Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-11-04
HARVESTER TRUST
IS DEFENDED AS
BENIGN COMBINE
Counsel Tells Of Vast Benefits
from OBSERVATION-DISCLOSURES
Perkins-NO Water.

ST. PAUL, Nov. 4.-Judge William
d. McHugh. of Omaha, fighting the
federal suit for dissolution of the In
ternational Harvester Company to-
day in the United States District
Court pictured the concern as one of
the greatest educational and beneficial
forces In this country. He assigned
to George W. Perkins, of New York,
credit for this achievement, and as
serted that without Mr.. Per'Iins's
mind to direct the organization and
expansion of the business, the Inter-
national Harvester Company Of to-
day would have been an impossibility.
Judge McHugh, who was continu-
Sng the argument he began shortly
before adjournment of court yester-
day, appealed to the bench to hold
IN mind the old English legal maxim:
TELL me what you've done under a
deed and I'll tell you what the deed"
in Judging the Harvester concern't
management, and direction of its vast
business. "In other words" said
Judge McHugh, Ito quote from the
Bible: BY their fruits shall ye know
them
st is very fortunate that this case
was not brought at the time this
company was organided. But now
ten years of acton have followed and
we have a record of performances
and achievements to submit in meet
ing the charges of the government.
With Mr.. Mccormick went to
New York In 1902 to enlist j. P. Nor
gan & Co. to aid him in getting cap
ital to extend the foreign trade of
the Mccormick company he met Mr.
Perkins a man who was invaluable
for exactly that sort of thing Mr..
Mccormick desired.
Then Judge McHugh told the epic
of the great Harvester concerns or
ganization and its expansion at home
and abroad, sketching it as one of
the greatest factors in the settlement
of the vast reaches of Siberia and
other remote countries.
"t.ne hundred and twenty millions
nj capital were put into this con-
eera," he said, land of this amount,
one half, sixty million dollars, of
stock, was issued for cash. The rest
was put aside to cover the properties
of the various large concerns that
went into it.
Now / desire to impress upon this
court that this sixty millions on prop
erty actually existed. The most elab-
crate, the most thorough appraisal
ever made in this country was made
on the properties OF the nrmS ABOUT
to enter the International Harvester
Company
And what was the result? 1t was
found that these properties were
worth more than sixty millions, more
than the stock issued to cover them
Then the appraisers again went to
work. shaving down here. shaving
down there. on the properties and
stocks of the concerns involved until
the total amount had been reduced
tomeet the sixty million figure.
Three million dollars was paid
Mr.. Morgan as commission Even
this three million had tangible as
sets. The company. absolutely, was
ORGANIZED on an honest basis with
every share of stock worth more
than it's face value"
Judge McHugh then attacked the
governments charge that the sub
5ect of foreign trade was an after
thought of the officials of the Har-
vester Company He declared that
the naming of the company was done
particularly with view to the mat
ter of foreign trade.