Free trader-journal. (Ottawa, Ill.) 1916-1920, 1919-06-10
FOUNDER OF INDUSTRY
STEPS DOWN AND
OUT TODAY
PICK NEW OFFICERS
JOHN ECKHhRDT, ROCK ISLAND
COUNTY STOCkMAN, ELECTED
PRESIDENT OF CORPORATION
E. II. DOUD, RETIRING PRESl-
DENT, TO LEAVE OTTAWA.

Complete reorganization of the a4
ministratiye affairs OF the Illinois
Farmers Pacing Company was an
nounced today at the conclusion Of n,
regular monthly meeting Of the board
Of directors, which was held late ye,
terday.
Under the reorganization plans tW,
executives of the company-E. Il
Dond, promoter OF the industry. and
{. w. X. Thalen manager--atep dow a
and out to make room tor John EcE
hard, of Taylor Ridge, Ill a pealtay
Rock Island County stockman, a.
president. and 7. Il. Miller as mana
ger. Mr., Doud, it is announced, will
look after other business interest
which will take him away from Ot
tawa.
That the managerial changes were
brought about by more or less Gis
cord is openly admitted on all sides
and came in the wake Of persistcn,
rumors that things at the packing
plant were not all as they should be
While the meeting Of directors YES
terday was not called to force change
in the company's force OF officers and
it's administrative policy. reports CT
some such move We're current. but
were headed off by written resigna-
tions which left the board OF contro!
open to pursue its regular busines
without the need of any application o.
high pressure to bring the aite@a
tions about Dissatisfaction with the
operation end of the concern coming
upon the heels of persistent though
unfounded rumors charging misman
agement placed the directors in a po
.sition which compelled some decisive
steps. But anticipating such a move
though the IIscal year does not eX
pire until Sentember. Mr.. Doud sub
mitted his formal resignation, to TAKE
effect Immediately, and it was ac
cepted The directors at the mcet1n2
represented some POO subscribers tt
the 100000 fund raised for itnancin
the north side institution. While moi
all the money was put into building,
and machinery, much OF it, il is con
tended, was placed in reserve for get
ting the infant industry properly
started on the way toward tinancia
success.
Denials were emphatically made II
official circles of the concern today
that there had been any misplacemen
OF the company's funds, while admis
sions, held somewhat in reserve
pointed out there was little profit pro
duction under the retiring regime
until last month, when the 'boOk'
showed a substantial balance to th'
credit of the company.
Denials were also emphatic of re
ported charges that the overhead
created by stock sales was much too
high. The whispered rumors that 3
per cent commissions were allowed
statesmen for their work in disposri
of the companys stock were branda'
as wholly untrue. The commissions
il was stated on good authority, wer'
II per cent. while an additional II pc
cent was allowed for selling expenses
The first II per cent went to the sales
men disposing of the stock.
Among other changes brought abou
i'm the list OF officers was one naming
Edward Ryan as treasurer, who vii
remain permanently at the place
Henry Koenig. who retires as treas
urer. was unable to give the whole o
his time by the press OF othef DuFI
ness more remunerative and lmpol
tant to him. While it was the sens
of the directorate that Mr.. koenig ha
rendered the company important ser'
ice which will help materially toWar
its growth and financial success, men
.bers of the controlling body wer
unanimous that the permanent pres
ence of a treasurer at the plant woul
be more satisfactory to the stocF
holders as a body. Mr.. Ryan Is
highly capable young man and ms ei'
walton to the post is one which meet
with the approval of the men VIII