Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1914-08-13

ments in the United States. asserting
that prior to the organization Of the
International Harvester Company the
principal manufacturers OF harvesting
implements in the United States were:
The Mccormick Harvesting Machine
Co., of Chicago founded in about 1s49.
D. NJ. Osborne & Co., Of Auburn. N.
Y, founded about 1860.
The Warder, Bushnell & Glessner
Co, of Springfield Ohio. founded about
1862
The Deering Harvester Co., Of Chi
cago founded about 1875.
The Milwaukee Harvester Co.. of
Milwaukee.
The Plano Manufacturing Co., Of
West Pullman, Ill.
According to the decision, the eff
forts TO combine these concerns began
on June "a, 1902, when 7. D. Middle
kauff secured an option on the stock
and plant of the Milwaukee Harvester
Co. for 81, 1923, 691. HE did this" the de-
cison says, "in fact as agent, though II
does not clearly appear who his prin-
cipal was, whether ]. p. Morgan &
Co, George w. Perkins, or the Nc
Cormick Harvesting Machine Ct He
did 1t, however at the direct instance
of the Mccormick HARVESTING Machine
Co, but whether he was acting as
principal or agent Is left In some slight
doubt.
"On June Is. 1902, Mr.. Middiekauff
went to New York with letter from
an officer Of the Mccormick Co., au-
i'm "a fg ff
j. P. Morgan & Co.. Of which George
W. Perkins was a member, or to any
one they might designate and reciting
that the option had been obtained for
u.s. lr,,.o.-., .. -. -.
"On August II, 1902, new contract
was made for the purchase of the Mil
waukee Harvester plant by Mr.. Mid
dlekauff. and on the same day he as
signed his contract to Mr.. VIM. G
Lane, a New York banker. and then
president of the Standard Trust Com
pany.
In July, 1902, the representatives Of
the Mccormick, Deering, WardneH
Bushnell and Glessner and the Plane
companies were all in New York aft
stopping at different hotels ard a9t
seeing one another. They We're adj see
ing, however, Mr.. George *. Perkins
"On July %. 1902, they met an gave
separate contracts to VIM. c. Lane to
sell at their tangible property. nd
specified portions of their bills rec
able These agreements all containel a
recital that the purchaser, upon his &C
QUESTION of the property, intended to
transfer the same to corporation to
be organized under the laws of Illinois
or some of the states, called the Pur-
chasing Company. 1t was in each case.
except that of the Warder. Bushnell &
Glessner Co., stipulated that the entire
purchase price be paid and fully paid
-assessable stock of the purchasing
company.
"On August II, 1902, the companies
all signed an agreement for the i'm
mediate delivery of their plants and
property without waiting for any ap-
prasement heretofore stipulated for
in each instance.
"On August u, 1902. the very day
of the organization of the International
Harvester Company with total capt.
tai of S120, 000, 600 Mr.. Lane appeared
before the board of Directors and Of
fered TO sell the Milwaukee Harvester
Company plant as a going concern, in
Guiding its bills receivable. and the
plants of the Mccormick Harvesting
Machine Co., the Deering Harvester
Co., the Plano Manufacturing Co.,
and the Warder, Bushnell & Glessner
Co. and to furnish $4,000, 900 Of work
ing capital to be represented by ac-
counts and bills receivable of the Nc
Cormick Harvesting Machine Co., the
Deering Harvester Co. and the Plano
Manufacturing Co., or in cash. for
s120, 00o,o 900 of the capital stock of the
company, and on August Is, 1902, this
proposition was accepted. The property
turned in was of greater value than
the stock issued for II. This case,
therefore, involves no question OF over
capitalization.
I'm all Mr. Lane did in this matter.
he was acting upon the suggestion OF
his counsel. He was compensated. but
there never was any idea upon his
part that he owned any of the prop
erty. He was a mere conduit, or In
strumentality in the transaction" Is
Later on the decision says: This
court is clearly of the opinion that the
process by which 1t was made to ap-
pear that the properties were sold to
Lane were merely colorado"
The opinion recites that after the
orga nization of the international Har-
vestcr Company the combination ac-
quired all the stock Of the Milwaukee
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