STOCKHOLDERS' MEETING

International Tract and Missionary Society · Oakland, California · May 12, 1890

FromSigns of the Times, Vol. 16, No. 18.

STOCKHOLDERS' MEETING.

According to appointment, the fifteenth annual meeting of the stockholders of the Pacific Press Publishing Company was held at the office of the company, corner Twelfth and Castro Streets, Oakland, Cal., Monday, April 28, 1890, at 9:30 A.M.

The president of the association called the meeting to order, and after the opening services he appointed committees as follows:—

On Nominations—W. M. Healey, E. H. Gates, and N. C. McClure.

On Resolutions—E. J. Waggoner, R. A. Underwood, and M. C. Wilcox.

The stockholders then present adjourned to meet at the church, corner of Twelfth and Brush Streets, at 9:55 A.M. At the appointed hour the meeting was opened by devotional exercises, and the published call for the meeting was then read.

On calling the roll there was found to be 1,304 shares represented by stockholders present in person, and 1,250 shares were represented by proxy. This representation was out of a possible 4,106 shares constituting the company, and gave a voting majority of 500 shares.

A few well-chosen remarks were made by the president, after which the minutes of the last meeting were read and approved.

The business next in order, according to the by-laws, was to ascertain whether the resolutions passed at the last meeting had been carried out.

Wm. Saunders, manager of the London branch, was called upon to speak in regard to the establishing of the branch office in that great city. He stated that this resolution had been carried out, and to him in a very satisfactory manner. The work there was now well in hand, and the office open for any business that might be intrusted to it.

The president then took up other resolutions and told what had been done towards carrying them out.

An interesting letter from A. T. Jones, now stationed at New York, was read by M. C. Wilcox. He spoke more particularly in regard to the American Sentinel, and the advantage that had been gained by moving this paper to New York City, as had been recommended by the stockholders at our last annual meeting.

The financial reports of the main office, New York branch, and London branch, were then read, of which the following is a summary:—

RESOURCES.
Bills receivable		$9,440 13
Accounts receivable		39,895 75
New York branch, resources of		15,521 99
London branch, resources of		18,952 69
Insurance, premium value on unexpired policies		580 00
Cash in office safe		1,052 68
Inventory, value of property of all kinds		264,206 25
Total		$349,649 49

LIABILITIES.
Certificates of stock		$41,030 00
California publishing fund (donations)		17,576 85
Certificates of deposit		38,979 70
Bills payable		107,880 00
Accounts payable		97,168 13
New York branch, liabilities of		7,096 28
London branch, liabilities of		13,475 80
"Provision" for doubtful debts		1,000 00
Accrued interest		1,375 00
Surplus on March 31, 1889	$30,744 78
Loss from March 31, 1889, to March 31, 1890—
On main office	$4,723 10
On New York branch	587 68
On London branch (7 months)	1,366 27
Total loss for year	$6,677 05
Surplus on March 31, 1890		24,067 73
Total		$349,649 49

Pending the acceptance of this report, the meeting adjourned to 2:30 P.M.

The stockholders were again called to order by the president at the time set in the adjournment of the morning session. After the minutes of this meeting had been read and approved, the financial reports were again taken up and accepted unanimously.

E. J. Waggoner was called upon to read a letter from T. A. Kilgore, manager of the New York office, which gave many encouraging details of the work in that branch of the company's business.

The president mentioned the names of the persons who have been sent to New York from Oakland, and spoke highly of the workers there.

The Nominating Committee brought in a report recommending the following persons as a Board of Directors for the coming year: C. H. Jones, R. A. Underwood, M. J. Church, Wm. Saunders, S. C. Stickney, J. N. Loughborough, and E. A. Chapman. Ballots were then cast, and these persons declared elected.

The Committee on Resolutions presented the following as a partial report:—

WHEREAS, The prosperity which has attended the work of the Pacific Press Publishing Company during the past year, and which has been especially manifested in the branch offices of New York and London, both of which have been rapidly outgrowing the dependent stage of young offices, the reports from the New York office for the last three months showing that it is now on a paying basis; therefore, 1. Resolved, That we recognize in this prosperity an additional reason for gratitude to God, whose favoring hand has been over this work from its beginning. 2. Resolved, That we regard the greatly increased circulation of the American Sentinel since its removal to New York, as an evidence that the move was in the direct order of Providence, and that we are more than ever assured of the wisdom of establishing a branch office in New York, which made such a move possible; and further, resolved, That we regard the money spent in establishing and carrying on the

work in New York thus far, as a wise investment, and in no sense a loss to the institution.

WHEREAS, The success and extension of the canvassing work in Great Britain, and the increasing demand for publications in the British Colonies, call for an increase of publications, especially subscription books; and,

WHEREAS, Increase of publications calls for increase of capital stock, as the capital involved in any edition of a book or books cannot be immediately returned to the office of publication; therefore, 3. Resolved, That we recommend that a fund of at least $10,000 be raised as soon as possible for a working capital in the London office.

WHEREAS, The Sentinel Library has been heartily approved by our missionary workers generally; and,

WHEREAS, There is an increased demand for literature of this character, and especially for publications presenting the teachings of Christ on religious liberty, and the underlying principles of Church and State; therefore, 4. Resolved, That we recommend the continued publication of this library under efficient editorial management, which shall procure, select, and prepare such matter as shall meet the increasing demand of the great field.

WHEREAS, The Bible Students' Library has been favorably received by our Tract Societies and our brethren generally; and,

WHEREAS, The future publications of this library will be largely new matter, and will call for special care in its selection and preparation; therefore, 5. Resolved, That we approve of the publication of this library under competent editorial management.

WHEREAS, One of the objects of our publishing house is the education of competent and faithful workers; and,

WHEREAS, It is frequently the case that those who enter the office as apprentices have not had the opportunity to obtain sufficient education in the common branches of study; and,

WHEREAS, The Pacific Press Publishing Company, in order to meet this need, has inaugurated a number of evening classes in connection with the office, now under the management of the Oakland Seventh-day Adventist School Board; therefore, 6. Resolved, That we recommend that the Pacific Press Publishing Company require its apprentices hereafter to take and carry on one or more of the studies taught in these classes, as far and as long as the managers may deem advisable, and that the Pacific Press so revise its system of apprenticeship as to enable apprentices to do this.

WHEREAS, There is a pressing demand for a paper which shall contain the lessons for the primary division of the Sabbath-school, and be devoted to the providing of religious and generally instructive reading especially adapted to young children; and,

WHEREAS, The Executive Committee of the International Sabbath-school Association has requested the Pacific Press to publish such a paper; therefore, 7. Resolved, That we ask the board of directors to take immediate steps for the publication of a children's weekly paper, beginning in July, provided such action meet the approval of the General Conference Committee.

8. Resolved, That in accord with the request that has come from the officers of the International Sabbath-school Association, and many other sources, we recommend that the Pacific Press begin in July the publication of a Youths' Library, to be devoted to history, biography, narrative, and missions, one number to be issued each month.

These resolutions were acted upon separately. The first was passed without discussion. Upon the second the president remarked that the result of locating the Sentinel in New York had demonstrated the wisdom of the move. An office is needed there; it is the leading commercial city of the country; the great lines of steamers run from there. Having an office in that city, we can attend to the transportation of passengers of our own people to all parts of the world, and he felt grateful that the Pacific Press had this privilege of aiding in the general work.

Resolution 3 called out extended remarks from Brother Wm. Saunders and the president. The former said that capital is greatly needed in the London office. The work already laid out for the office to do is a great one, and requires more capital than the office now has. He knew that our people possessed the means, and hoped that they would be liberal in assisting in this work. He thought the amount of the fund called for by the resolution was none too much. But with that amount of capital invested, he would not be afraid to guarantee that the office would soon be on a firm paying basis with the work it already has. With such a fund the office would be able to issue the books required, and with the work returned, at the end of the year the office would show a profit. The money was wanted simply as a working capital in getting out our own books.

The president said that the main office had to the present time advanced to the London office $6,335.96, and to the New York office, $9,668.38. The accounts of these offices were entirely separate, and monthly reports were received from each. The London office will need at least $10,000 to get out the subscription books now needed. Getting out these books ties up capital. This money is not lost; it will all be returned when the books are sold. He believed that our people would respond to this call. The call for stock made at last camp-meeting had been responded to, and stock had been taken to the amount of $2,500; money had been loaned without interest, and some at a low rate of interest. One of the most acceptable ways of putting money into the institution is by taking stock, but donations, or loans at a low rate of interest, will be gladly received. The main office ought not to be too greatly burdened.

Resolutions 4 and 5 were passed without discussion.

Resolution 6 was quite fully discussed by M. C. Wilcox, W. N. Glenn, and the president. It was stated that there had been taught, during the winter, classes in arithmetic, grammar, rhetoric, stenography, and Bible. A class in book-keeping has just been organized. It was shown that such a requirement was not unreasonable, as learning these branches formed a part of the trade. And this is especially true as regards reading, spelling, and grammar. The office desires its employees to become efficient for their own sake. Those who do employ their spare time usefully will avoid many temptations and at the same time make advancement.

The chairman and E. J. Waggoner spoke to resolution 7. It was stated that this had been before the International Sabbath-school Association for some time, and at the time of last General Conference it was decided to publish such a paper. It was then supposed that it would be published as soon as the first of April, but other work had delayed it. It will probably be published by the first of July. The lessons for the little ones will be published in this paper. It is not designed for the youth, as is the Instructor, but for little ones. This paper is not designed to interfere with the work of the Instructor. It is for the very youngest children. It is time the little ones had a chance. In addition to the Sabbath-school lessons there will be interesting stories, and articles which will teach the precious truths of the Bible. The paper is designed to be an aid to parents in instructing their children in the way of truth.

Resolution 8 called out interesting remarks from E. J. Waggoner, M. C. Wilcox, J. N. Loughborough, R. A. Underwood, G. A. Baker, and the president. E. J. Waggoner spoke of the interest Brother W. C. White had taken in this. He wished to get our people interested in our missionary work. The Library will be published something on this wise: A book will be published once a month of from 100 to 200 pages, edited by our people, so that it will contain only wholesome reading for the youth. Books will be published concerning the reformers, the lives of prominent missionaries, prominent individuals in our own church, with some religious stories. Children and youth may thus be encouraged to read, and to read what is good. Many youth are now reading what is positively injurious because they must have something to read, and suitable reading is not to be easily obtained. Such reading as will be published in this Library will be good, and a new book coming each month will give the child something to look forward to, which will be both interesting and instructive. In the past we have worked largely for the adults; is it not time to work for the children and youth? The idea has been indorsed by the General Conference Committee. Reading has great effect in molding the minds of the youth. Some excellent works have already been procured. Elder Loughborough said that he was glad that the hearts of the fathers were turning toward the children. Elder Underwood heartily indorsed the resolution, and believed that it was in the order of the Lord. We are all children enough to read this publication.

All the above resolutions, except the last, were passed unanimously. Pending action on resolution 8, the meeting adjourned to 7:30 P. M.

EVENING MEETING, 7:30 P. M.

This meeting was called to order by the president. Minutes of the afternoon meeting read and approved.

Resolution 8 was taken up and considered and passed unanimously by the stockholders, and then indorsed by a rising vote of the whole house, as was also resolution 7.

The Committee on Resolutions concluded their report by presenting the following:—

WHEREAS, The success which has attended those who have entered the British field as canvassers is a cause of gratitude; and, WHEREAS, It is evident that a great work is opening up before us in circulating the truth by this means, and the greatness of the field demands that more trained canvassers should immediately enter this extensive field; therefore, 9. Resolved, That in harmony with the request of the Mission Board of Great Britain, made recently to the General Conference Committee, we request the general canvassing agent of the denomination to select proper persons to enter this field at the earliest date possible.

WHEREAS, There has for a long time been a demand for a paper to be used for general circulation by the missionary societies, which could be furnished at a cheaper rate than either the Review and Herald or the Signs of the Times; and, WHEREAS, The publishers of the Signs of the Times, which has always been a pioneer missionary journal, in their endeavor to meet this demand as far as possible, have furnished the paper to societies at a rate so low that its publication has involved continued loss; and, WHEREAS, Although great sacrifices have been made, it has been impossible to furnish the paper at a sufficiently low rate to enable the societies to handle it and meet their expenses, and they have therefore turned their attention almost exclusively to the American Sentinel as the paper for missionary circulation; and, WHEREAS, There is still, as there ever has been, a necessity for a paper which shall serve as a pioneer journal, containing live, general religious matter, setting forth Bible doctrines in a clear and pointed manner, thus doing a work which the Sentinel cannot and was not designed to do; therefore, 10. Resolved, That we re-affirm our belief that the Signs of the Times was started in the order of Divine Providence, and that it should by all means be continued; and that it may be put to the use for which it was designed, we recommend that, as soon as practicable, it be changed to an eight-page weekly, so that it can be furnished to single subscribers at one dollar, and in large clubs to societies at seventy-five cents a year, providing such change shall meet the approval of the officers of the General Conference.

WHEREAS, At the last session of the General Conference a series of resolutions was adopted (Year Book, pp. 54, 55) recommending the consolidation of the publishing interests of the denomination, the object of the movement being the unifying of the work, and the avoidance of all sectional feelings and personal interests, and a committee was elected to devise and execute plans to this end; therefore, 11. Resolved, That we are glad that the subject is being seriously considered by our leading brethren, and that we will heartily co-operate in any movement that gives reasonable promise of inspiring greater confidence in the publishing work on the part of our people at large, by establishing that work on a better basis, and securing a more perfect union between the various branches thereof.

Resolution 9 brought out some interesting remarks from M. C. Wilcox, R. A. Underwood, the chairman, J. N. Loughborough, and Wm. Ings. It was thought that a company of canvassers would soon go to England. We were really the first in that field who had made the work a success.

Resolution 10 was thoroughly discussed by John Morrison, R. A. Underwood, W. N. Glenn, E. J. Waggoner, and J. N. Loughborough. It was argued: 1. That a cheaper paper is needed for our missionary work, which can be taken by a larger number of people in larger numbers, and thus a much greater work will be done. 2. The Signs in its present form has been furnished so low to Tract Societies that there has been actual loss on it, which the office ought not to sustain. 3. A paper is needed to follow the American Sentinel, to bring home to the hearts of people the prophecies which have forewarned of the dangers menacing our country, and present before people the saving truth of God. 4. The smaller paper would not contain any less of live religious reading on the truth for our times, but much general matter and advertising would be left out of the smaller edition. Elder Underwood stated that the brethren in the East had for years desired a cheaper paper. They had started two different ones which were not just a success, and they had had to stop. Now he was glad that the publishers of the Signs saw fit to make the Signs a paper that would bristle with the truth, to follow the Sentinel, and could place it where it could be circulated cheaper than the Signs at the present time, without crippling the office. He believed that our brethren in the East and throughout the country everywhere will take hold of this with new zeal, and instead of its present circulation, it will go up.

As the actions of the last General Conference were referred to in Resolution 11, these were read from the Year Book by J. N. Loughborough.

A report of legal advisers, employed by the Committee on Consolidation, presenting what was thought to be a possible scheme on which the offices could unite, was read by R. A. Underwood. Remarks were made by R. A. Underwood, C. H. Jones, and E. J. Waggoner.

The resolutions were all unanimously adopted.

On motion S. C. Stickney, S. N. Curtiss, and L. A. Phippeny were appointed by the chair as a committee to prepare a telegraphic cipher for the use of the association and its correspondents.

Adjourned sine die. C. H. JONES, Pres. S. C. STICKNEY, Sec. LATER.—The board has been organized, as follows: President, C. H. Jones; Vice-President, Wm. Saunders; Secretary, S. C. Stickney; Treasurer, E. A. Chapman; Auditor, L. A. Phippeny.