The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1913-11-01
Attack on M. A. Baldwin as
Receiver Made in. District
Court at Fargo.
BIG LOAN MADE Stat. ,,,.t
INTERESTED CONCERN
contendetl that Improper Securities
We're Given to Cover Possibility of
Ioss-yarious, Of the Company's
Activities Shown by Witnesses.

Fargo. =. D., Nov. 1.-Charges that
M. A. Baldwin, recently appointed re.
ceiver for the North Dakota Improve
ment company and a member of the
corporation since its organization, is
personally responsible for at least
$4,000 Of the 100000 deficiency
admitted by the company. were made
IN district court yesterday.
Juggled Affairs.
jussled the affairs of the Improve
n,ent company as to give the Timber
Investment company. of which he is
also an. officer. loan Of more than
$4,000 without adequate security was
made by Attorney Allan Wood. rep
resenting K. T. Hetzler and others,
contract holders in the Improvement
company Who have filed objections to
the continuance of Baldwin as receiv-
er OF the company. 4
Other Charges.
Other charges of a like nature were
also made in the hearing yesterday
which occupied the full day before
Judge Pollock. and was continued to-
day when court adjourned last even.
Ign. The hearing, which 1t is be-
liered portends prolonged legal bat
tie involving the 100000 assets OF
the Improvement company. is at.
numerous spectators from variou.
points in the northwest.
Several Petitioners.
K. 7. Het1ler, Beach, N. D.. made
objection to the appointment of Bald.
win as receiver and is Joined by va.
rious contract holders who are rep.
resented by McEnroe & Wood, the
following being named: w. G. Muir
Ida NJ. Larson. j. e. Peterson, r. s
E$,NYn
holtz. II. L.. Hanson. A. NJ. Eckman
Julia Eckrnan. G. J. Eckman, Theo
Nelson. E. H. EIlin. an attorney OF
Breckenridge appears to protect the
interest Of Mrs. f.. H. -Ellin, nee Mary
q. Hull. Attorney Lowell S.represents
Gel H. Bland at whose petition Bald.
win#w named -;as receiver. STAN.
ssaS, .,sh,a & Fowlsr srs astelnsys 70,
-, :. =: substitute AIiiler. = =
The petitionsiES;Is,ask that Xttornss,
0ei1eral Mtll1r = be substituted sai
!, pJatntin in-ths soase. instead ofl 'Bsah1
that the appointment Of Baldwin al
receiver be revoked and that new
receiver, be appointed who unpreju.
diced and not personally involved.
Disobeyed Resolution.
1t is charged that in March, 1910
the directors voted to loan $25. .00t
to the Timber Investment company
of North Dakota. ''if the finances per.
mitted It," at per cent interest, the
securing being stock subscriptions ol
that company and note bearing the
personal endorsements of its officers
and It is related that at later date
Baldwin changed this note for one
not having the individual indorse'
ments; that $50 shares Of stock Of
the Timber Investment company Of
IN ota fv,c 1,ot; f1l Co xtsa
Of the Dakota company: and tha
later this stock was sold under fore
closure to q. s. Churchill for $500
leaving a deficiency of $30,110.
Note Not Endorsed.
The charge is that this stock wa.
worthless and had no value. that itl
assets were only options at inflated
values, and that had this rew nots
been Endorsed personally as was tn,
old one it would have been worth 1t,
face: that Baldwin being chief opera
tor in. this act: or at least fully cog
nt3ant OF 1t, is not fit person tt
care for the property remains Of tha
defunct corporation.
1t is also charged that Baldwin Al
director of the company and as treas
urer. and president. has juggled thes,
assets SO as to obtain $25.000, ant
that he gave the company a worthless
HOtc VI the 1lIHUer company creating
an absolute loss. making this transac
ton for his own personal benefit
violating the trust imposed in him a.
an officer. 1t is charged this loal
was made in violation of the resolu
ton as the company was not finan
cially able to make 1t and that Bald
win is personally liable for tni
amount.
Borrowing Money.
The evidence of Secretary r. NJ
Farmer brought out the fact that tn,
loan to the Timber company wa.
made when the Investment compan!
was borrowing large sums to built
with. and the court interrupted tn,
examination to ask why this wa
done. The explanation was givel
that the company considered It {
good investment; they borrowed at
and per cent and loaned at PEI
cent.
The charge Is made that the direc
tors paid dividends out Of the none.
received on the regular contract!
which were after the style Of tn,
tcontinued on Paxe -