Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1900-02-27
TRUST GOES BUMP
United States Flour Milling COM
pany il the, Hands Of Three
Receivers.
The Crash Came Saturday, but
the Announcement Was
Delayed.
Most of the Mills Of the Corpora
tion in Wisco rlsii1 Some in
Minneapolis

tlOlI LII lll---oelilesl III
Minneapolis.
X X MILWAUKEE, Feb 27. The United
States milling combine, generally known
as the -four trust went to pieces Saturday
afternoon, but the fact did not become
known until Judge Jenkins, in proceed
ings aneillary to the United States court
of New Jersey, appointed three receiv-
ers for the company two Of whom are {
now in charge Of the property. The re-
ceivers are Daniel Thomas Of New
York, Charles E. Ki1nball Of Summit,
N. J., and Albert G. Loriing Of Mime
apols.
The collapse of the company is due to
the inability Of the company to float ita
securities on the open market.
George William Ba1lou, the stock
holder who institutes the suit in which
the receivers areaappo pointed, makes the
following statement concerning the
causes leading to the failure of the com
pdny In Jne cOmplalnJ:
sThe trouble in the organization Of
the company says Mr. Ballon, sswas
that sufficient means would be provided
for the property required by the COM
pany and to supply sufficient working
capital to carry on its business, by the
sale Of its first mortgage collateral gold
bonds, but because Of the tight money
market and the depression in industrial
securities, the company was unable to
carry out the plan and was obliged to
resort to borrowing money on its collat-
era1 trust bonds, and otherwise urged to
secure temporary loan by its issue of
so-called trust bonds, and further, by
the failure of this plan, by borrowing
in open market. Money SO borrowed
constitutes the floating Indebtedness,
which amounts to 81, ,095, ,5O8.08, Of
which $144, ,365 is due and S394, $50 is on
demand loans
The Mills Affected.
The United States Milling company
was formed with capital stock of $685.
100000, on April ~, 1899, having Sc
cured control of the following flour
milling properties:
{, In Milwaukee The Daisy and Faist-
Kraus Mills.
In Superior The Lake Superior, the
Anchor and the Lstmann mills.
Y. In West Superior The Grand Repub-
lie, the Freeman, and the Minkota
mills. 5 II
In Minneapolis The Excelsior, the
Standard and st. Anthony mills, to-
gether with 95 per cent of the capital
stock of the Northwestern Consolidated
Milling company, which operates and
owns five big flour mills.
In Duluth The Imperial and the Con-
structed Terminal elevators.
In New Z ork state The Syracuse
mills, the Baldwinsville mill, the Urban
mill.
In New Jersey Ninety-fYe per cent
of the Hecker- Jones-J Jewell Milling COM
pany, which operates and owns four
large mills.
Similar proceedings viii have to be
instituted in every circuit where the
company owns property The bond
fixed by the New Jersey court is $1o0,
600 in each case. Judge Jenkins re-
quires them to give an additional bond
of $4,000 each. While the original
~: - - III Nv Se' sne grealese Asi-
e. s.ium w. = - aS a. 10 - W,soolisl, as
= s :, .ss 4,';o ts+ " ''ie ooni psaiy property
- = - !" oAAis s't'oo' .a 9.
SATISFIED 1t Is Wholly 1nsolvent. emit,
Mr.. Ballou is resident Of New Jer-
sey, but his bill fled in the United
States court in Milwaukee goes intn,