The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1914-08-12

member. or 10 anyone they might
designate. and rcDitinR that the OPP
ton had been obtnlncd Tor us
ION august 10, 1909. q new con-
tract was made fnr the purchase Of
tho Milwaukee Harvester plant by
Mr.. Middlekaun. and on the samc
day he assigned his contract 10 M.
William e. Lame. "a New York bank
or. and then president 81 the stan.
lard Trust company.
TN JuIy. 1909. tho representa-
tives % the Mccormick. Deerlng,
Wardnrr. Bushnell ana uicssner and
tho plano companies were an in New
York. but stopping at different ho-
tells. and mot seeing ~ anothtf
They were all seeing, however, MI
George W Perkins
"On July 2s. 1902, they met and
gave separate contracts 90 william
C Lane To- sell all their tangible
properly. and specified portions Of
their bills receivable. These agree
ments an contained a recital that
the purchaser. upon his acquisition
81 the property. intended % trans
OF the same 10 "a corporation 10 be
organized under the laws of illinois
or some Of the states. called the
Purchasing company. u was IN each
case. except that OF the Wardcr,
Bushnell n Giessner Co, stipulated
I that the entire purchase price be
paid and fully paid worcestershire
stock ~ the purchasing company
"On August n. 1909. the -om-
panies all signed an agreement for
the immediate delivery of their
plants and property without waiting
for any appraisemont heretofore
stipulated for In each instance.
"On August ~. 1899. the very day
Of the organisation OF b interna-
tional Harvester company with n
total capitalization Of 100000, 600,
Mr.. Lane appeared before the board
OF directors and offered TO sell the
Milwaukee Harvester company plan'
as n going concern, i%ncludinS It's bills
receivable. and the plants of the Nc
Cormick Harvesting Machine Co
the Deering Harvester CO., the Plano
Manufacturing Co, and the Warder
bushnell A. Glessner Co, and To fur
nIsh 100000. coo of working cepital
10 be represented by accounts and
bills receivable Of the McCormieh
Harvesting Machine Co. the Deerinf
Harvester Co. and the Plano Manu-
featuring Co, or In cash. for Xls0'
OOO, geo OF the capital stock Of the
company. and on August 10, 1907
his proposition was accepted. tn
property turned Ia WINS ~ greater
value than the stock issued for II
This case. therefore. involves no
question Of oyercapitalizatlon.
"In al Mr.. Lane did In this mat
ter he was acting upon the suggcs-
ton of his counsel. He WINS com
pcnsaied. but there never was am
idea upon his part that he owned ana
OF the property. He wns a mere con
dnit. or fundamentally. in the trans
action"
Later on TIRE decision says: Thu
court is clearly OF the opinion tina
the PROCESS by which II was made q
appear that the properties were sole
to Lane were merely colorado"
The opinion recites that after tn
organization OF tho lnternationa
Harvester company the combination
acquired all the stock Of the MI
waukee Harvester company, as n ha'
already acquired the plant. II re
duced the capital OF the milwaukee
Harvester company To a million dol
lars. the court said, and changed tn
name 10 the International Harveste
Company of America, which was 10
% considerable time differed by OF
hcers of the International Harveste
company. A contract was mad
whereby the International Harveste
company contracted 60 sell its entir
output 40 the international Harvest
err Company Of America, which un
dertook to resell the same. Tn
court declares that the selling com
7 pany. In addition Co buying the prod
ucts OF the manufacturing company
{ also bought from outside partie
some threshers. wagons. plows. etc
T and rsoid them; but tho dealing I
all not the product Of IN
international company only amount
to about ga per cent OF is bushes
. All the stock of the America com
E PAM Is still the property Of tho In
ternatiOnai company.
2 The court finds that in Jenuar
following the consolidation OF tn
hve companies the ~lniernRtion'
company acquired the ID. NJ. Osborn
q Co. stock and the companies thu
r. combined manufactured n still greal
or percentage OF the harvesting ma
e chinery used In the United states an
% nearly the whole OF that exported
The decision continues:
- The FIVE companies except N
Milwaukee company all tool stock
the new company. and with the -
ception of the Warder, Bushnell
ilessncr co. took stock Tor the 81
tire amount rnrne over by then
aud this amounted 20 s93, 4o0, Gee
the fi20. 000. O0e capital Of tho ne
: company, t6.6OO.O00 Of the capt.
of the new company was paid To
T.. Morgan a Co, Of which f3.ifs
1865 was Tor the Milwaukee Ha
vester company's property and bus
ness and Sa.t5l, SO3.34 was for a