The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-10-29
THE MILL A SURE THING.
TIE CHATHAM COTTON FACTORY
ASSOCIATION ORGANIZED.


a Board Of Directors Elected and
100000 of Stock subscribed-The
Plan of the Organization and Some
of the Men Who are Back OF it "A
Committee on subscriptions APP
pointed and Books to be Opened at
Once.
The Chatham County Cotton Factory
Association was organized last night at
Catholic Library Hall upon the mutual Co
operative monthly installment plan, with a
proposed capital of 100000, divided into
1000 shares Of $500 each, TO be paid up in
100 monthly installments of IS each.
The meeting was opened by a motion by
H. C. Davis that J. L. Whatley take the
chair, which was carried. Mr.. Whatley
took the chair and called the meeting TO
order. About fifty representative business
men were present. Mr.. Whatley was asked
to state the object of the meeting, which
he did. outlining the plan which had been
agreed upon by the prime movers OF the
enterprise, and which has already been
published in the MORNING News.
WHAT SAVANNAH NEEDS.
Mr.. Whatley reviewed the status Of
Savannah's business interests, the lack OF
manufacturing industries so dlspropor-
tionate to the immense trade OF the city
and its commercial Importance. The reason
he said why Savannah, with Its location
ana business, has a population OF only A.
900, Is that there are no manufacturing IN
dustries necessary to maintain large
population, and that with factories OF
various kinds the population OF the city VIII
not be less than 100000 at the next census.
He said the great trouble is that
the money made in Savannah is
not spent here. There are not
sufficient inducements to invest The
mutual cooperative plan, he said, has been
agreed upon as the best by which TO raise
the amount of capital necessary for large
cotton factory. He had investigated the
matter thoroughly and was satisfied that
factory will pay here. Heretofore the cost
of fuel has prohibited the establishment of |
factories to be run by steam power, but |
now coal can be laid down at less than 50
per ton. At that figure for coal, steam |
power is as cheap as water power and more |
desirable for a number of reasons.
THE COMPANY ORGANIZED.
At the conclusion of Mr.. Whatley's re- |
marks, E. r. Bryan was elected secretary. |
Mr.. Bryan moved that the chair appoint |
a committee Of five to select a name for the |
proposed company, and to suggest such |
names as would make a suitable board of |
managers, eleven in number.
The following committee was appointed: |
w. L. Wilson, j. K. P. Carr, Warning Rus
sell, Jr., George N. Nichols and Gratz G. |
Myers, to which e. F. Bryan was added.
The committee was requested TO meet i'm |
mediately ,and recess was taken while 1t de- |
liberated upon a name and managers Of the |
company.
It did not take the committee more than |
five minutes to make its selections. 1t re-
ported the name of The Chatham County |
Cotton Factory Association. The board of |
directors named was:
j. L. Whatley, John Schwarz,
VIM. Garrard, R B. Harris,
J. b. Withers, B. II. Levy,
j. T.. Rowland, F. s. LAthrop,
W. L. Wilson, H c. Davis,
e. J. Kennedy.
The report was unanimously adopted.
Several of the members of the board |
named were not present, but had previously |
signifed their Intention of cooperating |
with the enterprise and taking stock.
THE PLAN OF ORGANIZATION.
Mr.. Wilson presented the following reso-
luton, which was adopted:
Resolved That the board of directors shall |
elect president and vice president from its /
members, and also elect a secretary and treas |
urer.
Q. That the president appoint from the stock |
holders a committee of Ave, of which he shall |
be chairman, to prepare a constitution and by |
laws tor the association-to report at a meet |
ing OF the association TO be called by the pres |
dent Tor action thereon And that the president is |
hereby authorized TO take such steps he snail |
deem necessary 10 procure charter for the |
association from the courts
3. That the board of directors are hereby |
constituted committee on subscriptions to the |
stock of the association, and that books for |
subscriptions be opened at once. |
COL. GARRARD's SPEECH.
The chairman stated that the meeting |
was open for remarks upon the object Of |
the association. Calls were made for Col. |
William Garrard, to which he responded, |
his remarks being, In substance, as follows: !
81 know very little about cotton factories |
except In general way, but feel consid- |
cradle interest in this project. There is no |
reason why cotton factory should not pay |
in Savannah. 1t has been demonstrated at |
Columbus that water power is no longer |
desirable where cheap steam power can be |
obtained. steam mill is now being |
erected at Columbus by a com |
pany owning water power mill, when |
it could just as easily have been built right |
on the river bank Coal il now delivered !
in Columbus at 81 10 per ton. There is no
reason why it should not be delivered in |
Savannah for less than So per ton.
Cotton can be had as cheaply here as it Is
possible TO get it anywhere, and from the
immense amount Of cotton brought here it
would be easy to select the most suitable
grades at the lowest prices. There
Is no reason why steam
cotton mill should not pay as well here as
at Columbus, and the mills there pay fine
dividends. Old mills there are now erect
ing new ones out of their dividend. I'm
mense fortunes have been made in Savan-
nah, but what good has it done the cityi
We can all count up numbers Of men who
have made fortunes here and spent them
elsewhere. We need manufactures, here to
keep the money at home.n
In conclusion Col. Garrard said he would
do all in his power to make the enterprise
success.
STARTING TIE SUBSCRIPTIONS.
The chairman called upon H. G. Davis.
Mr.. Davis said: "Mr. Chairman, have a
very long speech on this subject, which
know these gentlemen are all anxious to
hear, but think the best speech | can make
Is to move that the subscription book be
opened at once, and let US begin work right
here"
Mr.. Davis suggestion was adopted, and
the subscription book was opened.
Mr.. Whatley headed the list with a sub
scription of twenty-five shares.
w. l., Wilson "a rpar VT Ava h.-