The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-08-09
RECEIVERS FOR LARGEST
MILLS IN THE WORLD

RECEIVERS FOR LARGEST
MILLS IN THE WORLD
! Continued from Page 1.
rights and interests of all parties in any
way concerned my be fairly and effec-
tually preserved.
| Largest in the World.
THE Pillsbury- Washburn Flour Mills
company Qimited) is the largest milling
company in the world, and it may not
be generally known that it has extern
| sive and varied interests aside from
| those directly connected with its prin-
cipal business of manufacturing flour.
1t is the owner of the st. Anthony Falls
| Water Power company, which controls
all OF the water power on the eaSterly
side of the Mississippi river at Mime
apolis, and is the owner also of the
| Minneapolis Mill company, which con-
trolls all of the water power upon the
westerly side of the river. These inter
ests alone, without reference TO its 9TH
er property or holdings. and entirely
aside from its properties directly en-
gagged in manufacturing, are of i'm
mense value and not generally assoc
ciated with this concern by the public
at large.
Owns Elevators and Mills.
I'm addition the company owns the
Minneapolis & Northern Elevator COM
pany, which controls line of elevators
of the Great Northern railroad from
Minneapolis to DEVILS Lake, this being
a subsidiary company which has
served the parent company In the ca
pacity of buying and supplying the
| wheat npadad i'm rha rlrOSaputinn of IFS
business. Add to these the Pillsbury
IA" mill, the largest flour mill In the
world, with a daily capacity of 10000
| barrels, and it's old mills, four in num-
Der, in Minneapolis. and one in Anoka,
| the public Will then understand some
thing of the actual resources of this
company and the effect which its mis-
| fortune, were il to be permanent,
would mean. not only to this commune
ty. but to the country which lies back
of it and tributary to II. 1t is under
stood to be impossible at this time to
furnish for publication a specific and
itemiZed statement of the value of the
company's assets. but the information
will be made public later in the pro-
ceedings Just commenced after the
usual inventories have been taken for
the benefit of all parties interested
either as creditors or as shareholders.
LAS a matter of course, ii is well I'M
derstood by all business men that
concern so largely engaged in a manu-
| featuring enterprise must have at all
times a large amount of outstanding
obligations, the proceeds of which fur
nish the working capital by which its
business is carried on. 1t is true at
| this time, as II always has been true
| in connection with this company and
| its predecessors, that this indebtedness
| is widely scattered throughout the
country, very many of its obligations
having been placed by brokers in the
east and west.
Minneapolis Banks Not Hurt.
so far as Minneapolis banks are
concerned, they hold not TO exceed
$3.50. 900 of the Indebtedness distributed
among the local banks, on basis not
materially different from a prorata of
their capital. The company, therefore,
finds itself confronted with a situation
which calls for negotiation with an i'm
mense number of creditors, with the
added difficulty that the company is
British corporation, all of its direct
ors living in Great Britain, and only
its managing officers or agents being
located here; that part of the stock is
held abroad and part is held in this
country. so that it seems that some
method of procedure which brings all
ganization, stockholders and all other
persons interested in the corporation
into one body, where everybody's
rights may be fully and fairly deter
mined, Is in the best interests of all
concerned.
With this in view, upon a petition
fled today, the receivers have been
appointed with full power to operate
the company's manufacturing plants
and with the confident expectation that
this expedient will be found to be only
| temporary and that ample property,
over and above all debts, will be ulti-
mately left for the holders of shares.
| 1t is proposed to operate the mills I'M
der receivers and in charge of the re-
ceivers, so that labor interests will not
| be seriously affected at this time, and
this is regarded as promising good re-
suits in view of the very satisfactory
condition everywhere of the milling
and grain business; no other company
engaged in similar lines here being in
any way involved.
Three Receivers.
ALBERT c. Loring, the president of
the Northwestern Consolidated Milling
company, who has for many years
| been identified with the milling inter-
ests of Minneapolis, and who brings to
the receivership a ripe experience and
| conservative, careful business method.
which undoubtedly will prove of great
value in the administration of the es-
tate; Charles S. Pillsbury, son of the
late Charles A. Pillsburg, who is a
shareholder in the company, but has
never in any way been connected
either as a director or naging agent
or otherwise with the administration
of its affairs, and Albert c. Cobb, of
the firm of Cobb & Wheelwright, law
yers of this city. are the receivers
named by the court"