Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-01-21
CASEY AGAIN
HEADS EQUITY
PACKING CO.
Hot Session of Stockholders
Held This Morning Vote
Confidence.
Certificate of Indebtedness
OF $500, 600 Will Be
r..l
(By Stan Corrcsponticnt.

, Fargo, N. D., Jan. 21.-President
II. M. Casey and the board of directors
of the Equity Cooperative Packing
company won a complete victory at
the meeting of the stockholders OF
that board this morning when a reso-
luton expressing confidence in the.
present beard was passed and the
board empowered to issue certificate
of indebtedness of 100000 to put the
company on its feet financially.
Anthony Walton of Minot, William
Olson of Valley City. and Lewis AL
tenberd of Sabin, Mimi, members of
the board whose terms expired, were
reelected, the secretary being in
structed to cast the full ballot Of the
meeting for them.
A Hot Rattle.
This result was attained only after
hot battle, in which the. element op-
posed to Mr.. Casey and the board, led
by c. w. Reichert of Darlington, Nom
partisan member of the state legis-
lature. attacked the audit OF the COM,
pany's affairs submitted by the board
as being inaccurate, and endeavorcd
to force through set of resolutions
calling for an audit by the North Da-
kota state banking board. ~
In the course of the argument
President Casey threatened to take
off the lid and show the source of this
attack" declaring that an organized
effort had been made to discredit him
with the stockholders of the COM
pany. The fight opened when Mr..
Reichert attacked the report made by
the Northwest audit company, de-
claring that it was incomplete and
that when the full truth were known
1t would be found that the deficit in
the company's finances was in the
neighborhood of million dollars in
stead Of '$771.216.67, as alleged He
then introduced his resolution for an
audit of the company's books by the
state banking board, which was
holders, and when the banking
boards audit was completed it was to
be presented at another meeting of
the stockholders.
Lewis Altenberd. member of, the
board, replied, declaring that quick
action was necessary to the company.
and that if this resolution went
through the concern was killed. On
q vote the motion to pass the resolu-
tlon was killed by a large majority.
Report Rcat.
The report of the resolutions COM
/ mittee. appointed Thursday by Presi-
NuctoIsz of Mandan. These resolu-
tions We're along the following lines:
Denounced the statements Treeard-
ing the packing plant which recently
appeared in the Co-operators' Herald,
charging they were misleading and
untrue.
Declared continued confidence in
President Casey and the board OF di-
rectors. -
| Expressed regret over the losses the
packing company had sustained
Expressed confidence in the future
Of the enterprise. and pledged sup
T; port to make it a success.
Authorized the board OF directors
to issue certificate Of Indebtedness up
! to 100000. payable on or before five
years from date and bearing interest
Tat per cent, to be used in refinanc-
ing the company. -
Provided for the cancellation Of the
dividend coupons previously issued BY
the company.
! Endorsed the bill introduced in the
legislature by Senator p. Q. Thorson
of Grand Forks which calls for writ
! ten notice Of all stockholders meet
! ings.
These resolutions We're passed BY IL
large majority. no formal count being
taken. Immediately the signing up
OF members for the purchase OF the
| certificates OF Indebtedness began