The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1931-01-16
OPEN LETTER TO SENATOR WALSH
CONTINUED from front pagel

the SO16S7O57 shares might be found the item under
resources stocks $14949S6392. This hope is dis
PEELED by the following language in the report NOte: The
item StOcks" represents the valuation the time pur
chase of equities in the affiliated corporations On
ng at the purchase price all factors tending to establish
the value of these corporations cOnsd
cred and final acquisition accomplished very con-
Exactly how conservative" the basis of purchase was
Is probably elsewhere revealed in the report long item
zed list OF the invested capital in each bank acquired by
the concern totals exactly $5O485S6O This from
their own statement to be the paid for what they rep
resent 10 their stockholders over the signature of r. Lee
man and General Manager to be worth $ll4
94986S92. Nowhere in this report be found the
FaRSe INTO the corporate treasury Of any Of the Prea
81 shares the public bought the bubbng burst of
husasm puffed by such statements of promoters when this
enterprise entered the business life of the Northwest 1t
may be that the public absorbed at prices ranging from SAT-
so to $4,000 the share the bulk Df the ISSUE The shares al
Otted for sale in Butte were quickly Over-subscbed 1t is
really possible that the spread tOtaed fifty million dollars
In state "Blue Sky Laws" usual limit of spread of
this kind twenty per cent of what the public pays for the
stock eighty per cent into the treasury of the company
The spread here evidently in proportion of $500 for
the corporate treasury, $3.50 promoters anil may
have ranged in instances to $500 for promoters to $500
in the treasury.
Gone amazed at the modest fOrbearance of the pro-
motors of the other in midst reading of their
report would indicate that the Spread" organization of
the Northwest Incorporation only twenty per cent of
many millions of dOlars)
have made research into whether the Congress
egislae these matters under the Interstate Commerce
Clause Of the Constitution Certainly
Montana Minnesota, North Dakota, South Dakota Mich
ganare severay yet by any organized political nave
able regulate such While there is
tile of among the people of Montana which
few years gain sufficient strength to cope with
these men working in harmony reading of the list of
board of directors of First Bank Stock Corporation will
vince novice in the political life of this state that the
matter is for Federal Control that this board of drec
tors is stronger than this State at present
Among is list of 68 directors found:
RALPH BUDD President Great Northern Railway Company
CHARLES DONNELLY, President Northern Pacific Rail-
way Company
c. T. JAFFRAY, President Minneapolis st. Paul and S.
Ste. Marie Railway Company;
H. A. SCANDRETT, President, Chicago, Milwaukee Saint
Paul and Pacific Railroad Company;
FREDERICK r. WILLIAMSON, President, Chicago Bur-
lngtOn and Quincy Railroad COmpan.;
FRED W. SARGENT President Chicago and North Western
Railway Company;
FRANKLIN NJ CROSBY Vice-P President General Mills Inc.
L. w. HILL. of the Great Northern.
CORNELIUS F. KELLEY, President, Anaconda Copper
Mining Co.;
A. C. LORING, President PllsbWy Flour Mills Company;
GEORGE w. ROBINSON, President, Tri-State Telephone
and Telegraph Company, probably owned by the Amer
lean T. & T. Company;
F. E. WEYERHAEUSER, Lumber, Owner.
enclose you the printed circular and ask that it be
turned to when you have had copied if you desire
copy
Cordially and respectfully yours
HLM:s FL. L. MAURY.