The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-05-12
S. G..
Tues lay Morning. May II, 1874 81 81


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Tho Profits Of Cotton Manufacturing.
What cotton manufacturing will do
for a place is shown by the results
which have crowned this industry at
Fall River, Massachusetts. A con-
densed statement, made by the Ners
and Cou,ier's bulletin, from the Boston
Commercial, will teach a 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 OH the
same scale. A lot which cost 81. 800
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 100000 Ten years ago, a
block of granite buildings was sold for
$1,000. Three years ago the city, in
widening the streets, cut of five rods
from the thirty.si1 which were in the
lot. and paid the owner $4,000 da-
IMAGES. The remaining thirty-one
rods are valued ut SS0.000. What
would not the capital, skill, industry
and enterprise which have achieved
such magnificent results in the climate
Of Massachusetts, and at poiut SO
distant from the cotton fields, have ac-
complished here in Columbia, with q
winter climate as soft as that Of Italy,
standing in tho centre of cotton pro-
duction, 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 companion piece
to Fall River. We gather tho state
ments from an instructive md con-.
prehensive survey Of the subject and
history OF actual results of nufuctur-
ing at Augusta, Georgia, and in the
neighborhood, contained in the Au-
gusta correspondence Of the Boston
Advertiser.
We may pess by, as air. .dy familiar,
the notice OF the great Improvement
of the Augusta Canal, it's immense
water power and the inducements 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
nal, has paid twenty per cent. divi-
dends per annum for nine consecutive
years, and its stock ranges at from so
to 81 per cent. premium. The Gra-
nitevillo mill. on the South Carolina
side, $4,000 spindlcs, came out OF the
war with its machinery. 9,l20 spindles
and 337 looms, worn out, and its capi-
tai increased by watering from $780,
900 to S716.500. an injudicions dispa-
parity between capital and spindles.
Having 30 lately given an account Of
the immense strides Of this company,
We need do no more now than say,
that since 1868, it has paid in divi-
dends 1921, $50, and now has surplus
of 1928. 900, and that it's stock is
worth $l70. The Langley Manufac.
turing Company's mill, 10000 spin.
dies, having triumphed over many diff.
fioulties, make fine exhibit, shown g
a profit last year Of $I0l 900. or over
Is per cent. net on capital. After pay
ing dividends, they report q surplus.
from accumulation of profits, of Sl23,-
600, and their stock in demand at 20
per cent. premiom. These fne results
have been achieved in community
where accumulated capital is small,
and in which the energies of the pco-
pie, financial and individual, have, :or
several generations, been almost excu
sively 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 al unan-
swerable argument in favor of such
change.