Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1924-11-15
INCREASE ASSURED
IN RAW MATERIAL,
MEETING IS TOLD


industry apparently has definitely
turned the corner and is proceeding
slowly, though steadily, toward bet
ter days, Robert Amory, of Boston,
president Of the National Associa-
ton of Cotton Manufacturers, said
in his address before the annual
meeting of the association here yes
terday.
"The present cotton crop is the
largest in four years and we are as
sured of sufficient raw material for
a much greater percentage of our
capacity than through the last
year." President Armory said. "A
word of caution: we are not as
sured Of sufficient raw material for
an adequate reserve supply There
fore, price fluctuatiOn is still likely,
although probably not to as great
an extent as during the year past,
THE past year has been one of
the most difficult through which
our cotton manufacturing industry
has ever passed." he said. 'The
principal cause for this has been
three consecutive short cotton crops,
leaving the world without an ade-
quate reserve supply of raw mate
rial which might have assisted in
stabilizing the price.
Coupled with the ease with which
speculation may be conducted in cot
ton. this has brought about tremen-
dous and unwarranted price fluctu-
atoms. A contributing cause which
now seems absurd has been the fear
and uncertainty Of the political sit
uation.
Manufacturing Runs Low
For the last few months cotton
manufacturing in the United States
has run as low as 60 to 70 per cent
of capacity, while in New England
it has run from 40 to so per cent.
"Outside of New England produc-
ton has in no month run below 80
per cent capacity and has ranged
from so to 80 per cent. Dozens
of great cotton manufacturing cor
porations have ceased to pay divi-
dends for the first time in many
years. The workers in our New
England mills have had to exist on
less than half time and half pay
and in many mills have had almost
no work at all"
industry, President Amory said, wa.
the fact that the unprecedented cur
tailment of the past year undoubt-
eddy has created a great void in the
COuntry's stock of finished goods
Another was the great improvement
Of farm markets.
Il would like to call attention to
one of the difficulties with which
the cotton manufacturing industry
in the United States is constantly
confronted" he said. This is the
building of new mills which are built
not to fulfill a demand for a prod
uct, but to provide an industry for
some community which now has no
industry. Such mills are often pro-
NOTED by men who have no knOwl-
edge of the cotton manufacturing
industry. They are built largely on
credit furnished partly by the ma
chinery builders. Naturally, the
merchandising of products of mills
started in such a way is not of the
best.
Workers Can't Make Living Wage
To look more closely at home in
our own New England situation it is
obvious that we have even further
to so to become completely straight
ened out than the cotton manufac-
turing industry in the rest of the
country. Not only have our work
ers, owing to short time run, been
unable to make enough money to
live comfortably. but they constant
ly have been confronted by complete
shut-dOwns with consequent lack Of
earnings at all for weeks at a time.
Our stockholders have been cut off
in many instances from any income
on their investments. Sometimes the
public, and often those of us manag-
Ing mills, do not realize what this
means.
Recently l sent out a question,
| naire TO our members. asking each
mill to send in the number of work
ers based on full-time schedule. the
number of spindles and the number
Of stockholders. With 12,57S122
spindles reporting, the total number
of employees was 149, 1872 and of stock.
holders 6O,S21. The average stock
holding was only 81 shares per hold
er. There are TWO stockholders for
every five Workmen in the mills and
this ratio holds nearly true in a
great majority Of casa 1t is but
fair to state that undoubtedly there
IS some duplication in that Sre stock.
+ holder may hold shares a. two or
even more mills. However, with due
allowance for this fact the results
so to prove absolutely that the cot
ton mills Of New England are owneG
by a large number of our own citi
2ens, who acquired the stock through
years OF saving small sums and who
depend on the dividends in a great
many cases for their daily bread ant
butter. Many of these stockholders
are former workers in the mill;
which so invested their savings t
support them during them durins
tNpi- NIG 90