The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-10-25
TO BUILD A COTTON MILL
THE MOVEMENT TO ORGANIZE a
COOPERATIVE ASSOCIATION

The Meeting at Catholic Library Hall
Next Week-The Plan Of the Pro-
posed Organization-Mr. Whetley's
Interview With Augusta MIL Men
Large Mills Pay Better Than Small
Ones = Factories What Savannah
Needs.
A meeting Of those interested in the
formation Of q mutual cooperative associ-
alton for the purpose of building another
cotton factory at Savannah will be held
next Tuesday night at Catholic Library
hail.
J. L Whatlsy, Esq. the prime mover in
the enterprise, who has recently re-
turned to the city from a pleasure
trip in the north. was seen yesterday
by a MORNING NEWS reporter. NJ.
Whatley explained the plans by which it is
proposed to launch the new enterprise. The
money to build the factory Is to be raised
on the cooperative plan by subscription.
70 be paid monthly at so much per share.
probably IS. By this plan it is calculated
that M mber of men Of large means viii
take several shares each, and that great
many men Of small means, and Others de-
TO three shares each.
THE PLAN OF ORGANIZATION.
An effort will be made to secure
q subscription of 1000 shares, which,
at IS per month per share. will make the
monthly subscriptions s., 000 At the end
of year the association viii have 10000
in bank, which capital will warrant
the company in beginning the erec
ton Of the buildings for the factory.
The buildings will be completed
by the end of another year, and will be
more than paid for by the $4,000 in hand
by that time. With substantial buildings
the association will have no difficulty in
securing an advance Of money with which
to purchase the necessary machinery
to put the factory in operation
The monthly income Of 5000 from sub
scriptions will be used to pay the debt In
CURED in the purchase of machinery, and
the earnings of the factory may also be de-
voted to the same end after paying the
minor expenses
Tue par value of share will be limited,
probably, to $780, which will make the
total capital, when paid up, $500, 900. At s.
per month the shares will be paid up in 100
months, or little over eight years.
IN FAVOR OF THE PLAN.
The capital OF cotton factories is not
often raised by the mutual cooperative
plan, but Mr.. Whatley believes
this plan will work far better than that
tried In many other cities, where a small
portion of the capital is raised at home and
the remainder secured by bonding the fac
tory, the result being in most cases that the
bondholders own the factory in few years.
By the co operative plan the whole amount
OF the capital can be raised in Savannah
without any drain upon the city.
WHAT SAVANNAH NEEDz
What Savannah needs" said Mr.. What
ley, lis factories We have everything else
here for the making Of great city. We
have several railroads terminating here.
immense shipping interests, great territory
tributary to Savannah and an immense
trade-everything, in fact, but factories.
With numerous advantages, all that is re-
quired TO give it population is factories
Of various kinds With factories common
surate with its trade and its advantages
Savannah would have population
Of 100000 inhabitants. While it is
one of the largest cotton ports
in the world, the cotton simply goes
through here and stops only for a very short
while. If this cotton can be carried to New
England, manufactured there and shipped
back here and sold at a profit, why cannot
It be manufactured at profit right herei
II can certainly be laid down in Savannah
80 IQ.
By the cooperative plan we can secure the
money in Savannah sufficient to build and
equip large cotton factory, and in so do
Ing inaugurate new era in Savannah's
progress"
WHAT MILL MEN SAY.
Mr. Whatley has spent some time inspect
ing the cotton mills in and around Augusta,
and discussing with their managers the best
means and methods of successfully conduct
ing a cotton MILL He became thoroughly
committed to the cotton mill project at
Savannah, and was convinced Of two
things, viz: That a large mill can be
more easily conducted on
paying basis than small one,
and that cotton mill would be a paying
enterprise at Savannah, in both of which
conclusions the mill men of Augusta agreed
with him. The mills of Augusta and
vicinity are run by water power, but Pres
ident Hickman Of the Graniteville mills
said it was mis- conclusion that if a large
mill we're built on the Georgia railroad
near Augusta to run by steam power and
coal could be laid down to it at SO per ton,
such a mill would be a better paying IN
vestment than many of the mills at present
run by water power.
'Since my return TO Savannah this
week" said Mr. Whatley, a coal dealer has
offered TO advance all the coal needed for
the Factory at 80 per ton"
The mill men now generally acknowledge
that factory can be run as cheap by steam
as water power.
LARGE MILLS PAY BEST.
Mr.. Whatley was asked what his ideas are
as to the size of the mill and the quality of
goods that could be most profitably manu-
about 90, 1000 spindles is the capacity that
could be profitably operated in q mill cost
ing the amount named. From my invesui-
cations at Augusta and the opinions of mill
men there l am Convinced that a fine
quality OF brown goods would pay better
than any other. The majority of the mills
In the south now are manufacturing coarse
cotton goods, such as osnaburg and home
spuns, aud the market Is crowded with
those goods. There is a good demand for a
high grade of brown goods"
With regard to g location OF the mill.
Mr.. Whatley said that Southover junction
had been suggested as the most convenient
place, being at the junction of the Savan-
nah, Florida and Western and Charleston
and Savannah railways, aud having close
connection with the Central railroad and
the steamship wharves 1t would be good
to the city also at that point,
as all trains on the Coast Line going north
and south pass the junction.
Twenty-one names are signed to the call
for the meeting Tuesday night to organize
the company, among the members being
some OF the most prominent business men
OF Savannah. The idea is to get everybody.
both OF large and small means interested in