Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1894-09-06
THERE ARE MILLIONS IN 1T.
English Capital and Wisconsin Paper
Mills.

A gigantic scheme is now on foot to
sell all the paper mills in this state to
an English syndicate. The matter has
been kept very quiet as the projectors
Of the plan have been extremely close
mouthed, but the thing has been talked
about in some quarters and as the news
is of character that cannot be sup
pressed an idea Of it will be given TO
the readers of The Post to-day, which
will be supplemented at the proper
time by the complete details.
A representative of an English syn
dicate has been in this district off and
on for three weeks past, for the purpose
of securing options upon the paper mills
which it is proposed to sell to the syn
dicate. The deal viii include not only
the mills Of the Fox river district, but
all those in the state as well-in fact it
is stated that no less than thirty -four
establishments are included i'll the pro-
jector's plans. Pulp mills as well as
paper mills will be sold.
The gentleman who is representing
the English capital here is Mr.. Frank
Butterworth, of Chicago, a man whose
name is familiar one in connection
with such large operations in the east,
who comes here with recommendations
Of the most unimpeachable character,
guaranteeing the performance of what
ever he undertakes.
Mr.. Butterworth was seen by a re-
porter of The Post to-day and asked
about his connection with the affair. He
was much chagrined that any news OF
the matter had transpired, and at first
was disposed not to say anything, but
finally authorized The Post to state that
such a movement was on foot and that
he was here for the purpose of promot-
ing it. He asked, however, to be ex-
cused from making any explicit state
ment In regard to the affair, promising
at the proper time to make known all
the details of the matter.
From most reliable sources, however,
The Post learns that the deal will be
one of the biggest in a money way that
has ever been carried out in the north
west involving millions where thousands
are the usual factors of computation. A
conservative estimate places the value
of the property involved at from
twelve to fourteen millions of dollars.
The English syndicate proposes to pay
for these mills one-half cash and the
other half in bonds secured in blanket
way upon the entire group of mills.
The English capital is already to 60
into the scheme provided the neces-
sary arrangements can be made here
and it is reported that there will be
little difficulty in persuading the mill
owners to embrace the opportunity
There have been no bitches as yet and
there seems to be no prospect of any.
1t is hoped that the Wisconsin end OF
the deal may be closed up some time in
September so that Mr.. Butterworth
may be IN London by the first OF
October. 1t is stipulated that the
papers may not be passed before next
March as the work of abstracting the
property and closing up an operation Of
such magnitude must naturally consume
much time.
1t will be remembered that there
have been other so-called efforts tc
purchase the paper mills here by out.
side capital, which have come tc
nothing. They were not, however
under any such auspices as the present
movement. 1t might seem at first sight
as though it would not be desirable that
the sale should take place but if it does
60 through-paralleling the logic ot
President Lincoln on the tariff question
I'VE will have the English money and
the paper mills too; and is very certain
that the money will soon find its way
into other channels of usefulness in a
manufacturing sense which will further
secure the upbuildlng and development
of this portion of the country
AS paper making requires so much
water power, there are only compare
lively few localities where it can be
carried on, and the industry is of a
more local character such as would be
attractive to foreign enterprise.-Apple-
ton Post.