The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-02-27

top of this the company has outstanding
$1,500,00O of its first mortgage bonds
pledged as collateral and 81, 496, 900 depos-
tied with the Central Trust company to
be exchanged for an equal amount of
the Hecker-Jones-Jewe company, and
1891 900 pledged as further collateral.
In the order appointing the receivers
they are. directed to proceed with the
operation of such of the mills as have
not been shut down, and they are re-
Quired to proceed to carry out contracts
on hand. An injunction is issued re-
straining all parties from interfering
with the receivers or from bringing suit.
All creditors must file their claims in the
receivership proceeding. The officers, di-
rectors and agents of the company are
commanded to surrender the property to
the receivers, forthwith. The receivers are
ordered to file an inventory within six
ty days, and creditors in Wisconsin have
until Jan. l, 1902, in which to file claims.
NEWS IN NEW YORK.
NEW YORK. Feb 26-When the news
reached this city that a receiver for the
United States Milling company had been
appointed in Milwaukee, Thomas A. Nc
Intyre, of the firm of Mcintyre & Ward
well, produce exchange brokers, and said
to be at the head Of the so-called flour
trust" was not at his office, having gone
out of town. George William Ballou,
secretary of the reorganization commits
tee, stated that Gen. Samuel Thomas, who
was chairman of the reorganization CONS
mittee of the concern, had been ap>
pointed as one of the receivers, and the
whole proceedings were consented to by
and part of the scheme Of the commit
tee.
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 a great deal of working capt.
tai, and the concern has had trouble
to get capital to work with. The situa>
ton as to the need of ready money was
made more serious by the acquiring by
purchase of the mills of the North
western company in Minnesota. Last
year the bonds of the company took
tumble, and it was found that the com>
pany could not go on under its then
management. To add to the complexi-
ties, the Hecker-Jones- Jewell company's
stockholders, who had come into the cons
solidation some time ago, brought suit
looking to withdrawal from the consoli-
dation. On Jan. 29 reorganization com-
mittee started to work to reorganiZe the
company and put it's business on better
basis. The members of this COMMITTEES
are: Gen. Samuel Thomas, Edwin Gould,
J. Edward Simons, Warner Van Norden,
Brayton Ives, William Lanman Bell and
Thomas A. Mcintyre, with George Will
lam Ballou as secretary.
REORG ANIMATION ASSURED.
Today, Feb. &c. was set as the limit
date for the deposit of stock for the re-
organization.
This appointment of receiver" said
Mr.. Ballou, was asked for by stock
holder, and was forced upon us by cred
itors, but has been carried through with
the consent of the committee. 1t was
inevitable and the best thing to do under
the circumstances. Just about this time
large number of obligations are cons
ing due, especially in the West, and this
receivership was the only solution of the
problem.
"It will help on the reorganization. It
will force stockholders who have been
hanging out into TIE reorganization. The
committee will now go on and carry out
it's scheme of reorganization to the end
without trouble. Today being the last
day for the deposit of stock for the re-
organizati tion had nothing to do with the
appointment of receiver. 1t was mere
ly 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 operative. Neither DID
the Hecker-Jones-Jewell matter have
anything to do with 1t. 1t was inevita-
BILE, as 1 said large debts maturing just
now that we could not have carried.
The receivership will compel stock to
come in to avoid bankruptcy, and the re-
organization will go on and be carried
into effect"
A meeting of the reorganization COM
mittee was held this afternoon, but the
action by it could not be learned.
RECEIVERS STATEMENT.
General counsel for the receivers of
the United States Flour Milling company
tonight made the following statement:
1.-The properties of the United States
| Flour Milling company comprise three
mills in New York state, eight in Wis
consin and five in Minnesota, besides the
ownership of over 95 per cent of the
Hecker- Jones-Jewell Milling company,
owning four mills in New York, and
| over 9S per cent of the Northwestern
Consolidated Milling company, owning
five mills in Minnesota in addition to
about 100000 of merchandise and quick
assets-altogether recently valued at $13,
900, 600. The company was struggling
against the disadvantages of inadequate
! capital and a floating Indebtedness OF
more than $2000,000 has been created.
| The pressure of this debt has compelled
the company to suspend payment
Judge Lacombe, of the United States
circuit court, In this city, today cons
! firmed as receivers of the United States
Flour Milling company Gen. Samuel
| Thomas, Charles E. Kimball and Albert
c. Loring, who were appointed in New
Jersey and in Milwaukee. This gives
them power to take the property of the
| company in this state and control it.