Daily press. [volume] (Newport News, Va.) 1896-current, 1899-08-26
Capitalization of the New Consoli-
dation is S23,5OO,O00
MANY MILLS in COMBINE.
Incorporated / Delaware. Richard Crock
we'll to be President. Eoard Of Twenty
VIII Direct the Affairs OF
the Company.
Ey Telegraph.)

BALTIMORE, Aug. 25.-Thc cotton
consolidation. which is one Of the most y
Important Industrial combinations Of
tie South has been completed ana the
fourteen mills acquired arc now in the
hands Of the Continental Trust Com
pany Of this city. the syndicate manager
awaiting their transfer to the Mount
Vernon Woodbu Cotton Duck Com
pany. which has been Incorporated un-
der the laws Of the state of Dclawaro.
the permanent organization OF which
will be completed within the next few
days when the properties will be taken
over by that company.
CAPITALIZATION.
The total capitalization Of the new
company is $500, 900 as follows: First
mortgage five per cent, fifty year gold
bonds tof which $l000,00O is to be re-
served in tho treasury for the purposes
of the company, $4,000 600 five per cont
cumulative income bonds, $4,000. 900;
stock So, 800 900. Payment for the prop
critics began Tuesday at the Continental
Trust Company, scttlemert for the LAST
two mills having been arranged b. tie
Continental Trust Company to rake
place today in New York at N1essrs.
Ncrmyle and Company's banking house.
The properties acquired by the new
company are as follows: Mount Vernon
Company. four mills--Nunlbers !, $ and
IA cDruid'D baltimore: and 'Phoenix''
Baltimore county. Maryland.
WoodhIry Manufacturing Company
CWilliam =. Hooper & Sons) five mills
woodbury." Clipper" Meadow
Park" and Mount Washington" Bal
tmore, Md
I.audclville ard Franklin Mills. Eld
Talassee Falls Company. Talassee.
Ala.
Columbia Mills Company Columbia.
S. c.
BRANDS CONTROLLED.
The brands Or trade marks controlled
by the new company are Mount Yer
bury 80 lr.ll Id
ria, Ar ista, = Greenwoods.. So Column
| bia' "Franklinville.'' and Laurel. $s
| Mount Vernon Woodbury. brands
! have been in trade considerably over
fifty years and have a worldwide repu-
tation. The company will control over
ninety per cent of the cotton duck MAJ
ufactured in the United States.
D. $. Warfield. president or the Con-
tinental Trust Company. who conduct
cd the negotiations and who was main
~ Instrumental in bringing about the
| consultations when asked tonight as to
the policy Of the new company, stated
that there was no disposition on the
part of the mill owners to make an adj
vance in the price Of cotton duck; the.
saving gained from various sources by
uniting these interests, he said, was
satisfactory and it would therefore lie
the policy of the company to give the
consumer all benefits possible through
the consolidation.
CROCKWELL TO BE PRESIDENT.
1T is generally conceded" said Mr.
Warfeld, that Richard CrockWell
president Of the Mount Vernon Com
pany, Will be the president Of the cor
poration. The affairs of the new com
pany viii be managed by a board of
directors of twenty. on which will be
the leading cotton duck manufacturers
and late owners Of the absorbed prop
critics.
There will also be three vice pres-
dents and 4 secretary and treasurer
and an executive committee Of five The
board Of management has not all been.
made up and will not be announced
until after the permanent organization
has been effected. which will likely be
by the middle of the coming week