Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-08-25
puildinG Cotton-Nilis by Co-Opcra-
tipn.

Editorial. Boston Journal Of Commerce.
4 cooperative industry. II rightly man
aced IS an excellent addition 10 any
community. The Manufacturers Record
If baltimore In one Of It's recent issues'
refers to this subject and recommends
this system to the South for It's consideIa-
ton. There has been organized at New
port News, Va. a company Tor me manu-
facture Of cotton goods. with general Of
hces at Richmond. Va. with a oapitai
OF $4,000, under this plan. The officers
OF this company are the leading business
mon of Richmond and Newport News,
and we have no doubt but that they VIII
execute It's affairs in profitable man
ucr. There have been several mills bGIt
in the South on the cooperative plan,
and as far as We can learn ihey nave
all done remarkably well. There are
two mills IN Charlotte, y. C.. bulit on
this plan and il has helped anu en-
courae-d working-peOple in that section
10 be,in to save. and We believe tnat
there are quite a number OF them that
are stockholders in these mills that have
saved more Of their means up 70 this
time than they would have done If the
savings banks had been their mode OF
investment.
The prospectus sent out by the New
mort News Cotton Manufacturing Com
pany presents some excellent truths mat
are worthy Of consideration in any Sec
ton. In a very simple. plain pfesenta-
ton this prospectus sets forth the pos
entities Of cotton manufacturing in the
south. pointing out the fact that although
the South raises over GO Per
cent of the annual cotton crop Of the
void It has Only about ! per cent. OK
the total number Of spndles In the
world 1t presents extracts from letters
from dozen or more leading southern
bankers. strongly commenting cotton
mills as one Of the most attractive in
yestlnents that can be made In the SOUTH
their reports being based on the earn
lngs OF mills In their respective locdH-
ties. ..n,o .o
secure the building OF coitoh-iiiIs at
,ofr.e where they could not otherwise,
from lack Of capital. be started. Besldes
as,obliehing a factory. the company -
,rac,ically a savings institution for the
,oo,iA Reelilar and systematic saving
a. urohablv the best of all means TO ac-
cunulate money. and at the same tiine
g. encourage the spirit or thrift ana CO.
ooorat,on amongst the people OF any To-
callty =, ,....,.r- hova M,
,,1aerallv been able 10 share In the large
n,o,lts made by cotton-mills. BuilalNi
pssocia,ions and savings banks have been
,hc,r only means OF accumu'aths saw
,ncs Bv this system, go successfully
int,oducei in the Soutn, any
ONO who can lay aside even
g. ne- month can become stockholdcr III
q cotton-milI As funds accumulate
,raer This system OF monthly payments
tbc contracts for the buildings and the
machinery can be let without waiting
Cor tho final instruments to be paid In:
Defore the stool. is all pad UP the NH
can be In operation.
we wish this new company NJ Newport
News the best Of success. and shan watch
is progress with some interest.
A mill Organized and built under this plan
should receive the encouragement or
tho leading businessmen and financial In
s,itutions in its own section. II more
mans OF this kind were adopted II would
he a great encouragement TO our labor
Inc classes toward the saving Of their
means. and would be splendid thing for
them. az well as for the community AT
large. This form OF building cotton
mills can be utilized TO great advantage
NJ many points In the South. and we
trust we shall hear Of other companies
he,ng formed on the same basis. for. II
,bey are well managed. they are on as
firm a basis US by almost any other
nlan. 81. .--i.--.. $780, d. ..--- ------