The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1913-10-20

Formal steps for the appointment
Of a receiver for the North Dakota
Improvement Co. were taken Fri
day afternoon at a hearing in the dis
trict court NJ. A. Baldwin was ap-
pointed receiver, In an lotion in
stituted by Charles II. Bland, the
hardware merchant.
The company decided in Septem-
Der to receive 10 more payments on
investment contracts, and to adjust
the claims of the holders of these
contracts in a just and equitable
manner. This decision necessitated
the appointment Of a receiver.
The court ruled that, for the pro-
lection Of the contract holders, the re-
ceiver be required to give a bond for
$4,000.
In appointing the receiver for the
North Dakota Improvement Co., the
court said:
Gentlemen, I have investigated this
affair now perhaps more h ordin-
arily | do in matters of this kind, to
get all the light / could, and in view
of the testimony hat has been offered
and the statements made, and the pos
sible multiplicity of suits which will
likely follow in case a receiver Is not
appointed, n in order to husband
and guard these assets to the best
possible advantage, for not only he
stockholders. but keeping in mind
especially the large number of con-
tract holders, l believe l will appoint
a receiver. / do not, however, do so
with the thought that anyone shall
make any particular personal gain
out Of the appointment of the receiver.
What l mean by that is foreshadowed
by my questions to Mr.. Baldwin. In
other words, my thought is this: that
this matter should be run at the very
least possible expense. In other words,
that there should be the least pos
sible added expense to what is now
being incurred in running the concern
in its ordinary manner. If there is
any way in which the expense could
be cut off, any of it, / would expect
that to be done. In other words, just
as has been suggested by the wit
nesses who have testified, in order to
make these contracts pay out the
largest sum possible, these
must be husbanded and prevented
from being depleted by numerous &C
tons which are now possible. Up to
this time there has been no applica-
ton made by any other stockholder
except Mr.. Bland, and | can only
proceed from the light which | have.
or course the lawyers know, but the
laymen do not know so we'll. unless
they have been instructed, that put
ting property in the hands Of a re-
ceiver is putting it into the hands of
the court. The receiver is nothing but
the agent Of the court. 1t would be
impossible for the court to transact
the buslness-hat goes without saying
but the court is always solicitous when
a receiver is appoined, because there is
an added responsibility upon the court,
and personally, in the appointment OF
receivers, l never have appointed a re-
ceiver unless I felt that ! absolutely
had to. And l am frank to say mere
that in the appointment of a receiver
now, am doing SO keeping in mind
the largest good to all parties interest
ed, stockholders as well as contract
holders. OF course. ordinarily speak.
ing, the court does not generally ap-
point a person who Is an officer o.
the company, and had Mr.. Baldwin
been an officer OF the company wher
1t was organized, or had he had any.
thing to do with the making Of these
contracts or had he prOtited in the
least by the making OF these contracts
l would not appoint him. From what
has been stated / am persuaded thai
the present management, with Mr.
Baldwin at the head, has been engag-
ed in saving to the stockholders what
there is now, and keeping it abreast
of the financial conditions as best
possible, and that they have spent q
good deal of time and thought in the
furtherance of the interests of these
several contract holders. This being
true, n If, IS expressed by the EVIL
dence here, the banking board Of the
state has been investigating the ques-
ton, and if they are satisfied with the
present management and are d~esirOu.
for that to continue, and l want tt
emprasize he word present there
that would be an added reason VIII.
the court should appoint Mr.. Baldwin
: The appointment Of a receiver, o
. course, holds just as long as the cour
may determine. If. which I do NO
expect, there Is any reason assigne
at any time hereafter why Mr.. Bald
win should not be receiver, of ours
o I could revoke this appointment, bu
n am inclined to think hat in vier
of the situation as expressed by tn
y testimony, that somebody ought to /
: appointed today-in fact, appointe
q now. 1t is with that in view that
make the appointment today, with tn
3 statement, however, that If in til
future it is shown that Mr.. Baldwi
= ought not to be appointed, all / haV
= to say is that hat is somethin
which can be changed and corrected j
e the future.
e 1 will fix the bond at $50, 900, S
8 that every interest will be fully pre-
tected.