The Topeka state journal., 1900-01-25

Loring, manager of the Northwestern
Milling company of Minneapolis
A final conference was held at the
Waldorf-Astoria last evening, aIter
which it was confidently predicted thag
the financial plans would be perfected
and the desired capital Immediately op-
tanned.
In the general plan of reorganization
Mr. Loring, it is said, will take control
of all of the mills in Minneapolis, in
eluding those belonging to the Mime
apOlis Flour Manufacturing company
as we'll as the five of the Northwestern
Milling company.
AS at present organized the U. s.
Flour Milling company has under its
control "A mills in seven cities, as fol-
lows:
Hecker-Jones JewelI Milling company
New York, four mills; Empire State
mills, Syracuse, N. Y, two mills; Ur-
ban Milling company, Buffalo, one
mill; Daisy Roller Mill company Mil
waukee. two mills; Anchor MIN com com
pany, West Superior, Wis, one mill;
William Listman Milling company, West
Superior, Wis, one mill; Russell & Mil
Ter Milling company, West Superior
Wis, one mill; Freeman Milling com
pany, West Superior, Wis, one mill;
Mingota Milling company, Duluth,
MINI, one mill; Duluth Imperial Mill
company, Duluth, Mimi, one mill; Du-
luth Roller Mill company, Milwaukee,
one mill; Minneapolis Flour Manufac-
turing company, Minneapolis, three
mills; Northwestern Milling company
Minneapolis, five mills.
The nineteen mills originally acquired
gave a total capacity of 80 900 barrels
of flour a day This was increased
when the Northwestern Milling COM
pany'S plant was purchased two months
later by r. 500 barrels. The storage
elevator capacity of the combination IS
now about 5000, 600 bushels.
Under the appraisement which was
made when the combination was form
ed the real estate, machinery, water and
steam power, docks, warehouses, ele-
vators, etc, were valued at $10,500,0OO
Personal property brands with the
trades marks and good will were val
ued at $4250.000. The cash working
capital was s1,250,00O, giving total as
sets of SIS 600, 900. To this should be ad-
ded the 81 SOC, 900 paid for the North
western Milling cOmpany's plants
Chartered accounts last May eerti-
fed that the average net earnings of
the combined mills amounted to 1922
S73. At that time it was estimated that
as the result of the combination there
would be a net saving in the operating Z
expenses of $500, 600. This amount, how
| ever, was cut in half by the account
ants to insure safety. The prospectus,
which was issued last May, showed the
expected total of the available net in
| come to be S1.172,S S73. which is equal to
! 6 per cent on 81 800, 600 bonds; per cent
! on $4,000, 600 preferred stock; per cent
| on SO, SOC, 600 of common stock; net sur
| plus $177,873. Again to these figures
must be added the net earnings of the
| Northwestern Milling company, which
are said to amount to 100000 a year
| and which should make the securities
| of the United States Flour Milling COM
pany more valuable in the market than
| they We're when first issued.
So far from this being the case, how
| ever, the stock both common and pre-
l ferred, as well as the bonds are and
| have been for some time inactive in the
| market. The last reported sale of the
bonds gave them a quotation of so per
| cent of their face value There have
been no offers for the common stock
| which is nominally held at 25, while 81
is asked for the preferred stock with nc
| bids