The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1899-10-04
TO PURCHASE SOUTHERN MILLS.
n New York Syndicate OF Capitalists
and B@"<ers Are Working to Form
n Great Combination in the South.

\ New York Syndicate OF Capitalists
and B@"kers Are Working I Form
a Great Combination in the South.
The Manufacturers Record an
nounces the organization in New York
OF u syndicate COLL posed OF some of the
leading capitalists and bankers of that
city in connection with leading South
ern bankers, to purchase and combine
d largS number Of Southern cotton
mills. The syndicate propose to pur.
chase outright and pay cash for good
Southern cotton mills, Jhen to combine
them with D view to developing their
trade TO the utmost, giving special at
t%ention to the upbuilding Of the export
business.
Thomas Branch & Co, bankers of
Richmond, have for some time been
securing options on q large number OF
leading Southern mills, and they have
now made q contract with Mr.. Charles
Il. Flint, Of New York, aud his as,o-
ciates, rcpresentinGthe heaviest inan-
cial interests OF that city, who have
agreed to furnish all the capital needed
for this undertaking. This contract
provides That tho option shall be de-
posted with enc of the largest and
strongest trust companies in New
York. Tho syndicate has agreed that
~ WIZ pay OIL CdSu lOT INC StOCR VI
such mills az are taken. The wealth
snd business connections OF Branch &
Co., Who represent the Southern end
OF this work, and the wealth and posi-
| dion OF MIR. Flint and his New York as
sOGiateE, u IS safe to say, insure sue
cess, even should the undertaking
eventually represent $50, 0Q0, 600 to
500, 600, 600 OF capital, as is now ex-
pected.
From such information US the Manu-
lecturers Record has gathered, this
viii represent one of tnu largest in.
uuStr:Bi corporations organized in the
country, and by far the largest over
undertaken in the South. Such q
combination, while in no way Interior
ing with Independent mills whose
stockholders do not care to sell, will
have sufficient capital to push this in
uustry TO the utmost extent and TO ma
terially aid in making the South take
It's rtghtful place in the textile manu-
featuring Interests Of the world. In
d%ividual mile, especially the smaller
ones, arc bampored in trying to create
a foreign market for their goods and,
however valuable their stock may be
intrinsically, il is not regarded as good
collateral outside Of their own neigh
bOrhOOd, and there the supply o.
money is often too limited for It's free
uaC in securing loans but this comUi-
nation will have the capital and abil-
tty TO put it's product III oil the open
markets of the world, and the stock
will be listed in New York and else
where.
The incoming to the South of the
millions Of Northern capital for the
purchase q the properties will turn
loose Tor other local enterprises a vast
amount Of local money Invested in
these mills, which means, therefore, a
practical addition in cash to the active
capital OF the South.
Il is understood that the mills will,
IN most cases, probably be run by the
same men who now control them, but
by operating under one general man
agCment, there will be u great de.
crease IN the cost OF manufacturing
and marketing goods. Considerable
progress has already been made In
securing options on mills enough, it
Is said, to secure the organization of a
very large company, and all Of the
capital needed, however much may be
required, has, it Is stated, been guar
antced. 1t is understood that this
combination, backed by vast capital,
will not only purchase mile now in
profitable operation, but will buy
many new mills, and thus push to the
uttcfLlUSI c8tenI IDe LeXGlle develop
ment of the South, materially aiding
In giving the South its rightful position
as the dominating cotton manufacture
ing centre OF the world.
Reports to the Manufactured Re.
cord from d large number OF Southern
bankers, as to the conditions OF bust
ness and the outlook for the future,
are almost unanimous In stating that
trade conditions were never more
favorable, that Industrial interests are
pushed to the utmost, and that while
the former low price OF cotton has had
to some extent q depressing Influence
on cotton planters, it has at the same
time encouraged q d~iversifcatiou OF
agriculture, thus making the South
more self.supporting, and that with
the recent advance In the price Of cot
ton the outlook for the farmers is
much cheering.