The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-01-16
A GOOD COMMITTEE REPORT
ALL AUSTIN INTERESTED IN THE
REPORT OF THE GENTLE
MEN WHO COMPOSED
THE Investigating MILL COMMITTEE
Carolina Full of Good News for the
Citizens Of Austin-Cotton Mills
Pay Magnifcently.

Last afternoon at n Joint meeting OF
the directors of the Board Of Trade will
the main cotton mill committee Judge
Fillmore and Mr.. Frank Heierman mad,
their report of their Investigations into
the cotton mill business in North and
South Carolina. Their written report
was as follows:
Austin, Texas, January II, 1896.
To the President and Board Of Dircc-
tors of the Austin Board Of Trade:
Commemorative, the undersigned mem
bers of the committee appointed by you
TO Investigate the condition Of the cot
ton mill business at Atlanta and other
Southern points, beg leave TO submit our
report herewith, as follows: This report
is, formulated upon inquiries and investi-
cations made at Atlanta, Ga, also at
Fayetteville, Rockingham. Laurel Hill,
Winston, Salem and Charlotte in North
Carolina, and AZ Gaffncy and Kings
Mountain in South Carolina. We here
with repeat the questions given us for
our investigation, and give out answers
beneath each question:
First-What is the general condition Of
cotton mills in the South
Ht tOUulllOH VI tDllDH UllllS III lnt
sections visited was universally good,
the percentage of net profits on the bus
mess ranging from IL TO 30 per cent per
annum on the capital invested. A care
full inquiry from men who are in posi-
ton to know failed to elicit single fail
ure of cotton mill enterprise in North
Carolina.
Only three mills in South Carolina
could be learned of which had had diff
culties Of Il financial nature which it is
claimed was due to gross mismanage-
ment and these mills are now running
successfully.
Second-Arc new mills being erected?
With those now being operated and
those which are in process of erection
and which will be in operation by March
/. 1896, there will be over 100000
spindes in operation in the State of
North Carolina, consuming about 3d.
600 bales of cotton per annum. Large
numbers of mills are being erected wher-
ever water power Is available and in
many places where only steam power can
I've utilized. In South Carolina during
the year ending October 81, 1898, 20 new
mills were chartered with an aggregate
capital of $2,775,000.
Thrd-If so. are they built by home
capital?
About so per cent of the capital en-
ployed In the erection of new mills is the
net earnings of mills which have been in
operation. 1t il reliably estimated that
30 per cent of all capital invested in cot
ton mills in North Carolina is home cap
ital, and the same may be said to be the
fact in South Carolina, the two Southern
States where the cotton mill industry
has been most successful and prosperous.
Fourth-What is usually the amount
of capital stock, and how is il obtained,
,on weekly or monthly installments, or
Ehew?
The amount Of capital stock invested
in mills depends upon the classes of
goods manufactured The manufacture
,of yarns of various grades is represent
nd by capitals of from $4,000 to ST5,-
600. The manufacture of prints, sheet
ing and plaids utilizcs u capital of from
$4,000 and upwards. This capital stock
times II is paid hs called for, but 20 per
cent of the home capital subscribed to
cotton mills in North Carolina and South
Carolina is raised by weekly and month
ly installmcnts of from % cents to 81
Seach
Hike average amount of capital stock OF
II mill manufacturing cotton cloth built
with home capital in the South Is Mo
600.
Fifth-Proits paid by the mills in the
other Southern States, both in divi-
dends and in additions to surplus
The profits in cotton mills in the South
are generally equally divided between
dividends and additions to surplus, and
the profits, as before stated, range from
IS to 30 per cent per annum upon the
capital invested TO illustrate the prof
its in cotton mill business in the South
four significant instances may he cited.
In North Carolina Mr.. Mark Morgan,
president and general manager and pro-
prietor of the Richmond Cotton factory,
the Springfield Cotton mill and the Ida
Yarn mill near Laurel Hill, North
the committee over his own
signature us follows: 81 began bust
ness in this country in 1872 with 400
spindles, capital about Sl5,OOO, have en-
larged this mill to 25i1 spndlcs, built
another mil in 1881 of 3O2l splndles,
another in 1891 of 2309 spindlcs. all with
capital earned from the first mill, except
about $4,000 Consumption ut the be-
ginning between rs and 100 bales, now
5000 bales: $50 hands are employed ut
all these mills. Combined water power,
about 800 horse power, Have no trouble
in disposing of my products in Philadcl-
phia. New York and Providence. mostly
to jobbers. 1t takes about Is pounds
of cotton to make Il pound of thread, de-
pending somewhat on the quality of the
cotton, most of the wastage being from
bagging, ties, etc The prices of yarn
fluctuate somewhat, the iluctuation of
the last year being from II cents to
II 1-2 cents. The value of these plants
l now have in operation is Sl20,Oo0 net
NV factories are about two miles from
the railroad depot, the only road running
nearer than II miles" Another is the
case of the Henrietta mill at Henrietta
y. c.: began operations about 10 years
ago with $4,000 spindles, dividing the
profits each year between dividends and
surplus. Out of the surplus they have
enlarged their building and added 10000
spindles, making total plant of 10000
spindles.
The Gaffney mill at Gairney, s. G., was
organized in 1892 and completed July ],
1893. Machinery consists of 1O'132
spindles. 300 looms, etc, running con-
tinuously night and day. At the end
of the first year dividend of 10 per cent
was paid stockholders and balance put
into surplus. AT the end of the second
wear the surplus was $4,000. In July
1895. at the annual meeting. stockholders
were so well pleased they Determined 10
build new mill, and have added 10000
spinales and 100 Draper looms. They
make print goods and dispose OF the
nr1Cuct through commission men.
The Dillon MILL ut Kings Mountain,
30. was organized in June. 1871; began
oneration October, 1894. July l.. 1879;
ftor I, nine months run. a prott OF