Iuka reporter. (Iuka, Miss.) 1888-1894, 1894-06-14
co-oporatIve Cotton Mllis.

/ 49, sAAS SAA Otts AooOO VI tu6 DNltlmOIC
Manufacturers Record Mr. D..A. Tom
kins. OF Charlotte. one OF the most
successful cotton manufacturers in that
section, has an interesting article on
cooperation In building cotton mills.
Mr.. Tompkins shows how companies
can be organized and the money raised
by weekly payments for building cot
ton mills in such a way as to make the
organization of such companies FEAST
Bile in hundreds OF towns where it
would be impossible to secure large
subscriptions. In the south we have
few savings banks, compared with
those in the north, and we need enter
| prises that will encourage the habit of
saving and investing portion of the
weekly earnings Ct the average citi-
zen: Building and loan associations
supply this want to some extent, but
we need cooperative companies to
push industrial enterprises with the
! capital that Can easily be furnished in
small weekly installments from thou
sands of our people.
The success of this plan in Charlotte
speaks for ITSELF Mills have been
built near Charlotte by subscriptions
payable weekly in small sums for one.
two. four and eight years, but the fa-
vorpe plan is that OF paying so cents
per sek on a share for four years.
At this rate 1000 shares would make
a capital of 100000, sum sufficient
to build u cotton mill of about 5. 900
spindles, with looms enough to weave
their product Mr.. Tompkins gives
the following estimate for such mill
Employees, men and boys 30
Employees, women and girls 60
| Pay roll per week, about $3.50
Bales cotton consumed per week. 20
In North Carolina the products of
the different mills vary greatly. At
Charlotte one mill makes warp yarns,
another skein yarns doubled and
twisted, another makes both warps
and skeins, another white cloth an
other ginghams, another counterpanes
and towels. another stockings and knit
goods. Those mills which make col
ored goods must have dye works.
\ Ii tho subscriptions to the stock OF
an installment mill are made payable
at the rate of so cents per week per
share, and the capital subscribed was
800, 90, then in the first year the
amount paid in to the company's
treasury would be about 1926. G00.. With
this money the buildings could be
built and paid for, leaving surplus
in the treasury The buildings would
be a main building. engine room.
boiler room and houses or cottages
for the hands to live in In some
| special cases, where the factory was
to be built in a city. these houses
might not be built, as the hands could
find board or houses to rent near by
the factory in the city. Generally
speaking. however. it Is best to put a
factory one to four miles away from a
city, and let the company build and
own the houses the employees live in !.
Considering that subscriptions were
bling paid regularly, and that the
Buildings were all completed and paid
for at the end OF about one year, and
that the company's income was about
| 81. 900 per month from regular install.
ment payments on subscriptions. ther
under these conditions about 2,5Oc
spindles and appertaining machinery
could be bought for a good cash pay
ment, and the remainder payable one
to two thousand per month. In abou
sixteen to eighteen months from tn,
time the first payments were made tn,
mill could be started up on about one
third to One-half Its capacity; then th,
remainder of the machinery could b.
added and started up from time to tim,
as the money continued TO come In b,
installments.
I No dividends should be paid unit
the stock i paid In full and the oficer,
should receive very small salaries
j The mills near Charlotts. built on thil
plan. have bsen very suocsssful and
some Of thcm during the dull season
have run night and day 70 nll ORDER
for their goods. The cooperative
plan II fairly tried would soon make
the south the cotton manufacturing
center Of the world. Atlanta Consti
tuition.
| The above article Il self explanator,
and is published for the benefit OF tn
people in and around Iuka. that the,
may sec what corporation has don,
for other places. and that the sam'
can b done hare BY uniting. With
flve minutes conversations with thre
business men q Iuka, they stated tia
they would take etock q The amoun
!of two fho,,asnd dol1ara Anotho