The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1913-10-29
STARTS SUIT ON
RECEI VERSHIP
Beach MAN BRINGS SUIT ASK
ING FOR REMOVAL OF NEWLY
APPOINTED RECEIVER OF
NORTH DAKOTA IMPROVEMENT
CONFIRMING ON FRIDAY.

Suit has been brought in the dis
trict court by K. P. Hetzler OF Beach,
one Of the contract holders OF the
North Dakota Improvement Co.. ask
ing for the removal Of the newly-ap-
pointed receiver of that concern, Myr-
on A. Baldwin of Fargo, former pres
ident Of the Commercial bank, which
recently consolidated with the Mer-
chants National bank of this city.
Mr.. Baldwin, it will be remembered,
was appointed receiver by Judge Pol
lock on petition of Charles Fl. Bland
of Fargo, One of the charges made
by Mr.. Hetzler's attorneys, McEnroe
& Wood. is that the requirements or
the law were not fulfilled by Mr..
Bland in first submitting to ATTORNEY
General Miller a verified statement OF
facts showing the statutory grounds
for such dissolution and receivership.
Other charges stipulated allege a
mismanagement of the company's al
fairs. which is declared responsible
for it's present condition, a loan or
$50, 900 made by the company Of which
Mr.. Baldwin was an officer to another
concern in which the new receiver Is
extensively interested.
Baidwin's Projected Plan.
Speaking of the action which has
been brought, Mr.. Baldwin TO-DAY stat
ed he had no desire to continue in the
receivership of the company unless II
was to the entire satisfaction OF all
the contract holders whom ne had
hoped to benefit even before the
stockholders by a plan which ne hao
intended to inaugurate.
when my appointment as receiver
was made" said Mr.. Baldwin, L &C
copied it not from a matter OF per-
sonal desire as in order to perfect a
plan whereby the contract holders
would receive the first care and bene"
fit, ever before the stockholders,
which was agreeable to all parties
concerned.
Cali the contract holders were ask
ed if this was agreeable as l wanted
first to secure a sentiment OF the
majority. MY appointment seems to
have met with satisfaction with this
majority and many more according to
the responses which have been re-
ceived.
Will Lessen Expense.
"It was at the courts solicitation"
continued Mr.. Baldwin, that l serve
in the capacity of receiver at the same
as 1 had as an officer OF the
company.
Not only did I cheerfully agree to
but promised to lessen the eX-
pense Of the office to only the bare
actual cost of operation.
by receiving the same salary as re-
ceiver as I did as an officer OF. the com
pany, it did entirely away with the
usual amount of fees ordinarily ac-
companying receiverships.". y
Further Charges.
Another charge by the plaintiff in
this action is that a loan was made
by the North Dakota Improvement Co,
in which Mr. Baldwin was a director,
to the Timber Investment Co. Of North
Dakota, in which he was also a d.
and an officer. The loan, it is
was for. 100000. This, it is
charged, was given in the shape
of stock in the latter company at $780,
900, which brought later, when sold, it
is alleged, only $780, ~.p
A. w. Fowler, of Stambaugh & Fow-
Ter, who appears for MI. Baldwin,
he did not think the suit would
be pushed at all.
MIR. Baldwin's appointment" he
said, has received the endorsement
of at least 80 per cen Of the contract
holders and I do not think there will
be any change, though of course l can
not foretell the action of the court