Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1921-06-09
critics NAMED
RECEIVER FOR
GRAIN GROWERS
Friendly Proceedings
Brought in Helena to
Safeguard Concern.
Regain Normal
Condition When Crop
Comes in, Is Claim.

Helena. June S.--Friendly proceed
ings for receivership of the Montan;
Grain Growers, corporation. wer,
| instituted late this afternoon by direc
tors of the corporation. and after {
brief hearing in the district court
Judge A. ]. Horsky issued an order
appointing j. G. Critics, permanent re.
ceiver. Mr.. Critics up to this time has
been manager of the corporation. Sur
ETY. bond of $4,000 filed by Mr. Critics
as receiver was approved by the court,
Dissolution Of the corporation was
not asked. the directors having decided
at a meeting Tuesday afternoon, to
start the friendly proceedings for re-
Ownership, as means of protecting
the corporation, its creditors and
stockholders and its assets during the
present adverse conditions Of business
and finance, and until the 1921 grain
crop begins to move. through which
process the corporation will be able
to regain its normal condition..
Directors Make Complaint.
The proceedings consisted of com.
plant in which $. F.. Hockersmith and
other directors of the corporation are
the plaintiffs. making the Montana
Grain Growers, corporation, defend
ant. and answer filed by the said de-
fendant. admitting all the allegations
contained in the complaint. except as
to insolvency-the complaint not al
Ieg1ng Insolvency, but representing that
unless receiver be appointed. the corr
poration soon would be insolvent. The
defendant waived the statutory time
for hearing. and asked that the petition
OF the plaintiffs be acted upon at the
The plaintiffs set forth in their COM
plant that wheat and other grain
growers in the state have just passed
through most unexpected and unpre-
cedented drouth condition that could
not have been reasonably anticipated
end of such unprecedented. unexpected
and unanticipated extent and condition
as to amount in effect to an act of
God"
Business is curtalied.
1t is stated that this brought about
q destruction of elevator and ware
house business from a profit stand
point. including this corporations; and
that Immediately following, there was
n the state and particularly at the var
ous points therein whereat the defend
INT company was operating, an unpre-
and unexpected financial de-
preston and condition. and that this
condition existed generally through the
and also at terminal markets |
where the company had Heretofore |
'een buying and selling grain; altogeth-
r bringing about IAN enforcement of
he collection of its outstanding obi
'atlons in greater rapidity and in larg
r amount than could be anticipated"
The corporation owns and operated
levators at Drrmmond, jefferson Is
and. Willow Greek. Norris, Belgrade.
'ozeman, Big Timber, Clyde Park. Bill
ngs. Edgar, Hardin, Hysham. Round
p, Gage. Shawmut. Judith Gap. Ok
ord. Kolin, Ross Fork, Raynesford,
tockett and Portage.
II. NJ: Stewart Of Bozeman. was at
orney for the plaintiffs, and John G.
Erown of Helena, for the defendant
l the proceedings. Mr.. Brown and
am V. Stewart of Helena, were named
ttorneys for the receiver.