Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1882-04-01


Yesterday.
Over One Hundred Thousand Dollars
Subscribed.
The Capital stock Fixed at Qusrter of a
Million
The incorporators of the Knoxville Cotton
Mills met yesterday and made a
temporary organization for the purpose of
opening the books of the company. Mr..
James D. Cowan, of the firm of Cowan,
McClung d Co, was called TO the chair and
James Comfort, Esq, was requested TO act
as secretary.
After examination of the charter it was
accepted, and the capital stock of the COM
pany was fixed at 1850, 600. in shares of
one hundred dollars each.
The books were then opened and stock to
the amount of S105, 900 WAS subscribed
Immediately Committees were appointed
to select site, and also to confer with the
railroad authorities with reference to secur-
ing freight rates favorable to the enterprise
Mr. Il. P Gettys, of McMinn County,
was present, and it is understood that he
viii have the practical management
large experience with cotton working
machinery, and under his careful manage
ment there will be no doubt as to the sue
cess of these cotton mills.
A committee, composed of z. j. Sanford,
B. K. Strong and J. I. McTeer, was ap-
pointed TO receive stock. Subscriptions 10
the stock will be received in any amount
from one hundred dollars upward, to be
paid III installments from time to time as the
work progresses. No difficulty is anticipated
in raising the entire amount of the capital
stock. is hoped that large portion of
it will be taken in East Tennessee, and from
the start that was made yesterday there is
scarcely doubt that it viii be done. After
the stock is all subscribed, which we are
sure will be but a short time meeting of
the stockholders will be called and the
permanent officers of thu. company elected.
there will be capital sufficient to erect the
necessary buildings, put in operation TO-
900 spindles, and looms sufficient to weave
all the yarns spun in the mills When it is
known that the Wholesale merchants alone
of Knoxville sell over one million yards of
brown or unbleached domestics
every year, there will be no
question as to where our cotton mills are to
find market for everything they will man
ufaeture. -
Mr. James D. Cowan, who is one of the
stockholders in the company, has for years
done the buying for the mammoth Wholesale
establishment of Cowan, McCluns & Co.,
and has a wide acquaintance with mer-
chants, manufacturers and capitalists,
! at the East. We mean no disparagement to
! the other epterprising gentlemen, who are
charter members, and who are now sub
] scribers to the stock, but with his wide &C
qnaintance, and the confidence in which he
is held, he could have a majority of the
! stock taken by Eastern capitalists merely by
the ashing But we are satisfied that it vii
be paying stock, and, as. before remarked
| we trust it viii be taken up by our own
! people.
We are sure there will be no trouble about
securing favorable freight rates. The pol
| ey of those who control the East Tennessee
Virginia and Georgia road, is to encourage
manufactures along its line. A gentleman
from an East Tennessee town visited Knox
vile last week, for the purpose o
comforting with the railroad au
thorities with view to Sc
curing rates for "a manufacturing
enterprise, and he assured us that he seeur
ed the most liberal terms. =
We congratulate the people of Knoxville
/ that we are to have another home manufac-
tory, to produce articles We need and fol
/ which we are now sending our money Il
other States; and which will furnish lucre-
tive employment to large number of labor
/ ing men and women.