Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1882-04-15

Globe and Sterling mills are equally pros
porous, it is said, without the precise fig
ures being available. The Summeryille
mills are immensely profitable. Mare w.
H. Inman told me that his knowledge of
the business of this mill is what determined
him upon building large mill in Georgia
He put its profits on investment of about
$40, 600 at $50, 900 per annum. None of
these mills are for sale and the men owning
them have become rich That is enough
to know.
The Sibley mill has been at work for
about month. 1t is named for Mr. w. C.
Sibley, who is its president, and also presi
dent of the Langley mills and bears the
coat of arms of his family. tits said to be
the finest mill in America, barring none.
It is certainly a noble structure 1t repre-
sents capital of $1,000 900 and can ac-
commodate about 40, 900 spindIes. Twenty
mills like it, equipped as it is, would cost
as much as all the houses and lots of At
/ lanta.
| The King mill, with capital of 81 ,000,
| 900, is to be built during the next year.
/ The cornerstone has been laid.
WHERE THE MONEY COMES FROM.
! Now where does the money come from
/ to build these mills In the past three
years nearly $4,000, 900 OF new capital has
| been invested in new cotton mills in this
city. Who puts it up? On this point I
will quote Major George Z. Jackson, whose
admirable sagacity and conservative in1u-
ence has been leading motive iii building
up this interest. Said he:
''The question of capital is no longer to
be considered in Augusta. We can get all
the capital we want. 1t comes almost IN
hidden. In raising million dollars each
for our last mills, the right to subscribe
commanded a premium before the books
were closed. A premium was offered for
Sibley stock before the wheels started, and
for King mill stock before the foundations
were laid. Under proper management a
million dollars could be rsised for new
mill without trouble
:" 1t was formerly not SO easy ?"
No. And the change is not q very in
structlve one. 1t come from slow and in
exorable demonstration. By making q
, record year after year-the mills earning in
bright or dull times from twelve to twenty
five per cent.-we convinced our people that
: cotton manufacturing, upon which they
had looked with distrust, offered really the
most profitable investment they could make
| with safety. So that gradually every maj
or woman who had surplus of Thousand
1 dollars or SO, began to look for factor,
: stock to put it in There was no argumen
that could do this. 1t required demonstra
ton. When one factory made good show
f ing it was said to be an exceptional mill
When several mills made good showin
one year. it was said to be an exceptions
8, year. But when all the mills, year afte
year, paid big dividends and piled up heav
. SURPRISES, then the people began to. under
g stand that factory stock was desirable il
vestment. Since then we have had n
trouble"
S Of the local subscribers to factory stock
= there are no very large holders The lars
est subscription made by an Augusta ma
II was 800, 900 with which Mr. J. P. Kin
e headed the list of the King mill. There al
many persons who have from S., 900
IL $40, 600 on the books of several mills. II
= money of estates is invested largely and
, is fair to say that of the 81 900, 900
III Augusta mills, over So 900, 600 is owned
Augusta. The northern subscribers a
ma My New Workers. We have Southel
u interests, such as George T. Seney, c.
te Baldwin, Y. K Stevenson and Woodwar
Baldwin q Co.
Mr. William Z. jackson, the veteri
En- president of the Augusta factory, salt
10 Fairly managed, cotton factories in Augr
ia will pay better and surer dividends TIN
a any business 1 know of We have Gle
- and indisputable advantage of one cent p
~ pound over the New England mills.
III matter how close they may work they ca
d, not wipe out this difference consequent
- as long as New England can turn whe
to we can prosper and pay dividends. Tl
a. has been shown so clearly that we,can cor
; mand all the capital we want"