Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1919-03-24
SHARE PROFITS
IS MANDATE 70
TOWllLEY STORES / /
State Banking Board Tells
Them to Re-organize on
Cooperative Basis 1'
81
SEEK CONFERENCE
WITH OFFICIALS
Attention of Stores Officers
Called to Supreme Court
Decision.
Especial to The Her.,d.,

Bismarck. N. D.. March 24.-"Re-
orsanlze on a cooperative basis:
share with your $4,000 certificate.
nolaers some of the profit which
tnelr money has earned: do business
on a give and take basis. or ret oft
of the state"
This. virtually. is the mandate
which the state bank board. connose
OF Governor Frazier. Secretary Of
state Hall and Attorney General
LANCER yesterday served on the Con-
sumcrs' United Stores company. A. q.
Icwnley's pet money-getting project
unoer the clever management Of lob
Wells Brinton. now head Of the
league newspaper monopoly, and
American Exchange at Valley City
and other: league banks has yielded
assets in excess Of $1,50o,00O.
Resolutions ADOPTED.
At the meetings of the banking
beard or blue sky commission called
esq ecially to consider the defy hurled
III the teeth of the board by the Con-
sumers company, which declined to.
submit to the authority of the blue
sky commission and to cease the sale
Ct certificates in North Dakota, as
moved, and Secretary Of State Hall
seconded. that there be adopted the
following resolution:
BE it resolved. that:
lnaSmuch as the officers Of the
Consumers United Stores company
evidently have not read the decision
in the case of Rossen VS.. welch, in
which the supreme court Of this state
1nterprets contract practically iden-s
tical with that issued by the Consum-
ers' United Stores company. that the
secretary of the state banking board
send the officers Of the Consumers
United Stores company copy of said
decision by registered mail: and that
their attention be specifically called
to the fact that the contract of the
Consumers United Stores company iss
practically identical with that Of Tire
Lignite Consu,rers' Mining con,tRay,.
which y IS Coz, strued by the supreme
court. ssY =
BE 1t further resolved. that ir,as-
much as the members Of the bank
ing board have seen the contract is
company that they express desire
to meet with the officers of the Con-
sumers' United Stores company for
a conference next Thursday afternoon.
the object of which shall be dis
cussion as to the desirability of plac-
ing the affairs of the Consumers
United Stores company on a strictly
So-OpCLdS4Vc pdSlS, 1dSulO1lSQ 1I0E
concerns like the Equity Cooperative
Packing company of Fargo or the
Equity Cooperative Exchange OF st.
Paul; that stock be issued to the
farmers and contract-holders, and
that the management be placed in a.
board of directors to be selected by
the farmers and contract-holde
themselves.
BE it further resolved that the
state banking board go on record as
advocating the proposition that the
consumers should SO organize as to
buy goods at the lowest price possible,
and that they endorse that general
idea, and that for the purpose of en-
abling the people of this state to get
that they urge clean-cut, definite ar
rangements along lines which will en-
able the stores now operated by the
Consumers United Stores company to
become units of a cooperative sys-
tenn which will enable them to buy
goods in large quantities and to sell
them to consumers at corresponding
lower price
'Be it further resolved that the
banking board direct it's secretary to
urge the officers of the Consumers
United Stores company to attend the
meeting heretofore mentioned. and to
convey the message to the officers of
the Consumers United Stores COM
pany that the state banking board is
anxious. willing. eager and de-
sirous of having cooperative stores
in North Dakota. and that they viii,
cooperate freely and gladly to the
fullest possible extent in the estab-
lishment and management Of them.
And that the state banking board
would regret any attitude on the part
of the officers OF the Consumers
United Stores company which would
prevent their establishment"