The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1892-03-25
COTTON FACTORIES AT CHARLOTTE,
NC.
COOPERATIVE MILLS ON THB LOAN AS
SoCIATIoN" PLAN.

| III o'NlNiN III AlS AhufuIh
Record, (Baltimore), d. A. 1ompkns
describes the plan upon which three
cotton factories have been established
at Charlotte,in in North Carolina,it it being
substantially the loan association"
plan familiar in Philadelphia Two of
the factories, those of the Ada and the
Alpha companies, have been in opera
ton about three years and are spinn-
ing mills the third, that of the High
land Park Manufacturing company, not
yet completed, will be weave mill.
THE ADA MANUFACTURING COMPANY.
This company was organized little
over four years ago. The capital sub.
scribed was about SI25. 900, in shares
of $Ioo each. Instead of providing to
levy assessments on the stock in the
ordinary way, as the money was needed
1t was provided that each subscriber
should pay SO cents per week per share
owned by such subscriber. Thus
person subscribing $1,000 (ten shares)
at SO cents per share per week would
have to pay S. per week. Thus each
subscriber had about four years to pay
in the money subscribed for. The de.
tails of regulation were particularly the
same as those of building and loan as
sociations, excepting that there was no
provision that subscriber could with
draw. If this was desired by any sub
scrlber he could only do it by selling
his stock to some other person.
The Ada Company, having about
SI25,ooo subscribed, commenced to
receive dues, and very soon after the
| organization about II acres of land
were bought on which to locate the fac
tory. The negotiations about a proper
site and its purchase, and the proper
execution Of the papers, consumed
some two or three months, in which
time money enough had been received
into the treasury of the company to
pay cash for the land and to spare.
Proper designs for building were at
once prepared and construction was
begun. Money came in from the men,
bers as fast as construction could be
pushed.
BY the end Of the first year about
$50 900 had been paid in, the building
was finished and paid for, and the com
pany had still several thousand dollars
in the treasury. The stock holders
though great in number, and of every
sort of age and occupation, were made
a compact body by mutual interest in
the ownership of what promised to be
a fine property, and in many cases by
the inspiration of having accumulated
more money in one year by payment
Of their dues to this company than they
had saved in all their lives before. A
few got tired and dropped out, but t ese
were more than overbalanced by those
who grew more enthusiastic, and the
stock of the laggards as always quick
ly taken.
By the time the building was finish
ed the company had contracts made
with an engineering company to furn-
ish and install, ready for use, the steam
power, electric lights, steam heat, auto
matte sprinklers and fire protection for
one fixed sum part payable in cash,
the remainder payable as the money
came in from the subscribers. A con
tract was also made for spinning mach
inery, aggregating 5000 spindles, and
all appertaining machinery necessary
to start these spindles in operation.
Thus in about IS to IS months from
the time the company was organized,
the plant was in operation to the ex-
tent of over one-third the capacity for
which it was designed. AS payments
continued to come in more machinery
was bought until the plant was com
pleted. The payments on the stock
were completed in November, 1891,
the payments in each share aggregat-
ing at that time the par value OF per
cent, which, it is thought, will be con
tinued semi-annually,
The following is the last annual
statement of the company, 0o August
81, I89D:
ASSETS
Real estate, buildings, and
| machinery, -, $l39,75OiO
| Goods on hand with D'Olier
| eco, O,................. 2o,i36,l9
| 3i4 bales cotton. .....,.... 15,26i.09
| Inyentory,..... .........,. 9,12i,66
| Cash on hand .-.......... 1,lO7,S2
Balance on Capital stock, 969,50
| LIABILITIES.
Canital stock............ $lS6OD
| Bills PAYABLE, ............., 30,000,00
Accme ed Interest,". t,....... l,75O,OO
- sl6O,sjO,O
Assets over liabilities, ...... sG,s99,s 2
THE ALPHA MANUFACTURING co.
This company was organized abou
the same time as the Ada. The plal
Of organization is exactly the same a
, that of the Ada, excepting only tha
> the payments on shares were made 2.