The Ward County independent. [volume] (Minot, Ward County, N.D.) 1902-1965, 1921-01-27

that their employees in most respon-
sible places have confessed to pad
ding statements and making false
statements; have even paid dividends
when losses were accruing. Will
anyone doubt the right Of stockhold-
ers to know more of this condition
and especially when false statements,
such as the last one now submitted by
Showed Profit
a profit Of $4,000. This year loss
Of 1851 900, a difference of $4,000
to be accounted for. What was pad
ded, and where, that the president
and board could be so deceived?
If to this we were to add proper
reserves to cover real estate, adver
Using, inventory adjustments, bad ac-
counts and notes receivable, any debts
not on the books and a proper re-
serve for depreciation we see where a
loss of more than 81 ,OOO,0 900 has been
sustained.
Big Promotion
lis the organization expense 1920
or 80 per cent of stock sales?
"We seek method whereby we can
effect permanent cure of our trou-
bles."
President Casey has proposed that
an additional $25O,OOO to be used as
working capital be obtained and ex-
poets to outline his plan to obtain it
to the more than 1000 stockholders
attending today's session.
The old beard of directors were re-
elected as follows: Mr.. Casey, presi-
dent; A. Walton, Minot, first vice
president; Louis Altenbernd, second
vice president; VIM. Olson, Valley
City, treasurer; H. NJ. Wilson, man.
ager; J. c., Leum, Mayville, H. B.
Beckwith, Fargo; J. c. Berg, Hen
drum, Mimi; A. f. Valley, Velva; c.
D. King, Menoken, N. D.
Mr.. Walton who has taken great
interest in the plant ever since it's
organization, has returned to Minot.
A. representative of the Independent
interviewed him and he is very hope
full that the company will soon be
operating on full time, and the loss
will be made up. Mr.. Walton states
that the plants loss is $771 100000,
largely due to the drop in prices. The
plant, bought hogs at 22 1/2 cents and
there has been drop to 8 cents.
Even tho the plant had been operated
without any mistakes it would have
had some loss, he stated. Then the
former manager, Mr.. Hoopman, fool
ed the directors and kept them in the
dark as to just how much the plant
was losing. Then the refrigeration
went wrong and considerable meat
spoiled. Mr.. Walton says that this
happens quite frequently with pack
ing concerns. Things finally got in
to such shape that there was lit
tie money coming in from the sale of
stock. There are $6O0,0OO.OO worth
of notes given for stock to be col
lected and if this money comes in,
it will nearly make up the loss. The
plant which was built at cost Of
81 100000 is clear, tho the plant has
borrowed some money from the Bank
of North Dakota giving the bank
mortgage on some land owned by the
plant. The plant borrowed $4,000
from one of its directors, Mr.. Alien
bernd, and has paid him back $780,
900. The plant is operating on a
small scale at present. 1t has con-
tract with Canadian firm to furnish
dressed hogs and besides is supplying
the company's warehouses at Milwau-
kee, st. Paul and Duluth. The COM
pany's warehouse at Duluth is worth
S29,OOOOO.
The company is now selling certifi-
Gates of indebtedness and hopes to
raise $3.50, 100000 in this way These
certificates will pay percent and the
company reserves the right to take
them up as soon as able. Some paid
in as high as $1,000 at the Fargo
meeting and others gave the plant
500, not asking anything in return.
BY the close of the meeting, Mr..
Walton stated the opposition had
dwindled down to twenty men or even
less.
VOC WINS HIS SEAT BY