| Show THEY ALL VOTED AYE Big Increase in the Capital Stock ofZ C M LONE L-ONE AND A QUARTER MILLIONS The Usual Handsome Showing Hade i Slowin Mae at the Twentysecond Annual Meeting Yesterday I Yes-terday Bcsourccs and Liabilities Tho twentysecond annual meeting of the stockholders of Zion Cooperative Uerchantile Institution was held in the institutions factory building I buiding yesterday af I ornoon A large representation of stock was present and a very satisfactory show ing was made President Woodruff presid ing at the meeting The secretary after reading the adver tised call for the meeting cal meetng which stated I that the object was to hear the presidents report and to vote upon changing article artcle 3 of the articles of association then read the presidents twentysecond annual report re-port from which is gleaned the following The president in his report referred to the stringency in the money market which has existed since laat fall Although money was scarce yet the territory had produced an abundance of wheat oats and other products for which a remunerative I market was now being found remuneratve that the institutnn hnn nnnn mnl v md never made better v vu u 11 II a showing than dur i ng the past year He referred to the im provements made in the institution which was now lighted from the basement to the upper story with electric light with con iderable saving a new boiler had been dded to the boiler house a new smoke tack erected and numerous other improve meats made all intended to increase the f acilities for doing business The entire building has been connected with the city sewerage system which will greatly im prove the sanitary condition of the whole of the building The receipts of the year aggregate 389317103 an increase of a little over S57000 as comparedwith last year Thero was paid duringthe year to railroad and express companies 32723522 for freight and express charges The folio wing is a detailed statement of the resources and liabilities of the institu ton including all the branches outside of this city RESOUCES Merchandise on hand S11 < 32S1 69 Notes receivable 101819 13 Accounts receivable 520012 01 Cash onhand 5IH2 55GQ1 03 Real estate in Salt Lake city Ogden 501 O Logan Eagle Rock Soda Springs and Provo Sprngs 327024 93 Machinery at shoe and clothing fac 31024 tories and tannery 33559 5j Horses mules wagons and harness 4005 00 Electric light plant 413 0 231HO 78 I LIABILITIES Bills and accounts payable 738093 16 Unpaid dividends 7098 1 n GO Temporary deposits by customers 4741 G r Outstanding orders drawn on us for 2 merchandise at retail retai 14075 Capital stock Reserves 1000000 0 SCOOOO 00 O Undivided profits 24J500 18 I 5231194 78 23194 Out of the undivided profits will be set asldo profts wi 120003 for the current years dividends S30C03 to add to reserve to make It 8350000 the bal ance will be used for discounting machinery In shoe and clothing factories and tanner electric light plant notes and lght accounts receivable etc At the conclusion of the reading of the presidents report the changing of article 3 of the articles of association was brought i before the meeting and a resolution was offered to amend it to read as follows Art 3 The capital stock of the institu tion shall consist of 12500 shares of the par value of 10 each Three judges ot elec tion were appointed and balloting was pro ceeded with When the ballots were counted it was found that 8531 votes out of a possible 10000 had been cast all of them in the afrmative whereupon cat the al pre sident declared that the resolution to amend the article referred to had been car ried more than twothirds of tho entire capital stock having voted as required by law This amendment to the articles will I add a quarter of a million dollars to wi I capital stock of the institution I The directors wer authnrini tn 01 + h additional 2500 shares of stock at 135 ncr share 100 of which is to go to the capital stock account and 35 to the reserve fund so that when the quarter of a million dol lars worth of stock is disposed of the capi tal of the institution will be 1250000 and the reserve 5437500 The dividend paid by the institution is 3 per cent per quarter and the president expressed his belief that if the institution insttution continued in the future to be as prosper ous as it had been in the past few years the same dividend would be continued contnuod notwithstanding the increase in the capital stock capial There being no further business the I meeting adjourned sine die |
