Kearney Cotton Mill Sold At Public Auction

Kearney, Neb., Sept. 10.

 

Special to The News:

 

There was only a solitary bidder on the scene yesterday when the Kearney cotton mill was offered for sale to satisfy a mortgage held by the Union Saving Bank and Trust Company of Cincinnati.

 

It was 10 o'clock when H. C. Andrews of Kearney, special master in chancery appointed by the United States Court, read the notice of sale, and called for bids.  

 

Charles P. Mackelfresh, attorney for the mortgage, offered the sum of $70,000.  There was no other bid and after waiting an hour the property was knocked down to him.

James J. Hooker, president of the cotton mill, and Kenneth Hooker, his son, were the only spectators present.  So the cotton mill, all the lands and buildings connected with it, the trenches and the water power lease of the Kearney Canal and Irrigation Company passes forever into the hand of the eastern concern, and the Kearneyites who years ago conjured up fond visions of whirring spindles, sweating men, the rows of laborers' cottages with all the attendant prosperity of a manufacturing center, have met with

bitter disappointment.

 

The Kearney cotton mill was built during the boon times when values were inflated and business propositions were not always subjected to the closest scrutiny.  The idea was to develop the manufacturing industries of the west and aim a direct blow at the factories of the east and south.  After running a short time the mills closed.  The workmen, discouraged and apprehensive abandoned the cottages and went elsewhere.

 

A wollen mill was the next venture, but this too was unsuccessful.

 

 Meanwhile the company was compelled to borrow money.  Finally they were involved in a foreclosure suit and the matter was at last wound up by the decree of sale issued by the United States Court.  This took place yesterday and the ultimate fate of the property

is a matter of conjecture.

Lincoln Evening News, Lincoln, Nebraska - Tuesday - September 10, 1901

 

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