The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1899-10-04
To Buy Southern Mills.

BALTIMORE. Sept. 2S.-Thc ManJdc-
furers' Record of this week announces
the organization in New York of Il
syndicate composed of some Of the
leading capitalists and bankers of that
city, in connection with leading South
crn bankers, to purchase and combine
q large number of Southern cotton
mills. The syndicate proposes to pur
chase outright and pay cash for good
Southern cotton mills, then to com binc
them, with Il view to developing their
trade to tho utmost, giving special at
tcntiOn to the upbuilding of the export
business.
Messrs. Thomas Branch & Co., bank
crs, of Richmond, Va, have for some
time been securing options on a large
number Of leading Southern mills, and
they have now a contract with Mr..
Charles r. Flint, Of New York, and his
associates. representing the heaviest
financial interests of that city, who
have agreed to furnish all the capital
needed for this undertaking. This
contract provides that the option shall
be deposited with one Of the largest
and strongest trust companies in New
York. The syndicate hns agreed that
it will pay all cash for the stock OF
such mills Us are taken. The wealth
and business connections OF Branch o.
Co., who represent the Southern end
of this work, and the wealth and posi-
ton of Mr. Flint and his New York
associates, it is safe to say, insure sue
cess, even should the undertaking
eventually represent S50,0OO,000 to
500, 100000 of capital, as is now cx-
pectcd.
From such information rs the Manu-
facturers' Record has gathered this will
represent one of the largest industrial
operations organized in the country,
and by far the largest ever undertaken
in the South. Such q combination,
while in no way interfering with inde-
pendent mills whose stockholders do
not care to sell, will have sufficient
capital to push this industry to the ut
most extent and to materially aid in
making the South take its rightful
place in the textile manufacturing in
terests of tho world. Individual mills,
especially the smaller ones. are hamp-
cred in trying to create Il foreign mar
kct for their goods; and, however val
uablc their stock may be intrinSically.
it is not regarded rs gOnd collateral
outside of their own cighbOrhOod, and
there the supply of money is often too
limited for its free use in securing
loans; but this combination will have
the capital and ability to put its pro-
duct in all the open markets OF the
world, and the stock will be listed IN
New York and elsewhere.
The incoming TO the South OF the
millions OF Northern capital Tor the
purchase OF these properties Will turn
loose for other local enterprises vast
amount of local money invested In
these mills, which means, therefore,
practical addition in cash to the active
capital OF the South. :,
it is understood that the mills will,
in most cases, probably be run by the
same men who now control them, but
by operating under one general man
agement there will be great decrease
in the cost of manufacturing and mar
keting goods. Considerable progress
has already been made in securing
options on mills; enough, it is said to
secure the organization of very large
company, and all Of the capital needed,
however much may be required, has, it
ID StttIC\t, OCCH = Ntt "LA .>Nta AZ -
derstood that thiscombination, backed
by vast capital, will not only purchase
mills now IN profitable operation, but
will buy many new mills, and thus
push to the utmost extent the textile
development Of the South, materially
aiding in giving the South its rlghtful
position as the dominating cotton man
nfacturing centre of the world:
Reports to the Manufacturers Record
from large number of Southern bank
crs. as to the conditions OF business
and the outlook for the future, arc al
most unanimous in stating that trade
conditions were never more favorable;
that Industrial interests are pushed to
tho utmost, and that while the former
low price CT cotton has had to some
extent a depressing influence on cotton
planters. it has, at the same time. en-
couragcd divcrsilication Of aSricul-
turc: thus making tho South more SELF
supporting, and that with the recent
advance in the price Of cotton the out
look for the farmers is much more
clrrring.-Ncw Gnd COrricr.