The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-01-06
WILL OPERATE THE MILL.
UNDERSTOOD THE SOUTHERN BANK
WILL MAKE YARN.

MfII-It Has OGercd the Property
for $4,000. Which Is said to BE
Considerably Below Its True
value. But No Applicants Have
Had the Money to Buy-Rather
Than See the MiIi Remain Idle, II
Is Understood the Bank VIII Put
Competent Man in Charge-An
Experts Opinion Has Been Secur-
ed.
The Savannah Cotton Mil will probably
resume operations before many weeks
have passed. Il is reported that the
Southern Bank will undertake to reopen
the mill unless a purchaser can be secured
soon Thus far the efforts Of the bank 10
sell have been unsuccessful, prospective
buyers seeming not 10 have the money re-
quired for the deal when nothing else
stood in the way of its being accomplished.
Operating a cotton mill is not exactly
in a banks line of business, but she
Southern. it is understood has stood
aside and viewed the property remaining
Idle long enough. 1t is now determined
to start it's machinery going. in very short
order, unless something unexpected should
happen to prevent.
The bank would rather sen OF THAI no
secret is made. Ever since it bought the
property some three years ago at fore
closure sale, efforts have been made to get
rid of it. the bank finding it unproductive-
The price asked for the property is en-
tirely incommensurate with its value, but
even that has not induced purchaser to
1hN haH ha finapai11 hacking
essary. The bank was not satisfied with
q number of propositions that have been
made it from time to time, and it was de
cided that unless the $4,000 asked Tor the
mill could be secured. there would be no
use disposing of it,
A last resort remains for the bank, and
that is it's own operation of the mill
Rather than dispose of 1t at an even
greater sacrifice than is represented in
the price asked, the bank viii start the
manufacturing of yarn itself, as the prop
erty Is now an expense that shows no in
dication of becoming less.
No authoritative statement could be Sc.
cured from the bank officials. They are
not prepared to say what disposition win
be made of the property. IL has been
currently reported, however, that it is
their intention to resume operations, and
Il is believed after the meeting of the
stockholders next week when the annual
business of the bank will have been at
tended to and have afforded time for the
consideration of other matters, the mills
affairs will be looked into.
1t is known That the bank had an ex-
pert mill man down from the North some
time ago to investigate the machinery in
the building and report. That report
shows quite clearly that there Is a good
chance to make money by the operation
OF the mill Modern IDEAS and the most
modern machinery must be employed but
the former are readily secured by going
about II in the right way and getting
good superintendent. and of the latter
there is a great deal already on hand 1t
Will be necessary TO secure some addi-
tionai pieces to take the place of patterns
that ore now out of date and incapa Bile
OF producing as great results as more
modern types.
The mules in the factory are in the best
condl ion, as the report showed and ready
Tor work as they stand. The carders need
repairs. and IL is advised that some Of
thsm be removed entirely to make room
Tor new ones that can card 100 pounds of
cotton 10 the others 50. This new pattern
OF carders is rather expensive, and their
Introduction will represent the most con-
siderable item of the cost of The resump-
uon oil operations. Other machinery will
require some repairs. and the Judgment
OF the expert was that a few changes
AAsfSht pt necessary TO make the whole
scheme OF operation successful as The
several departments of the mill win have
TO balance In production and coEsumption.
III Is understood that one more prospee-
tive purchaser is on the banks list THE
gentleman Is expected 10 look over the
property and decide whether he wants il
at the price If he declines TO purchase the
bank, II is understood, will open IN Inc
mill. When he looks il over he will 6nd
the machinery and the premises i'm a very
good condition, as the bank has maintain
ed Gust odian there and taken the hest rls
care or the property. A new roof has been
put ON since ID came into the banks pos
expended.
The machinery In the building is esti
mated to be worth $4,000 The building ia
worth $25, Co., and the lot, located very near
the corporate limits cost 5000. The price
asked for the property is well within the
value.
The bank has had offers to buv that
were such that it could not accent They
were OF sort that would have made the
bank stand losses and share in no gains
II Is considered that it would be far bet
ter to run the risk OF those losses with
the chance OF the profits. and it is this
consideration that will induce the direc-
tors at an early date to decide. it is be-
lieved, upon operating the mill.
Inc mil was operated by the company
that built IL for several years. At first Il
was found to pay, but soon there was
some fault that resulted in continued
losses. These finally drove the company
out OF business, and it was the forced
sale Following at which the bank came
into possession. 1t had the PRINCIPAL
claim against the property.
The opinion of the expert was that ii
could be made to pay again, and the re-
sumption of operations would be a great
satisfaction to the people of Savannah.
Employment would be furnished for more
than 100 operatives, and success might
be followed by the establishment of other
mills