Show ZIONS cooperative OPERATIVE CO ma mee 1 3 institute institution 14 ox tim THE statements of the PreEl president dent and secretary of made at the semiannual semi gemi an annual i nual Ine meeting eting of the stockholders oh dil friday lasij last were very satisfactory and sho she showed NY ea that the institution is in a mod mosi pros condition this ia la ex exceedingly aeed gratifying not only to those who are interested ted in the business of the concerns concern but to the masses of the community Z 0 bf I 1 ia is regarded as one of the permanent institutions of this territory and its progress is viewed with pleasure by the great majority of our citizens the declaration of a dividend of two and a half halt per cent and at the same time carrying over to t thel reserve fund the sum of indicates that the institution is if thriving and that its managers are guided by wisdom and have in view its permanent interests the reason why no dividend was declared for a long time was not because there were no profits accruing ing from the business but in con be quence ef the shrinkage in the value of buildings and other pro areal estate has la ted in value in this city as well as in many of the large cities i of the union during the past fou four r or five years in new york it has declined fifty per cent and in chicago fallen still lower in representing the assets of the institution the management could not place its real estate at anything more than present values and therefore it is clear that the profits of the business would be moffiet by this shrinkage the panic of 1873 dealt a severe blow to mercantile as well as financial establish establishments menia menla throughout the country and the effects affects of it hal hav beenfeldt be been enfelt felt up to the present time indeed many large houses which bore up under the first shock have ainee since been compelled to succumb and during the past year they have hav collapsed in spi teof every exert exertion lon loo of course Z C ai I 1 felt the results of the general pressure but it has been able to withstand them and has promptly met its liabilities as they became due both at home and abroad the most persistent perble persie tent efforts have been made to ruin its credit by eross misrepresentations through the preas prees by agencies and private slander but bul confidence in in its integrity was never great greater euthan than today to day in all the large commercial centres bentres of the world as f well as in the ranks of its 16 stockholders and creditors at home during the past jear year athas it has reduced its liabilities 23 most of which was paid to home creditors since october 1873 it has reduced its liabilities when tue the hard times pro prevailing during that period and the atte attempts ampt s made to injure itaro taken into consideration it will be easily perceived that wise management has been brought to bear and skilful financial ability has been at the helm Z 0 AT 1 I carries an average stock of the object being to hoid hold only what is necessary to meet the demands of trade trader economy omi omy in the conduct of the business bas has been absolutely necessary expenses haye been materially curtailed i every corne corner r has be been watched daud dand and goods being sold at yeii very low figures the bu buying ying a most important point has been i in the nearest approaches to the in manufacturers a aers tche thie stockholders appreciating and other matters favorable to the institution expressed their feelings in a hearty vote of confidence in its integrity and in its officers and the management and the vote to carry over to the reserve fund shows that the confidence expressed is subs subi substantial we congratulate the parties chiefly interested on the excellent condition of this great ente enterprise 1 oprise and hope that with the prosperous times which appear ahead Z 0 M I 1 L now on a safe and stable stadle financial basis having stood the storm of panics paules and swift changing values and the sapping and mining of slander and misrepresentation will bo be a continual source of f fair and generous profit to its owners a credit to its officers and managers and a pleasure und and a pride to the whole people who will share phare in the benefits which such an institution properly conducted must be the means of disseminating in the community |