The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-05-11
START MOLINE
pLOW ON new
FINANCE BASIS
Rsadjust Business Policy to Put
Industrial Group on Feet; Con-
vert s25, 000, 900 Debt.

REORGANIZATION of the Moline
plow company was completed. to-
sav. New plans for the company
and its subsidiaries, chief OF which
viII be the Stephens Motor Car
company, were ratified. The new
company was launched with $16,-
Az, 600 of current assets and with
ali current Indebtedness cleared
rom its books except accrued and
current expenses and $4,000 of
<urrent accounts.
The most striking feature of the
Reorganization is the conversion of
$4,000. 900 of Indebtedness into
s12500, 900 of 20 year debentures
and s12.500,c of first preferred
stock-$7 100000 Of old first pre-
ferred stock was converted into
81 500. 900 of new second preferred
stock.
The financial house-cleaning was
dome with unusual thoroughness.
The assets are net after writing
Inventories and plants to rock bot
tou1, and ample provision for liqui-
dating all Improbable depart
rents and obsolete and slow-mov-
ing inventories, for possible losses
an receivables, and for any reas-
enable contingency of further re-
adjustments of the business or de-
dimes in value.
A vigorous policy of read1ust-
ment and conduct of the business
was presented by the management
and ratified by the directors, and
the most significant feature of
which is the plan of the president
TO modernize and improve the sys-
ITEM of implement sales and distri-
button. This promises lower pric-
les on implements to the farmer.
Controlling Officers.
The officers elected are: Frank
%. Wetmore,. president of the First
National bank, Chicago, chairman
Iof the board: George N. Peek
president; H. S. johnson, exeeu-
live vice president; R. w. Lea, vice
president and manager of the Ste
phens Motor Car company; F. W
Edlin, vice president and sales
manager; C. B. Rose, vice presi-
Lldent in charge of tractor works
II. B. Dinneen, vice president IN
charge of implement manufactur-
ing; L. C. Shonts, secretary; L. c
Blandng, assistant secretary; F. ]
Hoenigman and John Hammerfch
assistant treasurers.
The following we're elected direc-
tors: F. o. WetInore, G. n. Peek
/ II. S. Johnson, John E. Blunt, Jr.
| Merchants Loan and Trust Co.
Chicago; C. P Coffin, Illinois Stee
Co.. Chicago; Herman Waldeck
Continental and Commercial Ma
tionsl bank, Chicago; S. A. Mitchell
Mereantile Trust Co, ST. Louis
| No.; C. T. Jaffray. First National
Bank. Minneapolis, Minn.s RumseJ
! w. Scott, Chemical National Bank
New York City; ]. Herndon Smith
St. Louis. Mo-; F. F. Wfnans, Ma
ionat City Co, Chicago; Henry r
Johnston, Chatham & Phoenix Ma
tional bank, New York City; R. l
Barr, Chase National bank, New
lYork City; Horace Fortescue
| Philadelphia National bank, Phila
ldelphia, Pa: H. H. Cleaveland
1 Rock Island, Ill.
/ The Stephens Motor Car com
pany is placed in an equally SOUND
position The investment in plan
and equipment is unusually low
and the assured standing of thu
Hcompany will now give ample as
ssurance to everyone interested il
the Stephens automobile. The com
4 pany has taken over the poppe
valve motor business of the r. 4
IV. Engineering Co., and will manu-
facture an automobile engine a.