The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-05-15
SIX PER CENT. COED BONDS
or the United States Flour Milling
Company.

Subscriptions are invited to "a, 100000
first mortgage s per cent. gold bonds of
the United States Flour Milling compa-
ny at 1921 and interest, the lists to be
opened on May II and to close on May
| 10 or earlier Subscriptions will be re-
\ ceived simultaneously at the offices of
the Produce Exchange Trust company
and Mcintyre & Wardwell of New
York, the International Trust company
of Boston, Dean & SHIRLEY of Provi-
! dence and Kimberly, Root e. Day of
New Haven, Conn. The bonds offered
are the balance of an issue of $780, 900,
of which 49, 900 have been taken by
the vendors and at private subscription.
The company is incorporated under the
| laws of New Jersey and has acquired
the -four mills, elevators, plants, brands
| trademarks. etc. of nineteen well known
| companies in different parts of the
country at such important centers as
| New York city, Buffalo, Syracuse, Mil
[ waukee Superior, Duluth and Minneap-
oils The aggregate capacity of the
flour mills in the combination is $4,000
barrels per day, and their storage and
elevator capacity is 2,272,000 bushels,
lIlelT CTdu6IIldTkS DelUR pIotcCttu III
foreign countries as well as in the Unit
ed States. The value of the various
combined properties has been appraised
as follows; Real estate of nineteen
mills, with machinery, water power and
elevators, $10,500000; personal property,
brands, trademarks and good Will, $4,-
25C, 900; cash working capital, $1,25O,OOO;
total, $4,000, 900. The offset against this
consists of: First mortgage 6 per cent.
gold bonds, S7,5O0,00O cumulative 6 per
cent. preferred stock $5,000,000; COM
mon stock, s3,50O,00O: total, $16,0O0O00.
Securities are reserved in the treasury
of the company to provide for the &C.,
QUESTION of. additional securities and
property and to increase the, working
capital, If deemed necessary. An in
crease in productive capacity, combn-
ed with economies in operation, is ex-
pected from the consolidation of the
plants In addition to the large pro-
duction of -four now enjoyed by the
mills, it is claimed that the specialties
in cereals Of companies which form
part of the combination are constantly
meeting with increased sales. The ag-
gregate savings on the running of the
mills to their full capacity as combined
under one head has been one cent per
bushel on the annual grind of 50,o0O,00o
bushels of wheat or estimated to be
equal to 100000 in earnings. Walden,
Walker & Co., accountants, who have
examined the various companies to be
absorbed, submit q statement of earn
ings of the various properties compris-
ing the United States Flour Milling
company, showing an aggregate aver
age net earning of $922,s73; add one-half
the estimated annual savings on the
consolidation, $250,000; total, $l,172S73,
Deduct: Interest on $7,500000 bonds,
$3.50 900; 6 per cent. dividends on $5,00O,-
900 preferred stock, 100000; per cent
S245, 900; total, 1895, 000 leaving a net
surplus Of S177,S73. The officers Of the
are: President, George Urban
jr.: vice president, Jacob Amos; treas
urer, Thomas A Mcintyre; secretary
and assistant treasurer, Joseph A
Knox The directors include William
A. Nash, president of the Corn Elk
change bank; Turner A. Beall, presi- |
dent of the Produce Exchange Trust |
Eugene Jones, president of |
the Hecker- Jones' Jewell Milling compa- /,
ny; Clinton Morrison, president of the |
Flour Manufacturing COM
pany; John A. SHIRLEY of Dean & Shib-
ley, New York and Providence, r. l.; |
William Dick, a director of the Ameri
can Sugar Refining company; Samuel |
Taylor, jr., of Mcintyre & Wardwell; |
Frederick j. Middlebrook of Bowers &