The New South: A Chronicle of Social and Industrial EvolutionThompson, Holland
History
The New South: A Chronicle of Social and Industrial Evolution
Thompson, Holland
Southern States -- Economic conditions; Southern States -- History -- 1865-1951; Southern States -- Social conditions
Many mills built on this plan were so profitable that they were able to
pay for a considerable part of the machinery from the profits long
before the last instalment was paid, and some even paid a dividend or
two in addition. Such mills started operations with many things in their
favor. The ownership was widely distributed, since it was not at all
uncommon for a hundred thousand dollar mill to have a hundred or more
stockholders, some of whom held only one or two shares. Further, since
the amount of money paid in the immediate neighborhood for wages, fuel,
and raw material was large, every one was disposed to aid the enterprise
in every way possible. Town limits were often changed almost by common
consent in order to throw a mill outside so that it would not be subject
to town taxes. Where the state constitutions permitted, taxes on the
mill were even remitted for a term of years. Where this could not be
done, assessors were lenient and usually assessed mill property at much
less than its real value.
Not only did some Northern corporations build branch mills in the South,
but a considerable amount of Northern capital was invested in mills
under the management of Southern men. It is of course impossible to
discover the residence of every stockholder, but enough is known to
support the assertion that the proportion of Northern capital is
comparatively small. The greater part of the investment in Southern
mills has come from the savings of Southern people or has been earned by
the mills themselves. Lately several successful mills have been bought
by large department stores and mail-order houses, in order to supply
them with goods either for the counter directly or else for the
manufacture of sheets, pillowcases, underwear, and the like. Marshall
Field and Company of Chicago, for example, own several mills in North
Carolina.
The mills of the South have continued to increase until they are now
much more numerous than in the North. They are smaller in size, however,
for in 1915 the number of spindles in the cotton-growing States was
12,711,000 compared with 19,396,000 in all other States. The consumption
of cotton was nevertheless much greater in the South and amounted to
3,414,000 bales, compared with 2,770,000 bales in the other States. This
difference is explained by the fact that Southern mills generally spin
coarser yarn and may therefore easily consume twice or even three times
as much cotton as mills of the same number of spindles engaged in
spinning finer yarn. Some Southern mills, however, spin very fine yarn
from either Egyptian or sea-island cotton, but time is required to
educate a considerable body of operatives competent to do the more
delicate tasks, while less skillful workers are able to produce the
coarser numbers.
Public-domain text, read in full here on John Shaqi.
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