New-York tribune., 1908-08-11
TO CONTINUE OPERATION.
Receiuershp VII Not Close Pals
bury- " ashburn Flour Mus.

Minueapolis Aug 10-The receivers for the f1lls-
buryWashhurn Flour Mills Company, Limited ap-
pointed last Saturday by the federal court, took
charge of the properties to-day under pond Oh
100000
Pfllsbury IA" mill, one of the properties. made
It's weekly shutdown Saturday and the receivers
expect to start grinding again as usual to-fnorro"
evening. Henry C. Little, manager for the com,
pany has resigned, and the receivers are In fuh
control.
To take inventory and to compile the statement
of assets and liabilities will be among the hrst
duties of the receivers and the work will take con-
siderable time because of the immensity of the
business which has been placed In their controi-
Although the company which has been piaceu
in the hands of receivers Is an tnslsh corPoia
tion the management of the properties has oeeh
vested in a board of Minneapolis men, and the ma
jority of the stock understood to have been con-
trolled by the Pillsbury interests.
The board OF managers composed of Henry
Little manager; C. F. Amsden, W. D. WashOul"
William De La Barre and A. f. P1lsoury iHo
flour mills were owned by the Plsbury-W Washourh
Flour Mills Company a New Jersey corporation
the stock of which belongs to the minneapolis
mill company.
The floating Indebtedness of s5Ooo.ooo is that OF
the English corporation. The other s4VVVo ihoeu'-
edness is evidenced by debenture bonds secured oy
mortgages on the physical properties OF the Ne"
Jersey corporation, the Minneapolis mill company
and the ST. Anthony Falls company
Ancillary receivers for the company were appoint
ed to-day at Milwaukee, Chicago. Cincinnati Phn-
sdephia and New York.
London Aug 1O-Mr Pillsbury had long con-
ference here this afternoon with the British d.
rectors of the Pillsbury- -Washburn Flour Mills
Company at which the financial situation or the
mills was discussed. The meeting was private
The directors decided not 10 make public any an
nouncement of their plans for the present, but 1t
is understood that they approve of Mr.. Pillsburys
action pending a settlement of the difficulties.
which 1t is expected will shortly be overcome 1t
is believed that a general meeting Of shareholders
of the company will be summoned.
Chicago Aug. 10-Judge Bethea to-day appointed
Frank H Jones receiver for the Millers Products
Company, flour dealers. whose assets are placed at
about $4,000 liabilities at $4,000 The principal
creditor is the Pillsbury- -Washburn Flour Mills
Company. which went into ths hands of a re-
ceiver Saturday. and which has claim Of
$4,000 against the Millers' Products Company
In banking quarters yesterday it said that
while the amount of Pillsbury-Washburn paper held
by New York banks between s15o0,00o and
81 900 Ooo the individual holdings were large
enough to embarrass any institution if any loss
should through the receivership proceedings
For this the difficulties of the corporation
have caused little in local financial circles
1t is believed here also that ultimately the COM
pany, with its vast earning power will be enabled
10 pay its creditors dollar for dollar. The opera
ton OF company it is understood, will be con-
tinued under the receiverShip
Judge Ward Of the United States Circuit Court,
Yesterday appointed Albert c. Loring. Charles 8.
Pillsbury, Albert c. Cobb and Henry a. Robinson
ancillary receivers in the jurisdiction of this
district. Messrs. Lorng, Pills5ury and Cobb were
required by the order of the court to file a bond
within ten days in the sum of s250,OOo, and Mr.
Robinson was required to file forthwith bond or
$4,000 The appointment of these ancillary receiv-
ers met with the approval of interests in this city