West Point Manufacturing Co. - Textiles Manufacturing Stock Certificate
Inv# SE1863 Stock
Georgia
Massachusetts
Specimen Stock printed by Franklin Lee Division-American Bank Note Co. Incorporated in either Alabama or Georgia. The beginnings of the West Point Manufacturing Company date to 1866, when prominent industrialists George Huguley and James McClendon formed two textile companies, the Alabama-Georgia Manufacturing Company and the Chattahoochee Manufacturing Company, which they headed, respectively, and began construction of the mills. The companies would begin producing osnaburg woven in 1870. The worldwide economic depression known as the Panic of 1873 caused the fledgling mills to close briefly. Despite the setback, the companies attracted the attention of brothers LaFayette and Ward Crockett Lanier, who had moved to the West Point, Georgia, area before serving in the Confederate Army. Returning from the war, they established the Bank of West Point in 1869. LaFayette Lanier soon began purchasing stock in the Chattahoochee Manufacturing Company.
The West Point Manufacturing Company, incorporated in 1880, grew into one of the nation’s largest producers of textiles and was an important employer and community fixture in eastern Chambers County and West Point, Georgia, for more than 100 years. Located along the Chattahoochee River, the company’s five core textile mills of Langdale, Lanett, Fairfax, Shawmut, and Riverdale and their accompanying villages were located in Alabama and its headquarters was located in West Point, Georgia. After more than a century of growth and acquisitions, the company had expanded to exceed 40 manufacturing and related facilities with more than 41,000 employees in 1989. The company gradually shrank after a failed takeover attempt about that time and because of growing international competition. The last of its plants closed in 2008. Read more at https://encyclopediaofalabama.org/article/west-point-manufacturing-company/
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.
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