Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1900-01-25
It is Said is Now Going to
Pieces.
THE TWENTY -FOUR MILLS
That Are Controlled by itTCapacity
of the TruSt-The Net Earnings
Last Year Amounted to About q
Million Dollars. a. =

New York, JAM. 25.-The Herald says:
1t is persistently rumored m various
quarters that the United States Flour
Milling comaany is in imminent danger
of disintegration. The report has it that
the methods of the officials of the com-
pany are severely criticized, and that
the open dissatisfaction is likely to result
in the attempted withdrawal of the
Hecker-Jones-Jewell Milling
and Of the Northwestern Milling COM
pany.
1t was said last night that an attempt
which now promises success Is being
made to place the trust on a better lnan-
cial basis and that a large working cap
tia lis to be provided, in which case the
secession movement will be checked.
Officials of the company. when seen
yesterday, denied in positive terms Ia
there is any probability of disintegration.
They admitted that there had been prop
Ositions to purchase certain Of the mills
controlled by the company n fully con-
1rmed the story that a plan is we'll under
way which will provide ample working
capacity, and which will place the COM
pany upon a sound financial basis.
A conference. Was held at :ae Nal!orf-
Astoria last evening, after which It was
confidently predicted that the financial
plans would be perfected and TIE de-
sired capital Immediately o5taina6.
AS at present organise"1. the United
States Flour Milling company has under
it's control "a mills in seven cities. as fol.
lows: Hecker-Jones-Jewel Milling COM
pany, New York. four mills; Empire
State mills. Syracuse. y. y, two mills:
Urban Milling company, Buffalo, one
mill: Daisy Roller Mill company, Mil
waukee, two mills; Anchor Mill company,
West Superior. Wis. n mill: William
Listman Milling company. West Sure-
Milling company. West Superior, Wis,
one mill: Freeman Milling
West Superior, Wis. one mill; Mingota
Milling company. Duluth. Mimi. one
mill: Duluth Imperial company, Duluth.
Mimi, one mill; Duluth Roller Mill. COM
pany, Milwaukee. one mill: Minneapolis
Flour Manufacturing company, Minne-
apolis, three mills: Northwestern Milling
company, Minneapolis. five mills.
The 10 mills originally acquired gave a
total capacity of 10000 barrels Of -four a
day. This vas increased with the North
western Milling company's plant. which
was purchased two months later by u, 800
barrels. The storage elevato capacity
of the combination is now about 5000 900
bushels. Under the appraisement, which
was MADE WI1Sn IHe combination was
formed the real estate, machinery, water
and steam power docks. warehouses, ele-
vators. etc., We're valued at $40, 500, 900,
Personal property brands with the trades
mark and good viii was valued at 81, $50,
coo. The cash working capital was ST.
125. 900. giving total assets os SIG. 900, 900
To this should be added the 81, 500, 900 paid
for the Northwestern Milling company's
plants.
Chartered accounts last May certified
that the average net earnings Of the
combined mills amounted to 1922, S73. Al
that time it was estimated that as a re.
suit Of the combination there would be
a net saving in the operating expenses
of $500, 900. This amount. however. was
cut in half by the accountants to insure
safety. The prospectus, which was
issued last May. showed the expected
total of the available net income to bt
$1.173.S73. which is equal to 6 per cen
on Z 1900. 900 bonds, 6 per cent on So. OOO. OO
preferred stock, Z per cent on So, 500. 0O
of common stock: net surplus, $177. S73
Again, to these figures must be adde(
the net earnings of the Northwestern
Milling company, which are said t,
amount to $500, 0G0 a year. and which
should make the securities of the United
states Flour Milling company more val
liable In the market than they We're whel
first issued.
So far from this being the case. how
ever, the stock. both common and pre-
ferred. as we'll as the bonds, are and hay,
been for some time inactive in the mar
ket. The last rpcrted sale Of the bond
gave them a quotation of so per cent O
their face value. There have been n
offers for the common stock, which i
nominally hid at 25, while So is asked TO
the preferred stock, with no bids.
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