The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-04-05
WILL PAY EXTRA DIVIDEND.
z. C. M. I. Has Best Year in History
Annual Meeting Held.

z. C. M. I. Has Best Year in History
Annual Meeting Held.
SO prosperous has the fiscal year
been for u. G.. NJ. l. that a special
dividend OF . per cent viii be paid this
year, making a total of DO per cent.
This announcement was made at the
regular annual meeting held yesterday
al the office OF the company I'm its
Main street store The special divi-
dend win be paid sometime during the
fan.
over 1000 shares Of stock out Of the
Loco in the corporation were repre-
sented-au unusually large proportion
The principal feature of the meeting
was the report of President Joseph r.
Smith. which was read by Colonel T..
c. Weber. the secretary and manager.
He stated that &c afforded him pleas
ure 90 say the business of the inst-
tuition had been successful for the past
year, although 10 was hardly expected
that the record of 1901. marvellous as
So was could possibly be exceeded by
that of the year just past, yet such
had been the case. The domestic trade
had increased and manufacturing ac-
tiVities were so pronounced that rall-
way transportation facilities were
taxed beyond their capacity. so that it
was found almost Impossible to OBJ
tain supplies in the usual time from
manufacturers.
The wholesale trade Of the state, he
stated. had been satisfactory and a
fair gain had been the result There
were some mfavOrabIe features dur
ing the past year. namely, the short
age of water supply I'm some localities
grasshOppers In others, and the low
price of silver. The sheepmen, how
ever. had fair year and the clip
brought somewhat better figures than
was at first anticipated.
The local tanneries had fairly good
season; there were probably packed IN
the neighborhood of quarter Of a
million cases of tomatoes and fruit
The beet sugar industry made consld-
cradle headway, the output being
something Ike $4,000 600 pounds, and
the distribution of money from this
source among the farmers had been
beneficial to trade generally
The outlook for the present year, he
thought. was fairly favorable. The
abundant rains and SHOWS would m
sure an ample supply of water and the
prospects were most favorable Tor
large crops.
since his last annual report one l5o-
horsepower NOrberg- COrliss engine had
been added 90 the machinery, and au-
tomato stOkers had been placed under
an the boilers. These stokers had not
only solved the smoke problem so far
as the institution stacks were con-
cerned. but it was thought q saving OF
perhaps 10 per cent iu coal had been
effected. The manufacturing depart
ments Of the institution had done re-
markedly well, and there was a steady
and growing demand for both The
homemade boots and shoes and duck
goods.
The sales FOR the past year were up
wards of S3.92l 000-an increase OF
rather more than $4,000 over the pre-
vious year. There had been paid for
freight and express charges during the
year over S250.0O0. The profits realized
from the years transactions were sat-
isfactOry and had enabled the direc-
tors 10 declare not only the usual
per cent dividend, but an extra one Of
. per cent
President Smith congratulated the
stockholders upon the success Of the
business and upon the changes and all
teratious that had been made in the
store building TO was now one of the
finest stores in the city-modem and
up 20 date in every respect-and owing
20 the growth or the business. these
facilities and Improvements Afforded
opportunity for transacting the same
more satisfactorily and eXpeditiOuSy
than heretofore. Within the next
month AN the contemplated changes
and Improvements would have been
made and the clothing and boot and
shoe departments. that are now Occu-
plying separate premises. would be
brought home 90 the main building.
In conclusion he stated that he saw
no reason 90 doubt that the institu-
tiOu's operations during the current
year would Dee as successful as they
had been In the past.
After the acceptance and adoption of
the report. the election of officers was
held, resulting as follows: For presi-
dent Joseph +. Smith, vice president.
George Romney; secretary. II. C.. Web
Der, treasurer. A. w. Carlson.
For directors the following. Heber
j. Grant, John r.. Winder. Henry Dln-
wOOdey p. n. FarnswOrth. John r.
Barnes. John Henry Smith. Francis NJ.
Lyman. Anthem H. Lund. William H.
Mcintyre, Reed Smoot n. c. Weber.
LOCAL STOCKS FIRM.