Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1889-08-04
THE COTTON MILL.
A Business Meeting at Huffman'S Hall
Yesterday Afternoon.
Committee of Five Appointed to Raise
100000 for s25O,OOO Cotton Mil.
What was said and Done

/
action in regard to a cotton mill.
a few minutes after O'Clock
Mr.. E. E. Chase nominated Col.
| r. NJ. Wynne as chairman, and he was
elected. Ia taking the chair Col. Wynne
stated briefly that the object of the meet
ing was to make an organized effort to
| secure a cotton mill for Fort Worth.
J. W. Bailey was elected secretary.
A M Carter said he saw Governor
! Gibbs present and moved that he state to
the meeting what proposition there was
| to be made about cotton mill. Cover
nor Gibbs said he took the same interest
| in securing a cotton mill for Fort
Worth that any property owner
or tax payer in Fort Worth
| did. He owned property here and he
wanted to see that property enhance in
value Dallas had raised the capital
stock for the Dallas mill among her own
people, and Mr.. S. d. Blake had been
sent East to find the man to build it
and get it in running order. He had
found Mr.. Fairbanks and brought him
to Dallas. The mill had been built and
was now in full operation. He had pro-
perty here as stated, and he was willing
to give 10 per cent. of its value to this
mill because he believed by securing
the mill the property would be
enhanced in value far beyond
that amount. Factories gave perman-
ency and attracted immigration. While
he lived in Dallas, and expected always
to make that his home, he wanted TO see
Fort Worth grow, not believing that it
would hurt Dallas. The mill secured
for Fort Worth, a board of di-
rectors composed of the best bust
ness men should be elected
to manage the mill. When the cotton
mill was started in South Dallas there
were less than three hundred people; to-
day with this mill there were 1000 people
in South Dallas. 1t was factories that
had made Dallas. There could be no
real estate scheme in it, for the factory
location would be bid for and go to the
highest bidder. In Dallas thirty three
acres and $40 600. in stock had been given
for the location. There could be no great
city in Texas until factories were secured.
They brought population and caused bills
to be paid promptly, because the chill
dren as well as the heads of families
could earn money. Applause.
Mr.. Fairbanks was called for and said
he was no speech-maker, but he was
fully impressed with the desIrability of
having factories wherever they could be
established. He understood cotton mills
and was willing to answer any questions in
regard to them. He had looked over Fort
Worth and surroundings and had seen
many very desirable locations for a cot
ton factory. The benefits to accrue from
a mill could not be questioned He could
make Fort Worth two propositions, but
he would first like to have an ex-
preston from the people as to
whether they desired a cotton mill.
A. NJ. Carter" Suppose the people of
Fort Worth raise $500 900 in stock for a
mill, is your statement that you will get
$3.50 600 in the East supposition or a
certainty?'
Mr.. Fairbanks-''I would not make
the proposition unless had the backing
to carry it out. -
Mr.. Carter Has the Dallas mill
paid?"
Mr. Fairbanks-'' mill has only
been running since November. Goods
are scattered all over the state and
many incidental expenses have been met
which will not come again, but 1 can say
the Dallas mills are d success.
Col. Wynne-'' Do you mean profit
able Investments
Mr.. Fairbanks - ''That's what I
mean. -
Governor Gibbs-''I understand your
two propositions to be, first, if Fort
Worth takes 500 900 in stock you can
get $3.50 ZOO in the East; second, if Fort
Worth wishes to control the mill and
takes 500 600 in stock you can get $50,
600 in the East and the mill can be
bonded for 500 900. Am l correct?'
Mr.. Fairbanks-'' Yes, sir. -
Mr. A. NJ. Carter moved that a COM
mittee of five be appointed to raise the
stock.
Mr.. f. f. Chase wanted to know the
basis, whether $3.50 600 stock or $3.50 200 !
stock and 500 600 bonds.
Mr.. Carter think it premature TO |
determine that now.
J. s. Andrews considered the $3.50 200 |
stock proposition the best because it in
terested Eastern people in Fort Worth.
Governor Gibbs thought it best TO have |
Eastern men interested.
A. w. CasweI, f. f. Powell and |
others liked the $3.50 900 stock plan and |
no bonds the best.
MIR. Carter said there were seven ma
tional banks here, and each might take
5000 to $40 900 of stock
W. ?. Conner wanted to know capaci-
ty of mill.
Mr.. Fairbanks said 5000 900 would get
a 7000-sDiudle mill and $3.50 900 a 10, 600
spindle mill. 1t would require SIS 900 in |
capital to run a 10 ,0OO-spindle mill
which would employ 200 to 225 hands.
Col. Wynne said the people of Fort
Worth had made up their minds to have
factories and he thought this
meeting should pass reso-
luton that Fort Worth would raise at
least one hundred thousand dollars for
this cotton mill. There should not only
be a committee, but there should he
adjourned meetings from night
to night until the amount
was raised. There never would be
more advantageous proposition than the
one made to-day. If we can t raise this
money we should ask THE GAZETTE,
the organ of all of Fort Worth, TO say
that Fort Worth shut up once and for all
)n the factory question. The
time had come when there was
40 use in talking Albuquerque, we must
establish factories. II was the man OF
small means, with his wife and children
who made cities. Fort Worth had
every advantage over Dallas, and
Dallas was many
-ears older and some larger,
{ Fort Worth would take hold of
his enterprise and other enterprises,
he future could not be doubted. Zap
clause.
J ID. Mcclure said he had been re-
a4ler in Fort VVartb For plavap -aorS