(**** 2 *— with Appendix on Technical Education. º º &º {{ & - TONAPKINS, CHARLOTTE, N. C. . . . (Copyright 1990) - - CHARLOTTE, - - 190(), #：#|-U ſ ~~ ~~~~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ！， sººs w sº se sae sae sae saetaeا#!!!!! y AMOE UNüß sº - ± ſ <% ſi > ! uae | 2 · laeſ ©- réâûâû quaesis. º º, Mº XºAJ Nº. º Ž S. RVAQ ĒĒīīīīīīīīīīīīīīīal.， 5ïĪīİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİİ-ĪĪĪĪĪĪĪĪĪĪĪĪĪĪĪĪĪĪĪĪĪĪĪĪĪĪĪĪĪĪĪĪĪĪĪĪİ STTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT EX-ran-º-º-º-º-º-º-º-º-º-º-º-º-º-º-º-º-º-º-º: HI) 2 - 4 | TV ge a CO A PLAN RAISE CAPITAL FOR NMANUFACTURINC; With Appendix on Technical Eciucation. Fifth Edition. EY D. A. ToMPKINs, CHARLOTTE, N. C. (Copyright 1900.) CHARLOTTE, N. C. 1900. º- - - - -- º - N ºrrºſº - * CHEWALLA COTTON MILLS. Capital subscribed $50,000. Capital paid in full in a little less than four years. Product, print cloth, Equipment 3,000 spindles and too looms. Subscriptions payable to per cent, per month. Preface. While working as a machinist, and in other capacities, for the Bethlehem Iron Works, Bethlehem, Pa., I always carried some stock in one or more of the local Building and Loan Associations at Bethlehem. Towards the latter part of my service with that company, I devised plans for the organization of a Savings Fund and Building Associ- ation. The plan was that nine of my fellow-workmen with myself should form an association for saving something out of our salaries and wages each month, and, putting these savings together, should use the fund,-not to loan, but to build houses for rent and for hold- ing as investments. At $20.00 per month each, the ten of us would pay into the Asso- ciation $200 per month. With this, we could soon have built a house, and then with the continued payments, and the rent from the first house, we could soon have built another, and so on. We thought of continuing this process of payment and also the use of rents for building for a period of Io years. Then we proposed to stop pay- ments and use rents for dividends. Two of my fellow-workmen and I purchased something like 30 lots, having in view turning them over to this association. Just before the time for organization of this little Savings Fund and Investment Association, I was appointed master machinist of a large works out west, and the plans were never executed. The thirty lots are yet undeveloped in Bethlehem, and are still the property of the two of us who survive and the estate of our third partner, who has passed away. After going into business in Charlotte, N. C., on my own account, I worked out a modification of the same plan for raising capital to build manufacturing plants, and published it in the Manufacturers’ Record of Baltimore and other periodicals. This plan of raising or accumulating capital has been utilized for building 15 or 20 cotton mills in the South, principally in the Caro- linas. - This pamphlet gives a synopsis of the general plan as applied to building cotton mills. The illustrations exhibit some of the mills which have been built by the use of the plan. I have in preparation a book which will cover fully and in detail all the commercial features of constructing cotton mills, operating them and selling the products, as these things are ordinarily con- ducted in the South. Plans for raising capital will be more fully treated in this book, along with other commercial features. D. A. TOMPEINS. Charlotte, N. C., Jan. I, 1900. :* -: , e ------- Capital subscribed stoo, ooo. º THE ALPHA COTTON MILLS. Capital paid in full in a little less than eight years. Equipment, 6,000 producing spindles, 5,000 twister spindles, Product, chain warps and skeins. Subscriptions payable 25 cts per week per share, A PLAN TO RAISE CAPITAL FOR MANUFACTURINGſ. EY D. A. TOMPKINS. HERE are in successful operation in the southeast a number of cotton factories built by money raised on the installment plan as the payments are made in a building and loan association. The writer had observed that in many towns there was a strong desire amongst the people to build and operate a cotton factory, but conceived it impossible to raise the capital at home because, as a rule, few people in towns or small cities have much unemployed capital. It was further observed that in almost, if not quite every one of these instances, one or more building and loan associations were in operation with accumulated cash in excess of what it was con- sidered impossible to raise for the construction of a cotton factory. The conclusion was therefore reached that if a plan could be formulated by which a company could be organized whose capital stock was made payable in the shape of regular weekly or monthly saving, then any ordinary community could raise the money to build a factory. Following out this line of thought it was found that with shares of one hundred dollars par value they could be paid in full as follows: (1) At the rate of one dollar per week per share the par value would be reached in a little less than two years. (2) At the rate of fifty cents per week the time would be a little less than four years. (3) At the rate of twenty-five cents per week the time would be a little less than eight years. All of these plans of payments have been tried at Charlotte, N. C., and in every case the result has been successful. : : . : IO A PLAN TO RAISE CAPITAL. The plan (2) of fifty cents per week per share, it seems, is the most popular and the most suitable for all ordinary cases and places. At this rate the following would be the regular payments for about four years: On I share ($100.00) 50c. per week or about $2.00 per month. On 5 shares ($500.00) $2.50 per week or about $10.00 per month. On Io shares (IOOO.oO) $5.00 per week or about $2O.OO per month. On 25 shares ($2500.00) $12.50 per week or about $50.00 per month. On 50 shares ($5000.00) $25.00 per week or about $10O.OO per month. In organizing a company each subscriber for stock makes the payments as above indicated either by the week or month. On the basis of subscriptions aggregating one hundred thousand dollars there would be paid into the company in each year about twenty-five thousand dollars. With this amount of money the buildings could be constructed and paid for in the first year. Within the second year one-third the machinery could be purchased and put in operation. In three years from the time of organization it would be usually pos- sible to have the entire plant in operation with some debt, which could be paid off as the installments were paid in the Jast year. A capital of one hundred thousand dollars will build a mill of about five thousand spindles and two hundred looms which would furnish work for about one hundred hands. These estimates are only given for the purpose of conveying the most general idea. There are infinite conditions that might vary any one of the items given, and therefore in each special case the general result might be different according to the cost of materials and the kind of product desired to be made. The illustrations and general data are taken from mills that have been built on the plan herein discussed. It goes without saying that the quickest time in which the ADA MANU FACTURING CO. Capital subscribed $128,000. Capital paid in full in little less than four years. Product, chain warps and skein yarns. Equipment 8,000 spindles and 2,500 twisters, Subscriptions payable 50 cts, per week per share, A PLAN TO RAISE CAPITAL. I 3 capital can be accumulated is the best. If subscriptions can be procured on a basis of two dollars a week per share, thus making the capital payable in about one year, this would be the next best thing to having the money subscribed subject to call as 16 might be needed. Next to the rate of two dollars per week, then one dollar per week would be desirable. Then follows 50c. per week and 25c. per week. The last-named rate, while it has been proven practicable in the case of the Alpha Mills, is undesirable, if the subscrip- tions can possibly be got to 50c. per week or more. The plan of fifty cents per week has been the most popular one, and it has in all cases worked well, the result having been dividend-paying manufacturing plants. The completion of a mill may always be hastened beyond what could be done with the ordinary income by borrowing money to complete the mill at once and then paying this money back as it is paid into the treasury in installments by the stockholders. Wherever this has been done the mill com- pany has commonly made notes which have been made secure by the indorsement of the directors. For this reason it is de- sirable to have a board of directors whose responsibility is well known. Some mills have been built, however, simply by investing the money as it came in from the members and while this is somewhat slow, yet when the mill is finished and in operation it is usually so much property ahead for the stockholders, for it frequently represents money that would not have been ac- cumulated at all except for the obligation of the stockholders to get together and save so much money each week or month. By the means of this plan any ordinary town has within it- self the resources to establish a cotton factory. And besides establishing a factory the company is practically a savings in- stitution for the people. Regular and systematic saving is probably the best of all means to accumulate money and at the same time encourage a spirit of thrift and co-operation amongst the people of any locality. Any good farmer could I4. A PLAN TO RAISE CAPITAL. take one thousand dollars paying two hundred and fifty out of each crop for four years. A mill built on this plan, when once finished is just as good property for the stockholders and does a town or city just as much good as if it had been built with money brought from elsewhere. In fact it is more advantageous as its construction develops a latent resource out of which further development is sure to come. The preliminary preparation for the organization of such a company in the way of preparing the right kind of charter, by-laws and subscription list should be left to the engineer selected to make plans and guide the company in the conduct of its affairs. * It is very important for a company of inexperienced people to select a good engineer and then rely upon his knowledge, skill and judgment. Any attempt to build a mill without good counsel will be troublesome. Advice picked up here and there, free of charge, is worth just what it costs, viz., nothing. A good engineer will charge a good fair price and will handle the matter just as a good lawyer would a lawsuit or as a physician would handle a case of sickness. There are numbers of good engineers in the country whose records for successful work become a guarantee for the success of whatever they undertake. In organizing a new company for building a cotton mill, it is necessary to have articles of agreement for intending stock- holders to sign. Two kinds of articles are herewith presented: First, a set which contemplates payments on stock by weekly installments. Second, a set which is practically the cash plan, but which contemplates the payment of stock by a series of assessments, which are fixed in the original articles. Companies organizing on the cash plan frequently leave as- sessments to be called when money is needed. But this is not as satisfactory as the fixed assessment plan. The question of salaries for officers is one which must be A PLAN TO RAISE CAPITAL. I5 settled between the company and the people they employ. But there are two plans usually followed in making up the staff: One is based on the assumption that the President shall take active control of the business of buying and selling for the company; and the other contemplates the doing of this work by the Secretary and Treasurer, leaving the President's duty merely one of general supervision. In the former case, for a mill of $100,000 capital, the sal- aries might be about as follows: President and Treasurer (per year). . . . . . $1500 Secretary (per year). . . . . . . . . . . . . . . . . . . 6OO Superintendent (per year). . . . . . . . . . . . . . I5OO In the latter case, the salaries might be about as follows: President (per year). . . . . . . . . . . . . . . . . . . . $ 3OO Secretary and Treasurer (per year). . . . . . I2OO Superintendent (per year). . . . . . . . . . . . . . . I5OO Following each of the two different plans of organization in this pamphlet there are blank pages intended to be used as subscription blanks. I6 A PLAN TO RAISE CAPITAL. Name of Company Post Office Constitution and Subscription Contract Prepared by D. A. TOMPKINS, Engineer, CHARLOTTE, N. C. FOR WEEKLY PAYMENTS. {Copyrighted.) We, the undersigned, agree to subscribe for the number of shares set opposite our names, to the capital stock of a com- pany to be organized for the purpose of building a cotton mill. 1. The par value of each share shall be one hundred dol- lars. 2. The stock shall be payable at the rate of $1.00 per week per share until the par value of one hundred dollars shall be paid in full. 3. No subscription shall be binding unless a total of $65,- OOO.oo shall be subscribed. 4. When $25,000.00 or more shall be subscribed then the subscribers may meet and elect a board of directors. The board may also meet and elect officers. 5. Subscriptions may be received before or after organiza- tion to any amount up to $150,000.OO and may be increased from time to time at a meeting of stockholders held for that purpose. 6. The first payment on installments shall be made by sub- scribers on the afternoon of the second Saturday after $65,- OOO.oo is subscribed, at such time and place as the President may fix, and the board may then proceed to build a mill. 7. The directors shall adopt rules and regulations in which shall be fixed regulations for the government of the com- pany, penalties for non-payment of dues, the number of direc- tors and all other details of organization and general manage- Capital subscribed $100,000. Product, sheetings and shir - tings. * . tº - EDGEFIELD MANUFACTURING CO. Equipment 5,000 s Subscriptions paya pindles zoo looms. ble 50 cts per week per share. A PLAN TO RAISE CAPITAL. I9 ment. The directors may make a set of rules for such details of regulations as may seem necessary outside the by-laws. 8. The name of the company shall be fixed by the first five subscribers. 9. The charter of the company shall be obtained and the by-laws prepared for the company by the first five subscribers, and all legitimate expense incurred by them in doing so shall be refunded out of the treasury after the company is organ- ized. IO. If a total of $65,000.OO is not subscribed at the expira- tion of three months from the date of the organization, then all subscriptions shall be void. II. The weekly payments may be aggregated and paid by the month on the second Saturday for each current month. I2. Payments in advance may be made and a discount al- lowed for the average time overpaid at a rate to be fixed by the board of directors and may be payable in stock. I3. This subscription contract shall be the constitution of the company and shall not be altered except by a majority vote of all the stock outstanding. -, *-sº I4. The by-laws shall be adopted by virtue of original signature and may be altered only by majority vote of stock represented at any meeting or by unanimous vote of directors at a regular meeting, and after notice in writing to each direc- tor of the proposed change. I5. Rules and regulations may be made by the directors, and the same may be abolished or changed by a majority vote of the directors, provided they shall not violate the constitu- tion or any of the by-laws. I6. No subscriber shall be liable for the debts of the cor- poration, nor for the payment to the corporation of more than is subscribed, and the stock, when issued, shall be non-asses- sable. I7. No stock shall be issued until paid in full; but printed certificates may be issued, pending maturity of stock. These shall be in the nature of receipts and be transferable in the same manner as stock, but must state that the stock is held by the company as a first lien for payment of stock to par value. 2O A PLAN TO RAISE CAPITAL. -BY-LAWS. Section I. Stockholders of this corporation shall not be less than twenty-one years old. Minors may hold stock by trustees but not otherwise. Sec. 2. Each stockholder must subscribe to the constitu- tion or subscription contract and by-laws, and put down op- posite his signature the number of shares he or she may be- come bound to take. Sec. 3. There shall be an annual meeting . . . . . . . . . . . . . . e tº º dº tº e º 'º º & tº ſº tº ſº of each year for the purpose of attending to the following business: I. Hearing report of officers. 2. Election of directors. 3. Any other business. Sec. 4. At regular and special meetings of stockholders a majority of the stock shall constitute a quorum. Sec. 5. Special meetings of the stockholders may be called by the President or by the board of directors, provided that ten days' notice is given by publication in a well circulated newspaper, and notice by mail sent to each stockholder. Sec. 6. There shall be a board of seven directors which shall meet monthly. These shall be elected at the first meet- ing of the stockholders for a period to extend to the time fixed for holding the annual meetings or until their successors are elected. Then a new election shall be held for a board to serve for one year, or until their successors are elected. Sec. 7. None but stockholders shall be eligible, as direc- tors. When a vacancy shall occur in the board, the remain- ing directors may elect some one to fill the vacancy till the next regular meeting. . Sec. 8. A majority of the board of directors shall be, a quorum. In the absence of the President, the Vice-President shall preside and discharge all duties pertaining to his office. Sec. 9. The board of directors shall elect officers not otherwise provided for, and shall instruct the officers on gen- eral policies of the company. All actions of officers shall be º – tº --- HIGHLAND PARK GINGHAM MILLS. Capital subscribed $150,000. Capital paid in full in a little less than two years. Product, ginghams. Equipment, 500 gingham looms. Dye house. Subscriptions payable $1 oo per week per share. Capital increased to $250,000. A PLAN TO RAISE CAPITAL. 23 taken subject to the approval of the board of directors. The board shall have the books of the company examined once each year and shall have monthly meetings, at which the President and the treasurer shall make a full report. The board shall also be authorized to make a contract with a com- petent engineer to contract or direct the construction of the mill. The officers shall be President, Vice-President, En- gineer, Secretary and Treasurer. One person may hold two offices, but not more. The board shall fix the salaries of elect- ive officers. Sec. Io. The duties of the President shall be as follows: (I). Preside at all meetings and have general charge of the mill and its management. (2). Appoint all committees not otherwise provided for. (3). Take and keep bonds of the officers and servants. (4). Call special meetings of the board when he thinks necessary. (5). Have charge of the construction and operation of the mill under the direction of the board of directors. His salary shall be fixed by the board of directors. Sec. I I. The Secretary shall keep records of all meetings, both of the board and stockholders and sign the name, and exhibit books and papers and condition of mill at monthly meeting. Sec. I2. The duties of the Treasurer shall be as follows: (I). Collect dues, fines and interest and other dues from stockholders and receipt for the same. (2) Keep accounts with each stockholder. (3). Sign all orders directed by the board. (4). Keep all books except minute book. (5). Keep full and correct books of the company and its condition. (6). He shall give a bond of not less than $5,000, as may be required by the President or by the directors. (7). Open an account with a bank approved by the board and deposit therein all moneys of the corporation. 24 A PLAN TO RAISE CAPITAL. (8). He shall exhibit all books and papers when called on by the board. (9). He shall submit a statement of the company's affairs once each six months, and also at any other time the board may demand. (IO). In his absence his place may be filled by the Presi- dent. Sec. 13. The board shall fill all vacancies in office for the unexpired term not otherwise provided for. Sec. 14. The board shall appoint a committee of three at least ten days before the annual meeting, to examine the books and other affairs of the corporation, and make report thereon, which report shall be recorded in the minutes of the stockholders’ meetings. Sec. 15. If any officer neglect his duty, commit a breach of trust, or for any other sufficient cause, he may be dismissed by the board or by the President. Sec. 16. If any stockholder shall fail for five consecutive weeks to pay his weekly or monthly installments, then the stock of such delinquent may be forfeited. The Treasurer, after advertising in the manner required by law for the sale of personal property under execution, the same shall be sold at public auction for the account of such delinquent, and on the basis of its par value. There shall be deducted from the bid an amount sufficient to pay balance due on stock. From the balance there shall be deducted all dues to the company and expenses of sale incurred by the company, which must be paid by the purchaser in cash. Then any remaining money shall be paid by the purchaser to the delinquent, provided, however, that the forfeiture and sale of stock of any delin- quent shall not release him or her from the original subscrip- tion. Sec. 17. Any member of the corporation not in arrears and holding stock in his own right, may assign and transfer his or her stock to any person, and the assignee shall be subject to the same penalties and liabilities as the original holder. But no assignment or transfer shall be valid unless made on the - --- - - - º - º - - - º - - - - º-Eº-º ATHERTON COTTON MILLS. Capital subscribed $175,000. Equipment roooo producing spindles 5,000 twister spindles. Product, 2 to 4 ply yarn zo's to 50's. Subscriptions paid in, Io per cent per month. A PLAN TO RAISE CAPITAL. 27 books of the corporation in person or by a duly authorized at- torney; provided, however, that no assignment or transfer of stock shall relieve the assignor of his or her liabilities as an original shareholder, without the consent of the board of di- rectorS. Sec. 18. All assignments and transfers of stock must be made upon the books of the corporation at least thirty (30) days before each annual meeting, in order to entitle the as- signee to all the rights and privileges of the original share- holder at such annual meeting. Sec. 19. The President, except as otherwise provided for, shall appoint such officers and employees for the corporation as may be required from time to time for the prosecution of its business, and fix the amount of compensation to be paid them. Sec. 20. No proxy shall be recognized except for a specific meeting. º Sec. 21. All elections of officers shall be held by ballot. Sec. 22. Certificates of stock shall be issued when stock- holders shall have paid their installments in full and surren- dered their certificate receipt. All certificates of stock shall be signed by the President and Secretary of the company, with the seal of the corporation affixed thereto. Sec. 23. Two directors may be elected by the board to serve with the President as an executive committee to act on all matters for the board in the interim of board meetings— such action to be subject to approval of the board when it neetS. Sec. 24. The books of the company shall be examined once each year by a professional expert bookkeeper, who shall be paid by the company. Sec. 25. All officers and other security bonds shall be stock company bonds. Premium to be paid by the company. Sec. 26. All salaries of officers shall be fixed before the election or appointment of officers who draw salaries. Sec. 27. The board may, after electing a President, au- thorize the appointment by him of the other officers of the company. 28 A PLAN TO RAISE CAPITAL. RULES AND REGULATIONS. I. The board of directors shall meet once each month at e e s e e e s e e s e e s e e s e e e s e e º e s e e s tº e º e º sº e º 'º e º º e a tº e º 'º e º e º 'º º e e s e e s a e º e º e º e º e s is e º e º ºs e e º e º 'º e s tº a tº e º e º ºs e º e º º ſº e º ſº º tº e & in the city of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. There shall be a fine of ten (IO) cents per month per share for non-payment of dues at maturity for each and every month of failure to pay. ºrrº- TTTTT º FAIRFIELD cotton MILLS. Capital subscribed stoo.com. Equipment sooo spindles zoo looms, Product, sheetings and hosiery yarns. Subscriptions payable 5° ºts, per share per week. Amount. No. of Shares. --, -ºs------------------ --- - -—-----> Name. ---- -----~~~ ~~~~--~~~~. --- - …,~- - - ~~~~ -…--~~~~ ~ . . . . ~--~--~~~~ ----- -----◄= Name. Shares. No. of • *-* * *.*.*.* - *--------------- - - - --~"-" -º-º: ------ - g.s.. ...…., s_-------------º-º-º: Amount. Amount. No. of Shares. Name. *----------- . --rº-rº-rº-...-- Amount. ſºţ,,,，,,，- No. of *E*-*.*.*.*.x. --> - *** **-*-*** - – i Name. | ; | I | } } t | Shares. · · · · · · · · @ ::====ą <_- ： * -->=< · · · · ·：·—~~~~ ~~~~***…--~*~*~*~*=~&=&w=ºwę， ------------...-- *** *.ic---------------------- ------ *** -- ~~--- ---------- - ----------------. ----------- No. of Shares Amount. Name. Amount. -*-*=++~~~ ~~~~*~* * * .*--（ ： · · · · · * * --- « ...» ！ *** --~~~~：：~~~~ ~~~ș+-******** • *w** ** <~::~~~~ •***; ********#！*** * A PLAN TO RAISE CAPITAL. 37 Name of Company Post Office Comstitution and Subscription Comtract Prepared by D. A. TOMPKINS, Engineer, CHARLOTTE, N. C. FOR CASH PAYMENTS. (Copyrighted.) We, the undersigned, agree to subscribe for the number of shares set opposite Gur names to the capital stock of a com- pany to be organized for the purpose of building a cotton mill. This subscription list is signed by each subscriber and is binding on the following conditions: I. The par value of each share shall be one hundred dol- lars. 2. The stock shall be payable at the rate of Io per cent. per month until the par value of one hundred dollars shall be paid in full. 3. No subscription shall be binding unless a total of $65,- OOO.OO shall be subscribed. 4. When $25,000.OO or more shall be subscribed then the subscribers may meet and elect a board of directors. The board may also meet and elect officers. 5. Subscriptions may be received before or after organi- zation to any amount up to $150,000.OO and may be increased from time to time at a meeting of stockholders held for that purpose. 6. The first payment on installments shall be made by subscribers on the afternoon of the second Saturday after $65,000.OO is subscribed, at such time and place as the Presi- dent may fix, and the board may then proceed to build a mill. 7. The directors shall adopt rules and regulations in which shall be fixed regulations for the government of the company, 38 A PLAN TO RAISE CAPITAL. penalties for non-payment of dues, the number of directors and all other details of organization and general manage- ment. The directors may make a set of rules for such details of regulation as may seem necessary, outside the by-laws. 8. The name of the company shall be fixed by the first five subscribers. 9. The charter of the company shall be obtained and the by-laws prepared for the company by the first five subscribers, and all legitimate expense incurred by them in doing so slall be refunded out of the treasury after the company is organ- ized. Io. If a total of $65,000.OOO is not subscribed at the expira- tion of three months from the date of the organization, then all subscriptions shall be void. II. This subscription contract shall be the constitution of the company and shall not be altered except by a majority vote of all the stock outstanding. I2. The by-laws shall be adopted by virtue of original signature and ratified by a majority vote of stock present, and may be altered only by majority vote of stock represented at any meeting or by unanimous vote of directors at a regular meeting and after notice in writing to each director of the proposed change. I3. Rules and regulations may be made by the directors and the same may be abolished or changed by a majority vote of the directors, provided they shall not violate the constitu- tion or any of the by-laws. I4. No subscriber shall be liable for the debts of the cor- poration nor for the payment to the corporation of more than is subscribed, and the stock, when issued, shall be non-asses- sable. I5. No stock shall be issued until paid in full; but printed certificates may be issued, pending maturity of stock. These shall be in the nature of a receipt and be transferable in the same manner as stock, but must state that the stock is held by the company as a first lien for payment of stock to par value. A PLAN TO RAISE CAPITAL. 39 BY-LAWS. Section I. Stockholders of this corporation shall not be less than twenty-one years old. Minors may hold stock by trustees but not otherwise. Sec. 2. Each stockholder must subscribe to the constitu- tion or subscription contract and by-laws, and put down op- posite his signature the number of shares he or she may be- come bound to take. Sec. 3. There shall be an annual meeting . . . . . . . . . . . . . . * * * * * * * * * e º e of each year for the purpose of attending to the following business: I. Hearing report of officers. 2. Election of directors. 3. Any other business. Sec. 4. At regular and special meetings of stockholders a majority of the stock shall constitute a quorum. Sec. 5. Special meetings of the stockholders may be called by the President or by the board of directors, provided that ten days' notice is given by publication in a well circulated newspaper, and notice by mail sent to each stockholder. Sec. 6. There shall be a board of seven directors, which shall meet monthly. These shall be elected at the first meet- ing of the stockholders for a period to extend to the time fixed for holding the annual meetings or until their successors are elected. Then a new election shall be held for a board to serve for one year, or until their successors are elected. Sec. 7. None but stockholders shall be eligible as direc- tors. When a vacancy occur in the board the remaining di- rectors may elect some one to fill the vacancy till the next regular meeting. Sec. 8. A majority of the board of directors shall be a quorum. In the absence of the President the Vice-President shall preside and discharge all duties pertaining to his office. Sec. 9. The board of directors shall elect officers not Otherwise provided for, and shall instruct the officers on gen- eral policies of the company. All actions of officers shall be 4O A PLAN TO RAISE CAPITAL. taken, subject to the approval of the board of directors. The board shall have the books of the company examined once each year, and shall have monthly meetings, at which the President and the Treasurer shall make a full report. The board shall also be authorized to make a contract with a com- petent engineer to contract or direct the construction of the mill. The officers shall be President, Vice-President, En- gineer, Secretary and Treasurer. One person may hold two offices, but not more. The board shall fix the salaries of elect- ive Officers. Sec. IO. The duties of the President shall be as follows: (I). Preside at all meetings and have general charge of the mill and its management. (2). Appoint all committees not otherwise provided for. (3). Take and keep bonds of the officers and servants. (4). Call special meetings of the board when he thinks necessary. (5). Have charge of the construction and operation of the mill under the direction of the board of directors. His salary shall be fixed by the board of directors. Sec. II. The Secretary shall keep records of all meetings, both of the board and stockholders and sign the same, and exhibit books and papers and condition of mill at monthly meeting. Sec. 12. The duties of the Treasurer shall be as follows: (I). Collect dues, fines and interest and other dues from stockholders and receipt for the same. (2). Keep accounts with each stockholder. (3). Sign all orders directed by the board. (4). Keep all books except minute book. (5). Keep full and correct books of the company and its condition. (6). He shall give a bond of not less than $5,000, as may be required by the President or by the directors. (7). Open an account with a bank approved by the board and deposit therein all moneys of the corporation. A PLAN TO RAISE CAPITAL. 4 I (8). He shall exhibit all books and papers when called on by the board. (9). He shall submit a statement of the company's affairs once each six months and also at any other time the board may demand. (Io.) His place may be filled by the President in his ab- Se11Ce. Sec. 13. The board shall fill all vacancies in office for the unexpired term not otherwise provided for. Sec. 14. The board shall appoint a committee of three at least ten days before the annual meeting, to examine the books and other affairs of the corporation, and make report thereon, which report shall be recorded in the minutes of the company's stockholders' meetings. Sec. 15. If any officer neglect his duty, commit a breach of trust or for any other sufficient cause, he may be dismissed by the board or by the President. Sec. 16. If any stockholder shall fail for five consecutive months to pay his assessments, then the stock of such delin- quent may be forfeited. The Treasurer, aſter advertising in the manner required by law for the sale of personal property under execution, the same shall be sold at public auction for the account of such delinquent and on the basis of its par value. There shall be deducted from the bid, an amount suffi- cient to pay balance due on stock. From the balance there shall be deducted all dues to the company and expenses of sale incurred by the company, which must be paid by the pur- chaser in cash. Then any remaining money shall be paid by the purchaser to the delinquent; provided, however, that the forteiture and sale of stock of any delinquent shall not release him or her from the original subscription. Sec. 17. Any member of the corporation not in arrears and holding stock in his own right, may assign and transfer his or her stock to any person, and the assignee shall be entitled to the same penalties and liabilities as the original holder. But no assignment or transfer shall be valid unless made on the 42 A PLAN TO RAISE CAPITAL. books of the corporation in person, or by a duly authorized attorney; provided, however, that no assignment or transfer of stock shall relieve the assignor of his or her liabilities as an original shareholder without the consent of the board of di- rectorS. Sec. 18. All assignments and transfers of stock must be made upon the books of the corporation at least thirty (30) days before each annual meeting in order to entitle the as- signee to all the rights and privileges of the original share- holder at such annual meeting. Sec. 19. The President, except as otherwise provided for, shall appoint such officers and employees of the corporation as may be required from time to time for the prosecution of its business and fix the amount of compensation to be paid them. Sec. 20. No proxy shall be recognized except for a specific meeting. Sec. 21. All elections of officers shall be held by ballot. Sec. 22. Certificates of stock shall be issued when stock- holders shall have paid their installments in full. All certifi- cates of stock shall be signed by the President and Secretary of the company, with the seal of the corporation affixed thereto. Sec. 23. Two directors shall be elected by the board to serve with the President as an executive committee to act on all matters for the board in the interim of board meetings— such action to be subject to approval of the board when it meets. Sec. 24. The books of the company shall be examined once each year by a professional expert bookkeeper, who shall be paid by the company. Sec. 25. All bonds shall be stock company bonds. Sec. 26. All salaries of officers shall be fixed before the election or appointment of officers who draw salaries. Sec. 27. The board may, after electing a President, au- thorize the appointment by him of the other officers of the company. A PLAN TO RAISE CAPITAL. 43 RULES AND REGULATIONS. I. The board of directors shall meet once each month at e - e. e. e. e. e. e. e. e. e. e. e. e. e. e. e. e. e. e. e s - © e º e º 'º e º e º & © tº e s e º 'º e º 'º e º 'º e º e º 'º tº e º e º e º e e º e º e º e º e e e º 'º e º º e º e º e º 'º e º ºs e e º e º 'º e º e º 'º e º e º ſº a º tº º º ºs º ºs e º e º e º e º e º e º e º ſº e º 'º e º e º e º 'º º e º e º e º e º e º ºs e o e º ºs e e º º between the hours of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . in the city of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. There shall be a payment of ten (IO) cents per month per share for non-payment of dues at maturity for each and every month of failure to pay. Amount. Name. - * *---------- ---- - - - - - - - - - - -------• • • • • • • • …- … …-.~~ ~~~~--~~~~）; iſ，--~~~~--~--~~~~—- | Amount. No. Of Shares. ！，，，*）====****--~--~~~~ ~~~~••• - ----- – — · · *** Name. – , + - … ~~~~ ~~- ~**--------~--~~~~--~~~~- -------★ →••• • • • ► · · · · * ~~~~--~~~~*~*~*** Amount. | | | No. of Shares. Name. Amount. of No. Name. Shares. ~----- «… -（* ~ ~*~*~*=~~~~ ș** Name. i No. of Shares. Amount. Amount. Name. - • *------ - ---- ~~~~ ~ ~ ~*~ ~~ ---- - - > -> --~~~~ -..-... …..… + · · · · -- : …---- ------~--~~~*=+ Capital subscribed stroooo. Product, sheetings and yarn. - THE -º- - Hiſ Hºlº. STATESVILLE COTTON MILLS. Equipment 6,ooo spindles, zoo looms. Subscriptions payable 50 cts, per week per share. -- A PLAN TO RAISE CAPITAL. 53 Some Common Kinds of Cloth Made in the South. Thread. Approx. PCind. Width. per inch. Yas. pr. 1b. yarn Nos. Sheeting. . . . . . . . . 36 48x48 3.OO I2 and I 5 Drilling. . . . . . . . . . 3O 64x44 3.25 I6 and I2 Duck. . . . . . . . . . . 32 56x36 3.5O I5 and I2 Sheeting. . . . . . . . . 36 44X44 3.50 I4 and I6 Sheeting. . . . . . . . . 40 56x60 3.60 2O and 25 Sheeting. . . . . . . . . 36 56x6o 4.OO 2O and 25 Sheeting. . . . . . . . . 36 48x48 4.OO I6 and 20 Converters. . . . . . . 39 72x8O 4. IO 28 and 36 Sheeting. . . . . . . . . 30 44X44 4.50 I5 and 18 Converters. . . . . . . 39 68x72 4.75 28 and 38 Shirting. . . . . . . . . 30 44X44 5.OO I6 and 20 Shades. . . . . . . . . . . 40 56x44 6.50 40 and 36 Cechmical 6ducation. (An address delivered by D. A. Tompkins by invitation to the students of the Agricultural and Mechanical College of North Caro- lina, Dec. I5th, 1899.) Mr. President and Gentlemen of the Agricultural and Mechanical College: I have come nearly I,000 miles to undertake to make an address to you, and I have done so with an earnest appreciation of the respon- sibillity that devolves on any man to appear before a representative body of young gentlemen to give advice and counsel to the coming generation. In all that I shall have to say to you there will be at least the merit of perfect frankness and earnest conviction. I have come from my work, and appear before you in my working clothes. If I had done this ten years ago I would have appeared in a suit of overalls, with a hammer in one hand and a cold chisel in the other. I regard it to be far the most important feature of my educa- tion as an an engineer that I served an apprenticeship at the machin- ist's trade, and had a long term of experience as a journeyman machinist. I also had a long service as draftsman, and then as mas- ter mechanic of a large manufacturing plant. It was ten years after I graduated as engineer from the Renssalaer Polytechnic Institute of Troy, N. Y., before I assumed to undertake any comprehensive engineering work on my own responsibility. This ten years was a period of practice and arduous training. The burden of what I shall say to you tonight will be to emphasize the importance of training and skill, as welll as study and knowledge. I hope that the scant reference I have made to my own work may be taken simply to show, at the outset, that I have conscientiously practiced what I shall recommend and urge upon you as being neces- sary for the best interests of Southern progress, and for your future welfare and success in life. Enough has been said and written about the value of technical education to create great expectations on the part of those who have been its promoters and patrons, and in some instances there have been disappointments. Sometimes mothers and sisters have kept boarders and washed dishes to keep a bright son and brother in school, with the fond expectation that when he graduated he would get a position at a good salary, set up a house for them to keep, leaving them with nothing else to do. It has sometimes happened that the young graduate has returned home with a fine education only to add an unprofitable member to the household. His mother and sisters could observe that he had learned much, that his conduct was gentlemanly and honorable, that he industriously sought employment, that he was perfectly willing to work—yet he found nothing to do. Under these circumstances, there is naturally disappointment. For the time being it would naturally seem to them that technical educa- tion had not all the advantage claimed for it. The trouble in such cases is that the young man had been amply well taught, but was de- TECHNICAL EDUCATION. 55 ficicnt in training or skill. He knew theories, but had served no apprenticeship. There have been absolutely no cases where knowledge and skill have been combined where easy success has not followed. Engineering is a science and an art. For the science, careful study is necessary For the art, arduous practice is necessary. It may be compared to music, which is also a science and art. Let us suppose it was the sister who was to have been educated, and music was to have been her career. If she had gone to a conservatory and studied to the utmost limit all the science of music, but had never practiced it, what could she have done in giving a concert? If she had come home thoroughly equipped in the science of music, but without practice, she too would have been compelled to become one more unprofitable member of the household. There was a time when, for an ordinary community, the musical requirements were simple. Whoever could turn a tune on a violin or thump a tune on a piano by ear was a musician. So also was there a time when the man, having practice but no education—the self-made man of the former generation—was the great boast of his day. With the more exacting conditions of these modern times, with advancing civilization, we hear no more about the self-made man, about the man whose college was a canal boat and whose campus was the tow path of the Canal. Those were men, however, of sterling worth. While they had scant knowledge, they had amazing skill, and they performed wonders in handling humanity and in accomplishing material results to their country's advantage. Some of them, realizing their own deficiencies in education, and realizing what a tremendous advantage education would have brought to them, founded schools, but, remarkable to relate, they caused to be formulated in most cases courses of instruc- tion in what they were themselves deficient in, and omitted all care as to the valuable training they did possess. They founded universi- ties and omitted systems of training or practice. Taking into consideration their future occupation, perhaps the best educated people who ever lived in the United States were the South- ern planters' sons before the civil war. These, in their youth, had a full apprenticeship in the work of planting cotton and tobacco, and did all the operations on a plantation. The young man growing up on a plantation not only knew about mules in general, but he knew the characteristics of each mule on the place. He knew negroes in general, and also the peculiarities of each negro on the place. He knew every operation of plantation life, and at an early age knew these details better than his father did. Add to this perfect appren- ticeship a college education, and you have the education of the men who, in the ante-bellum days, governed the Nation. They were suc- cessful in the government of the Nation because, for the then existing conditions, they had been well educated and well trained. In material value a well rounded technical education, made up of equal parts of knowledge and skill, is difficult to estimate. The Renssalaer Polytechnic Institute was founded in 1820, and the gradu- ates were the chief factors in the development of the American Rail- way system, in contra-distinction to the English system, which latter was followed and copied throughout Europe. These graduates almost invariably started in railway service as rodmen and chainmen, and they do so yet, and at pay something like $30 a month. They then 56 TECHNICAL EDUCATION: find places as section bosses, then as division superintendents, and finally as presidents—as was the case with the late Mr. Geo. B. Roberts, who was president of the Pennsylvania railroad, and Mr. A. J. Cassatt, who is now president. We have far the finest and most practical system of railways in the world, and the distinction of the system is its originality. The American bridge system is also the outcome of that school. The Reeves, of the Phoenix Bridge Works, and the Roeblings, who built the great Brooklyn bridge, are all grad- uates from Renssalaer. In metallurgy we always reeded high protective duties until Colum- bia College, New York, sent out some graduates who were well equipped in metallurgical knowledge and in skill. I consider that the rapid progress we have lately made in the production of cheap and excellent iron and steel, on an export basis, to be due more to the work done by the graduates of that school than to any other one course. There are now a number of schools, both in engineering and metallurgy, that are turning out graduates, who are as well educated as those who come out of the schools referred to, but the schools referred to are those that led the way in the respective subjects. The magnitude of the developments in each of these divisions of industrial progress has been simply stupendous. We have more and better rail- roads than all the rest of the world put together. And after a hard fight on the part of England to keep her system as the standard one for foreign countries, and with very little on our part to introduce ours, it has come to pass that ours is credited with being much the best, and is now being rapidly introduced in many foreign countries, notably in R11ssia. In pig iron and steel we have also brought our processes and meth- ods to such perfection that we make the best and cheapest product in the world. Our export trade in these is growing to enormous pro- portions. Unhappily, we have no such schools in applied chemistry—in what m1ght be called Chemical Engineering, nor in Textile Engineering. These are fields practically as large as the others, and from a scientific point of view practically untouched in America. Chemical Engineer- ing might bring wonderful results out of our cotton oil and other raw materials. Germany has given much attention to the develop- ment of applied chemistry, and as a result she has magnificent chem- ical works, in which, even from coal tar, many valuable products are obtained, such as analine dyes, and medicines like phenacetine and antipyrine, and other valuable stuffs. Germany has also developed a system of Textile schools, as a result of which we send our cotton to Germany at six and seven cents a pound, to be manufactured there and sent back to us in the shape of knit goods at one dollar and upwards a pound. All the freight charges, going and coming, are paid to German ships, wages to German labor, and all the dye stuffs come from the German manufacturers. We simply get our seven cents and pay one dollar. Let us look into one of our own homely products and see what we might make of it, if our people had the knowledge and the skill. Reckoning cur North Carolina cotton crop as worth to the producer an average price of six cerits from one year to another, we would have 500,000 bales as raw cotton, at six cents yielding $15,000,000. This same cotton manufactured into cotton cloth would be tripled TECHNICAL EDUCATION. 57 in value, and hence the 500,000 bales as cloth (3) 18 cents would yield $45,000,000. We already manfacture about 300,000 bales into yarn, or white and colored cloth, which means that we are turning about ten million dol- lars worth of cotton into thirty million dollars worth of product. We do this with our own home people as operatives, and therefore be- tween the manufacturer, the laborer and the farmer, the whole two hundred per cent. is profit. With agricultural colleges, experiment stations, fertilizer control, and by other means wisely prepared by our legislators, we have been able to keep down the cost cf producing cotton to such an extent that we continue to control the production. The production and prices show, however, that we have reached a ten million bale crop, which at 6 cents has yielded us $300,000,000. We find that when we made a five million bale crop, it yielded us I2 cents, or the sum of $300,000,- ooo; and when we made two and a half millions it yielded 24 cents, or again, the same $300,000,000. Could we by keeping the production down, kept the price up? Such a plan would seem to me impos- sible. India, copying our method and buying our machinery, is already producing more cotton than we did 20 years ago. Egypt is also, even at the low prices, increasing her production. The English, who control both those countries, are exerting themselves to the utmost to stimulate cotton production in those countries. We have reduced the cost to a point where further reduction can only be a differential quality. A saving of one cent a pound in pro- ducing the entire crop of this State would only aggregate two and a half million dollars, whereas the same crop manufactured into plain cloth would be increased in value $30,000,000. In the distribution of this aggregate gain, the farmer would be the greatest beneficiary. BC.cause of the proximity of the mills, the North Carolina farmer already gets from I-2 cent to I cent more for his cotton than the Texas or Mississippi farmer gets. This is not all, however. He gets home markets for his fruits, vegetables, poultry, milk, butter and a great variety of perishable food stuffs that can be produced on a farm where the operatives of the neighboring factory make a market. Whenever cotton is trippled in value by manufacture, the adjacent lands are trippled also in value. The increased price of cotton, the increased price of land, and the increased markets are all for the profit of the farmer, to say nothing of the new avenues of success and fortune opened up to his sons and daughters. Amongst our people the farmer's interest in developing manufactures is the great- est. In truth, in this generation, we can have only such manufac- tures as the farmers develop—for all of us are, or have been, farmers. The estimate of an increase to three times the value of raw cotton, when made into cloth, relates only to the plainest sheeting and plaids. This is what may be done with the least possible knowledge and skill. Take the fancy ginghams, such as the etoile du nord, made by my friend, Mr. A. H. Lowe, in Fitchburg, Mass., and these will reach 60 cents a pound, or Io times the value of cotton at 6 cents. Our North Carolina crop of 500,000 bales, worth as cotton $15,000,000, if made into these ginghams would be worth $150,000,000, or half as much as the entire crop of the South brings as cotton. Even this is not by any means the limit. My friend, Mr. H. H. Hargrove, of Shreveport, Lc uisiana, told lately of having weighed a dress pattern of fine French Organdie. The entire piece of ten yards weighed one- 58 TECHNICAL EDUCATION. third of a pound and sold for 80 cents a yard, or an aggregate of $24 a pound. The cotton in this was, of course, the best Sea Island; but even that probably cost not exceeding 25 cents a pound, while the product is selling in our stores here at $24 a pound. The difference is that we pay the German and French—men and women—for their knowledge and skill, for their technical education, which we haven't got. - The designs of the patterns are made largely by artists which gives much profitable, agreeable and artistic employment, at home. The dyeing is in charge of young ladies, who are educated skilful chemists. It is evident from the prices charged for these goods that everybody who works in any of the processes gets high salaries, which makes the goods come high. But our home young ladies are beautiful, and must have beautiful goods to wear, even if the money has to be sent to France and Germany, because our own people don’t know how to make the nicer fabrics. I have spoken of how a nice gingham costs 60 cents a pound. Omitting altogether the really finer stuffs, such as French Organdies and dotted Swiss Muslins, and taking a fabric at $1.2O a pound, which could be made with a modicum of education and training, the North Carolina crop of 500,000 bales (I speak in round numbers always) would be worth, if manufactured into goods of this value, $300,000,000, or as much as the entire Southern crop is worth as raw cotton. I believe we have ample population to do this, and that all we need is knowledge and skill, or technical education. Twenty years ago our friends in New England asserted with some emphasis that Southern people could not manufacture cotton at all. It was said the climate was enervating, that the people of the South had no mechanical taste. And a lot of other reasons were given why the attempt would fail. But it succeeded. Then it was said that some coarse goods might be made, but never the finer stuffs. It is not a matter of inherent capability nor of climate, but purely one of tech- nical education. The development of our manufactures in the last twenty-five years is a revival rather than a new development. The taste and capability exhibited by the present generation is an inheritance, and not a thing of entire new birth. In the early days of the republic, the South was the manufacturing end of the Union. By the United States census of I8Io, the manufactured products of Virginia, the Carolinas and Georgia exceeded in value and variety those of the entire New England States and New York put together. The Henrietta Cotton Mill, near Rutherford is on the site of an old iron works. The High Shoals Mill, now being built near Lincolnton had to be cleared of some brick stacks of old Catlin forges to make way for the new foun- dations. Throughout the Piedmont region there are many evidences of former extensive manufacturing plants and much prosperity. I have at home a copy of a contract made in 1813, in accordance with which a machinist at Lincolnton made all the machinery necessary to equip a cotton mill complete. This manufacturing spirit and its success gave rise to many schemes for internal improvement. Iron and other goods were carried from the Lincolnton and other Piedmont sections to Fayetteville by wagon, and thence down the Cape Fair river on boats, and thence to Boston in sailing vessels. - The poison that ultimately destroyed this development—these great TECHNICAL EDUCATION. 59 Southern manufacturing interests, was the institution of slavery. As this grew in strength manufactures declined, until at the time of the war they were well nigh dried up. There were those, however, who made a tremendous fight for their preservation and for the extension of our commerce. The founders of the Republic, most of the leaders amongst whom were Southern men, did everything in their power to develop American manufactures and extend American commerce, and these principles made better headway at that time in the South than in the North. Charleston had fair promise at one time of becoming the greatest American port. It was a promise based upon the capa- bility and enterprise of her people. When the South Carolina railway was built it was one of the great engineering works of the world. It was extended from Charleston to the head of navigation on the Savannah river to take the cotton coming down the river in flat boats by rail to Charleston, instead of letting it go in boats to Savannah. They extended a branch to Columbia, to catch the cotton on the Congaree river in the same way. Then they undertook to get a line through to the Mississippi river at Memphis, there to catch the cotton and northwestern produce and turn it to Charleston. Largely by the influence of the people of Charleston, the State of Georgia either aided or wholly built roads from Augusta to Atlanta and from Atlanta to Chattanooga, calling the latter the Western and Atlantic, the name indicating what the motive was in its building. Then pushing on fur- ther, the Memphis and Charleston was built from Chattanooga to Memphis, the name again carrying with it some meaning as to the plans. When this road was finished, making a through route, there was a special train run over the entire route carrying a party of Charleston and Memphis people, and also carrying a barrel of water which had been taken out of the Mississippi river, and which was emptied into the bay at Charleston, indicative as it were, of the future course of the Mississippi river commerce. While not appreciating the increasing strength of slavery or its blighting influence, the people of the South, observing the tendency of manufactures to decline, made heroic efforts looking to internal development. After successfully developing a great railway line to Memphis, the people of Charleston formulated plans for building a direct road from Charleston to Cin- cinnati. Mr. Robt. Y. Hayne was the chief promoter of the enter- prise, and devoted much time to it. In getting the necessary legisla- tion, his talents excited such admiration that he was sent to the United States Senate as the colleague of Mr. Jno. C. Calhoun, and the debates between Webster and Hayne about slavery were perhaps the most noted that ever were conducted in the United States Senate. But Mr. Hayne, even at the height of his political fame, never lost sight of interest in his Charleston-Cincinnati railroad, and in the in- terims of his congressional duties he spent much of his time in Ashe- ville, N. C., looking after its interest. There was an extraordinary situation at that time. Mr. Hayne was at the same time the leader of two tremendous and opposing forces, the success of either of which meant the destruction of the other. Had the road to Cincinnati been completed the tide of export com- merce from Pittsburg, down the Ohio, thence from Cincinnati to Charleston, the agricultural products from Ohio, Indiana and Illinois (then the great northwest, and but meagerly developed), and from the States south of the Ohio would probably have hed to interests greater than that of slavery, and therefore to the peaceful abolition of the 6O TECHNICAL EDUCATION. institution. Mr. Hayne succeeded, however, better in his defense of slavery than in the construction of his great railroad. In North Carolina, Col. John M. Morehead led the forces for in- ternal development and the extension of commerce. He caused to be built the North Carolina railroad, reaching from Goldsboro to Char- lotte. . Then also the road from Goldsboro to Morehead. Then plans were formulated to build a road from Salisbury to the Tennessee line near Ducktown. It was then contemplated to form a private company to build a connection through to Chattanooga, thus reaching Mem- phis over the Memphis and Charleston. If this road had been built and the roads consolidated, then North Carolina would now have a direct line from Memphis to tide water at Morehead City. Every phase of the history of your ancestors and their work shows them to have been men of sterling abilities and great enterprise. They ruled the government in those days because they had the best possible education and training in practical affairs. The increasing agitation about slavery and the increasing interest taken by Southern people in that subject gradually drew interest and energy away from the benificent works of enterprise and brought on the civil war with the disastrous results. Comparing the wealth of this State with that of Massachusetts, it may seem to you that your parents would leave you a scant inher- itance. It may seem as if they had not made much of a success of life. Let us see about this. In the period that succeeded the civil war the whole South was plunged into a state of semi-anarchy. After having all their property swept away and the former system of labor com- pletely destroyed, your parents had forced upon them an experiment in human affairs never before attempted in the world. It was one in- volving the ability of the white race to preserve the Anglo-Saxon civilization under the most adverse conditions and the most powerful opposing influences. Under far less pressure, the Latin race in Cuba and South America descended towards the inferior race. In a war for civilization, lasting a quarter of a century, your fathers have held one hand ready at all times to defend their homes, while with the other, the resources of the country have been taken care of. They have pre- served the monopoly of the production of cotton. They have paid one-third of an enormous pension list, getting nothing in return. They have paid two dollars for education for every one that could be applied to the education of their own sons. In the short period since the restoration of good government they have returned to the occupations of their ancestors—manufactures— and have demonstrated that cotton goods may be made here to advan- tage and profit, and on an export basis. They have developed a splendid industry in cotton oil, and all on export basis. In other parts of the South the passing generation has demonstrated the value of other resources and the practibility of developing them profitably, such as iron, lumber, phosphates, etc. They have founded such schools as this one, to prepare you to take charge of this great inheritance. All this is to be delivered to you unincumbered for you, as it has been for them in the past. They have won the fight for civilization. There is no race problem now. There is no anarchy. You have as fine opportunity before you as ever a generation of young men had in the world. If each of you, taking advantage of these opportunities, should grow rich, and should build homes for your parents, and keep them in luxury the remainder TECHNICAL EDUCATION. 6 I of their days you would not approximately settle the debt you owe them for what they have endured for civilization and for your welfare. The real reconstruction of this State is in your hands. It is for you to take up the great work of internal development where your grand- parents left it off. I have attempted to show that you come of a race of broad-minded, progressive and successful men. In their day and time they fostered by wise means the development of manufactories. They formulated and executed comprehensive plans for internal de- velopment. They created and put in motion a system of agriculture which has resulted in the production annually of ten million bales of cotton, in an area that is small, as compared with the cotton areas of China, India, Egypt and South America, and with a population that is insignificant as compared with that of India alone. This is the greatest result in agriculture ever accomplished by any people in the world. Your forefathers made one mistake, committed one error—slavery. The whole industrial fabric of New England is going forward today on lines that were worked out and partly executed three-quarters of a century ago by the people of this State. Slavery is gone. The anarchy that succeeded the civil war is gone. Besides preserving for you, in untarnished purity, the civilization of your ancestors, which required ceaseless v1gilance, toil and privation, your parents have laid for you the foundations for the re-establish- ment of manufactures, the further development of agriculture, and for renewed zeal in the work of internal development. In the prosecu- tion of this work thy have not been so situated as to allow you luxuries or any form of extravagant indulgencies. Thus it transpires that you have had at home a constant discipline in economy and self-control that has been Spartan in its severity. The very enforced simplicity of your early lives, the very earnestness of your parents in the work of saving honor and civilization out of the wreck wrought by slavtry and the civil war, has kept you in an atmosphere that ought to have made sound minds in sound bodies, and further qualified you in moral character to give you something of the abilities of your an- cestors. The organization of this very school is part of the work your parents have done for your future advantage. They are ready to turn over to you as a heritage the great resources of the South, with the work of development already well begun. In the short while since they returned to this work of development the people of the South have put cotton goods, cotton oil, iron and lumber upon an export basis. In all these the fires of the new industry have been started for you. It is yet to be seen whether you are capable of handling wisely and well the greatest heritage ever left by a going generation for a coming one. I have not a shadow of doubt about the result. I confidently believe that your generation will restore to North Carolina the wealth which, relatively, she once enjoyed, and bring back to her people the progressive and ruling qualities which were characteristics of your ancestors. For the future greatness of the State, the resources are all here. We have a race of young men in whose veins flow the blood of those who were the leaders in the great battle for freedom in the latter part of the last century; of those who were leaders in organiz- ing the Republic; of those who, in the early days, made the Republic 62 TECHNICAL EDUCATION. strong by wise and comprehensive measures for the development of agriculture, manufactures and commerce. The mistake of slavery is now a thing of the past. The results of the mistake have all been repaired by your fathers except one. Our deficiency is technical education. Even for this they have provided the means. The final solution of the problem remains alone with you. The graduates from this school—the classes now before me—ought to formulate the plans and put in operation the new systems of agri- culture, manufactures and commerce that will restore to this State something of its former splendor in the Union, so that she will deter- mine the course which every State in the Union must go to keep the leading pace that you ought to set. Mr. President, I thank you for your kind invitation to speak here, and in this presence. Young gentlemen of the Agricultural and Mechancial College, I appreciate more than I can express to you, the patient and courteous attention you have been good enough to give me. (Cottom Zllill Orocesses ano (Calculations By D. A. TOMPKINS, CHARLOTTE, N. C. This is a book for the cotton mill superintendent, the over- seer and the ambitious operative, and for the student. OVER 300 PAGES. OVER 50 ORIGINAL ILLUSTRATIONS. FULL SET OF NEW PRODUCTION TABLES. Every machine is fully described and illustrated in detail. The calculations are all simplified. Cloth 8-vo. Price $5,00, Postage paid. Order from D. A. TOMPKINS, Charlotte, N. C. Cottom 21ſtill (Commercial Seatures By D. A. TOMPKINS, CHARLoTTE, N. C. This is a book for the prospective investor. It discusses in detail all the points that are raised in organizing a new mill. It shows the cost of mills of various kinds. It elaborates the plans for organizing companies and for raising capital. It shows how to keep mill accounts and reports. It shows cost of production for all the common kinds of goods manufactured in the South. It shows how goods are sold by the mills. It gives advice about location and surround- ings. It discusses textile education, and shows how a young man should proceed to learn the cotton mill business. It is profusely illustrated with original drawings and fine half- tones made expressly for this work. Cloth 8-vo. Price $5.00, Postage paid. Order from D. A. TOMPKINS, Charlotte, N. C. Çottom amo (Cotton (Diſ By D. A. TOMPKINS, CHARLoTTE, N. C. NOW IN COURSE OF PREPARATION. ABOUT 200 PAGES. ABOUT 50 ENGRAVINGS. This is a book for both the investor and the practical man. It treats the subjects from both a business and a technical standpoint. It is a full description of American methods of oil manu- facture in detail, including refining. It also treats of the uses of the by-products. It treats of allied industries, such as fer- tilizers and their uses. It describes cotton culture as prac- ticed in America. It contains a new history of the cotton gin, compiled from original sources hitherto unexplored. It de- scribes in full all the methods of ginning, baling and market- ing cotton, including all the round bale methods. IOO Pages, 8-vo. Price $5.00, Postage paid. Order from D. A. TOMPKINS, Charlotte, N. C. CImerican (Commerce, Sts &xpansion By D. A. TOMPKINS, CHARLoTTE, N. C. A collection of pamphlets and addresses on various sub- jects relating to the material welfare of the industrial world. It points the way toward enlarging our commerce with for- eign nations, and shows how to sustain the work. Cloth 8-vo. Paper 50 cents. Cloth 75 cents. Order from D. A. TOMPKINS, Charlotte, N. C. (Dur 21iachine shops. The D. A. TOMPKINS CO., Charlotte, N. C. We have one of the best equipped machine shops in the South. It is a shop which has grown up with the cotton mill industry of the South—making cotton mill machinery and repairing it. Also making oil mill machinery and repairing it. Hence it is a shop having the most intimate possible relations with the business and having the best facilities for this partic- ular work. We do not know of any one shop in America that builds a complete equipment for a cotton mill or an oil mill. FOR COTTON MILL EQUIPMENT. We build reels, spoolers, starch kettles, drawing in frames, electric switch boards, steam traps, band machines, doffer boxes, slasher beams, beam trucks, etc. FOR COTTON MILL REPAIRS. We cut gears, cover rolls, rebore Corliss engine cylinders and valves, and we do other engine repairs. We indicate and report on engines and their fuel economy. We repair dy- namos. We make new steel fluted rolls. We reflute and re- neck old ones. We true up and reclothe top flats for cards. We overhaul and put in order any machine in a cotton mill. FOR OIL MILL EQUIPMENT. We build sand and boll separating screens, huller feeders, cake crackers, separating screens (meat from hulls), steam traps (guaranteed to keep heaters drained of water). FOR OIL MILL REPAIRS. We are prepared to replace broken parts of any machine, to furnish gears and do any repairs, such as boring out and overhauling Engines, repairing boilers, etc., etc. THE D. A. TOMPKINS Co., Charlotte, N. C. &ngineers amo (Contractors. COMPLETE PLANTS. We developed the plan of building industrial plants by comprehensive contracts. We will undertake for a fixed price to build a cotton seed oil mill or a cotton mill complete. Or we will furnish plans and specifications for erection of buildings and then we will for a fixed price furnish and put in complete machinery equipment. We have built complete or furnished equipment for not less than 75 Cotton Seed Oil Mills. We have built complete or furnished equipment for not less than 50 Cotton Mills. FIRE PROTECTION. We have a skilled organization for putting in Fire Pumps, cast iron pipe, wrought iron pipe, hydrants and whole equip- ments for fire protection. We install sprinkler systems in manufacturing plants, ware- houses and large commercial establishments. We do all these in accordance with insurance requirements, and get rates as low as I-5 of I per cent. from stock com- panies and rates as low as I-6 of I per cent. from the mutuals. STEAM HEATING. We furnish complete installations for steam heating fac- tories, offices, schools and dwellings. PLUMBING. We do plumbing for cotton mills in the most approved and sanitary manner. ELECTRIC LIGHTING. We handle only the highest class electric machinery. We install it with all of the accessories, in full accordance with the latest requirements of underwriters associations. THE D. A. TOMPKINS CO., Charlotte, N. C. tº . & - Pºv iſſ O6651 2362 O1 i . §§ ; § § º;§ §º & g * § : §§ § § ºf - Å; # º † : | | | | | \{ * jº;; !!!”, "tº { } { }} } { - " .. 8 ' . . º §§ §: º * : g §§ * § § - §§ &: † : § § § sº § § º § § & ºś § §§ § §§ º §