The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1902-04-25

provided such increase could be made
| additional means of safeguarding the
position taken by the company at
said stockholders meeting; but op-
posed all and any increase of the
| capital stock Of the company short Of
realizing just such safeguard. So 1t
logically follows that the call, the
legality Of which has been question
ed, was an attempt to commit the
company to such a policy Of enlarge
ment as just specified and to the sup
plying Of land along the present line
Of the canal to the full Of the amount
Of water needed. Maintenance of the
position that no outside or foreign
element should be allowed to inter.
fere with or endanger the character
and purpose of our company, has
been with the board the sine qua O
In regard to all this matter of en-
largement.
The call was for the purpose of
formulating Of the meeting Of stock
holders should prove such a thing pos
sible) a practical working plan, in
stead of for the purpose Of attempt
ing to carry a vote for definite and
specific increase of the capital stock
of the company well persuaded, that
could such plan be formulated, there
would be no trouble in carrying a
vote, in due season, for definite and
specific increase of the capital stock
as full investigation might show to
be needed. So much for the question
as to legality, raised in regard to the
thing it was supposed the board pro-
posed to attempt. It is enough to
say, the board proposed to attempt
the thing 1t set forth in the call and
not the thing imputed.
The board desired to make the
policy for which it stood, secure by
mean of certain amendments to our
bylaws. We are reminded that our
bylaws themselves provide for
amendments being made at the an
ual meeting of the stockholders. AS
to this, it is enough to say, that, in
this, as in certain other matters, our
bylaws represent waste effort, mas
much rs the statute of Montana has
q paramount word tossay.
This brings to question as to the
practical fitness of a fifteenth of April
call of the stockholders. AS to the ad.
visibility of a call of the stockhold-
ers at that time, the board was of
divided opinion. / opposed the call,
and state this simply because I am
entirely willing that my individual
position be at all times known. In
this, l am not one whit more. honest
or open than the rest, but l have no
authority to speak for them person
ally. This much, however, I will say,
my colleagues stand as little in need
of hint, suggestion, guidance or ad-
vice as any who have ever occupied
a. place on the board of this company.
In particular, as to those who stood
against me and in favor of issuing
the call, they are abundantly able to
give good reason for the position
then taken. 1
The question now arises, why was
not the foregoing in it's essentials set
out at the meeting itself? l, confess
that the attitude and Interpretation
Of the opposition was a surprise,
evincing, as it did, such a warmth of
utter Misrepresentation Of the position
Of the board. thought it best to let
this have time to cool; besides, the
.impossibility Of getting a two-thirds
vote upon any proposition that might
be presented was abundantly mani
fest. And yet, so far as the temper
of the disputants woul dallow, the
meeting resulted in committing the
company to the essential features of
the policy of the board herein above
stated. Respectfully,
A.. M. CRAWFORD.
Billings, April "a, 1902.