The people's journal. (Pickens, S.C.) 1891-1903, 1899-10-05

I,.OHAsE SOUTHERN MILLS.
A New York Syndicate OF Capitahs's
and Bankers Are Working TO 'orm
n Great Continuation in tho South.

n Great Continuation in tho South.
The Manufacturers Record an
nominees the organization IN New j Ork
~ syndicate con- posed OF some Of the
loading capitalists and bankers Oh tuaS
rj.v in connection with lCadlnS South-
orn bankers, to purchase ana COMBINE
p large number Of Southern cotton
mills. The syndicate proposes 10 pur,
chase outright and pay cash Tor goou
Southern cotton mills, thcn TO molne
them with "A view to developing their
trade TO the utmost, giving special AZ
tention TO the upbui.dins OF the export
business.
Thomas Branch & Co. bankers oi
Richmond, have tOr some tlm& ocen
securing options on ~ large nuMNrr oi
leading Southern mills, and thVN nave
nOw made . contract with Mr.. CNarlra
Il. Flint. Of New York, anu his "s'o'
cates, representing the heaviest hni'n'
cial interests OF that clLy, "Lo nave
agreed 10 furnish ali the capItai needed
for this undertaking. Ihis contract
provides that the option shall DC "r.
posted with one .! the largest an"
strongest trust companies IN Ne"
York. The syndicate has agreed that
il VIII pay ali cash iOr thr stock oi
and business corrections Q! Branch y
Co.. who rcprcsout the Southern cuu
OF This wOsk, and the wealth ana posi-.
tiUu Of Mir. Fliut and his New York as
souiatos. II Is safe 10 say, insure sue.
co$a, even snoU.d TIE undertaking
eventually represent S5O,ouO,00O to
500, uuU UO0 OF capital, as Is now cN.
pactGd.
From such .niocMation Is the Manu-
iacturCrS' Record Eas gathered, TINS
viii represent ono OF the largest in
dust?!al cOypJrations organized IN TIC
country, and by far the largest ever
undertaken IN the south. Such
combination, while IL no way interfGr-
ing with independent mills whose
stockholders 90 nOt care TO sell, Will
have sufficient capital 10 puSA this in
QuStry TO the utmost extent ana to ma
terially aid IN making the South take
lis = ghtful place in the textile manu-
featuring interests OF the world. In
Qlvldual mills, especially the smaller
Jones, are hnmpcred in tryin, TO create
d foreign market for their goods ; and :,
however valuable their stock may bc
iutrinsiCally, it Is not regarded as good
collateral outside Of their own neigh
borhood, aud there the supply Of
money is often too limited for It's free
use in securing loans ; but this cOmbi-
nation will have tho capital and abil-
ity TO put It's prOduCt in oil tho open
markets Of tho world, ana the stock
will be listed in New York and else.
whCro.
Inc incoming to the South Of the
millions uf Northern capital for tn,
purchase OF tho properties will turI
loOso 10Y Other Local enterprises IL vast
amount Of local money invested /,
thCs9 mills. which means, therefore,
practical addition in cash TO the uctiy
capital Of the South.
1t Is understood that tho mills viii
In most cases, probably bo run 10y ,h
same men who now control thum, bu
BY operating under one general mar
ngGmcnt, thrrO will bc Il great dc
crease N the cost Of manufacturing
ard marketing goods. Considevabl
progress has already been made /
securing options on mills; enough,
Il SAID, 20 secure tho organization OF
very largo company, and all OF th
capita needed, however much me,. .
required, has, 1t II St".rd, been guar,
ahtrcu. IL IL 1HucrstOod that this
com Olp"el4f packed by Was. capital
M-lli-1i0l WI only purchase mills now II
>protit"blc operation, but Will buy
many r@w mills, aud thus push TO thc
uttermost cXtcut the textile develop
ment OF the South, materially aiding
IN giving the South It's rightful position
Rs the dominating cotton manufacture
lag Ccntrc OF tho world.
Reports 10 tho Manufacturers RA
cord from u largo number Of I5outhcr,
bankers. ns to The conditions Of hu al
ness ana tho outlook for tho future
arc almost unanimous in stating tha
trAdc conditions wore mover NOR,
favorable, that industrial interests AZ,
pushed to tho utmost, and that whil,
the formcr tow price OF cotton has hnt
TO some extent q depressing inn Icnc,
on cotton planters, it has at the sam,
time encouraged a divorsiticnti0n 0
agriculture, thus making tho Soutl
more sclf.supporting, and that will
the recent advance in the price Of cot
ton the outlook for the farmers /
much moro cheering.
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AN INDUSTRIAL, CONFIRM A 'rJnN