The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1875-06-02

2: $:IFaNt'iES F'ES 3 IN AUGUSTA CHAPTER OF
FIGURES THAT READ LIKE A no.
MAECE. q
Especial Correspondence Of the Herald. |
.....A AUGUSTA, May II, 1875.
To The, Editor Of Ms Herald. 1.@ ~
COTTON FACTORY WILL NOT PAY.
If the facts which l propose giving
and which I obtained from Presi.
dent W. L. Jackson, of the Augusta
Cotton Factory, of President II. II.
Hickman, of the Granitoyillo Manu-.
featuring Company, of President w.
y. Sibley, of the Langley Manufao-
turing Company (tho two latter mills
are seven and ton miles from Au.
gusta) do not prove beyond cavil
that those Atlentiaps who have or
may take stock in tho proposed At.
lapta Cotton Factory arc throwing
their money away-aro beneigttcd
set-then they may consider me
idiotic.
July !, ls5s-Thirtoen gentlemen,
of which President jackson was one.
purchased the property of tho Au.
gusta Manufacturing Company (now
known as the Augusta Factory for
Sl40, 900, on o credit of ten years
the interest payable somi-annual y
an one'tenth Of the principal each
Iyear. ..'. !
| They then subscribed and paid In
as q oash commercial capital, 500,
1000. ..
| At the time of purchase tho mills
were in dilapidatod condition, SC
much as to require all their business
capital, or tho 100000, to put them
in fair running order, and from
twelve to eighteen months timo was
mostly lost in doing tho work. YET
tho interest and principal falling due
during tho time was promptly mot
by the earnings of the mill, and at
tho commencement of the fifth year tc
save the interest the remaining in.
stallments were paid off. Now il
must be borne in mind that this was
done by the earnings, and that all the
stockholders were out of pocket was
the 100000.
! During tho war they only made
enough to purchase contiguous tc
their property one hundred aud ten
two-story brick tenement houses
twenty-four frames of a like cbarac.
ter, and moro than three times as
much land as was included in the
original.purchaso, whom, with 5000.
600 of surplus on hand, they conolud.
ca to give each stookholdcr three
shares for one, and to raise thei,
100000 of stock to 5000, 900. The
above was dono carly in tho war. tho
last years of which they declared and
paid over as as high as soven, eight
and nine hundred per cont, PAYABLE
In Confederate money.
From July /, 1865, up to April,
1874, twenty per cent. per annum
was paid on tho $500, 900 in United
States currency, or 200 per cont. on
the original and only outlay of
From tho above date, April 7,
they oommanoed paying dividend Of
IL per cont, with the intention Of
using the surplus on hand, over the
l2per cent, to the increasing of the
capacity of tho factorY,5 so per oont.,
and which was done by an expendi
ture Of $4,000.
Thosproporty stands on the comma
ny's books at $84O, 900 and is riohlv
worth $l,looO, 900, ifnot ST. 100000
Wo will strike balance sheet at tho
first valuation
First incumbranoo Of promised
purchase money paid by the
earnings, : 40 OoG
;us9nt n;.s'S C'ron'auon, 1000, 900
Dividends paid during tho
war (after the papmont of tho
purchase money!, or from 25th
OF juno, 1862, to tho 24,h Of
April, 1865, wore, in tho ag.
grcgato, $4,000, 900, reduced
to gold by table Of currents
rates, ut tho several dates, 423. 900
Dividend in United States cur
renoy, since the war TO date. LILO. 600