The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-02-27

Minnesota, beside the ownership OF over
50 per cent Of the Hecker-Jones-Jewell
Milling Company. owning four mills in New
York, and over IS per cent of the North
western Consolidated Milling Company,
owning five mills in Minnesota, in addition
to about 81, 500, 900 OF merchandise and quick
assets, all together recently valued at sl3.-
100000. The company was struggling against
the disadvantages that inadequate capital
and floating Indebtedness of more than
100000 has been created. The pressure Of
this debt mas compelled the company to
suspend payment"
George William BalloI, secretary of the
flour trust" stated to-day that the re-
ceivership proceeding was consented to by
and was part of the scheme Of the re-
organization committee. The United States
Milling Company was organized last May
with sixteen mills in the principal milling
cities of the country. The organization
plan did not provide great deal of work.
ing capital and the concern has had trouble
to get capital to work with. The situation
as to the need Of ready money was made
more serious by the acquiring. by purchase.
Of the mills OF the Northwestern Company
company took tumble and it was found
that the company could not go on under
its then management. To add to the COM
plexities, the Hecker-J Jones-Jewell Com
pany stockholders, who had come into the
consolidation some time ago, brought a
suit looking to withdrawal from the con-
solidation. On Jan. 70 reorganization
committee started to work to reorganize
the company and put its business on a bet
ter basis. The members of this committee
are General Samuel Thomas. Edwin
Gould, ]. Edward Simmons. Warner Van
Norsen, Brayton Ives, William Lanman
Bell and Thomas A. Mcintyre, with George
VIM. Ballou as secretary. To-day. Feb.
20. was set as the limit date for the de-
posit of stock for the reorganization.
This appointment Of a receiver" said
Mr.. Ballou, was asked for by a stock
holder and was forced on us by creditors,
but has been carried through with the con-
sent of the committee. 1t was inevitable
and the best thing to do under the circum-
stances. Just about this time a large num-
ber of obligations are coming due. especial
ly In the West, and this receivership was
the only solution of the problem. 1t will
help the reorganization. 1t will force
stockholders who have been hanging out
into the reorganization. The committee
will now go in and carry out its scheme
of reorganization to the end without trou.
bic. To-day being the last day for the
deposit of stock for reorganization had
nothing to do with the appointment of
the receiver. 1t was merely a coincidence
The committee had already enough stock
in hand. together with the securities we
have made loans on and can force In, to
declare the plan of reorganization opera
tive. Neither did the Hecker-Jones-Jewel
matter have anything to do with it. II
was inevitable, as have said, large debts
maturing just now that we could not have
| carried. The receivership will compel stoo
to come in to avoid bankruptcy. and the re-
organization will go on and be carried
| into effect"
| A meeting of the reorganization commit
| tee was held this afternoon, but the action
| taken by it could not be learned.