Newspapers / The Charlotte Observer (Charlotte, … / Nov. 22, 1907, edition 1 / Page 2
Part of The Charlotte Observer (Charlotte, N.C.) / About this page
This page has errors
The date, title, or page description is wrong
This page has harmful content
This page contains sensitive or offensive material
3 . 'I t J 1- r tj L'. . a f'.in,:, t .:y Foyers Jwi.U Accept Goods , v 1-ave lion : tit, I :f XHially In I t of Low-l'rimI Deliveries of 1 ... t Two 'eara-i'rcsture Acute 1 a!l River Special to New. fork Jour . n&l of Commerce. ( . , The textile manufacturer of South ern New England are feeling: the pressure of financial conditions and are facing the necessity of curtail ment. la the cotton mills of this city there is no probability of nnKed curtailment by agreement, owtaf to the conditions of contracts, bat If Jauyers would agree exiena con ; tracts and would request curtailment an mills would be very giaa to ac commodate them. i It has been decided here not to ac cent cancellations of contracts save WUCM VUC P . " . . v ... --t causes such as delay In deliveries. Manufacturers say they have deliver- ' ed goods in the past two yean at low price In a great many 4nstances when they could have "welched" and -' -iti tneir goods at more profitable figures, and they bow feel that buyers should accept the goods they 1 have bought' At the same time they rec. ".amiU iHati 4 1, financial Affairs . vuiftf fc.i i ... a h . -- - - and are willing to lend buyers every possible assistance. That this is so Is shown by a very general consenting to defer deliveries thlrtr t elxty days, to accept notes 5n lieu of checks in payment and to defer payment with the understand ing that Interest shall be paid on overdue bills. Some mills are having compara tively little wouble, but in some cases : It has appeared that less than SO per cent of the goods bought for deliv--ery in October -were actually accepted and the balance Is still held awaiting shipping Instructions. The pressure to defer deliveries has become aeute in the past ten days. Large converters have been at the mill endeavoring to get releases from contracts for goods to be delivered next year, by paying the difference between values to-day and those at which orders were booked. Others have offered to pay a stated price per yard as a bonus for a release. In these cases the disposition of most mills Is not to grant the request, as they believe converters are thorough ly frightened and mat acceding to the requests will simply extend the trouble. When there will be no curtailment - of production by formal agreement a curtailment is already under way. Several mills In this city have stopped some looms engaged on goods that are held up. others have given notice that they will stop certain depart ments during the coming week, and still others are now arranging to brine about a definite plan of shutting down. The New England Cotton Tarn Company closed Its mills Satur day, and will announce later what the plans are for further curtailment. No tices were posted in the Stevens Mills "that some departments win be cloned for a time beginning to-morrow. The Jtlamnnuln Printing ComDanv has been ordered shut down for two weeks. In some measure the feeling Is In evidence. here mat tne aw xoric sen : tng bouses should make conceiwlons In the matter of extending contracts; llrat" Inasmuch as local mills havo stood firmly In the past year on th matter of delivering contracts below ) f mmmmmmmmmmmmmmmmtmmm immmiimm.mmji. uimmmmmmm mm iiii '" ' " T"""MT"'V ., V , ' ' " a .''X ' ' ' ' ' v' ; ' -' ' - " ' , 1 , ' ; ' , ; : - 'I ' . i . . v i n s t Ci 1,1 W Hi... 1. Jt ti. s been virtually tC.-ter-mined in this via city that the current wage scale be continued for another lx months, until .May 26, 1808. This eliminates a possibility of a reduction of the cost of production by reducing wages and will make the manufactur ing situation harder in the near fu ture. As Fall Klver has set the. wage scales for New England la recent months, no wage troubles are antici pated, elsewhere- ;; . : r". . t AMERICAN MILL IN PERU. ' lias $200,000 Capital Stock and a Ca pacity For Turning Out 4,000,000 Varus Annually, , , . . , Washington Special 19th. ' Tjtted 'Staiea Consul General Taylor of Callao, reports the opening of a new American factory at lima for the manueture of finished cotton cloths, and describe the effect It will have on the market for the textiles. He says: "The capital Invested, la $200,000. This will undoubtedly affect the Im port trade of cottons Into Peru, as It la raid the articae produced" la super ior to the imported good cold here on account of the cotton grown In Peru (being of a better, quality than that ; used by American and European fac tories in the imanufacture of the same roods. The new factory lias a capaci ty for turning out 4,000,000 yards an-i anally, end will consume 500 tons of raw material each year, - "There are now aeven cotton fac tories In Peru, of which five are in Lima or -vicinity, one at Arequlpa, one at Ioa. The production of cotton goods In 1906 was about, 2,000,000 yards. "The Peruvian Government Is dis tributing free seed to the planters and is encouraging hi every way the in creased cultivation. It Is very prob-' able that in the near future the tariff on his class of goods will 1se Increased to a ipolnt practically prohibitive: at least thfts la the expectation of thooej now ongaged in the manufacture here. Certain it Is that they are much en- ooumged to go ahead wUh additional outlays, toeing fully assured that they will be protected against any dwtruc- Uvw competition from the outside." FOREIGNERS BUY COTTON. Domestic Spinners Still ' Very In active Financial Condition In the South Improved- Tho Holding Movement Making Progrwa. Memphis Special to Boston Tran script, ttth. There Is still a marked scarcity of currency, but Southern banks are be ginning to secure shipments of money from New York and other large cen tres, and the currency famine is less pronounced. Large Southern banks are still keeping in force the ruling re garding withdrawals of currency, but there are Indications that condi tions are gradually Improving and that the normal one may be restored in the next few weeks. Cotton inter ests here are still having difficulty in financing operations In cotton in the Interior, but conditions surrounding this business are also somewhat bet ter. Considerable business is being put through on the basis of $10 per bale in cash, and the remainder In checks drawn on Memphis banks or In New York exchange. This was not possible a few days ago, and the In ability to finance the purchase of cot ton in the Interior left that business almost at a standstill. There Is no large volume of it yet In progress, but ' v ' - 'I'. H near fiti:r-. A new I'hisM! of th Bltuatf.m Is t',o unwUHcfcm-f of iutrrior hoi J,- rs : tr sell freely, feuine of the le,t inform ed spot interests in tnid centre nay that the basis on actual cotton at in terior points, as well aa In some of the larger markets, has widened from 1-4 to 3-8 cents per pound aa compared with a short time ago. Buyers here who were operating in interior points on the previous break ti 10 cents for contracts is New York on the basis of HO $-8 cents are now forced to pay from 40 1-18 to 10 3-4 cents per pound. Tola is due primarily to the fact that holders In the Interior show no dispo sition to sell unless they can secure their . price a Some snot men hr have sent representatives to interior points who have discovered that hold ers are presenting a wonderfully strong front For a 'tima. lntoHnr holder were confronted with the ne cessity of carrying v their ? cotton, whether they, desired to or not Now they are carying a of their own voli tion. . S- i v..:'-:, , : Whether the-; Southern : hinlr. will take a hand in this ; matter remains to be seen. The ( selling: of ' larrc quantities of cotton would do more, perhaps, than any other development to relieve the financial situation. But from all, Information obtainable; here and from Interior points, most holders have paid most of their , obligations and are able tj act Independently re garding sales. If they were tied , up with maturing obligations, conditions would be entirely reversed; The banks could and probably would force liqui dation. But with most of their debts paid, , the banks , must necessarily go rather nlow In urging the-eale of cot ton, even though they feel that this would be the wisest under the circum stances. In many instances Southern bank are reported to be countenanc ing the holding of cotton, but there Is no confirmation obtainable of euch ac tion on the part of any Important in stitutions In this section. Many ten ants, croppers, email farmers and others are earning their cotton to the gins and returning it to their planta tions or to storage warehouses. Ex perience has proven that the ' wisest policy is to sell cotton whenever It is ready for market, but aome have not profited by experience and are dispos ed to further test the holding move ment YARN MARKET DEPRESSED. Much Talk of Curtailment, But No , Action as yet. Boston Transcript, V . , The cotton yarn market seems to be going from bad to worse. Deal ers state that there seems to be no bottom to prices and that some sellers are disposing of their hold ings at the best prices they can ob tain. The proceedings at the' recent meeting of the Southern Hard Yarn Spinners' Association are being se verely criticised in this market. Members of the trade say that while the manufacturers did considerable talking, no steps towards curtail ment have been taken. Something more than a consensus of opinion Is needed to brace up the market, and while manufacturers have stated their willingness to curtail, they are spinning Just as much yarn eb bo fore the depression. . It is now fsald that soft yarn spinners have Deen asked to join the movement to ward curtailing output, and a meet ing of the association i being ar ranged for this week. Many large hosiery yarn spinners wish to Join the curtailment movement, as numer ous requests are received daily to de lay shipments on yarn contracts now For Horrie Centrally located residence.property in Charlotte is scarce. Soon there will be no more to be had at investment prices, we offer the 5 remaining lots on Ransom Place at $2,500 each on terms to suit any responsible purchaser. iP. D. Alexander. . F. C. Abbott & Co ....V J. A. Henderson & Bro Brown & Co W. T. Wilkinson & Co..... Alexander & Clanton ; Shmnonds & Co r i i t- , t 1 ( t e hi in't . i i . t i t i i rn v own, ai I l 1 : ( I the only way In whu fi we can i; . poe cf It. Thp tr-r. . r... r t en t. a part of the hard yarn tpinnt-r to curtail production Is not being lived up to. Spinners are running their plants as full as at any time during the year and are taking what orders they can get . Drastic measures wiH have to be adopted before the mar ket improves and I do not look for any improvement until the money stringency and business depression throughout the country, especially in this city, , show signs of Improve ment." . ,:. s, ;':.; Actual business here la very small and it is stated that aome of Jhe largest contracts booked for future delivery will not -be filled, by mutual agrmeenent until the business out look is blighter. Meantime, hand-to-mouth orders, to cover most pressing and immediate requirements of mills are the only business. Prices have declined further the past few days and quotations - are now from I to 4 'cents per pound beloir what spin ner ar willing to accept ,. The de sir to dispose of yarns is not con. fined to dealers, but has spread to users who are endeavoring to - djs. pose of contracts they have accepted on which deliveries will, very shortly begin to fall due. , Buyer who have made contracts toti future delivery are' showing-every, anxiety to avoid acceptance, as they feel that under existing conditions they cannot take car s of tha yarns f or1' meet their obligations. Some weaving mills, however, are pursuing their usual course and are taking all deliveries aa they fall due ; without question. This la taken to mean that : these mill win hold the buyers of thflr goods toMhelr contracts. The fact that all Jine of . knit - goods have been withdrawn pending future de velopment, also that - the cancella tion question on, spring goods is be coming more s and - more acute, is having a marked influence, on price and la causing some very ' severe breaka in knitting yarn. TO GET WHITNEY POWER. Min at Albemarle Negotiating With a Representative of the Company. Special to The Observer. Albemarle, Nov. 21. Mr- Nightin gale,, of the . Whitney Company, la lr town to-day negotiating with the mills for the purpose of locating the power plant for the distribution of power to 11 manufacturing enterprises and for lighting tha town. Survey will be commenced ! next Monday, theSft, for the purpose of locating the main line from Whitney to, this point and tight of way will be secured and the line constructed as rapidly as possi ble. Contract have besa made and signed between the Whitney Com pany and the mills here, and within a few months all the machinery will be humming by electric power and dark old Albemarle will be llumt nated for the first time in her his tory. Albemarle will also 4e made a dis tributing point for this section and Stanley county will claim what b-. longg to her, though Satebury hag tried to claim Whkney smce the work was first commenced. Tariff Case Affects Cotton Seed Oil i. Interest g. Neiw Orleans, Da., Nov. 21. A tariff casedlrectly affecting the cotton seed oil business of the South came up Or Inte Thono 587 . 238 " " 589 " . . 535 " 439 w 832 " ,1440 J. E. Murphy & Co, . . v . L . lt. K Cochrane . . w AGENTS x ( ! 1. C ' ' i . 1 I -. . V !iO 1 ' t t e f : r t I ed J-:.; tcs goverr- u.'at, cw.-i..-ni duty fhau'd be 20 cents per vrd. -which ia the, 'hair tressed c! ire tariff. The .duty ha ben assessed e.t the higher rate charged on woolen manufacturers. The case hoe already MA iinfawrahtv -to the iower rate hy the United States Jboard of appraisers in New yorK. ., -: NEWS FROM HIGH POINT. New Pastor no Stranger to the Town ; Rev. Mr. ., Thompson Will Be Warmly Received A City rfard on Those Who Trj to BeatTneir Board. . , t -.;' , . Special to The Observer. , High Point, Nov.- Jl. R. O. P-. Ader, the new pastor of South Main Street M. -E church, I .well known here. He married a daughter of the late B. F. Ulalr, of Progress. Mr.. Ader V l graduate of Trinity College and ;c Vanderbllt ; University and fook peclal; course at the University oit Chicago. .He i one ef the .most entertaining young menTln the Conference. Hi V1U arrive here with hi family, next week and Mr. Falls and ' family ' g to Greensnoro, hi new charge, Tuesday... The public will v not perhaps un derstand from an account In yester day's paper relative o .delegation going from High Point to Salisbury to try and get Dr, T. F.- Marr, the former paster, to ; remain another year with' the church. High Point' interest In the matter was due main ly to the loss of Dr. Marr and not especially to his successor, Rev. -''Mr; Thompson, a -v might Inferred. Dr. Marr was right" In the midst of a great work her and the com mittee simply wanted to pot this be fore the bishop as he might not have been informed fully., on the matter. The people will welcome their new pastor Just as cordially as they wel comed Dr. Marr when he came among them, and while they ere eorry to part with ' Dr. Marr they are glad to learn ' of his promotloft recognl lng that he a easily one ; of the foremost members of the Western North Carolina Conference. ' : The Ladles' Auxiliary of the Read ing Circle entertained thi r evening In the Young Men's Reading Room. A large attendance was present and each guest brought a cup and saucer as a permanent donation to the cir cle to be used i m future entertain ments of a social nature. High Point is hard on board-bill beaters end every day or so he offi cers nab a man here or In other towns and bringing him up before a magistrate who makes him cough up or go to the roads, yesterday om cer Myers went over to Salisbury and brought back two parties who had left without telling their landlord that they were "much oblige,! much less paying anything. ! , , FRANK P. MILBURN & CO, ARCHITECTS WASHINGTON. D. a I ' B " ... .-MMMaHSBBBBBMBaSaBSBBSSHSSBPSSMHH E. L. Kecsler. ....,....,. ; . Traders' Land Co V. Charlotte Realty Co, ; ; . .Carolina Realty "Co.; i So. Real Estate, L. & T. Co. V: . ; . . f v 1- Collides and General Bui! save you' mcncy.cn all cf the. above good3, and do Eire to quota ycu-pricc3 delivered at your railroad station. Writo" us. (MEfM3(S5fl-Cfll Cob Ilsiufacturcra and BIztributcrs, . - ; - , Cliarlectcn, a. 0, Presbyterian College for Women cTiARixyrns, it, ol Opens September 5th, 1907 Catalogue furmslied ; upon application, 'X ' ' Rev. JR. Bridles, D. D., President (INCORPORATED! CAPITAL STOCK fS,M.t. This Is the lergeet, beet ejutpe4 wtae college In Worth fre Iina a porttire, provable fact Book-keep mg, Shortkand, Type wrttmg and Telegrt-phy taugat by experts. Positions guaranteed or money back. Railroad tre paid. Writ tor our new Catalogue and : vttIddrese .W Business College! Charlotte, lit. C'er Belelgn. M. NoteB Goiiof action Too will experience here at this hotel something in the' way of satisfaction which wont nd ; witn your departure; the feeling that follows your sojourn with ua will bring you back again; our service, our comfortable and sleep-entlclng beds, big easy chalrg that fairly yawn for some tired body to drop into them, and meals prepared by a chef who has hot for gotten how to "tlx" things according to old-time Southern methods. Nothing pretentious here Just a plain, homelike hotel, where comfort roams without restraint : , HO fust m step beyond the station. - GREENSBORO, N. C 1 - .1. lt , Thone 842 ; P " V r i V ... ' x 344 t 530: . . " 377 "". -609; . . ; 230 ' I-. 1 7 ' i ' t :oiD',r.ri"u:;ivi:i 1 T Jir- Material. TTc can l GLEG T t 1 H - ' " , ,' II ill
The Charlotte Observer (Charlotte, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Nov. 22, 1907, edition 1
2
Click "Submit" to request a review of this page. NCDHC staff will check .
0 / 75