The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1913-11-03
M. A. Baldwin Will Be
Retained as Receiver of
N. D. Improvement Co.
Charges Made Against Him Not Substantiated by Evidence
Submitted, Is Verdict of the Court
Eleven-thirteenths of Contract Holders Declare Their Ap-
prevail of e aldwin-Attorney General Approves Also

That before the stockholders can rec
ce1Ve l penny for any interest they
may have in the North Dakota I'm
provement Co. all the contract -obliga-
tons Of the. contract holders must be
fully met. If that Is true, then IL MI.
Baldwin as a stakeholder expects to
get anything on his stock, 1t follows as
night the day, that he must get every
thing he can for the contract holders:
else there would be nothing coming to
the stockholders. In other words,
there is every incentive for Mr.. Bald
win to do all he can to pay the con-
tract holders in full. e.
Going M step further. Something
has been said with reference to pos
sible liability of the different stock
holders. That is a matter with which
/ am not concerned here. II any Of
these stockholders have done some.
thing they should not have lone and
are personally liable, they can be sued
at any time. Suppose anyone wants
to u the North Dakota Improvement
Co. in a way that would possibly de-
plete the assets of that concern, l
don't need to tell the lawyers that
that suit could not be brought with
out the consent Of the court. They
know it is the fact that before you
can sue a receiver o must get the
consent Of the court; but I will say
right here that If there is any show
ing made to me why the receiver
should be sued, I will grant the per-
mission that suit be brought, and then
have the matter tested in a regular.
orderly proceeding in court, as to
whether the alleged claim against the
receiver is proper or not.
/ have been looking a little to the
question of the cost of this receiver
ship. One Of the great inducements
to me in appointing Mr.. Baldwin was
to conserve the. fund in the largest
degree possible as against a large
amount of cost, so that If there Is any,
possible manner in which the contract
holders can be paid out in full there
will be the asests here with which to
do it. Therefore, when Mr.. Baldwin
was upon the stand I put right to
aim the very question as to what ha
would expect to receive as compensa-
ton for his work as receiver, and he
replied he would expect no more thar
he received as his salary as president,
which was $4,000 a year AS I said
then and repeat now, if anybody has
an idea they are going to run this
business for the money that they can
make out of it personally. they are
sadly mistaken. This business must
be u for the interests of these con-
tract holders, and finally for the
stockholders.
We are also met here with another
condition. A court is not always aid
ed by the request of SO many persons
for the approval as is shown in this
lease. There are approximately HOO
contracts, which include perhaps 200
which are not active. Seven hundred
and fifty of these contracts have signed
and returned a printed statement that
they are satisfied with the appointment
OF Mr.. Baldwin, these $50 contract
holders representing in amount eleven
th~irteenths Of the contracts outstand-
ing, including all the contracts, lapsed
and otherwise. OF the number of in
qulrleS sent out. seven were returned
disappearing his appointment. and
counsel for Mr.. Hetzler in his case
state that they also appear for eleven
persons who disapproVe. Whether any
of the seven above referred to are
among the eleven I do not know. In
addition to the approval by these $50
contract holders 1 find also that all of
the stockholders approve of the ap-
pointment Of Mr.. Baldwin, save. and
except Mr.. Hetzler, the moving party
in this proceeding, and one other, and
that person is a particular friend of
Mr.. Baldwin and will probably approve
of the appointement. In addition to
the foregoing I find also that all Of the
holders of mortgages and bonds given
by the North Dakota Improvement Co.
'S "iP0AN' NA'1 LWO SACSp
tions, n of whom Mr.. Baldwin has
not been able to see, ana the other of
whom has made an assignment of his
mortgage, approve Of his appointment
In view of the record as made al
this hearing and of the approval Of the
appointment by SO large a number OF
persons interested, I feel, in justice tc
all parties interested, that the best in
~terests of this North Dakota Improve
lment Co, the contract holders and
, everyone, interested, will be best sub
served by continuing the appointment
Of Mr.. Baldwin, and it is SO ordered.
The attorney general, who was cited
to appear at this hearing, has just
phoned me from Forman. where he ha!
been engaged in court and could no
come, that he approves Of the appoint.
n1ent Of Mr.. Baldwin.
Chas. A. Pollock, judge.