Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1882-04-15
COTTON MILLS IN THE SOUTH.
The Best Paying Investment of Amy Other
business.

The Best Paying Investment OF Amy other
business.
The following resume of facts and figures
sive article in the Atlanta Constitution, from
the pen of H. w Grady, on the subject of
cotton mills, will be read with interest by
our people at this time no doubt:
Augusta is the most important manufac-
turing city i'll the Southern States. She
has 1873, 800 spindlos actually turning. These
are set in ten mills which have q capacity
for 81, 600 additional spindles to be put in
as fast as possible. Besides these,
the King mill, with capacity of 80 900
spindles, is now being built, so that there
are nearly 175, 900 spindies in sight of the
Fountain city Of these mills three-the
Summerville mill, 4, go spindles, owned by
G.. F. Curry; the Glade mill, 3, 600 spindles,
owned by j. III. Clark's Sons, and the Ster-
ling mill, 5000 spindles, J. B. Connolly,
proprietor-are private enterprises. The
other eight mills represent Il capital of
S4, 100, 600. The same amount of money IS
not invested in the same number of enter
priseS in any business III any city of the
country that pays, with the same security
and lack of risk, better returns on the CAPT
tai. AS will be shown from the following
resume of facts gathered IN a hurried tour
through the leading factories made under
the courtesy of Mr.. W. H. Barrett and Mr.
Marion Nerdery.
The Augusta factory is perhaps the best
known. for it is the oldest of the mills To-
Gated in the city. This mill has capital of
5000, 600 and runs 26, 200 spindles and 100
looms. From 1865 TO 1882, II years, it
has paidsout in cash dividends 1,467, 900,
or about . times its capital. To be exact,
it has paid in II years 2,41t per cent, or
an average of 143 per cent per annu1n.
Besides this, II now has present surplus of
between $40, 900 and $3.50, 900 or over 50
per cent of its entire capital. Fer the past
year or two it has reduced It's dividends,
with the view of increasing the surplus and
putting in additional machinery It's stock
is worth from 100 to TO.
The Langley mill has a capital of 800,
600, with 10, Coz. spindles and 329 looms.
1t las paid in the last 81 years All per
cent devidends or an average of about il
per cent per annum. To go further back,
I It's net earnings in years were s5457, 21S. 0O
or II per cent, or - per cent per annum.
13 per cent per annum Last year it paid
semi annual deyidends of 10 per cent or q
per cent for the year. Its present surplus
! is $500, 600 or 50 per cent of its capita
stock. It's stock is now worth between l6(
and 10
The Graniteville mill, with 5000, 900, hai
"a, 600 spindles and 900 looms. This com
pany II. II. Hickman, president, and 5
". Rowland, superintendent, pays 10 pc
cent. dividend Its policy has been to pd
It's surplus above a fair diyidend-and II
per cent. is certainly fair-into spindles
Out of Its surplus earnings-that is its earn
ings above the dividends it paid-the man
gers built, without dollars expense to tn
stockholders, the Naucluse mills, with 10,
900 spindles for making fine fabrics at
cost of 1910, 600. The profits of the ney
mill were put to the credit of the origina
capital and new surplus fund started will
which in time third mill may be built 1t
present surplus is Sl25 649, or 25 per cent
on its capital. Its stock OF course com
mands heavy premium.
The Enterprise is a new 'mill-and one {
the finest in the country 1t was started i
1877, with a capital of $500, 900, with MI
Tor George L. jackson, president 1t ha
hardly got to running when 1t was deter
| mined to double its capacity. Additions
capital of $500. 600 was needed. MIR. Nj.
Yerdery, after such of this as was wante
3 in Augusta was taken, went to New ior
and placed the balance III good hands. III
extension is not yet completed, but tn
4 company paid 10 per cent dividend la'
q year, and already has surplus of 3d. 0(
There is no doubt it will follow in the steI
S of the older mills and besides paying goo
+ dividends, accumulate large surplus wit
which to put in new machinery, or ne
, mills.
The Riverside mill uses the "waste" ,
the others and makes large profit, thong
Y what it is l had no means Of KNOWN. II