The Milner Cattle Company was first incorporated in Montana in 1884 as the Milner Live Stock Company. Two years later, the Company was reorganized in Iowa and was greatly expanded, with incorporators from New York, Colorado, and Tennessee as well as Montana and Iowa. At some point after this, the Company headquarters were moved to South Dakota, but the firm apparently was not incorporated in that state. On the death of President Milton E. Milner, the Company was again incorporated in Montana. The new Company was capitalized at $113,000 and, on November 14, 1913, bought all the assets of the fomer South Dakota operation, which amounted to over 15,000 acres of land, 6,500 acres of leased land, 208 head of cattle, 29 horses, 23 sheep, and 5 hogs. By 1916, the herd was built up to nearly 900 head. However, drought conditions in subsequent years caused losses for the Company and in 1926 the decision was made to sell. William P. Sullivan, vice president of the Company bought the firm's assets for $113,000. Eight years later, in 1934, after the property transfer was complete, the Milner Cattle Company was dissolved.