Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1915-12-14
PRESIDENT OF COOPERATIVE
PACKING COMPANY WOULD BUY
FOR THAT MUCH LESS.
SPECIAL COMMITTEE
WOULD STOP SALARIES
s-;..a:. Cooperative Packing Com
pany Books Examinsd-Sum Of $5,ss4
Left Out Of S2o,s4o Cash Received
Ingedue Would Buy by Eliminating
MAYORS Profit Of S60,0O0

Affairs of the Britain Cooperative
Packing Company are being aired to
stockholders and the public in two re-
ports submitted in writing. which ad-
wise the stockholders that they should
stop at once overhead expenses Tor
salaries of $500 per month and should
either liquidate and pro-rate their
losses or reorganize. negotiate direct
with the owners Of the packing plant,
and acquire the property, as Mr.. lngle-
due puts it. by eliminating Mr.. Mayor
and his profit of $4,000. .r
A committee composed of NJ. r.
Hilleman. H. B. Kopel. W. II. Arney.
l. c. Abbott and ]. +. Carney, after
examining the books of the cooper
finding as follows:
That Naylor would have made "A
very handsome margin for his labor
if he had sold all OF the stock.
That the contract with Naylor for
the sale of stock was made wholly IN
the interest Of Mr. Naylor. and We es-
pecially condemn the contract provid-
ing that he should be paid l2is per
curing him to sell enough stock be-
fore any payment of commission, SO as
TO put the cooperative packing com =
pany- on a sound financial basis, and
providing that :n the event Of failure
so TO do. ne would be paid nothing
This was the rock on which Naylor
split with his first board OF directors,
which resulted in the resignation Of
several members.
That the salary OF Sl00 per month
TO z. l. Hoag. OF $500 per annum 70
O. L. Ingledue office rent and clerical
expenses amounting in all to $500 per
month. be stopped.
And that III it is the desire OF the
farmers and the merchants TO take
over this property of Britain & Co.
we believe a committee should be APP
pointed by those interested 10 deal
with Britain & Co. They can and
will receive encoura cement as TO pur-.
chase and a correct physical value of
the property
Financial Statement.
The financial statement shows SIS,
800 to have been received from sale OF
! capital stock, $3.50 from stock which
has not been issued. and sT,cs5 In
notes from stock sales not paid. From
these proceeds $4,000 was paid 10 the
owners Of the packing plant. $685. 80
, 10 MAYOR for commissions. sl.4'3.4o
for general expenses, and $5,S54.'1 is
on hand in cash
lneledue Would Buy.
o. T. IRsledue. elected president OF
the cooperative company Oct. 80 last
has made report to the stockholders
in which ne urges that something be
done at once. He says that IL they de-
eide to do nothing he will sue to re-
cover the $40 600 paid to the owners OF
the packing plant and liquidate. or II
they will go thru with the purchase-he
believes that the plant can be bought
for $4,000 less than the $4,000 price
voted to pay Nayior.
He favors the appointment of COM
rnittee with power to act in the mat
ter of purchase of the plant. My plan
is, says Ingledue Ito eliminate Mr..
Naylor and his profit OF $4,000"
The $4,000 May Be Gone.
The $4,000 paid to the owners of the
packing plant was received from the
cooperative company and credited up
on MAYORS option OF purchase. Ingle-
due would sue TO recover II. but the
packers who got it claim that when it
came to them to be applied on MAYORS
obligation it was in fact due to Nayior
on his contract to receive sl7o. 900 voted
him by the stockholders. Whether IT
can be recovered in the courts is
doubtful but Ingledue is confident that
credit could be taken for 1t on a pur-
chase of the plant at the price to
Naylor, which he intimates would be
10000 less than MAYORS price to the
cooperative company.