Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-01-20
.REFlVANCINC OF
EQUITY PACKING
co. IS PLANNED
Many Reasons Given by
Casey for Present Finan-
cial Condition. "
(By STAFF CORRESPONDENT. J

Fargo, N. D., Jan. 20.-PJans for
refinancing the Equity Cooperative
Packing company by raising from
$25O,O00 to 100000 will be submitted
to the stockholders of the concern by
the board of directors, 1t was indicat-
ed at the stockholders meeting which
began here today.
The present liabilities of the plant
are placed at $771,216.67. In the
financial statement of the institution
presented by President P. M. Casey,
this deficit is chiefly due, it is claim
ed, ITO the fact that the company be-
gan doing business at the peake of
the market. and has operated on a
falling market ever since.
Indications today were that Presi-
dent Casey and the present board Of
directors would control the meeting.
o. w. Richert OF Darlington. leader
board, was voted! down by large ma
jorfty when he introduced a resolu
ton that the presentation of the
.company's financial statement should
be delayed until the stockholders had
been given time to study the printed
reports. !: l.
|! In addition to the falling market
conditions. the loss on a larEeramount
.ot live stock which had been recon-
of the subsidiary reasons for LOSSES.
President Casey .inssa; His report
| claimed that the pfArit prDper. Vas
now far from mortgage indebtedness.
althouglit the Bank of North Dakota
still, held mortgage Of $50. 900
against 400 acres of land owned by
the, company at the location of the
from 800 0,OO0,i the original amount of
the mortgage, he stated.
Blame for. the present, adverse con-
dition was also placed largely on the
/; former nanager,9of the institution by
President Casey,
The resolutions committee headed
by Judge N. c.. Nuchols of Mandan
report at the second session of the
meeting to pc held Friday morning.
Wilson Makes Estimate.
H. NJ. Wilson. the new manager Of
the Equity Cooperative Packing
plant, presented rough estimate of
the needs of the concern at the stock
holders meeting this morning.
| He gave it as his opinion that ap-
proximately $250,O00 must be raised
! in order that the plant might continue
in business successfully. A detailed
estimate of the amount to be raised
and the plan for raising it is to be
4
| board of directors of the institution.
I In regard to the volume of business
necessary for the plant to pay ex.
penses presented figures to show thai
! if the plant operated at half of, its
capacity operating expenses can bt
paid. ~
Twenty resolutions which the reso
! luttons committee of the Equity Co
operative Exchange prepared wer(
4 announced.
The following is the gist of some O
1 the resolutions:
One calls on nations Of the world t,
relinquish scnseless rivalry of arma
ments.''' &s
Another approves state and fedora
control Of grain exchanges and en-
dorses the Steenerson bill opening cx
changes to cooperative; societies.
Ahothers asks that manufacturer
and Others reduce. prices immediately
to partly compensate farmers for los
suffered by grain price decline.
Another commends the committe.
! of II and especially Senator-elect y
F. Ladd of Fargo for making com
prehensive plan of marketing.
4 Another asks that the federal farm
loan act be made workable. -
I Another asks farmer representa-
tion on all federal boards and com
missions.
i Another condemns short selling ex
c~pt TO provide for the hedging mar
4, ket and to prevent speculation. h
4 Another favors good roads pro
= grams in the northwest and the usini
$ Of state owned plants
4. Another tarors the Duluth-St
4 lawrence ,tidewater project.
Another conmends the press for ef
] forts to aid the Improvement and de
4 velopment of the Equity program.