The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-03-24
TO HANDLE MILL PRODUCTS.
CHARTER FOR CORPORATION
WITH THIS AS ITS PURPOSE.

Prominent Savannah Business Men
Ask Judge FaIIigant for an Order
incorporating the Southern Cotton
Mills and Commission Company,
With Capital stock of 500, 900 and
the Right to Increase 1t to $1,000
OOc-New Corporation VIII Lend
Money for the Purpose of Building
Mills, Deal in Mill Supplies and
Handle Mill PrOducts-WiII Act as
Financial Agent.
petition for the incorporation of the
Southern Cotton Mills and Commission
Company was filed yesterday in the office
of the clerk of the Superior Court. The
purposes of the company. as outlined in
the petition for Incorporation. are in line
with progress in mill construction in the
South
The incorporators are Mills B. Lane,
Henry d. Stevens, John Heard Hunter,
Lawrence Mcneil, Thomas H. Mcmillan,
John r. Young, all of Savannah; Edward
w. Lane, Benjamin +. Strickland of
Lowndes county, and w. S. Witham of
Atlanta. The principal office and place
of business will be in Savannah, but the
petitioners ask the usual right and privi-
lege of establishing branch offices in
other cities of this state and in other
states and territories of the union.
The petition recites that the leading and
principal business of the new corpora
ton will be that of commission mer-
chant and the principal articles to be
handled and dealt in will be the products
Of cotton mills and materials, machinery
and supplies for such mills. To this end
the company desires the right to act as
financial agent and buying and selling
agent for these mills. II asks that it be
permitted to aid in the erection of mills
and their operation by subscribing to their
capital stock, either wholly or in part,
and that it have the right 10 advance
money to these mills and to indorse or
guarantee their obligations The right
to esta blish stores and warehouses at
points where they are thought likely to
aid in the conduct of the business, and
the usual privileges and immunities vest
ed in corporations of like character char
tered under the laws of the state are also
entreated.
The capital stock of the corporation is
to be 100000, with the right to increase
it, in the discretion of the board of direc-
tors, to any sum not exceeding 100000,
with the right also to decrease 1t TO any
amount not less than that of the original
capital stock. Both the original capitali-
cation and the increase may be divided
into such proportions of common and pre-
ferred stock as shall be deemed wise and
advantageous to the officers of the COM
pany.
Mr.. Lane, one of the incorporators nam
ed in the petition, stated to a representa-
tive of the Morning News last night that
II is the nurDOSe of the cOmnapU IN he
gin business as soon as the charter had
been secured. The company will buy and
sell the machinery needed for the opera
ton of cotton mills and handle the pro-
ducts the mills. BY advancing money
for the erection of these mills it is hoped
to encourage mill construction in Georgia
and by handling the mill products it is
hoped to keep in Savannah the business
that would be lost to the city by the
manufa cture into fabrics of the staple
that has in the past been shipped to and
through this port
The company starts with a capital of
100000 but Mr.. Lane said it is the inten-
tion of those interested in the project to
increase this as the demands of the bust
ness indicated and rendered expedient.
The personnel of the incorporat tors as
sures that there will be no lack of capital
and that whatever is needed will be
promptly furnished.
AS MT. Lane expressed II, the company
hopes to de something financially for Itself
and at the same time advance the inter
ests of the city. In every proper and safe
way it will encourage mill construction
showing, by the investment of its capital
in these enterprises, that II is assured of
the wisdom of their establishment and the
likelihood of their becoming rapidly
profitable
The Incorporation of the company is but
one of the signs of the times. as they point
to an era of mill building in Georgia. The
company will start business< under W Sc
and prudent management and with pur-
poses that are not all selfish and merce-
nary. With the profits it expects TO make
for its stockholders. it expects also TO ben
eft the mill owners and the city. Its pro-
moters see no reason why Savannah
should not control the sale of the manu-
featured product of cotton in the future,
as it has the sale of the raw material in
the past, and they are putting their money
behind their convictions on this score.
pIrRVIG, TRIAL, ON MnNDAY