The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1910-03-09
New England Mill Situation.

In New England, for the month of
February would be uncomfortable
without emphasizing the fact that the
paramount problem for cotton manu-
facturers was to fill out the state
ment of earnings for the year ending
December S1st. as required by the
government under the new Federal
corporation excise tax law. Many.
yea, multitudes of mill treasurers
sighed a profound prayer of relief
when the statements were signed
sealed, and delivered. The return
was difficult to make because the
system Of bookkeeping used by q
rectly with the requirements for the
Federal statement, and in a large
number of cases expert auditors and
accountants were employed to secure
the facts and figures required. In
another year the statement will be less
difficult to compile, because ac-
counts will be so handled this year
that the requirements of the govern
ment can be more easily met. Be-
cause Of the strong probability Of
many decisions as to the constitution
ality Of the law, many mill treasurers
have deemed it necessary to carry
raw cotton and stocks of goods on
hand at lower prices than ordinarily,
so that the net earnings will not be
exaggerated.
The greatest objection to the law is
the publicity clause, and If this can
be eliminated or modified it will prove
advantageous to the government be-
cause the return of taxes paid will be
largely increased. Corporations do
not object to paying small toll to the
government for the many advanta-
ges over a partnership; but when ones
earnings and confidential income ac-
counts are thrown open to the pub
lie for careful inspection and analy-
sis by competitors, there is a socialis-
tic aroma to the law and its effect
Furthermore, the clause relating to
publicity places a premium on mac
curate returns and evasions of the
law. 1t many respects the law Is
crude and needs amending and revi-
sing.
General business III New England
suffered a reaction during the last
week in January and first half Of
February, so that earlier predictions
that this year would be the banner
one in our country were modified, and
economists are now inclined to the
opinion that 1910 will be slightly
halting, as it were, and If no serious
Industrial financial or commercial
conditions develop, the year 1911 will
set the pace for a period of record
breaking prosperity. The demand
for textile fabrics has been very light
during the month just passed, in fact,
many commission houses report busi-
ness for the first half Of February be-
low any previous two weeks for over
a year. Prices have been held firm
because 1t was very evident that slight
concessions would not create business
of any volume, so it was wisely con-
cluded not to sacrifice to stimulate
orders. Converters have been rather
more eager for prices than during the
previous month, and it is generally un-
derstood that converters' stocks are
at the lowest point than for some
time, and they must enter the mar
ket during March.
Just as soon as prices of print goods
advance, there will be a movement to
buy Fall River prints at a CONCESSION
1t Is intimated that this fact is ap-
preciated, and although an advance
Is not justified at this time, it will at
tract buyers, and heavy sales will be
made at prevailing prices which will
then be under the market. Ginghams
and particularly the finer grades of
dress, are being we'll taken on the new
seasons offerings, and such mills as
the Parkhill, Lancaster, Boston Mfg.
Co., and York are running full time
with sufficient orders for the better
grades to carry them far into the
summer Cheap ginghams are quiet
Dut prices hold firm. Southern gng-
hams are being offered at a slight con-
cession, and are selling well to the
middle and far Western trade. Mar
shall Field & Co., have placed large
orders this month for low-priced
Southern ginghams for spring deliv-
cry
John G. Eames vice president Of
the II b. Clanin Co. recently stated