The Forrest City times., 1900-03-02
FLOUR TRUST IS BUSTED.
The United States Milling Go. Has Been Place l in the Hands of
 Receivers.
| sTOCKHOLDER INSTITUTED THE SUIT.
The Tight Money Market and De- prcssiOn i'm Industrial Securities Interfered With the CompRny's Plans for Securely Financing the Trust

Mllwaukee, FeD. 2f.-Ihe United States. Milling Co.,, generally known as the Flour Trust, collapsed Saturday afternoon, but the fact did not become known until Monday when Judge Jen- kins in proceedings ancillary to the United States court of New Jersey, apI ointed three receivers for the com. pany, two of whom are now in charge of the property. The receivers are Daniel Thomas, of New York; Charles E. Kimball, of Summit, N. J., and Albert C. Loring, of Minneapolis. Cause of the Collapse.
 The collapse of the company was due. it is said, to inability to float it's securities on the open market.
 George William Ballou, the stock. hCider who institutes the suit in winch the receivers are appointed, makes the following statement con cerning the causes leading to the fail urt of the company, in the complaints
 Couldn't Carry out It's Plan.
 'That in the organization of the company" says Mir. Ballou, 'Is had been hoped that sufficient means would be provided for the purchase of the property required by the company and to supply sufficient working capi- tai to carry on its business by the sale of it's first mortgage collateral gold bonds; but because of the tight money market and the depression in indus trial securities, the company was una ble to carry out the plan and was | obl,ged to resort to borrowing money on it's collateral trust bonds, and otherwise urged to secure a temporary bonds, and further, by the failure ot this plan, by borrowing in open | market.
 Company's Floating Debt. The money so borrowed constitutes the floating indebtedness, which amounts to S1,o35, ,5Os.OS, of which S14t,365 is due, and $394,350 is on de- mand loans.'
 The United States Milling Co. was | formed with capital stock of $25, ,00O,. ooo on April 27 1899, having secured control of the following milling prop erty:
 Properties Involved.
 In Milwaukee-Ihe Daisy and Faist- Kraus mills.
 In Superior-The Lake Superior, the Anchor and the Listmann mills. In West Snperior-rhe Grand Re public, the Freeman, and the Minkota mills.
 | In Minneapolis-The Excelsior, the Standard and St. Anthony mills, to- gether with o5 per cent. of the capital stock of the Northwestern Consoli- dated Milling Co.,, which operates and owns five big four mills.
 In Duluth--The Imeprial and the | Constructed terminal elevators.
 In New York State-The Syracuse mills, the Baldwinsvile mills, the UT. ban mill.
 In New Jersey-Ninety-five per cent. of the Hecker-Jones-Jewell Milling Co.,, which operates and owns foul large mills.
 Further Proceedings Necessary.
 The proceedings will have to be in. stituted in every circuit where the com. pany owns property. The bond ike, | by the New Jersey court is $1O0.0Ol in each case. Judge Jenkins requir them 10 give an additional bond o $25.000 each. While the original suit is in New Jersey, the greatest litiga- tion will probably be in Wisconsin, as the majority of the company's proper. 1 ty is in this state.