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could not have been raised otherwise and had also certain distinct social consequences. According to this plan, the subscriptions to the stock were made payable in weekly instalments of 50 cents or $1.00 a share, thus requiring approximately two or four years to complete payment. Those having money in hand might pay in full, less six per cent discount for the average time. Since almost or quite a year was usually necessary to build the mill and the necessary tenements for the hands, the instalments more than paid this item of expense. The weekly receipts and the payments in full were kept in a local bank, which also expected future business and was therefore likely to be liberal when credit was demanded. Often the officers and directors of the bank were also personally interested in the new enterprise. The machinery manufacturers gave long credit and often took stock in the mill. Commission houses which sold yarns and cloth also took stock with the expectation of controlling the marketing of the product. Many mills built on this plan were so profitable that they were able to pay for a considerable part of the machinery from the profits long before the last instalment was paid, and some even paid a dividend or two in addition. Such mills started operations with many things in their favor. The ownership was widely distributed, since it was not at all uncommon for a hundred thousand dollar mill to have a hundred or more stockholders, some of whom held only one or two shares. Further, since the amount of money paid in the immediate neighborhood for wages, fuel, and raw material was large, every one was disposed to aid the enterprise in every way possible. Town limits were often changed almost by common consent in order to throw a mill outside so that it would not be subject to town taxes. Where the state constitutions permitted, taxes on the mill were even remitted for a term of years. Where this could not be done, assessors were lenient and usually assessed mill property at much less than its real value. Not only did some Northern corporations build branch mills in the South, but a considerable amount of Northern capital was invested in mills under the management of Southern men. It is of course impossible to discover the residence of every stockholder, but enough is known to support the assertion that the proportion of Northern capital is comparatively small. The greater part of the investment in Southern mills has co
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