Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1913-06-25
President OF Moline PIow
Company Defends the
International.
HELD NOT OPPRESSIVE
Tells of Purchase of New York
Plant Manufacturing Com
petitiVe Lines.

Chicago, H., June 25.-Competitors
of the International Harvester COM
pany testified in the governments
antitrust suit hearing today that the
concern had employed no unfair prac.
tees to prevent them getting busi-
ness.
We found it easy to compete with
the International" said DR.. A. n Rune
ly, until yesterday president of the
NJ. RImely company of Laporte, Ind.
NO obstacles were put in the way to
prevent agents handling the In;erna-
tional lines from handling our lines
Also
G. A. Stephens, president of the Mo-
line Plow company, Moline, Ill, ;old
Special Examiner Taylor that he had
bought out the Adrian-Pratt company,
Poughkeepsie, n. Y, Jan. Is last in
order to enter competition with the
International.
THE business of the Moline Plow
company" he said, was outside the
harvesting machinery lines. 1t seemed
to me there was a good opening for
new firm making harvesting machin-
cry, or at least pushing the sale of an
established firms line. Therefore, I
bought the Adrian-Pratt company"
He thought there was an excellent op-
portunity, he said, TO build up busi-
ness in competition with the Interna.
| tional.
NEW OFFICERS TAKE HOLD.
- Aurora, H., June 25.--Officials and
| directors of the Independent Harvest
| er company at Piano, ILL.,, whose meth
DDS of stock selling are being investi-
gated by the government, resigned
yesterday and new officers were
elected in their places. Those resign
ing were President and General Man
ager w. C. Thompson, Chicago, and
Directors n. E. Ely, Des PLANES; Jo-
seph Doda, Plano; A. l.. Lye, Plano;
| w. w Parrish, Jr., Momence and Rob-
ert McLead, ! Jacobs.
The new president is William Deer
| ing Steward of Plano, president OF
the Plano State bank. The new board
|
Hanchett, Chicago; o. S. Steward,
William Deering Steward and c. L.
Jeter of Plano, the latter the mayor
of the city; Judge F. L. Martin OF
Hutchinson, Kan; Grant Grinnell OF
Kankakee, and E. NJ. Shelby of Eagla
Grove, la.
The new directors were elected by
attorneys and others representing
holders of 100000 of the common
stock Of the company.
The company is a S10,000,0G0 cor
poration and has issued approximately
! $7,000,000 of stock, but only 100000
Of the stock is common or voting
stock. About s6,OOO,OOO is styled as
preferred machinery discount stock,
and has no vote. It merely entities
the holder, largely farmers, to a dis
count on the machinery he buys OF
the Harvester company.
Some Of the farmers claimed they
were led to believe they could vote
their stock when they bought it.
Former President Thompson held
S3S0,00O of the common stock. He sur
rendered his stock yesterday TO the
new directors, TO be he'd by them or
taken over, as they will. II it is not
sold or taken over he may retain mis-
interest, President Stewart said.
NO DIVIDEND PAID.
The company has not paid a divI.
dend since it was organized, four
years ago, but has been adding many
buildings and putting in much new
equipment. This is where the divi-
dends have gone, former official
said.
About 500 men are now employed
in the plant, which has been enlarged
each year
A meeting will be held Friday to
decide on further reorganization
! plans.
: All factions are represented on the
new board President Steward said
last night, while the preferred ma
chinery discount stockholders have no
vote they are represented on the
board and vii. be taken care of. We
! want TO make this plant cooperative
concern in all the word implies; We
want 20 get away from the one-man
control, which has caused considerable
, dissatisfaction.