The Julesburg grit-advocate., 1923-05-31
GRAIN COMPANY
SPECIAL MEETING
HELD SATURDAY
Finance Committee Is
Appointed And Meet
ing AdjOurns To Sat-
urday, June %, When
Report Will Be Heard

SIs VI tne JuieSDurg cooperative
Grain Company was held in the dis
trict court room of the court house
last Saturday. the meeting being call
ed for the purpose of deciding upon a
method of raising the sum of $4,000
or more. to be used in paving the out
standing obligations of the company.
and to consider and decide whether to
sell the assets of the corporation and
Equidate the affairs thereof.
A large number of the stockholders,
the most of whom are farmers. were
present at the meeting, which conven-
ed at ten o'clock in the morning, with
James A. Dawson. president of the
company. presiding. A finance COM
mittee of five was selected.
After short session in the morn
ing, the meeting adjourned until 1: 80
o'clock in the afternoon, at which time
a motion was made. seconded and
unanimously carried that the meet
ing adjourn for four weeks. or until
Saturday. June 23rd, at which meet
ing a report of the finance committee
will be heard.
Following the adjournment of the
meeting another meeting of the stock
holders was held, in which the chief
topic of discussion was that of the
auditing of the company's books
which is now in progress. and which
audit is Being financed by VIM. Ddn-
can, one Of the stockholders. That
this audit has caused considerable
amount of comment is no secret in
this community. and the circular let
ters sent to the stockholders by the
auditors recentlv, have been the sub
ject of much discussion.
Mr.. S. M. Beadle, former manager
of the Julesburg Cooperative Grain
Co., was the first speaker at the af-
ter-meeting. Mr.. Beadle stated that
he wanted to emphatically deny that
he was indebted to the company as
the auditors alleged in their circular
letter, and that he stood ready to
prove that his administration of the
company's affairs was clean one.
Owing to, the fact that Mr.. Duncan's
attorneys were present at the meet
ing, he stated that he would refrain
from going into details at this time,
but that he stood ready to back up the
statement that he did not owe the
company as alleged by the auditors.
Mr.. High. one of the auditors next
took the floor He stated that he
and his associates were making a
careful audit of the company's books,
and that they had made no statement
to the stockholders which they could
not verify: that their reports were
made after having been carefully con-
sidered from every angle; that the
auditing company had been hired by
Mr.. Duncan and tina. the audit was
being made in very thorough man.
ner.
A resolution commenting the action
of Mr.. Duncan with reference to the
auditing of the books, and instruct
ing the board of directors to prose-
cute an action against any person or
persons thought to be liable to the
company in the event of the discovery
of shortages or DISCREPANCIES was in
troduced. Mr.. F. Fl. Barnes, a stock
holder explained what he thought to
be the meaning of the resolution. and
cited some incidents which he had ex-
perienced in the company's affairs
while member of the board. At this
point his statement was challenged by
Mr.. Beadle. and as Mr.. Barnes re-
marks dealt with certain book en-
tries, Mr.. Beadle requested that the
stock book be brought into the meet
ing in order to prove or disprove Mr..
Barnes accusations. This was done,
a committee composed Of F. E. Allen,
official custodian of the books at the
present time, S. M. Beadle and Mr..
High, the auditor, going after the
records.
Upon the arrival of the committee
with the stock book, Mr.. Barnes was
soon convinced that he was wrong in
his statement relative to certain en-
tries of stock subscription. and frank
ly admitted the same to the meeting:
Upon motion, seconded and carried
the resolution was tabled.
The meeting adjourned.
The Grit-Advocate at this time does
not feel inclined to comment upon the
state of affairs which are now exist
ing with the Julesburg Cooperative
Grain Co., but has simply endeavored
to give our readers the plain facts
in connection with last Saturdays