River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1920-09-16
LARSON DREAMING
BY Hon. c. E. Hanson

OF September 9th must have been
dreaming. | did not say that Pierce
county had reached the limit of Co
operative effort, and that we would
not cooperate with other cooperative
associations but, / do not think it a
good policy to at once pick upSwlth
anything that may call itself cooper
ton, before you have had time to at
least study the Bylaws and know
the requirements of the stockholders.
Let us take a look at the Bylaws
of the Wisconsin Equity Livestock
Marketing association that Mr.. Lar
son is advocating. Article 3 Section
6, this association reserves the right
to call in upon ten days written no
tice and redeem the stock of any
stockholders by paying therefore its
book value less any amount owing by
the stakeholder to the association.
Section 7-Section and 6 Of this
article 8 shall be printed upon each
stock certificate issued by this associ-
alton. Section A article s. The
board shall have authority to enter
into any and all lawful contracts and
obligations essential to the transac.
ton of the affairs of the association,
and to issue such notes, bills, or other
evidence of Indebtedness as may be
necessary therefore to act on all
grievances and complaints and to car
ry out and put into effect as soon as
possible any and all orders and reso-
lutions adopted by the association.
/ cannot conceive of BY Law more
cleverly drawn to lay the foundation
in short order to destroy the Cooper
ative associations in Wisconsin than
this one.
Affiliate the shipping associations o
the state under this By Law and you
have completed a machine where by
the cooperative association can be
destroyed on short notice. Section 4
and article give the board an unlim-
tied power to go into debt and by so
doing may reduce the value of the
stock to nearly nothing. If you as d
stakeholder enter a complaint, the
board of directors are the ones to hear
the complaint and to act upon same,
or in other words they are the judges
under Section 6 article 8. You have
agreed to sell your stock on ten days
notice at its book value. What show
have you as stakeholder under such
BY Law? None whatever only for
you to furnish the money for someone
else to spend as they see fit. When
you accepted the stock you agreed to
surrender on a ten days notice.
Section Article Is. The board OF
| directors shall enter into such ar
rangements with the Wisconsin State
Union American Society of Equity
and the Wisconsin Equity Farmers
exchange as may be necessary to Sc
cure from that society and exchange
professional and practical assistance
along the lines mentioned or included
within the provision of Section l OF
this article. This section says the
board of directors shall go in with
the State Union and the Wisconsin
Equity Farmers exchange to get pro-
fession and practical service. That
leads us to up see what the Equity
Farmers Exchange have done. Let lis
turn to "The Equity News" of August
25, 1920. On page it gives the audit
Of the National Union and the Equity
Farmers Exchange showing loss of
$27, 849.33 in one year and that the
actual deficit on December LIST, 1919
was $3,03487. They ought to be able
to give professional advice. Looking
over the report we find that Tittemore
claims $15,000.00 due Wisconsin. The
auditor reports give s7,300.00. Who is
right, the audit or Tittemore Let
US follow this account little farther.
Mr.. J. F. Larson has given US to I'M
derstand that the Wisconsin State