The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1891-11-12
ANDERSON COTTON MILLS.
First Annual Meeting of Stockholders, and
Fine Showing Made.

Fine Showing Made.
Pursuant to call, meeting of the
Stockholders of the Anderson Cotton
Mills was held Tuesday. morning, 9Th
inst, to take the place of she regular an
held on the 18th of SeptembeE last.
On motion, of W. w. Humphreys, w.
F. Cox was called to the chair, and Robt.
E. Ligon acted as Secretary.
Having ascertained that there was ma
jority of the stock represented in person
and by proxy, the chair announced the
meeting ready for business.
ia. Brock, President and Treasurer,
made the following report which was re-
ceived as information and adopted in full:
To the Stockholders of the anderson Cotton
Mills: Enforced absence of the President
in Baltimore, by sickness, was the cause of
no regular annual meeting OF stockholders
being held in the Fall OF last year, and
mistake in reading the calendar, which
was n,t discovered in time to give neces-
sary notice for annual meeting at regular
time on third Tuesday in September last,
is the cause of meeting being held to-day.
Your Board Of Directors, through the
President and Treasurer, beg leave to SUBJ
NIT the first annual report OF business
pertaining to the mill.
After obtaining information on the sub.
iect from various sources, the equipment
of our mill was contracted for of Ghe most
improved machinery adapted to the pur-
pose of making sheeting weighing four
Yards to a pound, which it had been de-
cided to manufacture. And we feel conf
dent that both as to cost and quality our
plant will compare favorably with any in
this region of country.
Our goods have grown in popularity,
and We are making an earnest effort to
keep them UP to high standard, and
thereby obtain good prices and find
constant demand. In this our success has
been very gratifying in the face of the
very low ruling price at which cotton has
been sold during the past season.
vantage as to cost of manufacturing, by
reason of not being large, and we feel that
the matter of enlarging is one of absolute
necessity, which, being the case, we de-
sire at this meeting that action 20 that end
be taken, in order that arrangements can
be made to begin early next spring. Our
engine and some other machinery was
purchased with view Of making this en-
largement, and additional subscriptions
equal to two-thirds Of the present capital
stock would double our capacity. That is
to say: stockhoder, owning three
shares worth 5000, by increasing $500
would double the value Of his interest.
Therefore, in view of the decided benefit
in making the additional subscriptions, it
is hoped the old stockholders will avail
themselves ofthis advantage and take up all
Of the new stock promptly. This We think
would be most equitable and satisfactory.
Should any Of the original stockholders
not be able to take his share of the new
stock, it would be best, perhaps, to allow
him to place it with some one other than
shareholder, provided the same is not
taken by any of the present owners of
stock.
Twenty. five per cent. of the new sub.
scription, made as above indicated, could
be paid in by spring Of next year, which
would pay for the necessary building;
then the remaining seventy-hye per cent.
collected in the fall to meet bills for ma.
chinery, which could be manufactured dur
ing the yress Of building and have read y
for placing on the floor by the time 1t IL
completed. This plan would make pay
ments easy, and enable very nearly all
stockholders to take their proportion OF
stock and at same time enable the Com
pany to build and buy machinery in most
advantageous manner.
The cost of our entire property, when
all of the machinery was put into opera
ton, was about $l2S,500, equal to say
S27.75 per spindle, which included sixty.
four acres of ground, twenty-five cottages,
two Oyerseers' and the uperintendents'
houses. This is mparatively low for
initia! cost of plant like curs, but to
double the size of the mill the cost per
spindle can be reduced to less, perhaps,
than $25.
With the expectation Of being able to
double the size of our mill next year, the
run the mill at night, and accordingly be-
can in August last. This, Of course, is the
least expensive way to increase the mills
| production, but we think it best to erect
the addition and have the present night
force, with other operatives, to work only
on our ordinary day plan.
For the accommodation of our night
hands we built fifteen additional cottages
and have enlarged our cotton warehouses,
and it now only remains to build the ad.
ditlon to the mill.
Under resolution of our stockholders
authorizing the issue of $40 1000 preferred
stock, at the discretion of our Board Of Di-
rectors, only $l4, 100 was issued, as we de-
| termined not to ask any more subscrip-
tions to this stock, deeming it best for the
mill to borrow the additional money,
North at the rate Of 6 per cent. interest.
Our regular statement of condition of
the Company on 1st September last (made
up for the annual meeting which should
have been held on 18th Septembor), shows
net profits G,72057, after having made
good an overestimate of $4,3l1.0l Of our
former Superintendent in the value of
goods unsold on 1st January last, at The
time he left us. We feel assured that if a
close estimate was now made up and
stock taken carefully, our profit and loss
account would show an accumulation OF
between $4,000 and $1,000.
BY doubling the size of our mill the cost
of production could be reduced considera-
bly, and profit correspondingly increased.
Therefore, we trust q prompt and liberal
response will be made by our share
holders in case the increase is decided on.
Respectfully submitted,
J. A. BROCK, Pres. and Treas.
The matter of increasing the mill was
discussed, and ]. S. Fowler offered the
following resolution, which was unani-
mously adopted:
Resolreel, That it is the sense Of thes stock.
holders Of the Anderson Cotton Mills at
the annual meeting now held, that the
capital stock be increased eighty thousand
dollars, 30 as to double the machinery and
productive capacity of the mill, and that
the President and Board of Directors take
proper steps TO carry out the same in &C.
cordance with the Statute and Bylaws
in such case made and provided.
After the adoption Of the foregoing res
olution. subscriptions amounting to about
$4,000 was made by the stockholders
present.