The news & observer., 1897-02-07
(From Greensboro Record.

IBy Moses ii. Cone, president Cone EX-
sport and Commission Company.1
In the manufacture of cotton North
Carolina has forged ahead faster III re-
cent years than any other of the Southern
States. In the Southern States, including
Maryland, Missouri and Kentucky, in lS4O
there were 24S cotton mills, having to-
tad capital of $4 ,3313, ,07S, an average of
tai capital of 81, ,331 ,07S, an average of
of spinners in the South at that time was
1SO,927. On january 1, 1897, the mills
of North Carolina employed capital OF
SIG, ,1S6,00O, or an average per mill OF
$l09360, with total of S6O,6O4 spindles,
quite "a number of new mills proposed
and partly under construction not m
cluded.
In 1890 the total number of spndles
in the South was 1854, 700. Some idea
of the advance North Carolina has made
as a cotton manufacturing State will be
appreciated when it is noticed that to-day
there are more than half as many Splndles
actually running in North Carolina as
qwere running in the whole South LII lS9O.
In diversifying the product and i'm
proving the quality of the output of its
mills, North Carolina has certainly been
foremost Previous to 1890 the spinning
mills ran mostly on coarse yarns, from
number Ia down. To-day there are mills
in the State running on nothing coarser
than 26's, and 40s are easily obtainable.
In brown goods, previous to 1890, q 3-
yard Sheeting was the common product.
To-day the output of the State from
the mills already in operation and those
Just about to begin, is largely diversified,
and we can make nearly all the finer
grades of brown goods in all widths and
weights; and a number of mills are run
ming on fabrics to be converted into the
finest class of bleached cottons.
In coiored goods, previous to 1890, the
State was very backwards; few of the
mills made anything except Alamance
aplaids out of about 14's yarns. To-day
fine chambrays, ginghams, domets and
alannelettes, dress goods, cheviots, high
grade paaids in great varieay and very
superior quality are being turned out.
1t is we'll known that the State Us rapidly
acquiring a reputation among the dry
goods trade of the country for the supe-
rior excellence of its products.
Formerly the manufacturers seemed to
follow in each others footsteps, so that
it was the custom to find out what ones
.neighbor was doing and do thesame. Ac-
,cordingly, when any article bearing ex-
ira profit, Immediately it would be over
produced with the result of the disappear
ance of profit To-day q wiser policy is
coming into vogue, and the manufaceu-
rers appear to have discovered that it is
better on finding out what ones neighbor
Is doing, to do something else. II this
policy does not now prevail to the extent
that it ought, it will in the future, for the
experience of our manufactures in the
seoct faxy yaarS has Shoun thQm that If
docs not take long to overcrowd a market
when some article of unusual profit is
discovered. The commission houses are
now largely seeking Southern business,
and each vyi1g with the other in glowing
promises to the manufacturers, many of
whom are bound to be disappointed.
The hard times we have experienced
since 1890 will leave behind them one
blessing in the lesson they have taught
manufacturers as well as every one else,
that only those who live within their in
come, who economize, who work early
and late and watch their business with
the closest attention, can succeed. Any
business which is so profitable that it is
unnecessary to observe these conditions
will soon become oyercrOwded and cOmpe-
tition will force out the profit.
The mills of North Carolina have been
generally successful because they have
been managed by attentive, industrious,
energetic and enterprising men who de-
themselves, heart and soul, to the busi-
ness in which they are engaged. Some
enterprises have failed largely owing to
special causes, some times bad manage
ment, sometimes lack of capital. One
of the great drawbacks to our mills has
been that the management put all their
"a capital into buildings and machinery, and
are forced to depend for working capital
either upon borrowed money or the COM
: mission man. A mill so situated cannot
compete with one which has sufficient
working capital to run its business with
/, out being dependent upon the favor OF
banks or commission men. On this point
1t would be well If our manufacturers
and those who contemplate entering the
business would give heed to past expert
.,ence.
Another trouble with our mills has been
that in good years they have paid out
their entire earnings, practically skin
ming" their mills Of cash resources, so
that when their machinery became old,
worn out or obsolete or hard times set in,
they were not in good condition to bear
the burnt of the storm. Our mill owners
should learn that moderate dividends
are the safest for hong prosperity.
The advantages or the South over the
EAST, though often exaggerated, are
manifold. The East makes up for many
of it's disadvantages as compared with
dhe South by its greater capital and su-
perior credit, its quick adaptability in
sseizing upon and executing new ideas,
and it's divesity Of fabrics; though in the
latter respect, the South, as indicated
above, has recently been keeping up with
the procession. During the last year
those of the Southern mill manufactur-
ing brown goods which have had an es-
tablished reputation in foreign markets
for their brands have done much better
than those which depended entirely upon
our own home market, and the writer
believes that if the policy Of this govern
ment were such that we could extend
our trade over the world in all lines of
cotton manufacture, the South could
compete on favorable terms with any OF