Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1909-11-17
STORM HAS BURST AND FARG0NEWS
TAKES A VIGOROUS RAP AT BLOOM

the publication of the News begun
under the management Of a board Of
directors In which MIR. Kelly was a
dominant figure. Last March the
company bought, the; Fargo Call and
Argus. and consolidated It, with the
News, the purchase being a. strain
upon, the financial resources Of: the
company. Some time, before this
purchase, J.: C. McAndress had become
a director of, the News company, and
not being satisfied with its financial
management. went to the bottom Of
things and found wastefu1 methods
the rule and the capital Of the COM
pany being dissipated. He demanded
better methods and this brought
about general shake-up on the
board and Mr.. McAndress was
dropped as a reward for his activity.
1t was at this time that Mr.. Kelly
suggested that the paper was diff
cult proposition to handle for men
unframed in newspaper work, and
suggested that it be leased and the
stockholders released from the cares
of running the paper, a suggestion
which found sympathy with several
of the directors.
At a meeting of the directors last
March, J. H. Bloom, Mr.. Kelly's
factotum. appeared and made a pro-
position to lease the paper for term
of five years at nominal sum, which
would not have paid the interest on
the investment, with the privilege
Of buying the paper at any time for
a mere song-a mere MARBLE which
would have compelled the stockhold-
ers and democrats on the papers
bond to pay the outstanding obliga-
tons. in all amounting to nearly
100000!
It was we'll known to the directors
that J. H. Bloom was not in a finan-
cial position to either lease or buy
the paper, yet Mr.. Kelly ardently
urged the lease, although he ex-
pressed surprise that Blooms bid was
mot higher. :. ~ r. ~ ~. .
Seeing. at once what would be the
fate of the stockholders and bonds
men, Mr.. McAndress asked Mr.. Kelly
who was to pay the debts of,the COM
pany, when Mr.. Kelly said: 1.-THE
fellows on the bond will have to be
assessed. Of course" =.
This proposition was strenuously
opposed by Mr.. McAndress, But Mr..
Kelly insisted that the lease be given
Bloom in the face of the tremendous
loss such3a deal would entail to the
loyal democrats who had given their
money and lent their credit to the
venture. Despite Mr.. Kelly,s persist
ent urging that the lease to Bloom
be signed that day, the matter went
over until the next day. when Mr..
McAndress, knocked Bloom and Kelly
out of the box with a proposition to
|.lease the; paper alta Liberal; rental
which would more than pay the in
terest, with the privilege of buying
at any time within five years at a
price which would recoup the invest
ors and exonerate the bondsmen
without the expenditure Of q dollar
on their part. The proposition was
SO manifestly fair. that the attempt
of Kelly and his crowd to practically
steal the paper fell to the ground,
and the News was leased to Nc
Address, and Kelly and his crowd no
longer have anything to say as to
the conduct of the paper: AS be-
tween Kelly and McAndress, their
conduct In this matter is now before
the world. The one was a party to
9 scheme to wreck the paper and buy
it in for 4 trifle while the other
stood manfully, sr by those friends
whom he had induced to go on the
bond and stands today between them
and any financial loss.