Business
In 1844, Washburn formed a partnership with land agent, Cyrus Woodman. Together the two men developed a number of companies, such as the Wisconsin Mining Company. The most successful business venture undertaken by the men was land acquisition. In May 1855 they established Washburn's and Woodman's Mineral Point Bank. Washburn and Woodman dissolved their partnership amicably in 1855. After that, Washburn moved to La Crosse, Wisconsin in 1859 and purchased the La Crosse Lumber Company.
In his lifetime, Washburn also worked in the lumber industry, establishing mills in Minneapolis, Minnesota. He began in that city in 1856 by leasing power rights to the water flowing over St. Anthony Falls through the Minneapolis Milling Company. In 1866, he built his own Washburn "B" Mill, which was thought at the time to be too large to ever turn a profit. However, he succeeded and in 1874 built an even larger Washburn "A" Mill. The original "A" mill complex was destroyed, along with several nearby buildings, in a flour explosion in 1878, but was later rebuilt. In 1877, Washburn teamed with John Crosby to form the Washburn-Crosby Company. At the same time, Washburn sent William Hood Dunwoody to England to open that market for spring wheat. Successful, Dunwoody became a silent partner and went on to become one of the wealthiest millers in the world. Dunwoody became a philanthropist endowing hospitals, educational facilities, and a charitable home which ultimately became Dunwoody Village. The corporation eventually became known as General Mills.
Read more about this topic: Cadwallader C. Washburn
Famous quotes containing the word business:
“The most sensible people to be met with in society are men of business and of the world, who argue from what they see and know, instead of spinning cobweb distinctions of what things ought to be.”
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“It is hard to say which is the greatest fool: he who tells the whole truth, or he who tells no truth at all. Character is as necessary in business as in trade. No man can deceive often in either.”
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“I simply contend that the middle-class ideal which demands that people be affectionate, respectable, honest and content, that they avoid excitements and cultivate serenity is the ideal that appeals to me, it is in short the ideal of affectionate family life, of honorable business methods.”
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