The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-02-27
CITIZENS WILL NOW
fight FOOD TRUSTS
Mercantile and Industrial Com
pany to Be Organized by
General Public.
INITIAL STEPS TAKEN AT
MASS MEETING SATURDAY
New Company Will Be Under
Control of Citizens, as the
Stockholders.

lnltIa! Steps toward the organization
of general mercantile and industrial
! company by residents of the city TO
fight the food trusts were taken at a
mass meeting OF citizens held ut the
Federation of Labor hall. corner of
Fourth South and State streets, Sat
urday night, ~At similar meeting
held several weeks ago II committee was
appointed to draw up articles Of iucor-
poration of Il company, and these were
ratified by tho meeting held Saturday
night. The company is 10 be known
as the Commonweal Industrial com
pany.
Already $50 shares Of stock in this
company have been sold. and no can
vass of the city has yet been made, al
though IT. is the intention of those in
terested In the matter TO do so in the
near future. \ meeting will be held
the latter part Of the week. probably,
TO complete the organization Of the
company. including the election Of Of
hccrs and directors. Hereafter. there
VIII be no moro mass meetings held,
but simply meetings of the stockhold-
CrS.
IL is proposed TO organize a com
panY, which will engage in general
IN which the people Of the city and
state may become Shareholders The
shareholders, aud those who arc not
shareholders, too, can then deal with
tho company, which viii sell its com.
moditles Mt the lowest possible fig
urc.
Public Receives Profits.
Provisions are made in the bylaws
and articles of incorporation Of the pro
posed company which viii prevent
rings and cliques from running the af-
fairs Of the company. The capital
stock Of the company is 100000 shares,
to be sold regardless of par value at
SO per share, However. in tho arti-
cles OF incorporation, provision is
made that each stockholder be allowed
only one vote, no matter how many
shares of stock he owns. Thus, 1T Will
be seen. no one man or clique of mon
can walk in and buy UP the majority
of tho stock and thus control the af-
fairs of the company. No man can
buy more than one share of voting
stock The other stock must consist
of withdrawal funds.
When the entire stock Of the com
pany has been sold out and there are
customers for more shares. some Of the
larger shareholders withdrawal shares
will be withdrawn and sold to the new
100000 members can be secured, the
250.000 shares Of stock, which constl-
tutes the capital. win he sold, one vot-
ing share 10 each of the 100000 stock
holders. And If it is necessary, pro-
vision is made for increasing the cap
ital stock of tho company,
Thirty-three per cent of the profits
after dcducting reserve and expenses,
will be declared as dividends on stock
4 .1r., ,r,1 IL n
ing 81 per cent of profits viii be re-
turned 10 both stockholding and non
stockholding purchasers. pro rata ac-
cordinC TO their purchases, providing
that the non.stockhplding purchasers
shall receive only one-lhird as much as
the stockholdIng purchasers.
Will Open Big Store.
The company will he managed by a
board of fifteen directors, onc-thlrd re
tirinc annually To begin with. the
company will open a large mercantile
store in the center Of the city, which
will be followed by smaller stores IN
the outskirts of the, city and other clt-
les of the state. it being the intention
of those interested in the work TO
make il statewide as soon as possible.
When the company grows 1T Will not
only engage in Il mercantile business,
but also manufacturing, real estate.
loans. mortgages, etc,
No person engaged in n competitive
business Will be permitted TO buy vot-
ing stock IN the company, thus prevent
ing any large corporation from secur"
ing the control of the affairs of the
company. o.,
The affairs of the company viii al
ways be in control of the stockhold-
ers, as the initiative and referendum
Will he adopted. Meetings of the
stockholders Will be held annually in
this city on the second Monday of Jan
uary. The directorate Will hold meet
lnps monthly.
The committee which drafted the
articles Of incorporation of the pro-
posed company, and which was ap.
pointed at mass meeting of the CIT
izeus several weeks ago TO manage the
campaign for lower prices will call the
next meeting. This committee is com
posed os Il. ]. Daughters. w. r. Hub
bard. P. j. Donahue, 5. B. Wood, +.
3 Scott and r. y, Hanson.
The Siegel Clothing company will