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Mi- -" - X "X r r- VOL. XXIII. GHARIiOTTE, N. C, FRIDAY EVENING, MAY U, 1900. V . . . , NO. 3713 - V if .. ' - S... D4Y OF RESOLUTIONS Subsidy sags Bill Endorsed Pas of Nicaragua Canal EBI1I Recommended. MR.D. A. TOMPKINS' ADDRESS Says the Association Should Tell the Politicians What it Wants Yarn Commission flen vs. Spinners Hon. John Barrett to Speak at Y. M. C. A. To-night Ire.sident Mc Aden called the Cotton Spinners' convention to order at 11:15 o'clock this morning. In a few min utes the halt was filled with delegates jmri visitors. Secretary Hiss called attention to the change in the by-laws, and again pre sented the opportunity for election to membership. Telegrams were read from several mill men, regretting their inability to attend, and applying for membership in the association. Secretary Hiss read a telegram from R Blakely, president of the Pro gressive Union, inviting the convention to meet at New Orleans. On motion of Mr. Miller thanks were returned to Mr. Blakely, and the matter was re ferred to the hoard of, governors. The following new 'members were elected: NEW MEMBER'S. ' - Fingall C. Black, Civil and Hydraul ic Engineer, room 20, Piedmont build ing, Charlotte, N. C; W. E. Fountain, president and treasurer Fountain Cot ton Mills. Tarboro, N. C; Sidney B. Paine, Electrical Engineer, General Electrical Company, Boston, Mass.; Win. I. Woodward, superintendent Elm Grove Cotton Mills, Lineolnton, N. C; Jos. P. Battles, . treasurer and agent Lev;iston Machine Company, Lewis ton, Me.; C. E. Neisler, superintendent King's Mountain Manufacturing' Com pany , and Indian Creek Manufacturing Company, King's Mountain, N. C; S. A. Maaney, secretary and treasurer King's Mountain Manufacturing Com pany, and Indian Creek Cotton Mills; W. N. Everett, secretary Great Falls Manufacturing Company, Rockingham, N. C; J. A. Long, president Roxboro Cotton Mills, Roxboro, C. Mr. Miller presented the name of Col. J. T. Anthony, first president of the association, as an honorary, mem ber. He is no longer interested direct ly in manufacturing, and is, therefore, not now eligible to membership., He was unanimously elected, and 'his name ordered placed on the honorary roll. Secretary Hiss announced that the special train to carry the delegates to o'clock. The party will inspect the mill i cf the Daniel Manufacturing Company, which manufactures the finest yarns now made in the South. The special ! car of Philadelphia machinery:.- and commission men will be attached to the Lineolnton special. ' : ' r On motion the thanks of the conven tion were returned for the favors ex tended by tie telephone companies, photographers, etc. MR. TOMPKINS ON THE ; EXTEN SION OF AMERICAN TRADE. President "McAden introduced Mr. D. A. Tompkins, of this city, one of the ablest and most progressive manufac turers in the South, who spoke on "The Unification and Enlargement of Amer ican Interests." "In . beginning his ad dress, Mr. Tompkins said: "An assem bly of men like this should not follow the lead of any politicians, but should tell tihe politicians what we want to do." This was greeted with enthusiast ic applause. Mr. Tompkins continued: "Today, for the first time in a hun dred years, the institutions and inter ests of the American people are iden tical and common. Slavery is abol ished by law, and wiped out in fact. Manufactures have again extended ove the South. A condition is reached in which the interests of Connecticut and North Carolina are identical. In this it behooves us all to study the problems that confront us and learn in what r direction our com mon interests lie. "This doney we may all co-ooerate t-a bring1 about such re suits a we may-determine to be for the advantage of oufarieulture, man ufactures and commerce? fc The means that appear to me most ? essential for the advancement of these interests are: First, education; second, transpor tation: third, markets; fourth, bank ing. I will discuss these briefly in the order named "There is a certain degree of educa tion that comes to all people by virtue of being brought up in a civilized com munity. With such a very limited gen eral education, acquired chiefly by con tact, our people are able to spin and weave cotton into the simplest ana nlainpct fnivHrjs - Estimating the crop of North Carolina at 500,000 bales, this as raw cotton, at 6 cents, would yield $15,000,000; as plain white cloth, at 18 cents, it would yield? i$45,000,000; as checks and plaids, at 24 cents, it would yield $60,000,000. The people of the State are, as a matter of fact, now util izzing 300,000 bales, and mating a pro duct which Mr. Wm. Entwisne, o Rockinaham. savs will average 20 cents a pound. This would yield $50,000,0.00 for three-fifths of the crop. But these values are by ' no means the limit of what may be brought to the raw cot ton With increased knowledge and skill. This same cotton turned into a fancy gingham or good quality of out ing cloth would bring 36 cents a pound and would yield $90,000,000. Taking now some French mull or some mer cerized cotton stuffs, we find these bringing in the market $1.20 a pound, which would yield $300,000,000. Turned into this shape, it is seen that the cot ton crop of North Carolina would bring as much money as the . entire crop of the South now brings when sold as cotton. "It would be useless to make goods without the means of their economic distribution. We have more railroad mileage than that of all the rest of the world put together. - We handle about as much freight as England, Germany, France and Russia all together. How did wesget this system cf railroads? I answer by means of subsidies. The na tional government itself has extended vital aid in the construction of our trans-continental lines of railway. All sections of the United States are urgently in need of foreign markets. Yet lavish as our people have been in expenditures for domestic transporta tion facilities, if the subject of a little aid is mentioned for a steamship line to facilitate the exportation of cloth made in American mills, or cotton made in Texas, or flour from wiheat made in Dakota, the North Carolinian, the Texan and the Dakotan immedi ately takes a fit. Republicans and Democrats alike forget the interests of the people, and consider it necessary to sacrifice all else to what they con ceive to be party loyalty. Can it be party loyalty to wage a war of politics in the pursuit of office and regardless of the welfare of all the people? "We have now reached the condition where we make mre manufactured products than our home markets will take. England and Germany are will ing enough to send here their subsi dised ships to take away our raw cot ton, but not our cotton cloth; to bring us pig iron, but not to take pig iron away. I am in favor of whatever ex penditure is necessary to create and maintain as good transportation facil ities on the seas as we have on land markets as a consequence. Of 64,000, 600 dollars worth of cotton goods going into .'China, a few years, ago, the Uni ted States put. there 6,000,000 dollars worth only. I favor an' Isthmian ship canal to 'be built and owned by . our general . government P favor a cable across the Pacific to be laid by the gen eral government, and; to be owned and operated by the government, iWe can no more handle trade without trans portation facilities than we can pros per at home without them, and every body knows that a town- without, a railroad is dead till it gets one. "For raw cotton at 6 cents a pound. England, France and Germany -are ' as. I good markets as we could .aesirjeijut if we prosper, we must turn c our: cotV ton into cloth and. get 20 centsa pctund instead of 6 cents ;J and! we stray e: d srie! i t in the pastr We "must stop buying pig iron, -anuiuaKe an vwuetuwiiui a. cm - plus for.expprt ahd we are already do- ingi-ti.YWe:'';mTist seek, develop ana protect markets for cotton, oil, wheat and flour, lumber and its products. What I say about all these, applies equally to New England, the North and to the South. I seek for the es tablishment of no policy for sectionai advantage. I seek rather to find out and exhibit those policies which are for the best interests alike of all the people of this country and of the coun tries we would deal with. If we co operate in the development cf manu factures and the fostering of surround- ng conditions, there is no such thing as competition between New England and the 'South. I believe that the pur chase 'of Louisiana by Jefferson was a wise and beneficent action. The fore- bodihgs of evil which were made as ar guments against the action have not come true. This is now the chief wheat growing area in the United States. I believe that he annexation of Texas was equally wise ana oenencent, ana the, forebodings of evil m that case have failed alsio. This annexea territory s as wonderful as the other in agricul- ture and stock raising cottan and cat- tie. In Texas is raised more than one - third the entire cotton crop of the Uni- ted States. " . "The policy of our country, since its foundation, has been above that of all other countries, one of expansion. We already have Porto Rico and Hawaii. I believe that Cuba will- come to us m the natural course of events by annex ation. I favor keeping the Philippines. Considering modern facilities, the Phil ippines are more accessble to us now than California Vas whenj we acquired it. They are-as accessible now as Alas- ka is now, and yet who would propose to. give up Alaska? Their value m trade far surpasses that of Alaska and our opportunity for the extension of civilization is greater there than in Alaska,' The possession rof the Philip-7 pines is important to us for another reason. mere are saia to oe uu,uuu,- 000 people in the country known as the Orient. Christian civilization is be ginning to reach these people. Our churphes have for years kept mission aries amongst them. The works of these missionaries are now beginning to bring some of the Tesults that their supporters here at home have hoped for. Can we now refuse to go ahead with the civilizing work that has been begun? We will of necessity have in creasing duties and interests in China. For the advantage of our people at home in their trade with CShina, and for the advancement of the work of our Christian missionaries, we shouRi 'r5iEt . ;ut)on the preservation of our j t eaty rights with China, 'and resist the partition of that Empire. I be lieve that Democrats and Republicans alike ought to demand of, and support our government in a vigorous prosecu tion of all measures looking' to the pro- tection and extention of our interests in what was once-the old far East, and what is now our new far West. "In that depressed period commenc ing with the panic of 1S93 and lasting until the outbreak of the Spanish war, it became clear to all men that our banking system was seriously defec tive. If some means had not been de vised for . the temporary introduction cf an elastic feature by which curren cy could be raised on good assets, every bank in the country in active commer cial business would have been compell ed to suspend payments. That feature of elasticity which was effected in a crude wayytshould be' conservative ly and properly incorporated in our bankingrsystem,fand in a way to serve the national " banks in every '.. section alike. This would mean the total abandonment of United States bonds as a basis of note issue, and the sub stitution oi the sound assets of the banks as the basis. These notes issued on assets should be taxed about 1 per cent, by the government, in return for which tax the government should guar antee the notes. Each banks should be responsible for the redemption of its notes in gold over its own counters, and in some commercial centre. The government guarantee would make all notes' of uniform value, and the 1 per cent., charge would far more than cover any possible losses. At 1 per cent, the government would shave no risk, but would get a large income. The greatest danger to our manufacturing interests lies in the inelaetic feature of our bank ing system. While in the good times we have lately enjoyed, this deficiency gives us no trouble, it will do so when ever there is an industrial depression, and it will emphasize the depression. "In conclusion these conditions as to education, transportation, market and banking are as important in one part. of our country as another. .They are as. important in Texas as in Maine, as important in Wisconsin as in North Carolina. Happily also, it has come to pass that the requirements of each sec tion are identical. The future of spin ning and weaving lies rather in creat ing the conditions necessary to develop and foster export trade, than in con troversy between New England and the South over a limited domestic trade. We should get together, and work together to bring about the con-ditions'-'favorable to the prosperity of the whole country; and if we do. this," I am i Confident there will be plenty of business and to spare to insure plenty of work for all American factories, and ample occupation for American people at fair wages." 4 . In the course of his address he said; A whole lot of us have got to change j0ttr-,views A lot of:, us have got to get. rid of our sentiment regarding any nariir.nlar Dolitical . party. And we mjust say what we Yfintudone regard -less "f' party." 4 ', ,. There" was prolonged, applause at the end of the address. THE CHINA COMMISSION ENDORS ED. Mr. Miller offered the following res olution: "Resolved, That, in view of the srowing material interest which the South has in the extension of trade with China and Japan, where the sale of American manufactured and raw cotton has grown in ten years from two million dollars to twenty two million dollars, the two million dollars, the Southern Cotton Spinners' Association earnestly recommend the passage at this session of the bill before Congress providing for the appointment of commission to investigate and report upon the commercial, industrial ant economic conditions of China, ; Japan and other Eastern Asiatic countries for the purpose of the further develop- j ment Gf American trade in those ianfls -tv,,, rpanlutinn nassed unanimously SUBSIDY FOR MERCHANT VES- SELS , Mr D. a. Tompkins then offered the f0nOwing resolution r.ivpfl'. That tihp. Southern Cotton spinners' Association recommend to ; coneress the enacting of legislation, carrvine sucih compensations as will stimulate the development of Ameri- can commerce on the 'high seas in time of peace, and which will proviae at the same time such transports and auxiliary servie as may be needed in time of war." This resolution was unanimously I NICARAGUA! JJjiNAL, RESOLUTION. I The folibwine;resdlution was also ot- fe.red bjKiMKfejnipkins: . j "Whef&as-; It' appears that one of the principal difficulties, lying' in the way of theconstruction of the Nicaragua Canal seems to be due to doubt as to , whether the canal shall be fortified, or ? no it becomes desirably, for those 1 business interests, for the1::eryice of , wnich the canal is proposed, to formu- iatp some exoression on this suoject for the information of bur legislators "Therefore, be it resolved, "1. That this association, hereby ex presses itself in favor of the construc tion of the canal under the provisions iof the -Hay-Pauncefote treaties and subject to such other-treaties as may be desirable to secure the neutarlity of the canal in time of war, and to free it as a commercial facility from all the vicissitudes of war, but that our gov ernment shall, be the sole owner and reserve the right to fortify the canal in event of any violation of those neu tralizing treaties. . "2. We approve the action of the House of Representatives in the pas sage of the Nicaragua Canal bill and recommend speedy action on the part of .the Senate." . The . resolution was adonted. VMR. SANFORD ON MANUFACTURE V UF " FINE YARNS. Mr. A. B. Sanford was next intro duced. His subject was "The Manu- acture of Fine Goods in the South." He said:" - In discussing this important and very interesting topic, I shall confine myself to the spinning of fine yarns, and the long staple cottons used in heir productions, "the Allen Seed," 'Sea Islands," and "Egyptians." It is my desire to treat this subject with out any prejudices whatever; to deal fairly and justly with the conditions as they exist both in our New England and Southern States, and as they ap pear after twenty years of experience n close touch with the great cotton industry, North and South. Now, in order to ma,ke the discussion practical and lively, we will commence by pro pounding the following questions, and seeking a true solution to the same later on: First. What are fine, cotton yarns, and what is necessary for their suc cessful production? Second. Are the Southern manufac turers prepared to produce them suc cessfully and complete against New England mills? Third. Can they make as much money on fine yarns as they can on the coarse and medium numbers? Before taking up the questions, I wish to r make a .few remarks on the cotton industry. . The establishing of any great textile industry, like cotton, wool, linen, and silk in any country is a very slow pro cess, and usually takes generations to plant firmly and successfully. Why? Becaue we must learn to handle it st as to produce goods of the best quali ties., with the largest productions, and at the. lowest possible cost. This can only by accomplished by skilled labor, capital and - experienced management to bring success. This takes years to bring around. The silk industry of Lyons, France, still leads the world in the production of the finest goods, and it was commenced in the fifteenth century. The woolen, 'industry: We turn at '.once to Leeds, England, for the finest goods and colors; she leads the world- and it was commenced there in the sixteenth century. The cotton industry: Great Bri tain, with her 46,000,000 spindles, leads . thel jwoi Id in the great race, and Oldhamj 33olt.cn and - Manchester are made' famous for their fine cotton goods ard yarns. The manufacture of cottons Commenced in Manchester in the fifteenth' century, and in the year 1552 an act was .passed for the better mannfatre Of Manchester cottons which became famous in the year 1650 The New England States, though en- gaged for a century -in the business, seems quite young compared with old England; yet she has made her Lowell; Fall River ;New Bedford and Law rence i famous for her cotton mkiiu' facture. .rr:- .... . - IfiO- this connection the following figures will be, of interest, showing the growth of the, industry for England ndV United : States : ' The total spindles, cf Geat Britain established January 1, 1900, 46,000,000 The total spindles of United States, estimated January 1, 1900, 21,000,000 The total spindles of New England States, estimated January 1, 1900, 13, 955,000. The total spindles of . Southern States, including year, 1900, 5,250,000. FOR NEW ENGLAND STATES. 1840 number of spindles: . . .1,597,400 1850 number of spindles.. ..1,800,000 1860 1870 1880 number of spindles. . number of spindles . . number of spindles . . ..3,359,000 . .5,498.300 ..8,632,100 .10.836,200 .13,955,000 1890 number of spindles. 189i9 number of spindles'. . Representing say $280,000,000.00 of capital, this magnificient result speaks volumes for the thrift, and energy of cur New 'England manufacturers and operatives, which means so much for the prosperity of the New England ''tates FOR SOUTHERN STATES. 1840 number of spindles.. ....180,900 1850 number of spindles.. ....230,000 1860 number f spindles. . 1870 number of spindles. . 1SS0 number of spindles. . 1890 number of spindles. .298,600 327,900 ..1,554,000 .:3,670,290 19C0 No cf spindles estimated 5,250,000 For the fifteen months ending March 31, 1900, projected 2,000,000 spindles, a tremendous growth, and South will have for end of year, 1900 $125,000,000 invested in the cotton in-dustry-a most' magnificent showing for our Southern manufacturers ah3;i operatives. This remarkably TesultJr3' a "splendid tribute to the energy arid enterpise of the" Southern people, and challengesth6 admiration Df the busi-v ness world? and are sayingf Southward the course (not : of Etn pire) but of the Cotton Industry takes it way. . Let us now take up our questions. x Firsts What are fine yarns, and what is necessary for their successful manufacture? ' Fine yarns in' the trade to-day means numbers 80's to 140's, inclusive, and to make this clear to you,, note the production per spindle' on No. 80's yam running sixty hours - per week, which produces - only 1-3 of a pound - ) per spindle, and for No. 100 s only 1-5 nf a nonnd nfr smndle per week There are several necessary factors re quired to produce high grade fine yarns.. It is absolutely necessary to have the very best skilled - operatives that can be ecured. , . The manager should have long practical experience, and be lwell Vac quainted direct with the consumerVsb as to be able to meet his;, wants. i'He requires expert knowledge of the long staple cottons used, such as : i."v Allan seed, 1 3-8 to 1 1-2 inches long. Sea Island, 1 1-2 to 2 inches long. Egyptians, 1 3-8 to 1 7-8 inches long; . Very careful selections must be made so as to secure proper fineness of fibre, and uniform lengths of staples "as so much depends upon this." These cottons are very expensive, and the manufacturer shOiild understand this part of. the. business well, so as to know just what lengths of staples, and grades, are-required foT the various kinds of yarns to be made; if ; he does, he can save considerable monej over , one who does not. Great care and economy must be exercised in ' all the various processes of picking, carding, combing, drawing, royings, spinning, twisting, reelings, sizing, etc., in order to produce high grade yarns, and eternal vigilance must be constantly exercised. The Southern Manufacturer will find mak ing' No. 80's to ICO's yarns altogether different business than the making of No. 30's and 40's.- ' - - Secondly. Are the Southern manu facturers prepared to produce them successfully and compete against New England mills? My answer to this very important question would be, "To-day they are not" and this, conclusion has been most carefully arrived at by a close study of the conditions surrounding che industry in .the South, and from personal observations. Some of my reasons are as follows: The successful production of fine yams on a large commercial scale and with profit, requires experience and most favorable conditions for labor and economical management. . The South, up to the year 1880, made yarns, No. 30's and below, - and did not take up. No. 40's until "about the year 1885, and to-day has only aboxit 100,000 spindles on No. 40's to No. 50's yarns, and only one mill of 5,000 spindles on No. 80's to ICO's, re cently started. iew England waited about 50 years, until the year 1880, before her-manufacturers thought their conditions would warrant undertaking' the fine goods and fine spinning. . Now, from what I have observed in my travels South, there is not one lo cation in a, hundred that I have, seen that has the right conditions to prose cute the spinningesuccessf ully, of No. 80's to No. 140's,and, in my opinion, the conservative .manufacturers tuem selves do not - think the conditions warrant it. Cf course I must admit our South ern., manufacturer's have proved re markably apt scholars, and in course of time will aspire for the fine goods and yarns and build ' some mills but they will feel their way cautiously and will wait several; years longer be fore attempting it on' a large ?scale. But we do ffo.t-'seelJfcoW they-tan in the nature &f things '"compete success fully with the old established mills vi New England. "Of course I am willing, to admit that their advantages, of longer houiK, and cheaper labor count much in their favor, but until that la bor is educated up to the highest standard of skilled labor they cannot very well compete against New Eng land. I have been quite freely quoted as being, the pioneer in building mius for spinning fine yarns in the south. Now, that depends altogether on what are called fine numbers by Southern man ufacturers; but I am willing, however, to admit that I have built the first mills for spinning high grade 'combed yarns for medium numbers, 20's to 70's, and feel confident they will prove a profitable investment, and prefer to take my chances on them for the next ten years and leave the field on the finer Nos., 80's to 140's, for the other fellows. Thirdly, Can they make as .much money on fine yarns as on coarse and medium numbers? . My answer to this question is:. From most careful observations, they can not make as much money spinning fine yarns as they can coarse and medium yarns. Wiry? Because, their disad vantages will overbalance their ad vantages. On the latter they can only claim longer hours and cheaper labor, while their disadvantages will be Uaok of skilled operatives, lack f economy in general management necessary Jor fine manufacturing, and also lac;.j of intimate experience direct with xhe t-qumers.N vrEhe Southern States are natuiany adapted to the coarse and medium yarns and goods,say from No. S's to 60's.r These do not require the skill, experience and economy to produce them as do goods and yarns of from No. 80's to No. 140's. ' :f '..-.'-! -f" They also gain on this class of goods on cotton over their Northern compet itors', "as they can use staple growing close' to their mill doors , and thus save freight. While, on the , other hand, it will cost them as much for Long Staple cotton as our Northern mills, aad for Egyptians fully 1-2 cent per pound more. My advice is for the Southern manufacturers to stick close to the coarse and medium counts, which they can make with more profit than they can fine. The south has a splendid future before her in this field and for .the next ten to fifteen years should increase on goods and yams from No.' 40's to 60's. But there is a very serious problem facing the oouthern and New' England manufacturers, especially the South em. What are they going to do with the 2.000,000 spindles wHich are to bo added for the year 1800. This pro- duet must find a market somewhere: "Where?'r It is stated by experts in the Cotton Industry, we can now pro duce in nine . months all we can con sume in twelver with-our "Home Mar ket," and spine predict; inside of one year; we " shall be over-producing again.. : ' Now, gentlemen of the. Southern Cotton Spinners' Association, your as-t sociation and the New England Cot ton Manufacturers' ' should " strike hands at oiice, and " 'immediately ar range to seek export trade. Sell part of your products to the foreign trade; seek an outlet for at least 25 per Cent, of your goods, for the home , market cannot take care of these 2,000,000 ad ditional spindles, and now is the time for bold and , aggressive action. The American Cotton Manufacturers should not ignore any longer the lcr eign trade, but lay plans for securing marketsVfor their surplus products. Don't delay it any longer than pos sible, and in order to keep the great Cotton Industry of the United States in a healthy and prosperous condition, our manufacturers should not depend entirely upon the home markets, for if, as has been stated, the cotton mills, of . this country can produce in nine months all ; that the consumers here -can use in twelve months, and the South is now for this year, 1900, to in crease, her output fully 33 1-3 per cent.. it certainly looks as, though in the near futtire, we shall be overproducing again. You all know what that maan3 when you have to urge the buyer for orders. This can be avoided only in one way; sell your surplus productions to the foreign trade, and thereby prevent a glut of your home markets. Thet New .England and Southern manufacturers have arrived at the stage where they should be willing to freely consult each others 1 interests upon broad lines for their mutual pro tection. They can provide the ways and means, and so reglate tne produc tion of their mills that both sections can do a profitable business. I hope before this 'Association journs you will pass resolutions the necessary step to be taken for American ' Cotton Manufacturers ed for to create a foreign market for a part or the product of their spindles and looms. v OBJECT LESSONS FOR AMERICA MANUFACTURERS. World's export trade, cotton' goods and . yarns for 1839, $500,-4,000. Great Britain's (lion's share) 66 per cent., $328,325,000. United States (our share only) 5 per j cent., '$23,566,000. - - Great Britain exported of yarns and threads, value for the year 1839, 57. 187,000. MR. PAULSON O NTHE SELLING OF COTTON YARNS. Mr. Leonard Paulson, of New York, then spoke on the "Selling of Cotton Yarns." He said: rr Mr, Paulson said: "Your association1 lias .consolidated the spinning interest of , the. South. It has made pleasanter and, ."therefore, more advantageous from a business point of .view, the rela tionship of the spinner; Jthe selling agent and the consumer. I wish to consider, thesei threes interests in the order named;1'' " o; f- 'r i "First, the duty of the manufacturer is simple. It is to deliver merchanta ble yarns fully up to the requirements Of the order given him, and to see that he makes-his deliveries according to contract. . "Second, when an agent gives the spinner an order at a certain price spe cifying th5 quantity and quality he has sold and the deliveries that, must be made, he has done his part, ;for which he is to receive a commission,, say of 5 per cent.. Five per cent, com'-' mission guarantees everything after, the yarn reaches us. All we ask of the manufacturer is that he keep hi3 part of contract. Some have "said: 'You agents get' three and five per cent, or eight per cent, for selling yarns.' This is not the case. The discount of three per cent, for cash in 10 days goes to the buyer, and is in fact a part of the price, leaving the agent only five per cent, for expenses and guaranteeing. "Now to the third interest the con sumers. You find them as a class, hon orable men. They will do everything they agree to and they expect you to do the same. They have been getting a fair advance on their production, and if they-did not it was not their own fault. There are exceptions in every pa.se, and there are buyers who will try to lay down on a contractj.it jt, Soea against them, but do not le(,yurr sell ing agents tell you that their, customers -will 'not take their -contract ."and ask you to stand the loss. You have noth ing to do with their customers; the re sponsibility . is with your agents. "As to the prices of cotton yams, I am -not prepared to say what the fu ture will be, but nearly all of the spin ners of the South, as well as the East, have their products sold several months ahead, some until September. Most of the weavers are also well sold up, in fact is has been impossible in a great mahy cases for them to deliver five or ten packages of their fabrics at any price, for prompt delivery. A great many weavers have told me that they did not want lower prices, as a decline-in .yarns means a decline in their products. I do not see any reason for there being a break in the good times prevailing, unless caused by spinners pressing for orders for future . (Continued on Fourth Page.) , I v I x'O an. " v, t n 7
The Charlotte Observer (Charlotte, N.C.)
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May 11, 1900, edition 1
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