The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1907-02-15

1t may be well to state, in passing, that
J. P. Morgan & 90. guarded their inter-
ests we'll by having Mr.. Perkins at once
make chairman of the finance commit
tee and for period of year he was the
absolute dictator in the, affairs of the
cooperation while the McCormicks and
Deerings, though actually shorn % pow
er, were held out to the public and the
trade as the active managers. Mr.. Per
kins drilled the magnates SO thoroughly
and well in that first year that he has
been able to relax his vigilance in all
but matters of greater Importance.
This activity >'of Mr.. Perkins is of
special significance in view of the fact
that the plausible and soothing state
ments issued to the public through the
press obstensibly from Cyrus McCoF-
mick, but in reality adroitly framed by
the resourceful perkins, dilated at great
length to the effect that this was "a legl-
timate industrial enterprise, headed by
business men born and bred in the in
dus try, that no stock was for sale, that
it would not be placed on the market or
listed on the stock exchange, and that,
this being the case, there was no cause
for alarm in any quarter. Only a few
days ago the newspaper published that
}. p. Morgan & Co. were busy with a
scheme for reorganization sanctioned
by j.. p. Morgan, Geo. D. Perkins, and
b. H. Gary, head of the Steel Trust, {"
that the retirement of several interests
from heactive management would re-
suit and that the new securities issued
would be listed on the New York Stock
Exchange.
In the light of these events the -Har-
vester Trust appears not:as the work of
those former captains of industry, the
McCormicks and Deerings, whose names
have been used to fool the public, but
as just. another game for the captains of
frenzied finance.
Getting back to the main subject, the
international Harvester Co. of Amer
ica." is Wisconsin corporation, organ
lied a month after the formation of the
New Jersey corporation. Asa matter of
fact it stands on the records of the Wis
.consin Secretary of state as the sue
scessor of the Milwaukee Harvester Co.
with only change of name and an in
crease of capital stock. It's capitaliza-
ton is one million dollars as against
Sl20,000.OOO of the New jersey corpora
tion.
The international Harvester Co..
New Jersey Sl2O,OOO. .OOO1is the manu-
featuring corporation and does no inter
state business.
The international Harvester Co. of
America 81 ,OOO OO0-is the selling cor
poration, doing an interstate business.
It buys theoutput of the mannfactur-
ing corporation and markets it turnout
the world. OF course this argument
|simplifies the business of the Harvester
Trust and incidentally allows it to pay
taxes in certain states on capitaliza-
tion of only s1,OOO,OOO instead Of on
S120, 600, ,O00-a mere detail in the fnan-
cial brains conceving the manipulation
Of tremendous industry.
:. = i .
Before many months had passed, it
became clear that the 'International
Harvester Co. of America" was forcing
its goods upon the trade by methods as
ruthless as any ever employed by Stand
ard oil to coerce the. proprietors of the
little wagon routes, corner groceries and
country stores. The exclusive clause in
the agency contract of the Harvester
Trust has been abolished, thanks to the
laws Of Texas, thanks to the law passed.
by the Michigan legislature after a
stormy session in spite Of desperate lob
lbying by the Harvester Trust emissar-
les. and thanks to the protest Of dealers
associations and the public prosecutions
that were Instituted as . result Of pub
licity in the trade and daily press; It is
abolished in form only, however, as it is
still enforced as vigorously as ever
which means that it is enforced in each
and every case where the Harvester
Trust thinkssth circumstances permit
the s,ise q q club 70 knock out an iinde-