The herald and news. [volume] (Newberry S.C.) 1903-1937, 1910-12-16
PARKER PLANS 4 BIG
COTTON MILL MERGER
SCHEME TO COMBINE 8 SOUTH
CAROLINA MILLS.
Proposed Merger Will be Biggest OF
its Kind Ever Attempted in
the South.
News and Courier.

most prominent cotton mill man in
South Carolina, was in Charleston
yesterday, and while here announced
a scheme to form the largest cotton
mill merger e,er attempted in the
South. MIR. Parker is at the head of
or is interested in nine big cotton
mills in this State and his visit to
Charleston was made for the purpose
of presenting to the Charleston stock
holders of these mills a proposition
10 merge them all into one company
under one executive management. The
proposition was made and the plan ex-
planned at meeting Of the local stock
holders held at the Commercial club
yesterday morning. No action was
taken at the meeting, but it is under
stood that majority of the stockhold
ers are heartily in favor of Mr.. Par
ker's plan.
=! Mr.. Parker contemplates the COM
bination of the nine mills in which
he is interested into single company,
believing that such a scheme would
benefit all parties concerned, the far
mer as we'll as the holder OF cotton
mill stock. The mills to be included
in the merger are the following:
Olympia mills, Columbia, 100000
spindles; CRANKY mills, Columbia, ST.
900 spindles: Capital City mills, Co.
lumbia, $4,000 spindles; Richland
mills, Columbia, $4,000 spindles;
Beaver Dam mills, Edgefeld, 10000
spindles; Greers Manufacturing COM
pauy, Greers, $4,000 spindles; Appa-
lache mills, Greers, 10000 spindles;
Monaghan mills, Greenville, $4,000
spindles; Griers Manufacturing COM
pany, Greers, 10000 spindles. The to-
tai number of spindles in the mills to
be included in the proposed merger is
approximately 36O,O0O.
Capitalization of S1O,OOO,OOO.
The capitalization of the big cor
poration to include all the mills nam
cd above is to be approximately Slo,-
100000. The following is the propos-
ed executive management of the cor
poration: President, Thomas F. Par
ker, president Of the Monaghan mills;
vice-presidents, NJ. L. Marchant, OF
Greers; J. H. NJ. Beatty, of Columbia;
David Jennings, of Greenville; treas
urer, Lewis W. Parker, of Columbia;
secretary, F. J. 1ngoldsby, of the Ap-
palache mills, at Greers. The duties
of all these officials are to be so dl-
vided as to departnentize the work OF
all of them. 1t is an interesting point
that Messrs. Jennings and 1ngoldsby
are both from Charleston. The for
uer is a son of former Deputy Sheriff
Henry Jennings, of this city, while the
latter is a grandson of Mr.. F. ]. Pei
zer. Another Charleston man, Mr..
Marion Brawley, son of Judge Will
liam H. Brawley, will be in charge of
the finished goods department of the
merger.
Not Trust.
Mr.. Parker stated yesterday that the
proposed merger will not result in the
formation of any combination which
could be called trust. The merger of
the nine mills that have been men
toned will not result in a monopoly,
since only one-tenth of the total num-
Der of spindles now in operation in
this State will be included. The OBJ
iect of the merger is to organize more
effectively the work of THE various
mills and to allow better and more
advantageous division of the details
of the work among the men in charge
of the various departments. Mr.. Par
ker stated that he would continue the
fight that he is now making for an
adjustment of cotton goods to a higher
basis of cotton. The merger of the
r.;lls. he said, would be of assist
ance in this fight, and it will also re-
suit in the manufacture of a higher
grade of cotton goods in South Caro-
lima. He gave it as his opinion that
the mills ought not to fight against
higher cotton, but, on the other hand,
ought to try to adjust goods to basis
of ffteen-cent cotton. When he went
into the mill business, in 1898, goods
we're manufactured on basis of five
cent cotton. Later the basis was
changed to ten-cent. Cotton prices are
going higher and higher, and it is to
the interest of all concerned that the
mills should adjust the goods that they
manufacture to basis of 6fteen-cent