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


BALTIMORE. Sept. aS.-Thc .Eunufac-
turers' Record of this week announces
the organization in New York of n
leading capitalists and bankers of that
city, i'll connection with leading South
crn bankers, to purchase and combine
4 large number of Southern cotton
mills. The syndicate proposes to p,lr-
chase outright and pay cash for good
Southern cotton mills, then TO combine
them, with view to developing their
trade tn tho utmost, giving spccinl at
tcntiOn to the upbuilding of the export
business.
Messrs. Thomas Branch 4 Co, bank
crs. of Richmond. Va, have for some
time been securing options OH Il large
number of leading Southern mills, and
they have now contract with Mr..
Charles II. Flint, of New York. and his
associates. representing the heaviest
financial interests of that city, who
needed for this undertaking. This
contract provides that the option shall
be deposited with one of tho largest
and strongest trust companies in New
York. The syndicate has agreed that
it will pny all cash for the stock of
such mills rs are taken. The wealth
ami business connections of Branch Il.
Co, who represent the Southern end
of this work. and the wealth and posi-
associates, it is safe to say, insure sue
cess, even should the undertaking
eventually represent S50.00O.0O0 to
S100,O00.O00 az cnpital as is n0w vx-
pected.
f7rOp. such information rs the Manu-
fao.ureTs' kccnrsi has g;itiirrsi; his will
represent one of the largest industrial
operations organized in the country,
and by far tho largest ever undertaken
while In no way interfering with indie
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 i'll the textile manufacturing in
terests of tho world. Individual mills,
especially the smaller ones. are llamp-
cred in trying to create IL foreign mar
ket for their goods; and, however val
lablc their stock may be intrnsically.
it is not regarded rs gond collntcral
outside of their own nciglIbOrhOOd, 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 i'll all the open markets OF the
world. and the stock will he listed in
New York and elsewhere.
The incoming to the South OF the
millions Of Northern capital for the
purchase of these properties will turn
loose for other local enterprises n vast
amount of local money invested in
these mills, which means, therefore, Il
practical addition i'll cash to the active
capital OF the South.
1t is understood that the mills will,
in most cases, probably be run by the
same men who now control them, but
agement thero will be q 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 II very large
company, and all of the capital needed,
however much may be required. has. it
tlcrstOOd that INSTRUMENTATION, backed
by vast capital, viii! not only purchase
mills now IN profitable operation, but
will bny many new mills, and thus
push to the utmost extent the textile
development of the South, materially
aiding in giving the South its rightful
position as tho dominating cotton man
ufacturing centre OF the world.
Reports to tho Manufacturers Record
from urge number of Southern bank
crs, as tO the conditions of business
and tho outlook for the future, are al
most unanimous in stating that trade
conditions were never more favorable;
that industria! interests are pushed to
tho utmost, and that while the former
low price of cotton. has had to some
cHtcnta q depressing influence OH cotton
planters. it has, at the snmo time, en-
cOuragcd Il tiivcrsification Of agricul-
turc: thus making the South more self
supporting, and that with tho recent
advance in tho prico Of cotton the out
look for tho farmers is much more
chccring.-Nc,rs and COrrirr.