The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-08-26
COLOSSAL COTTON COMBINE.
DEAL FINALLY CONsUMMATED by
THE TRUST COMPANY.

The Fourteen Mills Acquired Now In
the Hands f'the baltimore COM
pnny-CnpitnIizntion Is S23, 500, 900.
Mount Vernon-Woodbury Cotton
Duck Company the BuyerS-wiI
he No Advance In the Price OF
Products-Fhc Mills Consolidated.
Baltimore. Aug, 25,-The cotton consol-
dahon, which Is one of the most import
ant Industrial combinations of the South,
has been completed, and the fourteen mills
acquired are now in the hands of the Con-
tinental Trust Company of this city the
syndicate manager, awaiting their trans
fer to the Mount Vernon Woodbury. Cot
ton Duck Company, which has been lncor-
porated under the laws of the state of
Delaware. the permanent organization Of
which viii be completed within the next
few days. when the properties will be
taken over by that company
The total capitalization of the new conf
pany is $2S,5o0, 600 as follows;
First mortgage 5 per cent ftfy-year
gold bonds (of which 81 100000 is to be re-
served in the treasury for the purposes
of the company) $SOO0.0OO per cent ac-
cumulative income bonds $4,000, 600: stock,
SO 500 900. Payment for the properties be-
gan Tuesday at the Continental Trust
Company settlement for the last two mills
having been arranged by that company TO
take place to-day in New York at Messrs.
Vermylec y Co.'S banking house.
The properties acquired by the new CONS
pany are as follows:
Mount Vernon Company. four mills
Nos. l. 3 and 4-C"Druid"). Baltimore, and
Phoenix" Baltimore county, Maryland.
| Woodbury. Manufacturing Company
| (Winam r. Hooper & sons, five mills
Woodbury." clipper" Meadow
Park and mount Washington" Balt-
more, Md
LaurelviEe and Franklin mills. Mary
land.
Talassee Falls Manufacturing Company.
! Talassee Ala.
Greenwoods Company, Hartford, Conn.
| Columbia Mills Company. Columbia, 8.
The brands or trade marks controlled
| by the new company are Mount Ver-
non," 'Woodberry," Druid" "Ontaria,"
"Arista." "Grcenwoods," Columbia"
"Frankunville" and Laurel"
The Mount Vernon and Woodberry
brands have been in existence consldera-
bly, over nifty years. and have "a world
wide reputation. The mills consolidated
manufacture over 90 per cent OF all the
cotton duck manufactured In the United
States.
Mr., s. Davies Wardeld, president Of tie
| Continental Trust Company, who c0nduc
! ed the negotiations and who was mainly
! instrumental in bring ng about the consol-
! idailon, when asked tonight as to the poll
! icy Of the new company. stated that there
/ was no disposition on the part OF the mi
owners to make an advance In the prl .
! OF cJtton duck; the saving gained from
various sources by uniting these interes s,
he said was Satisfactory and II woui1
Therefore be the policy of the company TO
I give the consumer an benefits possible
through the consolidation
III Is generally conceded" said Mr..
! Warheld, that Richard Cromwell, presi-
cent Of The Mount Vernon Company, viii
be The president OF the corporation The
| affairs of the new company win be man
aged by a board Of dreetors OF twenty,
on which will be the leading cotton duck
manufacturers and late owners of the abb
sorbed properties.
There will also be three vice presi-
dents secretary and treasurer and am
| executive committee of five. The board of
| management has not all been made up,
and Will moi be announced until after the
| permanent organization has been effected.
which will likely be by the middle Of the
| coming week"