The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1895-04-18
(Charleston News and Courier. |

of the Feasibility of the Idea?
(Charleston News and Courier.
The success of number of cotton
mills in the Carolinas built by the
building association or cooperative
plan has attracted SO much attention
that Mr.. D. A. Tompkins, Of Char
lotte, who has organized several such
enterprises, has contributed to the
Baltimore Manufacturers Record a
comprehensive article covering the
whole subject, illustrated by pictures
of six mills built on this system. 1t is
an interesting paper, and should have
the effect of extending the system very
largely throughout the South.
Mr.. Tompkins had noted, he says,
that there was strong desire to build
cotton mills on the part of the people
of several towns who did not have the
necessary capital in sight, and he had
also observed that in almost every
such town cone or more building and
loan associations we're in operation
with accumulated cash in excess of
what it was considered impossible to
raise for the construction of cotton
factory" Putting the two observa
tions together, the conclusion was
reached that if plan could be formu-
lated by which company could be
organized whose capital stock was
made payable in the shape of regular
weekly or monthly savings, any ordi-
nary town could build a factory.
Following out this suggestion, it
was found that with shares of $500
par value they could be paid for in full
as follows: I. At the rate of 81 a
week the par value would be reached
in little less than two years. 2. At
the rate of 50 cents a week the time
would be less than four years. ;. At
IS cents the time would be less than
eight years. each of these plans
has been tried at Charlotte, and each
has proved successful"
The IS cent rate is " undesirable, "
however, if the subscriptions can pos
sibly be got at 50 cents week OF
more. The 50 cent plan has proved
to be most popular, and is the mos
suitable for all ordinary cases anc
plans: By this plan, and on the basil
of subscriptions aggregating 100000
the yearly payments would amount tt
about $4,000. With this amour
of money, paid in by the week O
month, the buildings could be con
structed and paid for in the first year
Inside the second year one-third tn
machinery could be purchased ant
put in operation. In three years from
the time of organization it would b
usually entirely feasible to have tn
entire plant i'll operation, with SOM
debt, which could be paid off as th'
installments were paid in the last year.
A capital of 100000 will build
mill of about 5000 spindles and 20
looms, which would furnish work fc
about 100 hands. The shortest tim
in which the capital can be accumula
ted is the best, of course, and if sui
scriptions can be procured on tn
basis of 81 a week, instead of 50 cent:
thus making the capital payable i
about year, this would be the nea
best thing to having the money sui
scribed subject to call as it would t
needed. The plan Of 50 cents, how
ever, has been the most popular ont
as already said, and I" has in all cast
: worked we'll, the result having bee
, dividend paying manufacturln
, plants.
The completion of a mill can alwa,
be fastened by borrowing money an
paying it back as the installments com
> in but mills have been built by usin
the installments directly, and viii
this is somewhat slow, "when the M
is finished and in operation, it
= usually SO much property ahead f
the stockholders, as it represen
!, money that would not have bee
= accumulated at all except for Il
undertaking.
= The preliminary work for Il
organization of such company
J. !. described, in the way of preparing Il
right sort of charter, bylaws, and su
s scription list, Mr.. Tompkins thinl
=, should be left to the engineer select'
:, y to make plans and guide the compa'
u in the conduct OF its affairs, and it
Il of course, important for inexperienc
people to select a good engineer, al
"a "a then rely on his knowledge, skill a
:" Judgment. Any attempt to build
- mill without good counsel will
~ troublesome" Free advice, pick
D." I'D here and there, 4" is worth what
," cost"
"By the plan here explained" Sc
Mr.. Tompkins, " those towns in VIII
the people are waiting for some ca
,, talist to come and build a mill n
I. help themselves and build a II
e without outside help" and he az
in the suggestive remark that every {
N of the towns and cities OF the Southe
~ that are now we'll known as ma
ID featuring places built their first fact
~ out of native resources and with
p outside help.
n 1t is only necessary to add that
e; plan represents now a condition,
:. a theory. 1t has been fully appro
in by results, as the pictures and reco
oe OF the six mills employed Tor illus
ne ton testify. 1t has succeeded wi
8; ever i, has been tried. 1t is VIC
,os ,os trying iy any community that des
.pt to luiid a mill of any description.
n All druggists guarantee DR.. Miles
l PILLS to stop Headache. ''One cent q doe