Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-08-26
CAPITALIZED At S23,5OO,OO0
Mills Consolidated Make Over 30 PeI
Cent. Of COuDuy'S Whole Product.
no PURPOSE TO ADVANCE PRICE.
New Company Satisfied With the
Saving Gained by Uniting the Many
Interests-Richard tromwch 10 be
President.

BALTIMORE August 3.-Tho cotton'
duck consolidation. which is one OF the
most important Industrial combinations
OF the South, has been completed, and
tho fourteen mills acquired are now III
the hands Of the Continental Trust COM
pany. Of this city, the syndicate mana-
ger. awaiting their transfer to the Mount
Vernon Woodbury. Cotton Duck Company.
which has been incorporated under tha
laws OF the State of Delaware, and tho
permanent organization OF which VIII be-
competed within the next few days, when
the properties will be taken over by that
company.
The total capitalization OF the new COM
pany is 81. $1,000. as follows: First mort
gage-5 per cent. hfty-year gold
bonds (of which 100000 is to be reserved
IN the treasury for the purposes or the
company 100000; 5 per cent. accumula-
tive income bonds, 100000; stock. $780,
co..
Payment for the properties began Tues
day. at the Continental Trust Company's
office. settlement for the last two mills
having been arranged by the Continental
Trust Company to take place to-day In
New York, at Messrs. Vermilye q Co.'S
banl1ing-house
PROPERTIES ACQUIRED.
The properties acquired by the new
company are as follows: Mount Vernon
Company, four mills-Nos. 1, 3, and 4
druid, Baltimore, and Phoenix" Bal
tlmoro county Nd; Woodbury. Manufac-
turing Company william a. Hooper 4;
SonD five Woodbury." Clipper"
Meadow" Park ana Mount wash
ington" Baltimore. Nd; Laurely!lle and
Franklin Mills. Maryland; TalI"--oe F'li''
Manufacturing Company, Tallassee, Ala;
Greenwoods company. New Hartford,
Conn. Columbia Mills Company, Colum-
bia. =. &.
The brands. or trademarks, controlled
by the new company are the "MOunt Yer.
non" woodbury." Druid" "Onta-
no." "Arista.' "Ggeonwoods." "Colum-
bla." "Franklnville," and Laurel"
The Mount Nern0n-Woodbury brands
have been ineXistence considerably over
fifty years, and have worldwide repu-
tatiOn The mills consolidated manu-
acture over 80 per cent. of all the cotton-
duck manufactured In the United states.
POLICY OF THE NEW COMPANY.
Mr. ). Davies Warheld. president OF tina
! Continental Trust Company. who con-
Quoted the negotiations, and who WAS
mainly instrumental in bringing about tina
consolidation, when asked tonight al
TO the policy of the new company.
stated that there was no disposition on
The part OF the mill-Ownors 10 mako any
advance in the price of cotton-duck.
The saving gained from various sources
By uniting these interests, he said, was
satisfactory, and IL would. therefore, DO
the policy Of the company 90 give the
consumer all the benefits possible through
the consolidation.
1T IS generally conceded said Mr.
! Warncld. that Richard Cromwell prosi-
dent Of the Mount Vernon Company, will
be the president OF the corporation. Tho
affairs OF the new company Will be- mani
aged by a Board Of Directors Of t~enty.
ON which viii be the leading cotton
duck manufacturer and late owners Of
the absorbed properties.
"Thero will also be three Yice-prosf-
dents. a secretary. and treasurer. and am
executive committee Of FIVE. The board
of management has not an been made
I'D. and will not be announced until after
| the permanent organization has been
/ effected, which Will likely be by the
middle Of the coming week.