The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1922-08-16

a great advantage in their banks,
each one directly or Indirectly, in
intimate touch with economic con-
Edittons all over the world, and
moreover, each is so large that it
has considerable: number Of men
tef the highest ability on its staff.
There is an especial reason why
! American banks have discouraged
ther purchase of raw material by
Southern spinners before the goods
were sold, and that is because SO
many of. our companies have been
operating with a working capital
entirely too limited for the sue
cessful financing Of the business, SO
that there has been no reserve OF
liquid assets to withstand loss, if
one should be made, and one bad
mistake placed the manager in the
position OF having wagered the ex-
istenee of his company on a single
market situation. Both abroad and
| in New England the importance of
adequate working capital is appre-
ciated more than has been the case
with us, as wei for the stability
which it gives toea business as FOR
the greater latitude in using hss
own judgment, which makes it
wise and prudent for a skillful
manufacturer TO take upon him
self.
The Southern Textile district lies
along the eastern slope of the APP
paaachian Mountains, and all but
the northeastern extremity is read
lily accessible to the Transmission
lines of the great power cempa-
MES, which constantly are extend
ing their facilities for turning into
electric energy the streams flowing
towards the southeast, and to the
Atlantic. The northeastern e3-
tremity is near the Virginia coal
fields, and toward the southwes-
tern end, from just over the noun
tains, with but "a short haul, roll the
trains from the mines Of Tennessee.
Throughout this whole region na1
Eture has provided cheap and
abundant stored up energy to be
put to service by mans contriy-
ance- z
New England maintains that /.
is the lower wage scale in the
south which enables our mills to
make cheaper goods than they.
Close Investigation would seem to
disclose that it is not low wages,
but low labor cost which gives
to our manufacturers their admit
ted advantage If recreation and
welfare work, carried on by our
southern manufacturers, are count
ed as part of the pay received by
the operatives, our mills spend as
much for wages as New England,
and our operatives are far more
comfortable.
In the south, our cotton factor
les are filed with native born
Americans, Industrious, efficient
and many generations in civillza-
ton above the foreign hordes from
SOUTHERN Gilu CSmSidI1 1O0hoPS, W
make UP the mill villages in New
England, where formerly the in
habitants were of British or Celtic
stock. Not only are our employees
more efficient and more intelligent,
but they are capable OF developing,
and generally do develop. a high
degree of loyalty to the company,
and of enthusiasm for their work,
whereas the ignorant alien is an
easy prey to the labor agitator and
Ito the anarchist. and is readily led
to adopt an attitude Of constantly
seeking after less work and more
pay.
At last. the final exodus of the.
cotton mills to the cotton fields
seems to have commenced, and,
strangely. it appears to be due, not
to the saving through proximity to
the raw material, but to the SUI
perior industrial efficiency OF the
pure -blooded American stock which
have inhabited the Appalachian
Mountains from before the days OF
the American Revolution.