The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-04
GIANT BISCUIT TRUST
NEARLY ALL CRACKER COMPANIES
NOW UNDER ONE MANAGEMENT.
Deeds Transferred Yesterday and the
Jersey with Capital of $55,OOO,OOO

CHICAGO, Feb. S.-All the biscuit and
cracker companies between Salt Lake City
on the west. Portland, Me-, on the east, st.
Paul on the north and New Orleans on the
south will tomorrow morning be under one
management. The name of the new cor
poration, which was Incorporated to-day in
the State of New Jersey with capital of
SIS 900 900 of preferred and 5000 200 of COM
mon stock, is the National Biscuit Com
pany.
The actual transfer of the deeds of the
various plants controlled by the companies
merged into the National Company took
place to-day in the office of the Illinois
Trust and Savings Bank in this city, Ben
jamin +. Crawford, of Mansfield o. was
elected president; ii. +. Worries, of Chicago
first vice president; Frank o. Lowden, Chi
cago, second vice president; c. f. Rumsey
Pittsburg, secretary and treasurer. The
following board of directors was elected: !:
Benjamin f.. Crawford, Mansfield: II. f.
Worries, Chicago; Thomas S. Oliver, New
York; David $. Bremner, Chicago s. S.
Marvin, Pittsburg; Henry j. Evans, CHI
cago; Lewis d. Dozier, St. Louis; Norman
B. Ream, Chicago; VIM. r. Baker, Chicago
Joseph S. Loze, Kansas City; c. T.. Rum
sey, Pittsburg; James w. Hazen, Boston,
~. l-OWuSils 1HlcdSOs a. L. OdTTettSOn,
Morristown. N. j.; A. w. Green, Chicago.
The new company has purchased for cash
all the assets, bills receivable and operat-
ing plants of all the bakeries which
were controlled by the American Biscuit
and Manufacturing Company, United States
Baking Company and New York Biscuit
Company. It also assumes all the indebted
ness of these companies. Practically all the
stockholders of the old companies sub
scribed for stock in the National Company
There is a small amount of stock outstand-
ing, but according to A. w. Green, of Chi
cago, the counsel for the new company, who
engineered the deal the amount of this
stock is so small that it cannot in any way
affect the working of the new concern. The
amount of money paid in stock and cash by
the National Company for the buildings in
the various companies which have been
merged into the National is exactly $23 000,
600. 1t was determined at the inception of
the deal to limit the amount to this, and it
was declared tonight that any stockholder
in any of the old companies who has not
subscribed for stock in the National Com
pany win not now be able to subscribe for
new stock il being all taken up. Such
stockholders will be offered cash for their
holdings in the old concerns at any time
they may elect to sell. If they do elect to
sell, their stock will be taken at the market
price. If they do not choose to sell they are
out of if.
The total indebtedness of the various con-
Germs absorbed by the National Company is
placed in round figures at 100000, and this,
it was said tonight. would be paid off i'm
mediately. The directors of the National
Company estimate that after all contingen-
cies have been provided for they will have
cash working capital of $6,0O0,000 and $10,-
900 of quick assets. One million dollars
of the common stock and 81, ,000,0 900 of the
preferred are to be retained in the treasury.
The new company now has complete con-
troll of the cracker and biscuit trade be-
tween the Atlantic ocean and the Sierra Me-
vada mountains. 1t controls 139 plants,
which is about 80 per cent. of all the large
bakeries in the country. No change will be
made in prices, and no such move is con-
templated.
For the three principal companies was
paid $16.s50.0 600 in cash. The names of the
three concerns, their capital stock, the rate
at which each $1OO share was bought and
the total price paid are: