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Show THK COOP. lis Financial Condition Sound and its Future Bright. A Few Facta and Figures. Naturally the su idea death of President Brigham Young has led to inquiries concerning the status of several sev-eral financial and industrial institutions institu-tions of the territory, with which he was prominently connected. Indeed, one of the first queries propounded after the death, was "How will it afloct so and so, financially?" Perhaps Per-haps this inquiry has been maiie more frequently and with greattr earnestness earnest-ness in reference to Zion's Cooperate Cooper-ate Mercantile Institution, than to any other of the country, both on ac count of the immensity of the concern and its extensive dealings with, and relations to the large roer- ountiifl hniiflpa of tha nation. Z. C. M. I. was founded by the lata President Young, was carried on chiefly under his control, was, iu fact, a hobby with bim, in the popular nense of the term, aud its Success or failure would add to or diminish from bis reputation as a financier. He was by odds the largest single stockholder stock-holder of the Institution, atfd held the office of president, we believe, from the organization of the corporation in 1S68 until his demise. Known as the institution is everywhere iu this country, on account of its wide trade, , it is but reasonable to anticipate the anxiety as to the eflect President Young's death will have upon it; and I to obtain such knowledge of the con-; con-; dition of its afiuirs as would enlighten the public, a Herald representative called at the Z.C.M.I. office yesterday. Stating the object of his visit to the superintendent, Gen. H. S. Eldredge, and the secretary, D. O. Calder, Esq., he asked the question direct. "What euect will President xouog s death have upon the Institution?" The answer was: "None whatever; neither financially nor in the manage ment." The gentlemen wont on to say that, of course, they would lose the benefit of President Young's counsels and advice, but the credit of the concern or its business could not possibly be shaken by the demise. They were informed of the inquiries being made concerning the status of the institution, when Mr. Calder said, "O, yes; we have received a letter or two oa the subject from some of the firms with which we do business; but all of the leading houses from whom we buy, such as Benedict, Hall Si Co., New York; M. D. Wells & Co., Chicago; Chi-cago; Clafiin & Co., New York; Castle Bro's, San Francisco, and others, have expressed not the least anxiety, but on the other hand, have telegraphed tele-graphed us that our standing was not injured by the president's death." Mr. Calder proceeded to say that the Institution was in a very good condition to have its stability questioned ques-tioned ; "for," said he, with some show of pride, "we are in as good if not better circumstances financially to-day, than we have been since Z. C. M. I. was incorporated,." an assertion asser-tion which was repeated by General Eld red ee. As n roof of thia the Cfintl men stated that tha purchasing agent ! was now in New York, buying a large part of the fall stock of staples for cash down. Said Mr. Calder: "When he (the aent) buys a bill of goods, he simply gives hia check on Kountze's bank, where he has plenty of money on depDeit; we find we can do much better buying in this mannor than by getting time, especially as we have the money, and might as well be using it as to let it lie idle in the bank." Reporter "Then you have money in th) bank?" Mr. Calder smiled with a satisfied air, and exhibited the bank book, showing the daily balances. We took the trouble to examine the figures, fig-ures, which developed the fact that the lowest balance of any day during the last six weeks to the Institution's credit was over $24,000, on some oo casiona runniDg as high as $42,000, the average cash balance for the time indicated being over $32,000, quite proportion of the deposits being in gold coin. Reporter " It is stated, Mr. , Calder, that you are discounting your own paper?" Mr. C. "Yi sir, we are, aod have been for tour or five months past; and further, we are prepared and anxious to discount, for cash, any of our sixty and ninety day and four months' paper. We can make money by doing it whenever the discount dis-count is tbove the eastern rate, aa 7 per cent." Mr. Calder said as he had already shown some the Institution's books, he would like to exhibit another one, iu which he took great pride, or pleasure. This was the account of the Institution's notes for goads purchased, pur-chased, showing the amounts, dates, when du, for whAt they were giveD, etc. The reporter examined this book, covering a period ot several months, and which developed the interesting in-teresting faet that the Institution's purchases are far greater than they are generally supposed to be; but what is more gratifying is the truth that for the last half year or more the Institution has anticipated payment of all its notes from five to ten days, the average of the sum thus overpaid, or rather paid be tore it is due, being about $12,000. Iu this case, as in that ol purchasing pur-chasing goods, the secretary stated that the money was idle iu the bank ftLd might as well be used, hence the practice had been followed of anticipating antici-pating payments. It was perhaps as much a matter of pride as anything else. Not a day passed but these payments pay-ments were made, many of the sums running well up into the thouiauda. Those developments, fo which our reporter wab so courteously helped by the officers of the Institution, ltd to ' further questioning of the gentleman , by the former. It appears somewhat strange that a mercantile, or indeed, any financial concern, should be in such apparent "good fix" in tbtee times; that with the genoral stagnation stagna-tion of business, and the maDy failures fail-ures and bankruptcies throughout the conutry, a house could be found that was able to make so satisfactory satis-factory and gratifying a showing, and the question was Waked where all the money oame from; if the Iustitu-tion Iustitu-tion was not borrowing heavily? "No, eir;" replied Mr. Calder, "we are not borrowing, nor do we want t. ! Last week the Institution was offered a loan of large sum at 8 per cent, interest per annum, but we declined it." The gentleman further averted that the gratifying financial circumstances noted above, were the legitimate results re-sults of the Institution's biiaineae; the money was from the sle of goods, and the concern had no occasion to borrow. He said that some time ago the Institution ad u putt! tlie principle of making close collections, and bad uen careiui in giving creuns. x tie result had been that bills due tht-m were very nearly all promptly paid, aud the institution found itself in such a "solid" condition. Tho business busi-ness is steadily increasing, aud the receipts show an improvement daily. .Tbus summing up tbe information gained, we have this gratifying showing show-ing to make in reference to the Institution: In-stitution: Z. C. M. I. is out of debt, save its necessarily curreut accounts for the purchase of goods; iU average aver-age daily oaeh balance in the bank, is over $32,000 ; it anticipates from five to ten days, the payment of all its notes, the average amount of its advance in this way being not less than $12,000; it is buying largely for cash, and propones to continue to do so, so lo'ng as it finds it advantageous; it is not borrowing money, but obtains it in tbe legitimate course of business; its business is increasing, and on the whole it is in better circumstances, financially, than it has ever been be fore. These are naught but facts, which the Herald takes great pleasure in publishing; and at the same time we congratulate the management upon its success, and the stockholders upon their investment. |