The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-02-03
Smoke Adelina Patti cigar-finest In h
world. j. Il. Lockwood's drug store.
DISTILLERS IN A FERMENT,

Groenhut Not Allowed ito Resign-The
Price of the Product.
CHICAGO. Feb. AT a meeting of the di-
rectors of the Distillers' and Cattle Feeders
company to-day President Greenhut pre-
sentod a somewhat lengthy communication
dealing with reports which have been in
circulation rejecting on Nelson Morris and
himself. He denied the charges which
Keen made against them, and said his aim
had been to guide the affairs of the COM
pany on a conservative basis. This policy
Was not satisfactory to certain stockholders
brought to bear with the board 90 as to
show abnormal profits, etc. Mr.. Morris and
himself, finding their protests unavailinR,
began to fear the result and concluded is
was best to sell most of their stock, which,
he says, they had u perfect right to do.
not to the best interests and for the perma-
nent success Of the company, but as their
course was not in harmony with those en-
deuvoring to create fictitious value and
then sell out they had been subjected to
abuse ana accused of trying to bear the
market.
Mr.. Groenhut referred to the efforts of
Morris and himself III purchasing stock in
large quantities at critical times, when es-
sential to sustain the reputation and credit
of the company, and said they could not af-
ford to sncrifice their reputation by allow
ing the impression to prevail with the pub
lie that they countenanced any of the many
inflated reports sent out to boom the stock.
He had already pointed out at previous
meetings the fact that the company is keep
ing the market for its products too high.
When the rebate system WAS adopted a
great disturbance was created in the trade.
owing to the belief that tho company would
nttaInpt a QrDPaya nv fnrpInn nriroa oh~-r
mally high. 1t WAS not until after his per-
Gonal ASSURANCES. made at q meeting of
representatives i'll the trade, that the policy
of the company would be to keep prices on
a fair basls that the trade became, in q
measure. reconcileu to tho rebate system.
or late, however, there has boon q growing
pressure b bought to bear by certain stock
holders to ignore pledges made to the trade,
and such policy, in connection with the
other matters referred to, il, in his iudp-
msnt, sufficient to cause disastrous results,
In conclusion. MIR. Greenhut said that,
wishing to make necessary preparations fol-
a trip TO Europe. he desired as soon as DOS
sible to be relleved from further RESPONSE
bility in official position. The board OF
directors unanimously adopted u resolution
refusing to accept his resignation and re-
cording it's absolute confidence in Green
hut's integrity. Another resolution wal
adopted entirely e1onsrating Mr.. Nelson
Morris of the charges made in different
papers, and declining to accept his resigna.
ton as director. Another resolution wa,
adopted to tho effect that the basls OF pro
> duct DO reduced two cents psr pr oof RalloI
at once, and AZ it ID the determined polio,
! of the board that the brice be maintained
ut such point as will enable the company tt
hold its tsade at all hazards, the officer,
> Of the company are authorized to put down
! prices to such a point as they may, from
Q time to time, deem necessary.
! The directors state that their object ir
giving the officers power to make prices |,
to prevent any more entertainments int
r the business as have Of late been made
| Thirty per cent of their business, thew saw
has been taken AVA from them up to til,
present time, and they propose TO main
tain the trade of the company regardless
of earnings and dividends. They furthe,
= state that dividends will be suspended. i
necessary. until the lost business is full,
8 recovered. The directory will Continue II
session Tomorrow, when the question O
purchasing the property now leased by Tia
trust will be considered. The leases q