Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1891-04-27
THREE IN ONE.
Rumored Consolidation of Moline's
PlOw Interests.
Deere d Co., Deere 4 Mansur, and the
Moline Plow-CO. TO be Merged into
One Es fablishment-C. HI. Deere
LIKELY to be President.


the purchase by an eastern syndicate of
the three largest manufacturing ,pls ants of
Moline:
Arrangements have been nearly COM
pleted for the purchase of three of the
largest manufacturing plants ia Illinois.
The properties in question are the Deere
q Mansur Company. manufacturers of
corn planters. the Deere & Co. harvester
works, and the Moline Plow Company.
All are located at Moline and are The most
extensive plants of their kind in the
United States. The works of the Deere
q Mansur Company and Deere g. Co.
are virtually owned by the same capital,
lists, but the Moline Plow Company has
been separate and rival concern. The
big deal is being carried through for
syndicate by Lee. Higginson Il Co., of
Boston, and although the final papers
have not yet been signed the transaction
has progressed far enough to warrant the
assertion that the sale will be made.
Nearly all the capital stock is being dis
posed of in Boston. although some of it
is being taken in Chicago. Sull il is es,
sentially an eastern enterprise aud the
scheme had its origin with Boston capital
lists. Unlike many of the syndicaies that
are started nowadays, it is not composed
of Englishmen, although it is probable
that some of the stock will be placed on
the London market. 1. is the intention
OF the new company TO consolidate the
tn ee concerns into one and conduct a
gigantic establishment for the manufsct-
ure Of harvesters, plows, corn planters
and farming machinery in general
FORFEITED BIG SUM
The present deal has been in progress
for over a year. but no satisfactory ar
rangements could be reached until recent
ly. 1t is said the stringency of the money
market last November had the effect to
annul all negotiations that were pending
at that time. An English syndicate has
had an option on the Moline Plow cons
pany which expired February /. last,
thereby forfeiting a deposit of $25 900
1t was partly owing to the slowness of
this syndicate in deciding what it would
do that the deal in regard to the three
plants was delayed as long as it was. The
actual consideration has not vet been an
nounced, and those who are acquainted
with the facts in the case say they are not
yet at liberty to disclose the amount of
the purchase money. In fact it is said
that all the details of the consideration,
the terms of payment, ETC.. have not yet
been definitely arranged, and for this
reason no public statement can be given
at present. The promoters of the sale
say its publication at this time is little
premature, but inasmuch as the rumor
has been started on the street they are
willing to affirm that its consummation
is nearly an assured fact. Deere & Cos
works have a capital of $1,000, 900. the
Moline Plow company 100000. with q
surplus of 100000. and the Deere s.
Mansur company 100000
DETAILS OF THE DEAL
One of the men who has been most ac-
tive in the negotiations is F. L. Under.
wood, of Kansas City, who has acted in
the capacity of promoter. 1t is said that
b e has urged the sale from the first and
was one of the originators of the deal.
Mr.. Underwood was in Chicago for sew
eral days. and left for Boston last Thurs
day night to push the negotiations 10
completion. Mr.. Veile, one of the heav-
lest owners in the plants, has also gone
to Boston to adjust the final arrange
ments and attend to the signing of the
papers. Lobdell, Farwell & Co., of Chi
csgo, have charge of this end OF tine bus
mess in conjunction with the American
Trust and Savings bank. Some of the
securities have already been uuderwrit-
ten, nearly all of them in Boston, but a
few in Chicago and London. The Deere
company stands high among iron men.
being regarded as one of The most pros
porous concerns of the kind in the coun-
try. The property was left by the late
John Deere, who was succeeded by
Charles Deere, the president. In addi-
ton to the large business that is carried
on at Moline the company has extensive
interests at portland. Oregon; Iudianapo-
lis, Peoria, Kansas City. San Francisco.
Council Bluffs and Minneapolis. Mr..
Deere will retain 9 large interest in the
new syndicate. He is at present in
Texas. The Moline Plow company was
one of the leading rivals of the Deere
company, and while. perhaps. not 30 ex-
tensive in its operations. is still power
full concern and cuts an important figure
in the manufacturing industries in the
United States. One of the heaviest
stockholders is S. W. Wheelock, whose
home is in Moline.
THE CHANGE IN OPERATION.
i ne ScneIOe unQ6r WHICH the pTOpeItltS
are to be conducted under the manage
ment of the new syndicate is virtually the
same as those operated by English syndi-
Gates in this country. The plan is to
unite the three plants, recspitalize them
and place the securities on the market
| just as has been done in the case of the
big breweries and other American enterN
| prises that have recently passed into the
| hands OF syndicates. The three proper.
| ties will be conducted under one name,
which as yet b IS not been made public,
and it is probable that the capital stock
will be greatly increased over the CON-
bined capital stock as it is at present. II
| is said that Charles 81. Deere will likely
be made the president of the new con.
Germ, although this has not been definitely
settled, and the facilities in all the de-
partments will be largely increased. l,
will be week or 10 days yet before the
negotiations are brought to an end. The
deal has caused considerable speculation