The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1923-02-22
EQUITY EXCHANGE
FIGHT Is SETTLED
SUIT TO FORCE CONCERN INTO
RECEIVERSHIP DISMISSED
TUESDAY
WILL BE RE-ORGANIZED
INSOLVENCY DANGER CALLED
PAST-SEVERAL OLD OFF,
GERS RETIRE

Paul Equity Cooperative Exchange
which includes replacement of prin-
cipal executives was announced Mon
day night as settlement of the suit
for receivership brought in the RAM
sey county district court by stock
holders who charged that the sta
bility of the Northwest farmers
largest grain marketing organization
was menaced by mismanagement and
manipulation, says Tuesday evenings
st. Paul Dispatch.
Though an official statement denied
that vindication or condemnation of
any former officers was involved in
the settlement, retirement of officers
heading the faction admittedly OPP.
posed ]. M. Anderson of st. Paul..
former president, was emphasized by
his friends as substantiation of his
stand against the retired managing
officials.
Mr.. Anderson's charges were pre-
ferred October 2 at meeting of the
board of directors, precipitating the
fight which was climaxed by the court
action brought here
Magnus Johnson of Kimball, Mimi,
candidate for governor at the last
general election, and ]. E. Kelly of
st. Paul were removed from the ex-
ecutive committee. The executive
committee now includes C.. H. Watts,
new general manager; Paul Moore of
West Branch, Iowa, the new presi-
dent, and Senator o. H. Olson of New
Rockford, N. D., members of the An
derson group, and Louis Noltimier of
Valley City, N. D., ousted president,
Manager Watts is chairman.
When the Anderson group agreed
to dismiss the receivership suit at
the conference Monday afternoon on
condition that retirement of the prin-
cipal executives be included in
general reorganization, the defend
ants attorneys, Drake, Solether &
Evans, refused to sign the stipula-
ton but gave verbal consent to
dismissal of the receivership suit. 1t
then was agreed that the stipulation
be signed by the president and the
eight directors present. designations
of Louis Noltimier as president, G. A.
Theil as secretary and C. B. Swan
son as manager were made effective
Immediately.
The new official roster includes
President Moore, Manager Watts,
who has been in charge of the Farm
ers' Union Livestock company repre-
senting Equity members at South st.
Paul and Chicago, and Emil Syftes-
tad, chief accountant as temporary
secretary.
Mr.. Anderson will continue as a
director but will have no active part
in the management, having decided
several months ago to enter private,
business, associates said Monday
night.
The Equity is solvent and will make.
funds available for the payment of
approximately $4,000 additional to
members of the 1922 grain pool, it was
announced.
Mr.. Watts, new general manager,
will have full managerial charge of
the affairs of the concern, with power
to employ and discharge employees of
the Equity, with the provisions that
in the case of any officer or employee,
whose salary is $4,000 year or more,
it shall be submitted to the board
for approval before becoming effec-
tive.
Mr.. Watts, according to spokesman
for the recognized concern, has
been representative of the Farmers
Union of Iowa, since he has had
charge of that organizations agencies
at Chicago Aand Omaha. Since as
Stunning the management of the
Equity's agency at South st. Paul..
it has made rapid strides, it was said
Monday night.
The management Monday night is.
sued statement confirming the re-
organization and expressing conf.
dence in the future of the exchange,
following the filing of a motion to.
dismiss the receivership proceedings
by James Manahan, attorney for the
petitioners. The statement follows:
with the reorganization of the
company and the election of Paul
Moore Of Iowa as president, a
Charles h. Watts as general man
ager, feeling of profound confidence
and satisfaction was restored to the