The times. [volume] (Richmond, Va.) 1890-1903, 1899-09-29
A COMBINE OF
MANY MILLIONS
Messrs. Thomas Branch and Company
in a Great Enterprise.
COTTON MILLS OF THE SOUTH.
Options Secured on the Leading Es-
adjustments - Mr.. John j..
Branch Now in New York
Oh business.
COTTON MILLS OF THE SOUTH.

Mr.. John p. Branch is In New York on
business. This may be considered some
what significant when the announcement
is made by the Manufacturers Record Of
this week that the firm Of Thomas Branch
& Co, bankers OF Richmond. are to en-
aineer a deal which has for IS object the
consolidation Of the cotton-mIl interests
OF the south. A syndicate has been form
ed in New York. composed of some OF the
leading capitalists and bankers OF that
city. I'm connection with prominent South
ern bankers. This syndicate proposes to
purchase outright and pay cash for good
southern cotton mills. and then combine
them with a view 10 developing their
trade 20 the utmost and giving specil ot-
tcntion 20 increasing The export buslH'"s.
The Record says:
OPTIONS ALREADY SECURED.
Messrs. Thomas Branch & Co. bank
ors Of Richmond. have for some time been
securing options on a large number OF
leading Southern mills. and they have
now made a contract with Mr.. Charles
r. Flint. Of New York. and his associates,
representing the heaviest financial inter-
ests of that city. who have agreed TO fur
nish all the capital needed FOR this under
taking. This contract provides that the
option shall be deposited with one Of the
largest and strongest trust companies In
New York.
The syndicate has agreed that II Will
pay an cash for the stock Of such mills
as are taken.
The wealth and business connections Of
Branch & Company. who represent the
Southern end Of the work, and the wealth
and position of MIR. Flint and his New
York associates, il is safe 10 say. insure
success. even should the undertaking even.
tually represent s50.OOO.O0O to $40. 100000 Of
capital. as Is now expected.
MILLIONS INVOLVED.
From such information as the Manu-
f%acturers' 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 a combination. while in
no way interfering with Independent mills
whose stockholders DO not care 10 sell,
will nave sufficient capital TO push this
Industry TO the utmost extent and 10 ma
terially aid IN making the South take its
rightful place I'm the textile manufacturing
interests Of the world.
Individual mills. especially the smaller
ones. are hampered I'm trying 10 create a
foreign market for their goods. and, how
ever valuable their stock may be lntrinsl-
cally. IL Is not regarded as good collateral
outside Of their neighborhood. and
there the supply Of money Is often too
limited for It's free use in securing loans,
bur this combination viii have the capital
and ability 20 put ifs product I'm all the
open markets OF the world. and the stock
Will be listed in New York and elsewhere.
WILL BOOM THE SOUTH.
The incoming TO the South Of the mil
lions Of northern capital for the purchase
of these properties will turn loose for
other local enterprises. a vast amount OF
local money invested IN these mills. which
means. therefore. a practical addition Bra
cash 10 the active capital Of the South.
II is understood that the mills Will. in
most cases. probably be run by the same
men who now control them. but by one
rating under one general management.
there viii be a great decrease in the cost
of manufacturing and marketing goods.
Considerable progress has already been
made I'm securing options on mills.
enough. 10 ls rdiN, TO NtHAlt l4f hi -ANlAN-
ton OF a very large company, and all Of
the capital needed. however. much may
be required. has. II is stated. been guar
antccd.
II is understood that this combination
backed by vast capital. will not only pur-
chase mills now in profitable operation.
but will buy many new ones.
CONDITIONS FAVORABLE.
Reports TO the Manufacturers Record
from a large number OF Southern bank
ers. as TO the conditions OF business and
the outlook for the future. are almost
unanimous in stating that trade c0ndi-
lions were never more favorable. that in
dustrial interests are pushed 70 the ut
most. and that while the former low price
Of cotton has had. TO some extent. a de-
pressing influence on cotton planters. Il
has al the same time encouraged a di-
versifcatiOn Of agriculture. thus making
the South more self-supporting. and that
with the recent advance In the price Of
cotton. the outlook for the farmers IS
much more cheering.