New-York tribune., 1900-01-26
SEEKING MORE CAPITAL.
FLOUR TRUST OFFICIALS DENY. HOWEVER,
THAT THERE IS ANY DANGER OF
DISINTEGRATION.

The United States Flour Milling Company. popu-
larry known the Flour Trust, though its officers
deny that 1t has sought to control prices, is
looking for additional capital and an impression Is
abroad, although this too. is vigorously declared
to be unfounded, that there is some danger Of the
combination breaking up. Conferences are being
held here by George Urban, jr., Of Buffalo. presi-
dent of the company; Jacob Amos, Of Syracuse
president: Thomas A. Mcintyre. Of this city,
its most active promoter and It's treasurer. and A.
c. Lorng, manager of the Northwestern Milling
Company of Minneapolis, to devise ways and means
for raising the capital desired.
Mr.. Urban yesterday at the offices OF
the Hecker-Jones Jewell Company in the Produce
Exchange Building. He frankly admitted that the
-four combination is looking for more working capi-
tai. but said this not due to unfavorable con-
dtions but the amount of business which the
mills of the company doing making necessary
the raising Of ready money at once. He said the
prospects of the company were extremely bright
and so were the prospects getting the needed
money. He declined to tell from what sources the
company expected to get this money. saying: "One
does not hunt for capital with a brass band" but
said they felt sure of getting all they wanted and
on highly favorable terms. Mr.. Urban denied en-
phatically the published report that any member or
the combination wanted to draw out. 1t would be
simply impossible for the Hecker-J -Jones-Jewen Com
pany to pull out. matter how much 1t wanted
to, because the combination owns 80 per cent Of the
Hecker-Jones-Jewell stock and all but twenty
shares of the Northwestern Milling Company, Mr..
would there be dissolution. and said he could not
understand the reason for the animus which in
spred such harmful misstatements.
He said that. although the company controls
twenty-four of the largest -four mills in the coun-
try, it has never made attempt to control the
price OF -four and has reason to believe that vt
has incurred the enmity Of any milers outside the
combination He therefore could only attribute
persistent reports coming dissolution Of the
combination to stock jobbing sources. Mr.. Urban
declared that he not ready yet to announce the
companys financial plans for the future, because
they not perfected, but soon as they were
in complete shape would be willing to talk about
them.
Thomas A. Mcintyre the most active promoter
of the combination, also said that there would be
no dissolution all published reports that there
would be were unQuestionably false had their
origin in Minneap polls and had not even the poor
virtue of being new.
The United States Flour Milling Company
Incorporated in April. 1899 with capital stock OF
100000 Bonds were authorized to the extent OF
$l5 100000 Half the bonds issued, and S5O0OO0O
of preferred stock and 100000 common stock
Bonds were issued to the several companies aD-
sorbed by the combination in payment for their
realty stocks, and stock paid for their
goodwill, etc except in the case of the Northwest
stock of which paid for out OF the working
capital of the combination, is understood. This
that more had to be borrowed at once and this
debt has become heavy that relief must be found
in way.
President Urban thought yesterday this could be
secured without the issue of any more of the bonds
stock of the company 1t may take the form of
a reorganization under which it is reported A. c.
a Minneapolis.
The companys stock has been low and inactive
business the Stock Exchange yesterday
% for the common and So for the preferred.