Courier Democrat. (Langdon, N.D.) 1891-1920, 1915-07-01
News Of the Week From Many
Sections Of the State.
DENIES RECEIVER FOR EQUITY
Judge Pollock, in District Court at
Fargo, Renders Decision in
Grain Exchange Case.

In district court at Fargo Judge Pol
lock refused to name a temporary re-
ceiver for the Equity Cooperative
Grain exchange in a decision handed
down following the conclusion of ar
guments respecting the %solvency or
insolvency of the concern.
AS announced by the court at the
outset he took up the question of sol
vency to settle that first, and then
would determine what to do with the
other questions. In view Of his de-
cision finding no necessity for an i'm
mediate receiver, and in reality es-
tablishing in his findings that the
Equity is financially strong, it is
doubtful if the case will proceed
much further.
In his decision Judge Pollock sus-
tanned practically all Of the conten-
tons Of the Equity attorneys that the
audits made by Salveson and Thomp-
o bore the marks of i~naccuracy,
while that of Thatcher was complete;
that the stockholders have shown
their faith in the concern by guaran-
teeing a large amount of none to
protect customers, and that they had
on file with banks in St. Paul a bond
further to protect these customers.
No Creditor Asks Receiver.
OF special significance was the
courts observation that not a creditor
or st%ockholder was in court asking
for a receiver, but that all Of these
were UNFOLDING the credit and tinan-
cial stability Of the concern.
When Judge Pollock opened he in
directly criticised the partisanship
that has arisen over the Equity move
ment, both by adherents Of the Equity
and others, and said that he would
not allow street corner arguments or
inuendo or insinuations to enter into
the determination of the issues.
He also upheld Attorney General
Linde as justified in starting the suit,
when a responsible citizen came to
him with such a large a of appar-
emily creditable testimony and de-
manded that he act. He said that it
is possible that the instigators of the
suit have been misled by the audits
made by Salveson and Thompson,
which he said has been cleared up by
Thatcher.
The proceedings upon which Judge
Pollock gave his decision were for
the requiring of the defendant corpo.
ration to show cause why a receiver
should not be named, the corporation
declared insolvent and the officers
enjoined from further carrying on the
business Of the corporation.
Further Proceedings Postponed.
Following the decision of Judge
Pollock Attorney General Linde NOV.
ed to postpone further proceedings.
He said he had not instigated the
suit against the Equity with the idea
Of injuring the concern, but that he
had acquiesced in the demand that an
investigation should be made.
Since the showing made by the de
Tense, upon which Judge Pollock had
denied the petition for a receiver, he
said he did not believe it wise to pro.
coed further at this time.
He then related to the court the re
suit of a conference he had with at.
torneys for the Equity and that the
defense had agreed to permit him tC
examine the books of the concern
and if he is not satisfied to arrange
for the appointment of a referee tc
take testimony and give a true state
ment of the condition of the concern
On his motion Judge Pollock post
poned further action and suggested
that if a referee is appointed he be q
man versed in accounting and I'm
biased, so that a true statement MAY