The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-09-30

most unsatisfactory that the cotton mills
of North Carolina ever experienced. The
! complaint among mill men was general,
that it was very difficult to make money.
Many claimed that they had actually lost
severely Some good mills passed their
dividends, and many stocks deprecated in
market value
Hon. A. H. Boyden, of Salisbury, says:
"That, in his opinion, based upon what
he has heard and seen, he is satisfied
that the year beginning October list, 1900,
was one of the most unsatisfactory years
the cotton mills of this section have ever
experienced. There was a general COM
plant among cotton mill men that con-
ditions were such that it was almost
impossible to avoid a loss
Mr.. James w. Cannon, of Concord,
says: THAT he is now, and has been for
thirteen years, engaged in the manufac-
ture of cotton; that he, from experience
and observation and from information OBJ
tanned from the cotton manufacturers in
this State. has no hesitation in saying
that the last year has been the worst,
most disastrous to such business he has
ever known"
Mr.. w. NJ. Saunders, President of the
mill at Smithfeld, and a successful man,
says HE is convinced that the year
beginning October 1st, 1900 and ending on
the same date, 1901, was, perhaps, the
most disastrous year in the history of
cotton milling in North Carolina
Col. Eugene Holt, member of tie dis
facturers, man of the highest charac-
ter and himself Republican in National
politics. says: THAT he, from his own
observation as mill manager, and that
from mills he is interested in directly and
indirectly, does not hesitate to say that
the year 1901 was an extremely hard year
for the mill owner, with very few excep-
tions That, from current reports
emanating from mill managers and from
statements he has seen of some mills
earnings and losses, this can positively
be substantiated. That he knows of one
mill he considers thoroughly equipped in
the most modern manner that lost during
above year upwards of thirty thousand
dollars
Mr. L. Banks Holt, of Graham, who is
,,.o1I 1-,,o,yn 20 oil Nocth CaroIinianS aC
being one of the very leaders in the cot
ton mill business and as a man whose
simple word is taken anywhere, made ar
affidavit, in which he said: THAT he,
from his own experience and observation,
and from mills in which he owns stock
in said State, and from statements from
other mill owners and managers of said
State. has no hesitation in saying that
the last year Q901) has been extremely
hard for the manufacturer, with posi-
bic exception of some short-lived season
goods, and that the year will stand as
one of the hardest years in the manu-
facture of cotton fabrics, to majority.
Oh the HILLS SluC6 the wal
Mr.. Chas. G. Latta, the we'll known
cotton mill man of Raleigh, President of
two mills, says: THAT he thinks he is
familiar with the conditions existing in
the cotton business during the year, be-
ginning October 1st, 1900. That in his
opinion that year was one of the most
disastrous ever known to the cotton mills
of North Carolina
Mr.. Hugh MacRae, of Wilmington, who
has made study of the cotton mill
business, and who handles good deal OF
cotton mill stock and bonds, says: THAT
he is familiar in general way with the
cotton mill bushes. end he is satisfied
that from about October 1st, 1900, to
November 1st 1901 was about as un-
profitable and disastrous period as the
cotton mills ever went through with"
Mr. ]. w Norwood, of Greenvlle, S. c.,
President of the Atlantic National Bank
mliar with the cotton mill business dur
ing the past eighteen months and that
he knows that in the year 1900, begin
ming October 1st 1900, it was peculiarly
bad and Improbable in said business;
and that during the said period the con-
ditions OF the cotton mill business then
obtaining were so Improbable, as this
affiant knows, that the price of stocks
of many of the best managed mills in this
State and of South Carolina declined
heavily; some of the best managed mills
failed to make expenses"
Maj. John d. Shaw, distinguished law
yer, of Rockingham, n. c., who has been
all his life familiar with cotton mill
business, says: MANY mills in this
State passed their dividends, and there
was general and almost universal COM
plant of stagnation in the business"
Mr.. G. Rosenthal, President of the
Randleman Manufacturing Company and
Secretary and Treasurer of the Juniata
Cotton Mills, says: THAT he is satisfied