The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-05-12
COLUMBIA, S. c..
Tues lay Morning. May IL. ls74.M


for place is shown by the resnlts
which have crowned this industry at
Fall River. Massachusetts,. A CON
densed statement, made by the Neus
and Courier's bulletin, from the Boston
Commercial, will teach useful lesson
Dividends 140 per cent; mill stock
multiplied in value ten times; The
stock Of bapk doing the mill busi-
ness exclusively quadrupled in ten
years. These enormous gains are due
to regular industry. not speculation.
Outside the mills the profits are OIL the
same scale. A lot which cost $1,000
in 1865 can now be sold for $33, 900.
In 1870, junk dealer bought farm
back Of the city for $4,000. There
are now three mills on it, and it is
valued at 800. 900. Ten years ago, u
block Of granite buildings was sold for
$1,000. Three years ago the city, in
widening the streets, cut off five rods
from the thirty.si1 which were in the
lot, and paid tho owner SIS,0 dn-
IMAGES. The remaining thirty-one
rods are valued at $9O,OOO. What
would. not the capital, skill. industry
and enterprise which have achieved
such magnificent results in the climate
OF Massachusetts, and at g poiut SO
distant from the cotton fields, have ao-
complished here in Columbia, with
winter climate as soft as that of Italy,
standing in the centre of cotton pro-
duotion, and with water power un.
surpassed on the continent? We may
be able to approximate an answer to
this question by considering another
picture, Southern coz panion piece
to Fall River. We gather the state
ments from an instructive and con-
prehensive survey of the subject and
history OF actual results Of manufactur-
ing at Augusta, Georgin, and in the
neighborhood, contained in the Au-
gusta correspondence OF the Boston
AdveriiSer.
We may pass by, as already familiar,
the notice OF the great improvement
of the Augusta Canal, it's immense
water power and the inducemen held
out by exemption from State, County
and municipal taxation, and the spc.
oial premium Of three per cent. offered
by the city to capital to be employed
in manufacturing upon it. The An-
gusta Factory, situated upon this ca
mai, mas paid twenty per cent. divi-
dends per annum for nine consecutive
years, and its stock ranges ut from so
to 81 per cent. premium. The Gra-
niteville mill, on the South Carolina
side, $4,000 spindles, came out of the
war with its machinery. 9,120 spindlcs
and 337 looms, worn out, and its capi-
tai increased by watering from $780,
600 to $716, 500. on injudicious dispa-
parity between capital and spindles.
Having 80 lately given an account OF
the immense strides of this company,
"S AOOA do ~ notc uOW Ludu Sby,
that since 1868, it has paid in divi-
dends 1921, $50, and now has surplus
Of $523. 900, and that it's stock is
worth $l7O. The Langley Manufac-
turing Oompany's mill, 10000 spin
dies, having triumphed over many diff
fioulties, make fine exhibit, showing
a profit last year OF $l01, 900. or over
25 per cent. net on capital. After pay
ing dividends. they report surplus,
from accumulation Of profits, of Sl23,-
600, and their stock in demand at 20
per cent. premium. These fine results
have been achieved in q community
where accumulated capital is small,
and in which the energies Of the peo-
pie, financial and individual, have, for
several generations. been almost exclu-
siveIy devoted to the raising Of cot.
ton. Investments are deeply set in
this channel, and it is not easy to in
duce them to change into others. But
the satisfactory balance sheet in the
manufacturing business is ali unan-
swerable argument in favor of such
change.
What ora ~ n