[Sidenote: _The Mill Treasurer_] The president of a cotton mill is usually not the active head of the business; his position corresponds to that of the chairman of the board of directors in the usual banking or mercantile corporation. The mill treasurer is, on the other hand, the chief directive force, and he performs the two all-important functions of buying the mill’s raw cotton and selling its product, either direct or through other channels. In the mills of New Bedford and Fall River, which make chiefly gray goods, the treasurer usually has his office at the mill. In most other New England mills the treasurer is usually a member of a selling house and is frequently the treasurer for more than one mill. [Sidenote: _The Agent or Supt._] Where the treasurer has his office in the mill the man who has charge of the actual operation is known as the mill superintendent. His functions include the general management of the plant and the purchasing of supplies other than cotton. Where the treasurer maintains his office in a selling house, the operating head is known as an Agent and enjoys a greater degree of responsibility and independence. There are of course a varying number of minor operating chiefs in charge of sundry departments. [Sidenote: _Spinning and Weaving in Same Plant_] The average New England cotton mill contains about fifty thousand spindles, while the Southern mill runs about twenty-five thousand. The vast majority of mills do both spinning and weaving, although some Southern mills sell yarn and some Pennsylvania establishments do nothing but weave. Of the entire number of spindles in the country, 83%, and of the looms 97%, are in mills which do both spinning and weaving. [Sidenote: _Segregation of the Converter_] In contrast to the tendency towards unification in spinning and weaving is the ever-increasing segregation of the converting plants. The rise of the merchant-converter, the growing demand for a great variety of finishes, and the fact that converting is very much cheaper on a large scale, have all brought about an increasing tendency on the part of the mill to sell its cloth in the gray, or to have it finished on commission. [Sidenote: _Knitting_] While a few large knitting mills spin their own yarn, this is the exception rather than the rule. On the other hand the knitting mills finish their product for the market themselves, and sell either direct or through a selling house. 2. THE DISTRIBUTION OF PRODUCTS There are four general ways in which a cotton mill may dispose of its products: a. by selling direct, b. through a selling house, c. through a broker, d. through a converter. [Sidenote: _a._ _Selling Direct_]