Jamestown weekly alert. [volume] (Jamestown, Stutsman County, D.T. [N.D.]) 1882-1925, 1897-01-28
RECEIVERS
For Russell, Miller Milling Com
pany's Property In Two
States.
Temporary Embarrassment
Caused by Disagreement
Of stockholders.
Affairs of Local Mill In This
City In Excellent Con-
dition.


City In Excellent Con-
dition.
WEST SUPERIOR, Jan. 3-The Russell
& Miller Milling company has applied
for the appointment Of receiver by tho
federal courts Of Fargo. N. D., and Mad
ison, Wis. The company was iucorpora-
ted in 1893 with 100000 capital, John
Russell, president; and Arthur Miller,
vice president and manager. The COM
peny operates one of the largest plants
IN the city and is not understood TO be
in any financial difficulty, but has sought
the appointment of receiver through
disagreement of the stockholders. The
articles of incorporation were recorded
both at Madison. Wis, and Fargo. N. d.,
hence the necessity Of applying to the
two courts. o.
John Russell of Valley City, N. d.,
and Arthur Miller, Of Superior, are re-
ceivers for the Russell & Miller Milling
company's property in Superior. The
same receivers we're appointed by the
North Dakota judge Tuesday, for their
property there.
In regard to the local situation Mr.. u.
p. Wells, who has been conversant With
the affairs of the company in business
, way said:
II have anticipated this or some siml-
lar action for some time knowing, as l
have, that the relation existing between
the different interests controlling the
company were not of the most sstisfsc.
tory character. The reorganization and
enlargement of the company and the
magnificent enterprise at West Superior
were undertaken at most unfortunate
time, preceding, as they did by only
few months, the panic Of 1888. The dis
astrous condition of that year found this
enterprise only partially completed, the
stock OF the company had not all been
paid for, and it's bonds not marketed.
Tho company showed wonderful skill
and unusual management in being able
under such conditions to 60 ahead and
complete the mill, which has since been
recognized % the finest in the perfection
OF it's machinery and workmanship
Of any mill IN this country. But
the continued depression in all in
dustrial lines that has followed in the
succeeding years has seriously hsrsssed
and threatened the company and pre-
vented 1t from placing its securities
and securing on the most favorable
terms the money required to carry on 90
great On enterprise.
'The action just taken will have no
sppreoiable effect upon lcoal conditions
more than, possibly, the closing down OF
tho mill for few days after which it will
nodoubt be continued under the receiver.
"While the James River National bank
hes ct all times extended generous line
OF credit to this company the amount
now owing to the bank is small and 1t 10
amply secured by collateral on which We
can realize within "a hours. The entire
amount Of their indebtedness to us in
in every form is less than $1,000.
"Fsrmers holding the oompauy's ware
hsuse receipts have not to exceed elk or
seven thousand bushels Of stored wheat
and this wheat, personally know. 10 ell
in the elevator here where 1t can be de-
liversd to the farmers on la moments
notice should they desire 1T. All our
courts have recognized these receipts %
first and direct lien upon the wheat 10
) store with which neither failure, assign
meut nor recelversblp can interfere. or
this we ire go certain that the bank
would not hesitate to advance money
today on these outstandings receipts.
.The company owns mills and eleva.
tors at jamestown, Valley City and
West Superior, Wis. Both the mills IN
North Dakota have been profitable and
have made handsome earnings in the
past year. Under good management and
With eufficient capital the West Superior
mills should be one OF the finest proper
ties in the country. I hope, and ! be-
lieve, the present action will result in an
early reorganization, and the continu-
ance OF at least the control Of the DakO.
to properties in the hands OF Messrs
John Russell OF Valley City, Arthur NIL
ler Of West Superior and E. j. White,
formerly Of this city, but now OF
Chicago, the original owners, and
the largest stockholder in the company.
They are all experts 10 their business,
have been popular with the farmers and
the trade. and their -four brands have
been recognized in oil psrts Of tho United
States and in England q Of the very
highest grade"