The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1911-10-03
NAT IONAL MEETING
COTTON MILL MEN
The Address of President
Hobbs Last Night at
Meeting in Manchester

Manchester, VT, Sept. 27.-Presi-
dent Franklin w. Hobbs, of Brook
line, Mass, during his address to-
night at the opening of the emf
annual meeting of the National As
sc citation Of Cotton Manufacturers,
said in part:
Let Us hope that the time is near
at hand when the man who conduct
a great industrial enterprise will be
looked upon once more as a public
benefactor, not as a malefactor, and
when the people will realize that he
is Of more value to the State than
he d~emagogue who attacks him for
he sole object of attempting to de-
ceive the people in order to get their
votes
Cotton Manufacturing Conditions De-
p~lorabie.
Conditions IN cotton manufacture
ing during the past six months
have been deplorable,' said Mr..
Hobbs, in beginning his address.
The raw cotton situation and tariff
agitation have been the chief causes
of tha abnormally dull trade we have
experienced. Mills have been run
ming short time and it has been es-
timated ttat during the past month
production, both North and South,
has not lten fifty per cent of normal.
zap cSOSIG OI1dt III AhC IVA
future cheap and large supplies Of
raw nlateCjal, but nevertheless trade
lass and there is no feeling Of cp-
tirlisIn. The stocks of goods are
snall; the shelves of the jobbeTs and
retailers are exceptionally bare;
prices are low; the tariff is settled
ior a time at any rate, and YET 1T
present the conditions Of our pus;-
I ess ctll,irEes most unsatisfactory.
Need Cessation OF Agitation.
The fundamental conditions in the
country arc good, the crops, Whl.e
no hampers. are abundant and the
fn2n.,al situation is sound We
AoW need a cessation of agitation and
then confidence will be restored AID
oUSjncSS resumed in normal propoT-
tons. Tie present may, therefore,
| Well pc the 'darkes before the dawn
| period. Tor such depression never
has and | believe never a loIG con-
| tiuue in our country. Let us nope
| that from now on there will be a
gradual, steady Improvement in con-
ditions SO that in n not
distant future our mills may again
be busy. our operatives employed
| at full time and full wage and pros
perity reign again in the textile cen
tiers of our country, North and
south"
The Underwood Bill.
Referring to the Underwood bill,
| Mr.. Hobbs said it was drawn up and
passed by the House without giving
| the cotton manufacturers a chance to
be heard, a hitherto pro
ceeding. Fortunately for the welfare
of the industry and the country at
large. President Taft vetoed this has1y
and m-advised legislation, which
would have caused suffering and ruin
to millions of people dependent on a
no nnn-
tinOed.
Capitalization of Mill Properties.
Discussing the question of capital
ization OF cotton mill prop
critics, President o took
I'D a charge of over-capi-
talization made by Senator Bristow,
Of Kansas, and after presenting b
lated figures, said: The elghty-nlne
| mills in the table are actually CAPT
talized for 500, 1866 O and operate
~e.477.599 spindles at N average cap-
italization of s10.63 per spindle. The
/ figures show that instead OF being, as
| claimed, enormously oyer-capitaized,
the reverse is true, and that the actual
replacement valuation of these mills
is s1S6,916,6 34, or an under-ca pitali-
| zation of $S6,15o,634. The average
Capitalization per spindle is S1o.63
against a replacement value of S19.12
per spindle. as figured from the table
The Replacement Values.
If the mills included in the table
were capitalized at the replacement
values in the table it would be neceS-
| sary to add to the outstanding capital
! stock SS6.150.634, or in round num-
bers IS per centun to the present IS
Suas of stock. The facts are, there
fore. that instead of being o~ver-capi-
talized these New England mills are
capitalized at about 54 per centun
only Of their replacement values
Quick Assets. Good Will. Etc.
."These figures, of course take no
account of quick assets, good viii or
any other assets other than valuation
Of plant. while these other assets IN
many are of great additional
value. 1t is therefore clearly shown
| that most of the mills in New England
really misrepresent their actual con-