The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-04-08

NORTH CAROLINA MILIIS-HOW
TO INCREASE THEM.

There is an impression abroad that
the growth and extension of manufac-
turing in the South has been largely due
to Northern settlers and Northern capl-
tai As matter of fact, except III
two or three instances, the cotton mills
of the State have been built and sue
cessfully managed by natives of the
State. The Hollis, the Steelas. the
Odells. the Williams, the Worths, the
Fries, the Erwins and the other .eading
cotton mill owners built up their great
plants from small foundations. They
began with small capital and by such
industry and economy as will never be
fully known made their mills profitable.
Thea they and others on the spot who
saw what had been accomplished witt,
small capital invested in other mills I'M
til the State has more cotton mills
than any State in the South AMI the
outlook is that early in the new century
it will have more than any State in the
Union.
featuring our own cotton? Slavery did
not induce manufacturing. Right after
the war. there was little surplus caDltal
and men who did not understand the
business were afraid to venture their
all in a business of which they knew
little. But they always believed 1t capa-
BILE of large expansion and success if
backed by large capital, and for years
there was systematic attempt 10 in
duce Northern men with large capital
to establish mills and factories. That
effort did not succeed. Why? Because
the men of large means, looking for prof.
table Investments, saw that few South
ern men of means put their money IN
cotton mills. They naturally reasoned
that if the outlook was so encouraging
the Southern men would put their own
money i'll it, and they have waited until
Southern money and Southern enter
prise and Southern brains demonstrated
that North Carolina is the best State
in the Union to successfully manufacture
cotton. That was human nature and
nobody could blame a Northern man for
hesitating to put his dollars far from
home in enterprises that did not attract
local investors.
Success has opened a new era. Men
the future the South is to be the seat of
the manufacture of the feecy staple, and
in the organization of new enterprises
there ought not to be any difficulty in
and South to double the cotton mills of
North Carolina in the next ten years.
In the new growth, however, we must
look chiefly to our own people doing
nne-tenths of the work and furnishing
most of the money, bur they will find
that it is easier to get Northern CAPT
tai to go in with Southern capital than
to invest without such cooperation.
Every town in the State ought to de-
vote its energies to increasing its manu-
featuring interests. Towns cannot grow
by swapping calico and sugar for cotton
and tobacco The town that goes for
ward must make something to sell
abroad. There are many small towns
that feel the need of new industries.
but cannot secure the capital to build
on a large enough scale to make it pro-
fitable. Here is a plan that has sue
ceeded elsewhere-it wdl succeed where
eylr tried In village of ten years
ago the people wanted 10 build cot
ton factory, but after raising all the
money possible they found that they
could get only $4,000, and they needed
100000. Did they stop work because
they could not in themselves subscribe
the desired sum? Not at all. They put
their $4,000 in the bank, organized
their company, and sent their best bust
ness men to large city to sell $4,000
worth Of six per cent bonds. They
brought par and they were easily sold,
too. The men who bought the bonds
were investors in securities. They held
money in trust, and while they were
not warranted i'll taking stock they were
glad to invest in the bonds. The people
of the village built their 100000 fac
tory. it paid them ten per cent the