History of Utah, 1540-1886 - Brigham Young University

EXPORTS AND IMPORTS. 7C1
periment was first tried on a large scale in 1878, when
a ship was laden at San Francisco with 64,000 bushels
of Utah wheat, the cargo being sold before the vessel
put to sea. A few months later a ship was chartered
a
for England with 78,000 bushels, 26 but _ though
small profit was realized, it was not sufficient to encourage
further operations.
If to the $11,410,000 of imports there be added 25
per cent as the profits of jobbers and retailers, we
have a total of about $14,250,000, which represents
approximately the general business of Utah. It is
worthy of note that while this large amount of business
is transacted, the average number of failures for
the eight years ending 1883 did not exceed fourteen,
with liabilities averaging about $1 1,000. 27 The credit
of Utah merchants is for the most part exceptionally
good; not that they are considered more upright than
other merchants, but because a very large proportion
of cash is now emplo3 T ed in their transactions; and
while many import on a small scale, the bulk of the
business is done by a few large firms, which trade on
a sufficient capital and do not require much credit.
In 1883 it was estimated that the Zion's Cooperative
Mercantile Institution, with its 800 stockholders,
its cash capital of $1,000,000, its surplus of
$150,000. and its branches at Ogden and Logan, imported
at least one third of all the merchandise consumed
in Utah. Soon after this association was
established, cooperative stores were opened in every
large town, and in nearly every village and farming
settlement, all of them purchasing from the so-called
parent institution, and through its agency disposing
of the produce received in barter. Every one who
could purchase or earn a share of stock contributed
his labor or capital, and though many of them succumbed
through opposition or over-anxiety to dis-
26 The names of the vessels were the Maulsden and Ivy, both being char-
tered by S. W. Sears.
27 See reports of R. G. Dun & Co.'s agency.