The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-08-29
THE COTTON Mill TRUST
All Sorts Of Offers Being Made 10 The
Owners Now.
AN INSIDE COMBINE IS PROJECTED
Banks Arc Bchind rh,s ma Tbe,
scent n Loss of business If OUT
sidcrs Are Successful.

New York, August 2S.--A Herald special
from Fall River saws: CONFIDENT with
the arrival OF Nelson G. Green OF New
York, who is promoting a scheme for the
absorption OF the local mill properties
comes the announcement that william H.
Woods of the American Wooden Trust had
combined with Charles II. Flint and Others
Of New York and would send in an Offer
for the mills this week Further than
this, paper has been circulated among
the local mill men asking signatures to
an agreement to extend the powers of the
local selling committee which movement
is taken to mean that there is an entirely
local scheme on foot TO combine the Fab
River factories and decline to put them
the city.
Several conferences have been held to-
day by the stockholders. directors and
Bankers and tonight the situation of at
fairs in the cotton industry is indeed
caotlc. Mr. Green conferred with the
cashiers of the Metacomet the Fall River,
The Massassoit. the National Union aud
the Second National banks. The First
National which is called the Brayton bank
was not represented. 1t is generally be-
lieved that the First National is interest
ed to finance the scheme. The banks
thought they saw in such movement
loss OF mill deposits and the losses IN
cumbent upon sending the mill notes to be
discounted at one bank and organized a
scheme to keep the Braytons out OF the
deal.
The cashiers got an Interview with MIR.
Green before the mill men and were as
sured that the mills, If secured, will not
have to do business with one institution.
Mr.. Green stated that his scheme involved
general management by a board of con-
troll, to be composed of the owners.
There are thirty-iive corporations op-
Grating sixty -nine mills which MIR. Green's
company are after and these mills manu-
facture about 750000,000 yards of cloth
annually and use $4,000 bales of cotton.
They employ about $4,000 operatives and
pay more than S15o,O00 a week in salries.
The spindleage is about 100000 spindles
and the capital stock is nearly S2,G00.000.
He said there seemed to be unanimous
acquiescence in his plan to have com
mttee investigate the standing of the
syndicate making the offer
President Wood OF the American Trust
company says Mr.. Flint and other Metro
politan bankers will make an offer for the
mills and they should not be in hurry
to sell out The advice will be needed
While the banks were disturbed over los
ing mill business in case the deposits and
discounts went TO the First National bank,
they have another scheme and 1T is the
purely local combine. which is attracting
attention. 1t is to consolidate the mills
by an exchange to stock in a single conf
allowing Nair values for the
mills. There are debts of about s3.00O,0o0
and this will be all the money needed for
the scheme unless there should be a dis
position to sell out instead of taking com
hination stock. This scheme, mill men
said today, could be put through II the
Brayton interest would give their assist
ance The highest cash offer will prob
ably catch the stockholders although there
is a strong feeling here against a trust |
1t is feared that eventually there would |
be many discharges of superintendent |
and trnaSurnrs.