The Elsberry Milling Co. was founded in 1880 to deal in grain and manufacture flour. Its location was chosen because the area was known for producing high-grade, soft red wheat, and the nearby railway supported it as a wheat buying station. The Hannibal Milling Co. bought the property in 1895 and operated the mill for the next 45 years. David F. Galloway leased it in 1933 and bought the Galloway Grain Co. property in 1940. In 1943, his brother, Ralph D. Galloway, known as Trax, joined him in the business and it was renamed Galloway Brothers. The brothers remained in partnership until 1962, when Ralph purchased Dave's interest. Galloway Brothers Inc. continued under Ralph's ownership until his death in 2000. The old mill and grain elevator played an important role in the economy and history of the Elsberry community, and through the years millions of dollars worth of grain passed through its walls.