagon s, Machine com
pany and the Consolidated Implement
company. both Of this city. unite under
one head and one management The
capital stock Ct the combination is to
be 1880. 900, and President Joseph F.
Smith is to be the president Of the new
implement company. The name Of the
new concern has not yet been selected,
and all the preliminaries Of the consol-
idation vii mot be worked out till
about the opening Of. the new year.
This deal has been pending for some
time past, but the representatives. of
the different houses would authorize no
statement till yesterday afternoon.
Then it was given out that the cOnsOl-
idati0n was practically complete; that
the board Of directors of the new or
EanizatiOn would be Joseph F. Smith,
George Romney, George A. Snow,
George T. Odell, John Henry Smith,
Frank r. Snow. c. S. Burton, Il. 3.
PrOut, Heber J. Grant G. g Wright,
W. 5. Mccormick, L. S. Hills and J. II.
Ioyle All but the last three named
wer~ directors in either one or the 9TH
er Of the old companies. The new Of
feers are to be Joseph F. Smith. pres
ident; ". S. Mccormick, vice president;
NJ d. Wells, secretary; +. r. Snow.
treasurer, and George 7. Odell, general
manager.
A meeting OF the board OF directors
Of the two old companies is called for
Monday, Dec. %. at 8 o'clock, for the
purpose of voting on the propose lion Of
consolidating the two houses and for
taking any other action necessary to
carry the consolidation into effect. The
general understanding is that the &C
ton TO be taken at this meeting will
be purely perfunctOTy; that all the de-
tails - the consolidation have been
practically agreed upon now, and that
al tAat remains to be done is to give
&c zeal legal sanction.
Geo rge A. Snow ard George 7. Odell,
the managers of the two houses, have
been in the east for some time past
working out the details at that end of
the line with the hoEses that have been
furnishing them goods. No provision is
made in the reorge ni2ation for Mr..
Snow, and the understanding is that
he is to retire from the business alto
gether, but as to what he viii do in the
future nothing viii be given out at this
time
In the announcement given out last
evening it was stated that the capitol
!zatiOn of the new company would be
81, 500, 600; that the consolidation would
be Of the capital, resources and organ
iZ2tiOn of the two old houses, and that
the best business blood of both houses
would be retained. The reason given
Tor the consolidation is that it ''paves
the way FOR economical management
and serves to reduce to a minimum the
expense and loss incident to the con-
duct OF business thus assuring stock
holders good returns or their invest
ment." The transfer viii be perfected
about Jan. l.
The houses that are to combine in
this deal are well known in all the in
termOuntain country. They have done
a heavy business in all kinds OF farm
ing implements for number of years,
and have been hot competitors all the
time Within the past two years each
built a fine warehouse and place q
business on State street between First
and Second South These large build
jngs stand side by side and are per-
fectly adapted TO the business for
which they were intended. Both houses
have branches at various important
points in the surrounding states, espe-
Cially in Idaho. and of course these
branches will now be consolidated.