St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-09-29
BOUGHT BY BRITONS.
Elevators, FIGURING Mills and
BreWeries Gobbled by Two
English Syndieates.
Sir Henry Isaaes, Lord Mayor
Of London. Is the Prime
Purchaser.
The Cargill, Van DuZen and
Star Elevators Have Been
Transferred.
The Washburn and Pillsbury
Hill Properties Are Also
Under Option.

CHICAGO, Sept. 2S.-The expenditure
of 100000 by two English syndicates
for the control of an extraordinary ag-
gregate of industrial enterprises in the
United States was completed in this
city to-day. Levy Mayer, we'll known
Chicago lawyer, was one of the agents
in the great purchase, and to him was
left the matter of making public a sum-
mary of the transactions, or rather the
extended series of transactions. A pair
of London corporations, headed by the
present lord mayor OF London, Sir
Henry 1saaes, are the buyers.
The syndicates include in their men,
bership great number of British bank
ers and trustees of large estates in the
united kingdom. No business was ac-
quired for them in the United States
which has not paid at least 1917 per
cent year for the past five years.
Grain elevators, Touring mills and
breweries have been the favorite invest
mentS. The management of each of the
various enterprises will be placed in
American boards of directors, subject to
the control of a board.
Doesn't this tend to the establishment Of
a huge British trustf" Mr.. Mayer was asked
this evening.
"Oh, no. said he There is no combina-
ton. Each enterprise is operated separately
and di stinctiy. The plan is not one of ag-
gression, but of conservative, sure invest
ments."
Hostile legislation, is is learned, has
been cleverly evaded. The alien law
of Illinois, for example, prohibits any
sale of real estate to foreigners. 1t was
designed to prevent the requirement of
farms in Illinois by certain British
landlord for track renting" purposes.
The syndicate got around this statute
by having the ownership of necessary
real estate incorporated and then ac-
quiring the stock of the company. which
is legally personal, not ''real' prop
erty. The deal embraces chain of ele-
vators from the Minnesota and Dakota
wheat districts to Chicago. The syndi-
Gates Touring mills are at Minneapolis,
and the breweries are in Chicago and
the East. The purchasing committee.
or at least two of its members whose
identity has not been disclosed, left Chi
cago this evening Ell route to the North
west. and intending to go from there to
Omaha and Kansas City. where further
purchases are now being considered.
The titles of the following properties
have already been turned over to the
SyndicateS:
The Bemis & McAYOy preWeries, Of Chi
cago.
The Wacker & Blrk breweries. Of Chicago
The Albany brewery, OF Albany: n. I.
The Jones brewery, of Detroit, Mich.
The Hauck brewery, of Newark n. j.
The Tre1z brewery, of Jersey City, n. j.
The United States breweries, of New YorA
A portion of the stock Of the Schoenhofen
brewery, of Chicago
The Star elevators of Minneapolis Mimi.
seventyslX in number.
The G. w. Van Duzen system of elevators,
of Rochester, Minn., ninety in number.
The Cargill Bros elevator system of Min
neSOta and Dakota.
The Baltimore breweries, of Baltimore Md.
F. Braastad's Hancock iron mines, Of
Hancock. Mich.
The Rochester breweries, of Rochester, NY.
Arrangements for the following are
also concluded, and the transfer will
take place in few days:
The F. j. Dewes brewery, of Chicago.
The Pillsbury -four mills, Of Minneapolis.
MINI.
The Washburn four mills, of Minneapolis.
MINI.
The Syracuse brewery, of Syracuse, N. Y.
Negotiations for two extensive ele-
vator systems in Chicago are well adj
vanced, but not yet consummated. The
City Contract company, of London.
capital $50, 600, 600, and the Trustees and
Executors company. of the same city,
capital S37, 100000. are the corporations
or Syndicates making the big purchases.
Both are reputed to be among the most
solid of British institutions. Lord Mayor
Isaacs is president of the latter com.
pany. Trusted agents first made lists OF
desirable properties. The next step was
to obtain options CONTRACTS binding
the owners to sell for a certain sum)
and giving history of the enterprise
for ten years back, accompanied by
bank deposit to guarantee expenses OF
an investigation. Expert examinations
by English accountants followed; then
came a report from an advisory COM
mittee sent to the ground, and lastly the
work of the purchasing committee.
The examining or advisory committee
came over in July, and consisted
of ID. G. MacRae, editor of the
London Financial Times; FL. H. Shanks,
of London, and several other gentle
men. The purchasing committee was
headed by Messrs. Thomas Stewart and
Leigh Marshall. Secrecy of the most
binding character was observed to the
utmost. The main reason for this, as
given by member of the purchasing
committee to-day, was:
I'VE have been inclined to look on the
purchases as private business, which could
be of no proper interest to the public"