The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1932-03-24
More Profits for
TextileC Companies
By Labor Research Association

could there possibly be more fertile neId
for profits than in the controlled manufacture
and distribution" of cotton cloth, says F. w.
Jefferson, of the Iselin-Jefferson Co., leading
figure in the cotton trade, advocating q super
merger in this field. He contends that If the
cotton mills which are now represented by Q
dozen selling agencies in Worth Street. were
merged into one large corporation, and II the
product were sold through one channel controlled
by such corporation, the profits would be tre-
mendouS" These selling agencies already dis
tribute about $3.50 of the print cloths in tbs
United States. They could clean up big profit
if they could be merged Jefferson declares.
Like other textile capitalists, searching for
way out of the crisis he advocates less competi-
ton and more Cooperation" which means
movement toward monopoly. But trustif1catioa
in the cotton industry is yet to come on a large
scale. Some textile companies reporting profits
recently are the following:
LawtOn Mills Corp, Plainfeld Conn, reports
an operating profit of $434O2 for last year after
deductions for taxes, interest, and depreciation.
Current assets are eleven times current liabilities
and the company closed the year without any
bank borrowings outstanding
Federal Knitting Mills, Cleveland, Ohio, reports
for 1881 net profits, after all charges, equal to
S4!o8 share, as compared with 1888 share for
1890.
Manville Jencles Co., of Rhode Island and
North Ccroll-2ti ercl = roceiverShip "s making
money" says trade journal, C. Gre other COM
panieS taken over to protect the stockholders and
bondholders. The secret of the profits being
made is the fact that the receivers are "liuui-
dating labor cost"
Riverside and Dan River Mills of Danvile, Va,
report for 1881 net profit of $96579, after de-
Quoting $705,000 for depreciation. This profit
was computed also after $276,407 had been spent
Tor additional machinery and equipment The
cash position of the company was reported better
than at the beginning of 1881. The strike in this
largest cotton mill company in the South had
caused loss the previous year, but the President
now reports: Your company has been able to
absorb all of the direct and the majority of its
Indirect loss" from the strike. At the same time
workers report wages of SO and $40 week and
another wage cut of from 10 to 20q6 was put
through on January 25.
Cabot Mfg. Co., Brunswick Me, reports net
profits for the year of $79,71O after charge-offs
for depreciation, taxes and inventory. 1t pays
dividend of Sc year.
Gosnold Mills Co. of New Bedford made gross
profit OF $161316 and net profit of $117668 in
1881, and paid its dividends to stockholders.
Other mills in the city paying dividends, in spite
of the crisis were Beacon Dartmouth Grinnell,
Neild Pierce, outset, Soule and Taber while
Acushnet, Bristol, City Mfg and Kilburn paid
liquidation" dividends
Investors are advised by the Standard Statis<
tics Co.. leading industrial and financial advisers
to retain stock of Cannon Mills Co., leading
towel manufacturers lin view of the secure yield
OF over 9s6."