Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1902-06-05
MANYCOTTON MILLS
IN THE BIG
COMBINE
PROMOTER GIVES A LIST OF THE
MILLS THE MERGER PLAN.
TALKS or THE
SCHEME.

CHARLOTTE, n. c., June 2-F., l..
Underwood, of New York, who proposes
to combine so per cent. or more OF the
southern yarn mills in trust, arrived
here Saturday night from Atlanta, Where
he has been working in the interest OF ms
scheme. He says the success OF the
movement is already assured and that 1t
viii mean the investment of SS,OOO,OOO of
northern money in southern mills. In an
interview Mr.. Underwood SAID:
I'm October there will be incorporated
under the laws of New Jersey the South
.ern Cotton Yarn. Company. capitalized az
SCI, OO0,O O0 The merger of practically all
the southern yarn mills is assured. There
are over a million and a half yarn spin
dies in the south, and the owners of over
half a million spindles have already signed
the contract to deliver their mills into the
hands of the combination"
Mr.. Underwood stated that the follow
ing named we'll known mills have agreed
to go into the trust: The Tolar, Hart q
Holt Mills. Fayetteville; the Elizabeth
City Cotton Mills, Elizabeth city; the
York Cotton Mills, Yorkville, 5. c.; the
West Huntsville Cotton Mills, Hunts
Vile, Ala; Opelil1a Cotton Mills, Opeli-
ka, Ala; Sycamore Cotton Mills, Syca-
more, Ala; Central Mills, Sylacauga,
Ala: Columbia Cotton Mills, Columbia,
Ala: the Quintette Cotton Mills, Eden
ton, Ca; Chinnabee Mills, Talledega,
Ala; Union Springs Cotton Mills, Union
Springs Ala; the Knoxville Cotton
Mills, Knoxville, Tenn; the sutherland
Manufacturing Company, Augusta, Ga;
the Cedartown Cotton Company, CEDAR
town, Ca; Paulding Cotton Mills, Dali
las, Ga; the Georgia Manufacturing
Company, Gainesville, Ca; Pearl Cot
ton Mills, Elberton. Ca; Hampton Cot
ton Mills Hampton, Ca; Forsythe
axrf M
Atlantic and Gulf Mills. Quitman, Ga;
]. E. Smith Manufacturing Company,
Thompson, Ga; Eagle Cotton Mills,
Madison, Ga; Argonaut Manufactur-
ing Company, Covington, Ca; Sumter
Cotton Mills, Sumter, Ga; Elm Grove
Cotton Mills, Lincolnton; Newton Cot
ton Mills. Newton; Manetta Cotton
Mills. Lando, S. c.: Rodman & Heath
Cotton Mills, Waxhaw; Monroe Cotton
Mills, Monroe; Smithfeld Cotton Mills,
smithheld; the Williamson Manu-
featuring Company, Fayetteville; Levi
Cotton Mills, Rutherford; Tuscarora;
Cotton Mills, Yorkville, S. c., Belmont
Cotton Mills, Shelby; Stanley Creek Cot
ton Mills, Stanley Creek; Wadesboro Cot
ton Mills, Wadesboro; Albion Cotton Com
pany, Mt. Holly; Tuckaseegee Manufac-
turing Company, Mt Holly; Spencer
Mountain Mills, Lowell; Minis Manufac-
turing Company. Mt. Holly; Mt. Holly,
Mills, Mt Holly; High Falls. Manufac-
turing Company, High Falls.
In further discussion of the merger
Mr. Underwood said:
1T will mean the immediate investment
I'm southern mills of about $4,000. 900 in New
York capital The consolidation will ef-
feet a maintenance of a fixed price for the
products of the mills causing an improve
ment in the selling of the goods. 1t will
result in great saving in the distribution
OF the goods, which will go to their nat
ural markets. 1t win also mean great
saving in the purchase of supplies or
stores. The plan is fair to AL the mills,
and they are coming to take that view of
the matter. tits more conservative in its
capitalization, so far as the preferred
stock is concerned than any other indus
trial company that has been ioated on the
New York market
There is no longer the shadow. of
doubt about the success of the merger.
Ten of the best known mill men in the
south are busily preparing for the or
ganization, which will be effected inside
Of 80 days"
IF your plan is successful. as you sug-
gest. will Il cause a decrease in the pres
ent number Of officers in the southern
yarn mills?" asked the reporter.
There will be no change for a year"
was the reply After that official decap-
itation will be only for logical cause.
Two-thirds of the directors of the COM
pany will be southern men. and am pref
~ sure that the president of the trust will
be southerner."