The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1899-08-29
THE COTTON DUCK COMBINE


One company completed
Baltimore, August 25.-The cotton
consolidation, which is OF the most
important industrial combinations OF
the south has been completed and the
fourteen mills acquired are now in the
hands Of the Continental Trust Com
pany OF this city, the syndicate man
ager, awaiting transfer to the Mount
Vernon-Woodbury Cotton Duck Com
pany, which has been incorporated
under the laws of the state Of Della
ware, the permanent organization Of
which will be completed within the
x few days when the properties will
be taken over by that company.
The total capitalization of the new
company is $23, 500, 900 as follows: First
mortgage 5 per cent. f~ifty-year gold
bonds (of which 81, OOO, 900 is to be re-
served in the treasury for the purpose
of thec company, IS, 200, 900; 5 per cent
accumulative income bonds, 5 5000, 900;
stock, $500, 900. Payment for the
properties began Tuesday at the Con-
tinental Trust Company. Settlement
for the last two mills having been ar
ranged by the Continental Trust Com
pany to take place today in New York
at Messrs. Vermyle and Company's
banking house.
The properties acquired by the new
company, are as follows:
Mount Vernon Company, four mills
numbers 1, 3 and 4 ("Druid"), Balti-
more; and Phoenix Baltimore coun-
ty, Maryland; Woodbury. Manufacture
ing Company Civilian E. Hooper &
Sons) five mills-"Woodbury," "Clip-
per-" Meadow" Park" and Mount
Washington" Baltimore, Md; Laurel
vile and Franklin mills, Maryland;
Tallahassee Falls Manufacturing Com
pany, Tallahassee, Ala; Greenwoods
Company, New Hartford, Conn; Co.
lumbia Mills Company, Columbia, S. c..
The brands or trade marks con-
trolled by the new company are Mount
Vernon" woodbury." Druid" "On-
, ~taria," "Arista," "Greenwoods," Go
lumbia," "Franklinville" and Laurel"
The Mount Vernon-Woodbury brands
have been in existence considerably
over fifty years and have a worldwide
reputation. The mills consolidated
manufacture over 80 per cent of all the
cotton duck manufactured in the Unit
ed States.
Mr.. S. Davis Warfield, president Of
the Continental Trust Company, who
conducted the negotiations and who
was mainly instrumental in bringing
about the consolidation, when asked
| tonight as to the policy Of the new COM
pany, stated that there was no DISPOSE
ton on the part of the mill owners to
make an advance in the price of cotton
| duck; the saving gained from various
sources by uniting these interests, he
| said, was satisfactory and it would,
therefore, be the policy Of the company
to give the consumer all benefits pos
| sible through the consolidation.
"It is generally conceded" said Mr..
| Warfield, chat Richard Cromwell,
! president of the Mount Vernon Com
pany, will be the president of the cor
poration. The affairs of the new COM
pany will be managed by a board OF
directors of twenty, on which will be
the leading cotton duck manufacturers
and late owners of the absorbed prop
critics. There will also be three vice
presidents and a secretary and treasu-
rer and an executive committee Of five.
The board of management has not all
been made up and will not be announced
until after the permanent organization
has been effected, which will likely be
by the middle of the coming week.