Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-08-09
CONSENTED TO ACTION
Petition for Big Mill Receiver
ship on Friendly Basis.
THREE RECEIVERS NAMED
Pillsbury- Washburn Incident Sur.
prise in Northwest.
CONDITIONS WERE PECULIAR
Not Expected to Cause Any Furry
in Milling or Financial Circles.
Statement Issued.

MlNNEAfOLIS. August S.-After nam
! ing the receivers for the Pillsbury-Wash-
burn Company this afternoon. the court
| fixed their joint bond at $500. 200. and an
| nounced that five days would be allowed
for them to file It. That the petition for
receivership was on a friendly basis is
evidenced by the appearance of ]. s.
Pillsbury as one Of the petitioners and
the fact that the company consented to
the action without opposition This may
be due to a necessity for change of man.
agement which was broadly intimated in
| the petition.
The application for receivers has created
surprise, but is not expected to precipitate
any furry In milling or financial circles.
The milling interests in Minneapolis have
| enjoyed an exceptionally good year, and
the conditions that affected the Pillsbury-
Washburn company have been peculiar to
that organization.
While it is true that the petition for re-
ceivers cited bad management as one of
the main reasons for the action, no an
nouncement is yet made regarding the
status of Henry l.. Little, who succeeded
to the managership upon the death of &.
A. Pllsbury ten years ago. Officers of the
company and the receivers as we'll state
positively that at this time no action re-
garding Mr.. Littles status has been
taken.
The receivers named by the court are
Mr. Albert c. Loring, the president of the
northwestern Consolidated Milling Com
pany. who has been for many years iden-
titled with the milling interests of Min
neapolis. and who brings to the receiver
ship ripe experience and conservative
careful business methods, which undoubt-
edly will prove of great value in the ad-
ministration Of the estate; Mr.. Charles S.
Pillsbury, son of the late Charles A.
Pillsbury, who is a shareholder in the
company. but who has in no way been
ministration of it's affairs, and Mr.. Albert
c. Cobb of the firm of Cobb & Wheel
wright, lawyers of this city.
Statement By the Receivers.
This afternoon the following statement
was issued from the receivers Office :
This company, which has always enjoyed
a reputation second to none, and is the
successor of the interests which first
made Minneapolis famous as a milling
center, has found it necessary to- the
| conservation of the interests of its cred
! itors and shareholders to place its prop
erty temporarily in the hands of the fed
eral court. in order that its receipts and
interests of all parties in any way con-
cerned may be fairly and effectually pre-
served
The Pillsbury- Washburn Flour Mills
Company. Limited. is the largest milling
company in the world, and it may not be-
generally known that it has extensive
and varied interests aside from those di-
rectly connected with its principal bust.
ness Of manufacturing -four. 1t is the
owner of the ST. Anthony Falls Water
POWER Company, which controls all of the
water power upon the easterly side of
| the Mississippi river at Minneapolis and
| Is the owner also of the Minneapolis Mill
Company, which controls all of the water
power upon the western side of the river.
These interests alone. without reference
TO any of its other property or holdings
and entirely aside from its properties di-
rectly engaged in manufacturing. are Of
| immense value and generally associated
| with this concern by the public at large.
Owns Lines of Elevators.
I'm addition the company owns the
Minneapolis and Northern Elevator Conn.,
pany. which controls a line of elevators
| on the Great Northern railroad from Min
neapolis to Devils lake. this being subs
| sidiary company which has served the
parent company in the capacity of buying
| and supplying the wheat needed In the
prosecution of it's business. Add to these
| the Pillsbury "A mill, the largest flour
| mill in the world. with daily capacity
of 10000 barrels, and its other mills four
| in number in Minneapolis. and one In
Anoka, and the public will then understand
! something of the extent of the actual re-
sources of this company. and the effect
| which its misfortune. were 1t to be perma-
nent would mean not only to this COM
munity, but to the country which lies
back of 1t and tributary to 1t.
| 1T Is understood to be impossible at this
time to furnish for publication specific
and itemized statement of the value of
the company's assets, but this informa-
ton will be made public later in the pro-
| ceedings just commenced after the usual
inventories have been taken for the bene-
fit OF all parties interested, either as cred
itors or as shareholders.
| las a matter of course, 1t is well I'M
derstood by all business men that con-
Germ SO large engaged in a manufacturing
enterprise must have at all times large
| amount Of outstanding obligations. the
proceeds of which furnish the working
capital by which its business is carried
| on. 1t Is true at this time. as 1t always
has been true in connection with this
company and its predecessors, that this
Indebtedness Is widely scattered through
out the country, very many of its obli-
cations having been placed by brokers in
the east and west
| Immense Number Of Creditors.
$50 far as Minneapolis banks are con-
cerned. they hold not to exceed $4,000 of
the Indebtedness, distributed among the
local banks on a basis not materially diff
ferent from q prorate of their capital. The