Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1906-04-07
UTAH SUGAR BONDS
SELL QUICKLY.
Entire Issue Of Seven Hundred
Thousand Taken up and Over
Subscribed.
ALL ARE BOUGHT AT HOME.
Annual Meeting of Stockholders Held
Dividends on Preferred Set
Aside for Next Year.

All records in the way of local in
vestnents were broken yesterday when
The Utah Sugar company stated that
its Issue OF bonds, amounting to $780,
900 cash, had been oversubscribed with
In "a hours of its first public announces
ment.
The board of directors met on Tues
day and formally authorized the issue,
which had been discussed for some time
past. Thursday nights News" con-
tanned a statement of the fact and ne
the annual meeting OF the STOCKHOLM
ers. held at p. m. yesterday, General
Manager Cutler stated that the entire
S7O0OO0 had been subscribed, and that
a number of investors who wished an
allotment of the bonds had been told
that their applications had come in too
late. 1t Is understood that the banks
OF Salt Lake, with several capitalists
here and In Ogden. cleaned up the issue,
the fgure being par and accrued in
terest. without discount or commission.
The record Is a remarkable one for
several reasons, first that so large a
sum should have been raised entirely m
local money circles second, that It
should have been subscribed so eagerly
In the face OF what has been regarded
as an ON" year In the sugar world,
ana last. but by no means least, that
the money should have been offered on
the very day when the dispatches
brought the news that call money on
Wall street was bringing 30 per cent
per annum. A few years ago such an
achievement would have been impossj-
BILE It's success today emphasizes the
fact that there is plenty OF money here
for Investment in sound enterprises,
In he
sugar industry Is mistaken, and more
than all, that the vests declaration OF
financial Independence is in excellent
working order
STOCKHOLDERS MEETING.
Thomas II. Cutler presided and III.
q. Whitney acted as secretary of the
annual meeting Of the stockholders of
The Utah Sugar company, held ycster.
day In the Deseret News annex over
80 per cent of the entire issue Of stock
was represented In person or by proxy.
The reports of the treasurer
and general manager were read
and accepted, Mr.. cutler speaking
to some length, and answering ques-
tons propounded by stockholders on
the yield of beets, the output OF sugar
at Lehi and Garland, the effects of the
drouth and the blight last season, and
the prospects for the coming year. He
went into considerable detail, showing
the adverse conditions which had pre-
vailed, the entire loss of crops I'm soma
fields, the partial loss In others, and the
falling off in sugar contents of even
the best beets obtained. All this had
entailed longer and more expensive OPP
erations at the factories than In pre-
vious years, and all these facts, allied to
the low prices prevailing for refined
sugar, had decided the board OF direc-
tors that 1t was the part OF prudence.
and for the best interests of the COM
pany to suspend the payment Of divi-
dends on the common stock, which
had been done some months ago. He
also referred to the rebates paid to the
farmers who had suffered total or par
tial losses IN their crops. an item which
had adda considerably to the operating
expense. In view OF all the circum-
stances, Manager Cutler said the
board of directors felt that they had
reason 10 congratulate the company
that conditions were as favorable as
they were. From the undivided profits
of the company. dividends OF per cent
on the preferred stock, amounting to
$40 000 had been set aside for the next
year and would be paid quarterly as
usual He said that 1t was very rare
~ that blight came IN two consecutive
years. and that he was hopeful OF a
good season for the coming year. An
excellent water supply everywhere was
assured.
Mr.. Cutler in announcing the crafty
ing success of the bond issue, said that
the conpany's condition would be
greatly improved by putt'~~ its debt
on a long time basis, as II was always
a heavy borrower. being forced to pay
for lts beets and its running expenses
during a period of 90 to 100 days while
the sugar manufactured had to be car
ried an entire year