,illu/ration3 ,,gu>anty ,,tru/ ,,co',s ,,cotton ,,price ,,*>t4 ,spot ,prices1 ,new ,york1 ,middl+ ,upl&s ,! ,fabric ( ,civilization ,a ,%ort ,survey ( ! ,cotton ,indu/ry 9 ! ,unit$ ,/ates ,gu>anty ,tru/ ,company ( ,new ,york #adj ,broadway ,,fif? ,,av5ue ,,(fice ,,madison ,,av5ue ,,(fice ,fif? ,av5ue & #dcrd ,/reet ,madison ,av5ue & #fj? ,/reet ,,london ,,(fices ,,liv]pool ,,(fice #cb ,lomb>d ,/reet1 ,e4 ,c4 #bg ,cotton ,ex*ange ,build+s #e ,l[] ,grosv5or ,pl41 ,s4 ,w4 ,,p>is ,,(fice ,,havre ,,(fice ,,brussels ,,(fice #a & #c ,rue des ,itali5s #abb ,b\lev>d ,/rasb\rg #aeh ,rue ,royale ,,copyright1 #aiai ,,gu>anty ,,tru/ ,,company ,,( ,,new ,,york ,! cotton indu/ry t\*es ! lives ( ! va/ majority ( ! peoples ( ! e>?4 ,! ensu+ survey does n pret5d to cov] ! field 9 all its div]sity4 ,x aims to give1 9 brief compass1 su* g5]al facts conc]n+ ! indu/ry 9 ! ,unit$ ,/ates z may enable ! read] quickly to famili>ize himself ) its broad] outl9es4 ,cont5ts ,,*apt] ,,page ,i ,! ,importance & ,p[] ( ,cotton #e ,,ii ,:]e ,cotton is ,gr[n & ,spun & ,:y #aj ,,iii ,! ,raw ,cotton ,m>ket #ag ,,iv ,! ,clo? ,m>ket #bg ,v ,f9anc+ ,cotton & ,cotton ,clo? #cc ,,vi ,am]ican ,clo? 9 ,=eign ,m>kets #ch ,,vii ,"s ( ! ,gr[]'s ,problems #da ,,viii ,9 ! ,cotton ,mill #de ,,ix ,! ,f9i%+ ,op]ations #eg ,! ,fabric ( ,civilization ,,*apt] ,i ,! ,importance & ,p[] ( ,cotton ,cotton is ! fabric ( civilization4 ,x has built up peoples1 & has riv5 !m ap>t4 ,x has br\ght to ! _w va/ & p]man5t weal?4 ,x has enli/$ ! vision ( /atesm51 ! g5ius ( inv5tors1 ! c\rage ( pione]s1 ! =cefulness ( manufactur]s1 ! initiative ( m]*ants & %ipbuild]s1 & ! pati5t toil ( _m millions4 ,a :ole libr>y c\ld be writt5 on ! economic aspects ( cotton alone4 ,x c\ld be told 9 detail1 h[ & :y ! dom9ation ( ! field ( its manufacture pass$ f ,india to ,spa91 to ,holl&1 & f9ally to ,engl&1 :i* n[ %>es x *iefly ) ! ,unit$ ,/ates4 ,! int]dep5d5ce ( nations :i* x has br\ght ab\t has be5 ! subject ( num]\s books & articles4 ,g5ius t ,s]v$ ,! ,_w's ,ne$ ,nor is ! hi/ory ( ! inv5tions :i* h made possible to-day's great production ( cotton fabrics less impressive4 ,f ! unnam$ ,h9du g5ius ( pre-,alex&rian days1 ?r\gh ,arkwright & ,eli ,:itney1 d[n to ,jacqu>d & ,nor?rop1 ! tale ( cotton manufacture is a s]ies ( romances & trag$ies1 any "o ( :i* w\ld be a /ory wor? tell+ 9 detail4 ,yet1 "h is a "w t is by no means f9i%$4 ,great inv5tors :o w apply _! g5ius to ! improvem5t ( cotton gr[+ & manufacture are /ill to be born4 ,! pres5t purpose1 h[ev]1 is to expla91 z briefly z may be1 ! gr[? ( ! cotton indu/ry ( ! ,unit$ ,/ates1 9 its m important bran*es1 & to endeavor1 on ! basis ( recogniz$ au?ority1 to indicate its position 9 relation to ! cotton indu/ries ( ! rema9d] ( ! _w4 ,am]ica ! ,*ief ,s\rce ( ,raw ,mat]ial ,= ! pres5t1 & = ! future1 z f> z t may be se51 ! ,unit$ ,/ates w h to cont9ue to supply ! great] "p ( ! _w's raw cotton4 ,/aples ( unusual l5g? & /r5g? h be5 gr[n 9 "s =eign regions1 & %ort & inf]ior fib]s h come f /ill o!rs4 ,b ! cotton belt ( ! ,s\!rn ,/ates1 produc+ millions ( bales1 is ! *ief s\rce ( supply = all ! _w4 ,! foll[+ table1 tak5 f ,! ,_w's ,cotton ,crops1 #aiae1 by ,j4 ,a4 ,todd1 gives ! comp>ative production ( ! great cotton-gr[+ areas1 = ! #aiad-aiae season3 ,am]ica #af1ejj1jjj bales ( #ejj p\nds ,india #e1jjj1jjj #ejj ,egypt #a1cjj1jjj #ejj ,russia #a1cjj1jjj #ejj ,*9a #d1jjj1jjj #ejj ,o!rs #a1cjj1jjj #ejj ----------- ,total #bi1djj1jjj #ejj ,! ,am]ican crop is ?us approximately fifty-six p] c5t4 ( ! _w's total4 ,! o!r produc+ c\ntries h %[n s9ce ! beg9n+ ( ! c5tury an int]e/+1 if n a rem>kable gr[?1 t ( ,*9a be+ ! l>ge/ 9 quantity1 & t ( ,russia1 ! l>ge/ 9 proportion4 ,! ,am]ican increase has be5 l>g]1 absolutely1 ?an t ( any o!r region1 & !re is little indication t x w n cont9ue to hold fir/ position4 ,engli% ,sp9n]s ,dom9ate ,_w ,m>ket ,9 ! manufacture ( cotton1 ,great ,brita9's supremacy1 :ile n s great proportionately z t ( ,am]ica 9 gr[+ x1 is = ! pres5t n likely to be *all5g$4 ,! foll[+ table ( ! numb] ( sp9dles 9 ! *ief manufactur+ c\ntries is bas$ on ,engli% figures compil$ %ortly be=e ! outbreak ( ! ,_w ,w>4 ,! numb] ( sp9dles is ! usual basis ^u :i* ! size ( ! indu/ry is judg$4 ,x is n a p]fect me?od1 b x has few] objections ?an any o!r3 ,great ,brita9 #ee1egf1ajh ,unit$ ,/ates #cj1egi1jjj ,g]many #aj1ibj1dbf ,russia #h1iej1jjj ,france #g1djj1jjj ,india #f1djj1jjj ,au/ria #d1hfd1dec ,italy #d1ehj1jjj ,lat9 ,am]ica #c1ajj1jjj ,japan #b1bej1jjj ,spa9 #b1bjj1jjj ,belgium #a1dfh1hch ,switz]l& #a1cih1jfb ,scatt]+ #b1dii1dba ----------- ,total ,sp9dles #adb1ahf1cjh ,su* figures c be only approximate4 ,! w> has br\ght gr[? 9 ! ,unit$ ,/ates & 9 ,japan1 b has c]ta9ly r$uc$ ! numb]s ( sp9dles 9 ,g]many1 ,au/ria1 & ,russia4 ,x is d\btful1 moreov]1 h[ well ! ,fr5* indu/ry has be5 able to ma9ta9 itself4 ,b ! tabulation is accurate en\gh to %[ ! relative /&+ ( ! v>i\s c\ntries4 ,!re are1 z has be5 indicat$1 o!r /&>ds ?an ! numb] ( sp9dles4 ,! ,unit$ ,/ates1 ?r\gh ! fact t x specializes1 g5]ally speak+1 on ! co>s] fabrics1 uses ab\t #e1jjj1jjj bales ( cotton annually1 z comp>$ ) ,great ,brita9's #d1jjj1jjj4 ,! ,briti% product1 h[ev]1 sells = mu* m4 ,?us ! value ( ! sp9dle /&>d is affirm$4 ,engl&1 !n1 produces well 9 excess ( "o-?ird ( ! cotton clo? ( ! _w2 ! ,unit$ ,/ates consid]ably m ?an "o-fif? ( x1 ) ! o!r c\ntries trail+ f> beh9d1 b prosp]+ nev]!less4 ,! ,individuality ( ! ,cotton ,fib] ,illu/ration3 ,! cotton fib]--a highly magnifi$ view1 %[+ ! twi/ ,x is a curi\s rul+ ( fate :i* makes ! sp9n+ ( cotton fib] possible4 ,!re are _m o!r %ort vegetable fib]s1 b cotton is ! only "o :i* c pr(itably be spun into ?read4 ,hemp & flax1 its *ief vegetable competitors1 are bo? long fib]$4 ,! individuality ( ! cotton fib] lies 9 its %ape4 ,view$ ?r\gh ! microscope1 ! fib] is se5 to be1 n a holl[ cyl9d]1 b r a flatt5$ cyl9d]1 %ap$ 9 cross-section some?+ l ! figure eight4 ,b ! *ief & valuable *>act]i/ic is t ! flatt5$ cyl9d] is n /raight1 b twi/$4 ,x is ?is twi/ :i* gives its peculi> & ov]:elm+ importance to cotton1 = )\t ?is app>5tly =tuit\s *>act]i/ic1 ! sp9n+ ( cotton1 if possible at all1 w\ld result 9 a mu* weak] & less durable ?read4 ,! twi/ makes ! ?reads k9k toge!r :5 !y are spun1 & x is ?is k9k :i* makes = /r5g? & durability4 ,?\gh ! cotton plant seems to be native to ,s\? ,am]ica1 ,s\!rn ,asia1 ,africa1 & ! ,we/ ,indies1 its cultivation1 0 l>gely conf9$ at fir/ to ,india1 & lat] to ,india & ! ,briti% ,we/ ,indies4 ,at ! beg9n+ ( ! eighte5? c5tury1 ! ,we/ ,indies1 because ( _! especial fitness = gr[+ ! long] /aples 7 supply+ ab\t sev5ty p] c5t4 ( ! food ( ! ,lanca%ire sp9dles4 ,! ,unit$ ,/ates hav+ made unsuccessful attempts to produce cotton 9 ! e>ly days ( ! colonies1 fir/ became an important produc+ c\ntry t[>d ! end ( ! eighte5? c5tury4 ,am]ican ,upl& cotton1 by reason ( its comp>atively %ort /aple1 & ! unev5ness ( ! fib]s1 z well z ! difficulty ( deta*+ x f ! se$1 0 decid$ly inf]ior to "s o!r accessible species4 ,! ,s\!rn plant]s :o grew x1 moreov]1 f\nd x next to impossible to g9 x prop]ly1 ! primitive roll] g9 ( ! "t be+ unsuit$ to ! task1 & ! "w ( pull+ (f ! fib]s by h& be+ bo? t$i\s & exp5sive4 ,9 #agib1 ! am\nt export$ f ! ,unit$ ,/ates 0 equival5t to only #bge bales4 ,illu/ration3 ,eli ,:itney1 ! s*oolma/] inv5tor ( ! cotton g9 ,! next ye>1 #agic1 is ! mo/ important 9 ! hi/ory ( cotton gr[+ 9 ! ,unit$ ,/ates4 ,9 ! autumn ( #agib1 ,eli ,:itney1 a "y ,massa*usetts man :o _h j be5 graduat$ f ,yale ,college1 sail$ f ,new ,york to ,s\? ,c>ol9a :]e he int5d$ to tea* s*ool4 ,on %ipbo>d he met ! wid[ ( ,na?aniel ,gre5e1 ! ,revolution>y g5]al4 ,mrs4 ,gre5e invit$ ! y\? to beg9 8 resid5ce 9 ! ,s\? on h] plantation at ,mulb]ry ,grove1 ,georgia4 ,"h "o ev5+1 "s (fic]s1 late ( ,g5]al ,gre5e's comm&1 7 discuss+ ! great weal? :i* might come to ! ,s\? 7 !re a suitable ma*9e = remov+ /ubborn ,upl& fib] f its gre5 se$4 ,! /ory goes t :ile ! discussion 0 at its height1 ,mrs4 ,gre5e said3 ,g5tlem51 apply to my "y fri5d1 ,mr4 ,:itney4 ,he c make any?+4 ,:itney comm5c$ "w on ! problem4 ,a room 0 set aside z 8 work%op1 & x 0 n long be=e he _h produc$ ! beg9n+s ( ! g94 ,he fix$ wire tee? 9 a bo>d1 & f\nd t by pull+ ! fib]s ?r\gh ) 8 f+]s he c\ld leave ! t5aci\s se$ beh9d4 ,he c>ri$ ?is basic idea fur!r by putt+ ! tee? on a cyl9d] & by provid+ a rotat+ bru% to clean ! fib] f ! tee?4 ,! *anges :i* foll[$ imm$iately ^u ! introduction ( ! cotton g9 7 trem5d\s 9 scope & almo/ innum]able4 ,!re 0 a "t1 be=e cotton became a /aple1 :5 ! ,s\? l$ ,new ,engl& 9 manufactur+4 ,t "t pass$ almo/ imm$iately4 ,iron works & coal m9es 7 ab&on$1 & m5 turn$ _! en]gies f ! culture ( corn1 rice1 & indigo l>gely to ! rais+ ( ! cotton4 ,expansion 9 ,production ,! foll[+ figures1 giv+ production 9 ! equival5t ( #ejj p\nd bales = ! ye> at ! close ( ea* t5-ye> p]iod1 give "s idea ( ! trem5d\s expansion :i* ensu$4 #ejj ,p\nd ,ye> ,bales #agij #c1ach #ahjj #gc1bbb #ahaj #agg1hbd #ahbj #ccd1gbh #ahcj #gcb1bah #ahdj #a1cdg1fdj #ahej #b1acf1jhc #ahfj #c1hda1daf #ahgj #d1jbd1ebg #ahhj #f1cef1iih #ahij #h1efb1jhi #aijj #aj1abc1jbg #aiaj #aa1fjh1faf #aiag #aa1cjb1cge ,by ?is table x w be se5 t ! ,civil ,w> & ! free+ ( ! slaves held up production only tempor>ily4 ,9 #aiad1 ! bann] ye>1 ! crop rea*$ ! trem5d\s total ( #af1acd1icj bales ( five hundr$ p\nds ea*4 ,"s little sp9n+ _h be5 done 9 ! sev5te5? c5tury1 b 9 #aghg-hh ! fir/ p]man5t factory1 built ( brick1 & locat$ 9 ,bev]ly1 ,massa*usetts1 on ! ,bass riv]1 0 put into op]ation by a gr\p head$ by ,john ,cabot & ,jo%ua ,fi%]4 ,?is factory fail$ to ju/ify itself economically1 *iefly because ( ! crud5ess ( its ma*9]y4 ,b ,samuel ,slat]1 newly come f ,engl& ) models ( ! ,arkwright ma*9]y 9 8 bra91 set up a factory 9 ,pawtucket 9 #agij4 ,f t "t =? ! gr[? 0 /eady & sure1 if n always extremely rapid4 ,! foll[+ table1,a :i* cov]s ! :ole c\ntry1 relates p>ticul>ly to ,new ,engl& 9 ! ye>s be=e #ahhj1 because ! cotton manufactur+ indu/ry until !n 0 l>gely conc5trat$ !re4 ,x %[s h[ ! manufactur+ int]e/s ( ! c\ntry pr(it$ by ! discov]y t br\ght weal? to ! agricultural ,s\?3 ,numb] ,cotton ( ,numb] ,us$ ,numb] ,value ( ,ye> ,e/ab- ( 9 ( ,product 9 li%- ,sp9dles ,million ,employes ,doll>s m5ts ,p\nds ---------------------------------------- ---------------------- #ahaj #hg1jjj #ahbj #bbj1jjj #ahcj #gie #a1bjj1jjj #gg4h #fb1agg #cb1jjj1jjj #ahdj #abdj #b1cjj1jjj #aac4a #gb1aai #df1djj1jjj #ahej #ajid #c1fjj1jjj #bgf4a #ib1bhf #fa1gjj1jjj #ahfj #ajia #e1bjj1jjj #dbb4g #abb1jbh #aae1gjj1jjj #ahgj #ief #g1ajj1jjj #cih4c #ace1cfi #agg1ejj1jjj #ahhj #gef #aj1gjj1jjj #gej4c #agd1fei #aib1ajj1jjj #ahij #ije #ad1bjj1jjj #a1aah4j #bah1hgf #bfh1jjj1jjj #aijj #igc #ai1jjj1jjj #a1had4j #big1ibi #ccb1hjj1jjj #aiaj #abjh #bg1djj1jjj #b1ccb4b #cga1abj #faf1ejj1jjj #aiah #cd1idj1hcj #c1bgh4b ,a ,?is tabulation includes sp9n+ & weav+ e/abli%m5ts only4 ,! ,nor?1 hav+ ?is gr[+ int]e/ 9 an indu/ry /ruggl+ aga9/ ! exp]i5ce & ability ( ! m firmly e/abli%$ ,engli% m>ket1 s\ght naturally = ! protection giv5 by a high t>iff4 ,! ,s\?1 hav+ def9itely dropp$ manufactur+1 plead$ ) ,congress always = a l[ t>iff1 & ! "r to deal 9 human *attels4 ,!re is little ne$ to g fur!r into ! rift :i* began to develop almo/ imm$iately4 ,9 #ahfa ! split occurr$4 ,! w> betwe5 ! ,/ates caus$ h>dly m suff]+ ?an ! blockade :i* cut (f ! sp9n]s ( ,man*e/] f ! vegetable wool :i* suppli$ !m ! means ( liv+4 ,cotton prov$ its p[] & its dom9ation4 ,x 0 a b5efic5t mon>*1 b x brook$ no d5ial ( its ov]lord%ip4 ,e>ly ,exports to ,engl& ,heavy ,! inv5tion ( ! ,:itney ,g91 z we h j said1 f\nd ! ,unit$ ,/ates able to use b a small "p ( ! cotton gr[n4 ,:at became ( ! rema9d]8 ,obvi\sly1 x 0 export$ to provide ! means = op]at+ ! ,engli% mills4 ,"h is a table :i* %[s h[ ,am]ican cotton left ! ,s\!rn ports = ,engl& & ! ,cont95t 9 ! alt]nate dec5nial ye>s beg9n+ 9 #agij1 ?ree ye>s be=e ! inv5tion ( ! cotton g9 by ,eli ,:itney4 ,! figures are exclusive ( l9t]s4 ,exports 9 ,equival5t ( #ejj ,ye> ,p\nd ,bales #agij #cgi #ahaj #abd1aaf #ahcj #eec1ifj #ahej #a1hed1dgd #ahgj #b1ibb1geg #ahij #e1hej1bai #aiaj #h1jbe1iia #aiag #d1ehg1jjj ,9 #aiaj ,am]ican cotton made up almo/ exactly ?ree-qu>t]s ( ! :ole am\nt import$ into ,great ,brita94 ,! o!r c\ntries ( ,europe h develop$ a sp9n+ indu/ry by no means inconsid]able4 ,am]ican cotton is s5t to almo/ all ^? ,european c\ntries :i* sp9 & weave4 ,su* a movem5t _h ( c\rse a pr(\nd effect ^u ! curr5ts ( _w trade4 ,! cotton crop is ! second 9 value ( all ! crops produc$ 9 ! ,unit$ ,/ates1 & su* a l>ge "p ( x is export$ t ! cr$it x gives to its sell]s enables !m to buy 9 return "s ( ! mo/ valuable ( ! products manufactur$ 9 ,europe4 ,! foll[+ table gives ! am\nt ( cotton1 express$ 9 ! equival5t ( #ejj p\nd bales1 export$ to ! v>i\s c\ntries nam$ 9 ! dec5nial ye>s3 ,unit$ ,ne!r- ,ye> ,k+dom,g]many,france,italy,russia l&s ,belgium ---------------------------------------- ------------------------ #ahba #age1dch #a1dif #ed1hgh #a1gif #fji #h1cgb #ahcj #dai1ffa #b1bdf #aej1bab #dga #bbc #ag1ace #ahdj #ihi1hcj #ah1cag #ceh1ahj #g1hje #d1djf #ba1fih #be1ghj #ahej #hfc1jfb #aj1jij #bea1ffh #ah1gjg #h1fgg #h1eij #be1dib #ahfj #b1ebh1bgd #acb1ade #efg1ice #ed1jcg #dc1cif #be1eae #bi1fja #ahgj #a1bih1ccb #agc1eeb #cjf1bic #ad1edi #cj1cda #ag1jej #c1deb #ahhj #b1dcc1bee #cjh1jde #cei1fic #ei1abfbjd1ejj #fe1cbe #ag1hif #ahij #b1ije1aeb #hcg1fda #dhd1geiabi1geaaic1afc #ag1dch #ic1ehh #aijj #b1cjb1abha1fai1agc #gcf1jibddc1iea #ed1iej #gd1fce #adh1cai #aiaj #b1ddd1eeha1hhg1feg #ifh1dbbcic1cbg #fg1bjc #ah1hbc #ajb1cdf #aiag #b1chg1aja #feh1eeccfi1bac #ae1ide #aj1jih ,,*apt] ,,ii ,:]e ,cotton is ,gr[n & ,spun & ,:y ,we h se5 7page #e7 t ! _w's cotton crop is produc$ *iefly by ! ,unit$ ,/ates1 ) #ef2 ,india1 ) #ag2 ,*9a1 ) #ac-a_/b2 ,egypt & ,russia ) #d-a_/b1 ! rema9+ #d-a_/b be+ made up by ,brazil1 ,mexico1 ,p]u1 ,turkey1 ,p]sia1 ,japan1 & sev]al o!r c\ntries4 ,primitive ,me?ods ( ,gr[+ 9 ,india ,india is ! fir/ c\ntry :]e91 s f> z we h record1 ! gr[+ ( cotton rea*$ ! /age ( an indu/ry4 ,!re conditions are almo/ ideal1 app>5tly1 = ! production ( a great crop2 yet1 = _m ye>s ! crop 0 a small "o1 & 0 utiliz$ locally 9 ! dome/ic manufacture ( ! light clo?+ worn by ! p4 ,no?+ remotely resembl+ ! pres5t mod]n factory sy/em develop$ dur+ all ! ?\s&s ( ye>s t ! ,indians _h ! field practically to !mselves4 ,! plant gr[n 9 ,india = a long "t produc$ a %ort1 unc]ta9 /aple1 difficult to g9 & /ill m difficult to sp94 ,! great] "p ( ! cotton gr[+ di/ricts are /ill giv5 ov] to ! %ort /aple v>ieties 7ab\t #c_/d in*7 b 9 rec5t ye>s c]ta9 v>ieties ( ,egyptian & ,am]ican cotton h be5 produc$ ) "s success4 ,ab\t #bj1jjj1jjj acres are giv5 ov] to ! culture ( ! plant1 b ! me?ods us$ are to a great ext5t primitive 9 ! extreme4 ,mo/ ( ! crop1 be+ unsuit$ to ! ne$s ( ! ,briti% sp9n]s1 is ei!r manufactur$ 9 ,indian mills1 ( :i* ! numb] is con/antly gr[+1 or export$ to ,japan4 ,be=e ! w>1 ,g]many 0 a l>ge consum] ( ,indian cotton4 ,! figures giv5 z repres5t+ ! ,*9ese crop probably are n any m accurate ?an ! usual /ati/ical figures conc]n+ ,*9a4 ,! ,*9ese are /ill l>gely 9 ! dome/ic sy/em ( manufacture1 & mu* ( _! crop--probably a l>g] proportion ?an 9 ,india--is spun & wov5 9 ! neighborhood :]e x is gr[n1 )\t ev] appe>+ 9 /ati/ical tables4 ,! me?ods ( gr[+ are equally primitive4 ,! fib] is %ort1 & ! mills ( ! c\ntry import m raw cotton1 y>n1 & textiles ?an !y export4 ,! ,gr[+ ,importance ,( ,egyptian ,/aples ,! ,egyptian crop is "o ( ! mo/ int]e/+1 bo? 9 ! me?ods ( culture1 & 9 ! product4 ,f ! po9t ( view ( /ati/ics--rememb]+ ! unc]ta9ty ( ! size ( ! ,*9ese crop--,egypt is ! ?ird cotton gr[+ c\ntry ( ! _w4 ,?is is ! m int]e/+ because x 0 n until ab\t #ahbj t ,egypt 0 consid]$ z a s\rce ( supply4 ,! pres5t area1 "u extremely int5sive cultivation1 is ab\t #a1hjj1jjj acres1 & n9e-t5?s ( ?is is 9 ! ,nile delta4 ,climatic conditions are radically diff]5t f ^? ( ! ,unit$ ,/ates4 ,little ra9 falls dur+ ! gr[+ season1 b an elaborate sy/em ( irrigation provides a suffici5t & probably m satisfactory wat] supply1 insomu* z ! quantity ( wat] c be regulat$1 & !re is little dang] ( ei!r too mu* or too little moi/ure4 ,! regions :]e ! soil is n compos$ exclusively ( ! black delta mud1 b is a mixture ( s& & mud1 produce ! be/ crops4 ,! l&1 aft] be+ pl[$1 is ?r[n up into ridges ab\t ?ree feet ap>t4 ,*annels = wat] are =m$ at "r angles to ! ridges4 ,! se$s1 be=e be+ s[n1 9 ,m>*1 are ?or\ghly soak$1 & aft] ! se$l+s appe> !re is frequ5t hoe+ & wat]+4 ,! total wat] is equival5t to a ra9fall ( ab\t #ce in*es4 ,!re is little cultivation 9 ! ,am]ican fa%ion1 h& labor be+ employ$ almo/ exclusively4 ,! result ( all ?is int5sive ef=t is an abundant crop ( long-/apl$ cotton ) an extremely /rong fib]1 br++ 9 ! op5 m>ket a price second only to t ( ! ,am]ican ,sea ,isl& v>iety4 ,mu* ( ! ,egyptian cotton is us$ 9 ! manufacture ( hosi]y & o!r knit goods1 sate5s1 sew+ ?read1 etc41 b rec5tly x has also be5 f\nd to be exce$+ly well fitt$ = ! manufacture ( ! fabric us$ 9 pneumatic tires1 & = ! duck or filt] clo? us$ 9 su* indu/ries z ! ref9+ ( sug>4 ,illu/ration3 ,pick]s 9 ,delta ,field ,russian cotton1 s-call$1 is really gr[n l>gely 9 ,turke/an ?\gh a small am\nt is produc$ 9 ! ,s\!rn ,caucasus4 ,! culture has be5 "u way s9ce v e>ly times1 b _h little m ?an local significance until ab\t #ahge :5 ! ,russian ,gov]nm5t took /eps to fo/] x1 di/ribut+ ,am]ican se$ ( ! ,upl& v>iety1 import+ ! necess>y equipm5t1 & provid+ in/ructors1 frequ5tly ,am]icans4 ,railroads to h&le ! crop 7 built1 &1 ) all ?is favorable assi/ance1 progress 0 rapid4 ,ab\t "o-?ird ( ! cotton us$ 9 ! ,russian mills up to ! "t ( ! w> 0 gr[n on ,russian soil1 ! rema9d] be+ br\ght l>gely f ! ,unit$ ,/ates4 ,! ,am]ican ,crop ,z ! ,_w's ,basis ,b ! bulk ( ! _w's supply is ! cotton gr[n 9 ! ,unit$ ,/ates4 ,! price = ,am]ican ,upl& ,cotton gov]ns ! price ( ! o!r v>ieties4 ,! acreage devot$ to ! cultivation ( ! cotton crop 9 ! ,unit$ ,/ates is approximately #cd1jjj1jjj4 ,! increase s9ce #ahci1 :5 c5sus figures cov]+ ?is po9t 7 fir/ obta9$1 has be5 ab\t sev5te5 fold4 ,! #aiaf acreage1 ( ! v>i\s ,/ates1 toge!r ) figures giv+ ! value ( ! crop & ! comp>ative rank1 is "h giv53 ,gross ,crop ,value ,equival5t #ejj;,approx- ,includ+ ,/ates ,acreage ,p\nd ,bales imate ,se$ ,exclusive ( ,p]c5t- & ,l9t]s ,l9t]s age ---------------------------------------- ----------------------- ,alabama #a1igg1jjj #eag1hij #d4f #hf1idj1jjj ,arizona #ba1gcg #j4a #f1cjj1jjj ,arkansas #b1gdj1jjj #igc1geb #h4f #afd1hdj1jjj ,cali=nia #eg1hbf #j4e #i1daj1jjj ,florida #ahc1jjj #cg1heh #j4c #aj1bfj1jjj ,georgia #e1aie1jjj #a1hhc1iaa #af4g #cbb1fjj1jjj ,l\isiana #a1ded1jjj #fch1gbi #e4g #ajb1bfj1jjj ,mississippi #b1ghh1jjj #ije1eed #h4j #aeb1bgj1jjj ,miss\ri #cde1jjj #fj1hca #j4e #aj1ajj1jjj ,nor? ,c>ol9a #a1eae1jjj #fag1ihi #e4e #ajc1idj1jjj ,oklahoma #b1ghc1jjj #iei1jha #h4e #aej1bgj1jjj ,s\? ,c>ol9a #b1hcg1jjj #a1bcf1hga #aj4i #bjg1bbj1jjj ,t5nessee #hhb1jjj #bdj1ebe #b4a #dj1acj1jjj ,texas #aa1jib1jjj #c1abe1cgh #bg4g #die1eij1jjj ,virg9ia #ej1jjj #ah1ggg #j4b #c1adj1jjj ,all ,o!r ,/ates #e1fff #j4a #igj1jjj ---------------------------------------- ------ ,totals #cc1hda1jjj #aa1cjb1cge #ajj4jj #a1hff1bdj1jjj ,!re are g5]ally speak+1 two k9ds ( cotton produc$ 9 ! ,unit$ ,/ates--,upl& cotton1 & ,sea ,isl& cotton4 ,! =m] makes up ! great bulk ( ! crop1 ! relative p]c5tages 9 #aiag be+ #ii4b & 4#h4 ,! ,con/ant ,se>* ,= ,long ,/aples ,a few ye>s ago ! t]ms %ort-/aple & ,upl& 7 practically int]*angeable1 b ! great dem& = long /aple1 *iefly f ! manufactur]s ( ?read & ( pneumatic tire fabrics has l$ to a successful attempt to gr[ ! long] fib]s 9 ! ,upl& di/ricts1 s t n[ m ?an a million bales annually are be+ produc$ 9 ! ,upl& di/ricts ( cotton ) a /aple l5g? ( #a-a_/h in*es & m4 ,! _w's total production ( long /aple is 9 ! neighborhood ( #b1bej1jjj bales4 ,egypt is ! *ief produc] outside ! ,unit$ ,/ates1 h] product be+ approximately #a1jjj1jjj bales ( #ejj p\nds e ye>4 ,al?\gh ! product is small1 ! be/ ,sea ,isl& produc$ 9 ! ,unit$ ,/ates gr[s ^u ! small isl&s (f ! coa/ ( ,s\? ,c>ol9a4 ,! long-/aple ,upl& is gr[n *iefly 9 ! ,mississippi delta1 :]e ! product is call$ ,peel]1 b5d]s1 etc41 ?\gh ! p]c5tage ( long-/aple produc$ else:]e is /eadily increas+4 ,! success ( c]ta9 ,arizona gr[]s 9 produc+ long-/aple f ,egyptian se$ is be+ wat*$ ) great int]e/4 ,m ?an #c1jjj bales came f ?is s\rce 9 #aiaf1 ! fib] av]ag+ #a-a_/b in*es 9 l5g?4 ,!re has rec5tly be5 develop$ !re1 ! new & important ,pima v>iety1 :i* is sup]ior to ! native ,egyptian cotton1 be+ bo? long] & :it]1 & ! gr[]s are n[ plant+ ,pima almo/ exclusively4 ,! foll[+ table1 tak5 f ! ,encyclop$ia ,brittanica1 gives ! comp>ative l5g? ( /aple ( ! m important v>ieties ( cotton4 ,! ord] 9 :i* !y are giv5 repres5ts1 r\ghly1 _! relative comm]cial value3 ,l5g? ( ,/aple ,sea ,isl& ,cotton 9 ,in*es ,c>ol9a ,sea ,isl& #a4h ,florida ,sea ,isl& #a4h ,georgia ,sea ,isl& #a4g ,b>bados ,sea ,isl& #b4 ,egyptian ,cottons ,yannovit* #a4e ,abassi #a4e ,good ,br[n ,egyptian 7,mitafifi7 #a4b ,am]ican ,cotton ,good ,middl+ ,memphis #a4c ,good ,middl+ ,texas #a4j ,good ,middl+ ,upl& #a4j ,indian ,cottons ,f9e ,t9nevelly 4#h ,f9e ,bhaunag> #a4j ,f9e ,amraoti #a4j ,f9e ,broa* 4#i ,f9e ,b5gal 4#i ,f9e g9n$ ,s9d 4#h ,good g9n$ ,kumta #a4j ,! table ( ! numb] ( sp9dles 9 ea* c\ntry 9 ! _w1 giv5 on page #f1 gives "s idea ( ! relative position ( ! ,unit$ ,/ates 9 ! field ( cotton manufactur+4 ,we h se5 h[ ! ,engli% indu/ry1 hav+ ! prior />t1 grew to impos+ proportions & help$ to br+ ab\t a *ange almo/ z great 9 its effects z ! ,fr5* ,revolution1 :i* 0 occurr+ at almo/ ! same "t4 ,briti% supremacy 9 cotton manufactur+ has nev] be5 truly *all5g$1 b !re has be5 an appreciable gr[? 9 sev]al o!r c\ntries1 & 9 ,g]many & ,japan1 at lea/1 ! rec5t developm5t has be5 little %ort ( ph5om5al4 ,new figures w probably %[ t 9 ! future ,japan w be ! *ief competitor ( ,engl& & ! ,unit$ ,/ates = a %>e ( ! cotton trade ( ! _w4 ,illu/ration3 ,fall ,riv]1 ,massa*usetts ,! ,home ,m>ket ,creat$ ,an ,indu/ry ,! *ief factor 9 ! gr[? ( ! ,am]ican indu/ry 0 probably n ! ne>ness ( ! s\rce ( supply1 *eap fuel or labor1 nor any ( ^! factors :i* op]at$ 9 ! case ( ,engl&1 su* z climate1 geographical position1 & %ipp+ control1 b m ?an any?+ else ! pres5ce ( a m>ket close at h& :i* grew s rapidly1 m rapidly inde$ ?an ! indu/ry c\ld gr[ to meet x4 ,aid$ to "s ext5t by an import t>iff1 ! manufactur]s h wea!r$ "s %ort p]iods ( depression1 b 9 ! ma9 ! indu/ry has gr[n 9 direct ratio to ! gr[? ( ! c\ntry4 ,illu/ration3 ,a typical ,s\!rn mill ,new ,engl& ,z ,home ,( ,am]ican ,sp9n+ ,! cotton mill1 z we h se51 e>ly *ose ,new ,engl& z its domicile4 ,mills are scatt]$ m or less ?r\gh\t ! entire region1 b !re are sev]al localities :i* /& out beyond all o!rs1 & almo/ des]ve ! title !y h acquir$ z ! c5t]s ( ! indu/ry4 ,premi] place = a long "t 0 held by ,fall ,riv]1 & ev5 n[ ! race betwe5 t city & ,new ,b$=d is /rong1 ) ! lead slightly 9 favor ( ! =m] city4 ,bri/ol ,c\nty1 ,mass41 9 :i* ^! two c5t]s1 & ,taunton1 are locat$1 ,provid5ce1 ,r4 ,i41 & ,middlesex ,c\nty1 ,mass41 toge!r conta9$ #aj1jhf1fhf sp9dles 9 #aiag1 or #bi4e ( ! c\ntry's total ( #cd1bba1beb4 ,! gr[? 9 ?is "o locality is due probably to ! advantages :i* come ) c5tralization1 z well z to ! natural advantages !y possess$4 ,^! latt]1 :i* include p>ticul>ly wat] p[] & a moi/ climate1 are n z important n[1 ,) /eam p[] & me*anical humidifi]s z !y 7 a g5]ation ago4 ,9 ! ,middle ,atlantic ,/ates1 ! numb] ( plants & ! sp9dlage h rema9$ ab\t /ation>y ov] a long p]iod ( ye>s1 & are ev5 %[+ a t5d5cy to decrease4 ,small weav+ e/abli%m5ts :i* buy _! y>n are p>ticul>ly num]\s ar\nd ,philadelphia1 & !re are l>ge cotton duck mills 9 & ne> ,baltimore4 ,mills 9 ! ,mid/ ( ,cotton ,plantations ,x has be5 9 ! ,s\?1 h[ev]1 t ! gr[? ( ! cotton manufactur+ indu/ry 9 ! la/ few decades has be5 mo/ ph5om5al4 ,9 #ahfj !re 7 #cbd1jeb sp9dles 9 ! cotton gr[+ ,/ates comp>$ ) #h1fcb1jhg 9 ,new ,engl&4 ,9 #aiag1 ! figures 73 ,nor!rn ,/ates 7includ+ ,connecticut1 ,ill9ois1 ,indiana1 ,ma9e1 ,massa*usetts1 ,new ,hamp%ire1 ,new ,j]sey1 ,new ,york1 ,p5nsylvania1 ,rhode ,isl&1 & ,v]mont71 #ai1hce1ffb sp9dles devot$ to ! sp9n+ ( cotton exclusively2 ,s\!rn ,/ates 7includ+ ,georgia1 ,k5tucky1 ,l\isiana1 ,m>yl&1 ,mississippi1 ,nor? ,c>ol9a1 ,s\? ,c>ol9a1 ,t5nessee1 ,texas1 & ,virg9ia71 #ad1bib1iah sp9dles devot$ to cotton exclusively4 ,! c5sus figures d n give ! numb] ( sp9dles 9 ea* city except :5 ! conf9es ( ! city & ( ! c\nty happ5 to co9cide4 ,b ! app5d$ table is pres5t$ z %[+ ! sp9dlage ( c\nties hav+ m ?an #ajj1jjj sp9dles devot$ to ! sp9n+ ( cotton4 ,ab\t #ahhj1 ! ,s\!rn] saw ! opportunity t await$ him :5 he %\ld manufacture 8 own cotton4 ,at t "t he 0 consum+ only #ahh1gdh bales1 :ile ,new ,engl& took #a1abi1dih4 ,9 t5 ye>s1 he 0 utiliz+ m ?an half a million bales1 :ile ,new ,engl& _h j pass$ ! million & a half figure4 ,9 #aije1 ! ,s\? consum$ #b1adj1aea bales1 :ile ,new ,engl& _h climb$ to only #a1gec1bhb4 ,! figures are ,s*]]'s1 :o po9ts out t ! race 0 won 9 tw5ty-five ye>s4 ,h[ev]1 z competition ) ! ,s\? increas$1 ,new ,engl&1 foll[+ ! e>li] lead ( ,old ,engl&1 has t5d$ always to produce a f9] & f9] quality ( clo?1 leav+ ! co>s] grades ( %eet+1 drills & ducks to ! ,s\!rn mills4 ,?us1 :ile ! ,s\? is consum+ an ev] l>g] proportion ( ! cotton crop1 %e is /ill f> f receiv+ = h] product ! money t comes to ! ,new ,engl&]1 :o ) a high] grade ( labor & great] v>iation ( output is con/antly cat]+1 ) dress fabrics & f9e /uffs ( v>i\s k9ds1 to a discrim9at+ well-to-d patronage4 ,sp9dles ,c\nty 7,numb]7 ,bri/ol1 ,mass4 #g1bid1bba ,provid5ce1 ,r4 ,i4 #a1gji1gac ,middlesex1 ,mass4 #a1jhb1geb ,hillsbor\gh1 ,n4 ,h4 #ijg1bde ,sp>tanburg1 ,s4 ,c4 #hca1dgf ,w9dham1 ,conn4 #ghj1bcb ,worce/]1 ,mass4 #gff1aaj ,gre5ville1 ,s4 ,c4 #geh1add ,essex1 ,mass4 #fde1jbj ,hampd51 ,mass4 #fdb1jif ,ga/on1 ,n4 ,c4 #fjc1ajb ,k5t1 ,r4,i4 #eid1chj ,&]son1 ,s4 ,c4 #ehb1dfd ,b]k%ire1 ,mass4 #eba1djh ,new ,london1 ,conn4 #eab1agj ,oneida1 ,n4 ,y4 #dai1bee ,york1 ,me4 #djh1fjj ,&roscogg91 ,me4 #djb1dga ,muscogee1 ,ga4 #cdf1gdj ,pittsylvania1 ,va4 #cdf1cbj ,union1 ,s4 ,c4 #ccj1fef ,/raf=d1 ,n4 ,h4 #cah1afj ,cab>rus1 ,n4 ,c4 #cae1haj ,meckl5burg1 ,n4 ,c4 #bgb1aih ,guil=d1 ,n4 ,c4 #bfb1hfb ,ri*l&1 ,s4 ,c4 #bdd1ffj ,essex1 ,n4 ,j4 #bcb1bia ,albany1 ,n4 ,y4 #bbf1efd ,madison1 ,ala4 #bbe1afh ,gre5wood1 ,s4 ,c4 #bag1gdd ,pick5s1 ,s4 ,c4 #baa1cbj ,bri/ol1 ,r4 ,i4 #baj1dhh ,hamp%ire1 ,mass4 #aih1gib ,york1 ,s4 ,c4 #aih1djd ,fulton1 ,ga4 #aih1jaf ,aik51 ,s4 ,c4 #aic1ihi ,laur5s1 ,s4 ,c4 #aic1cab ,ri*mond1 ,ga4 #aib1iad ,rock+ham1 ,n4 ,c4 #aia1haj ,durham1 ,n4 ,c4 #agb1ecb ,newb]ry1 ,s4 ,c4 #afh1jdj ,*amb]s1 ,ala4 #afd1jjj ,*]okee1 ,s4 ,c4 #afc1hbj ,k5nebec1 ,me4 #afc1hae ,alamance1 ,n4 ,c4 #aec1agf ,knox1 ,t5n4 #aeb1ajj ,lanca/]1 ,s4 ,c4 #aea1gfh ,ri*mond1 ,n4 ,c4 #adi1gdh ,*e/]1 ,s4 ,c4 #adf1fib ,/anley1 ,n4 ,c4 #adf1jjj ,ru!r=d1 ,n4 ,c4 #adc1djj ,calh\n1 ,ala4 #ach1jdh ,tr\p1 ,ga4 #acf1bjd ,floyd1 ,ga4 #abf1bfd ,clevel&1 ,n4 ,c4 #abe1ahb ,cumb]l&1 ,me4 #abd1cib ,spald+1 ,ga4 #aba1beb ,talladega1 ,ala4 #aae1ddh ,philadelphia1 ,pa4 #aad1edg ,m]rimack1 ,n4 ,h4 #aac1caf ,davidson1 ,n4 ,c4 #aaj1efd ,baltimore ,city4 #ajf1jjh ,halifax1 ,n4 ,c4 #ajd1aaf ,hall1 ,ga4 #ajb1ehh ,! weal? ( ! _w--at lea/ up to ! "t ( ! ,great ,w>--0 con/antly increas+ & :ile !re is little likelihood t ! dem& = ! co>s] grades ( goods w fall (f1 ! ne$ = f9] /uffs1 n only 9 ! ,unit$ ,/ates1 b abroad1 is con/antly gr[+4 ,! greate/ developm5t ( ! ,s\? is probably /ill to come4 ,! locations ( ! _w's cotton m>kets h be5 dictat$ by ! location ( ! gr[+ fields & ! manufactur+ c5t]s4 ,?us we f9d t ! great raw cotton m>kets ( ! ,unit$ ,/ates are 9 ,new ,york & ,new ,orleans4 ,9 ,europe !y are at ,liv]pool1 ,brem5 & ,havre4 ,because ( conditions impos$ by ! ,g]man gov]nm5t1 ! ,brem5 m>ket is l>gely dep5d5t ^u ,new ,york & ,liv]pool4 ,! o!r great _w m>ket is t ( ,alex&ria1 :i*1 al?\gh x h&les b a comp>atively small "p ( ! _w's crop1 is important on acc\nt ( ! quality ( ! /aple :i* makes up ! ,egyptian bale4 ,! two *ief ,am]ican m>kets1 ,new ,york & ,new ,orleans1 are %>ply diff]5tiat$4 ,! ,new ,orleans m>ket is a true trad]'s m>ket4 ,! great bulk ( ! sales made on ! ,new ,orleans floor are bona-fide sales1 9 :i* cotton actually *anges h&s4 ,! ,new ,york m>ket on ! o!r h& is a m]*ants' & manufactur]s' m>ket1 9 :i* bus9ess transactions are protect$ aga9/ loss by ! pur*ase or sale ( futures1 ?\gh1 ( c\rse1 !re is always a l>ge am\nt ( speculat+4 ,deliv]y is r>ely dem&$4 ,! function ( ! ex*ange1 !re=e1 is l>gely t ( insurance4 ,! intricacies ( ?is m>ket w be discuss$ lat]4 ,,*apt] ,,iii ,! ,raw ,cotton ,m>ket ,because ( ! ramifications ( ! cotton indu/ry1 ! cotton itself1 on its devi\s way f plant] to consum]1 is successively ! conc]n ( a s]ies ( individuals & corporations4 ,! imm5se value ( ! product1 ! exp5se ( gr[+1 h&l+1 manufactur+1 & sell+ x all mean t great quantities ( capital are utiliz$ 9 br++ x at la/ to its f9al consum]4 ,at any /age ( ! process1 cotton repres5ts no inconsid]able "p ( ! nation's weal?1 & to exp$ite its j\rney1 m]*&is+ & f9ancial me?ods ( a highly specializ$ te*nique h be5 develop$4 ,!re are two v cle>ly m>k$ /ages 9 ?is process4 ,! fir/ has to d ) ! raw cotton1 z x goes f plant] to mill4 ,! second has to d ) ! j\rney f mill to consum]4 ,! fir/ is usually call$ ! ,raw ,cotton ,m>ket1 & ! second ! ,clo? ,m>ket4 ,! plant] beg9s 8 "w e>ly 9 ! spr+4 ,8 crop is dep5d5t ^u 8 ability to secure & pay = ! labor to "w x1 = ! tools & ma*9]y :i* are us$1 & 8 own exp5ses4 ,small plant]s are r>ely suffici5tly 9 funds to enable !m to g ?r\gh ! gr[+ season )\t f9ancial assi/ance4 ,!y mu/ borr[ money1 & !y usually borr[ x ) ! gr[+ crop z a basis4 ,! ,local ,gr[] ,& ! ,*>ge ,acc\nt ,!y may borr[ f ! c\ntry m]*ant 9 ! t[n ne> :i* _! plantations are locat$4 ,cr$it "h is usually furni%$ ?r\gh ! *>ge acc\nt sy/em1 :]eby ! m]*ant supplies ! plant]'s wants = ! gr[+ season1 ev5 to ! ext5t ( giv+ cr$it to 8 f>m h&s4 ,t5ant f>m]s live almo/ entirely on cr$it furni%$ by ! /ore-keep]s ( ! vic9ity4 ,:5 ! pick+ season beg9s1 9 ,july1 ,augu/1 or ,septemb]1 accord+ to ! region conc]n$1 ! m]*ant1 9 lieu ( money1 may take ! cotton z x comes f ! g9s1 cr$it+ ! gr[] !re( at ! m>ket price4 ,! cotton ?us accumulat$ is sold to local buy]s1 or1 occasionally1 to %ipp]s or export]s4 ,9 ! case ( ! l>g] plantations1 or gr\ps ( plantations op]at$ by syndicates or corporations1 ! cotton is frequ5tly %ipp$ direct to ! mill or1 m (t51 to a w>eh\se4 ,! l>g] produc]s1 in/ead ( gett+ _! cr$it f ! local /ores1 z _! t5ant f>m]s d1 are f9anc$ ei!r by _! banks1 or by _! buy]s1 :o 9 turn are f9anc$ by _! bank]s4 ,! ,/reet ,buy]s ,( ,texas ,t[ns ,9 "s di/ricts1 p>ticul>ly 9 ,texas1 !re is ! small or local buy]1 usually call$ a /reet buy]1 :o op]ates 9 ! small] t[ns1 buy+ 8 cotton at ! g9s 9 lots ( f "o to t5 bales1 ei!r f ! small plant]s1 or f ! c\ntry m]*ants4 ,?is buy+ gives a c]ta9 conc5tration to ! crop1 & enables ! l>g] buy]s to deal 9 lots ( comp>atively uni=m quality f c]ta9 regions1 ! g5]al type ( ^: product is kn[n4 ,illu/ration3 ,/reet buy] 9 a ,s\!rn t[n ,cotton b\ght f ! plant]s or f ! c\ntry m]*ants is almo/ inv>iably paid = 9 ca%4 ,cotton is frequ5tly sold at ! compress po9t1 r ?an at ! g91 ?is c\rse be+ pursu$ 9 ! case ( l>ge produc]s1 or :5 ! orig9al buy] is a m]e local op]ator4 ,"o ( ! mo/ important op]ations1 comm]cially z well z indu/rially1 is ! grad+ ( cotton1 :i* takes place z a rule at ! compress po9t "u ! sup]vision ( ! buy]1 :o employs exp]ts = ?is purpose4 ,cotton mills z a rule op]ate on c]ta9 specifi$ grades ( cotton1 & any deviation f ?is grade means ei!r a readju/m5t ( ma*9]y or disgruntl$ & dissatisfi$ employes1 or1 p]haps1 an inability to fill an ord] = clo? ( c]ta9 types4 ,! manufactur] w usually refuse to accept any grades save ^? he has specifically commission$ ! buy] to obta9 = him4 ,! actual grades1 & ! t]ms describ+ !m h be5 e/abli%$ by ! ,unit$ ,/ates ,gov]nm5t1 & are rigidly adh]$ to by ! trade4 ,prices are e/abli%$ on ! grade kn[n z middl+ z a basis1 & v>iation f ?is basis is tak5 up 9 ! price4 ,/&>dization ( ,am]ican ,cotton ,grades ,! grades1 = :ite cotton1 z e/abli%$ by usage & confirm$ by ,gov]nm5tal /&>dization are3 ,middl+ ,fair ,/rict ,l[ ,middl+ ,/rict ,good ,middl+ ,l[ ,middl+ ,good ,middl+ ,/rict ,good ,ord9>y ,/rict ,middl+ ,good ,ord9>y ,middl+ ,= yell[ t+$ /ock ! grades are3 ,/rict ,good ,middl+ ,middl+ ,good ,middl+ ,/rict ,l[ ,middl+ ,/rict ,middl+ ,l[ ,middl+ ,= yell[ /a9$ & blue /a9$ !re are only ?ree grades quot$1 good middl+1 /rict middl+1 & middl+1 ! inf]5ce "h be+ t /a9$ cotton bel[ ! basic grade1 is unsuit$ = mo/ comm]cial purposes4 ,) cotton sell+ ar\nd ?irty c5ts a p\nd1 ! diff]5ce betwe5 ! co/ p] p\nd ( middl+ fair1 ! highe/ m>ket grade ( :ite cotton1 & good ord9>y1 ! l[e/ m>ket grade1 may am\nt to twelve or ?irte5 c5ts4 ,! value ( ! %ipm5t1 & its use z a basis = cr$it1 is dep5d5t ^u its prop] classification4 ,! l>ge cotton buy]s pur*ase = ! acc\nt ( mills1 = export]s1 or = cli5ts abroad4 ,!y are usually firms ( /rong f9ancial /&+1 & z we h se51 !y are bank]s or factors !mselves1 f9anc+ gr[]s or small buy]s dur+ ! gr[+ ( ! crop1 & ! fir/ conc5tration ( ! cotton4 ,b :5 ! l>ge movem5t ( cotton is on1 x is frequ5tly necess>y t !y1 l ! local banks1 mu/ be f9anc$ 9 ord] t !y may execute _! ord]s1 or1 z is frequ5tly ! case1 accept cotton s5t to !m on consignm5t4 ,cotton s5t on consignm5t mu/ be /or$ until a m>ket is f\nd = x1 & 9 ord] t prop] /orage facilities may be suppli$1 ! provision ( suitable w>eh\se facilities is an important matt]4 ,w>eh\s+ z ,indu/ry's ,great ,ne$ ,until rec5tly1 w>eh\s+ 9 its relations to ! textile trade1 _h n be5 develop$ to ! ext5t :i* might h be5 expect$ 9 ^? me?ods :i* w\ld make x ( ! greate/ use & advantage to textile int]e/s4 ,by means ( ! facilities :i* c\ld prop]ly be af=d$ by w>eh\ses1 manufactur]s1 or m]*ants %\ld be able1 at times ( favorable m>kets1 to lay 9 l>ge /ocks ( mat]ials1 & to f9ance !m safely & easily4 ,today1 ?is ne$ is be+ met 9 con/antly increas+ measure by ! ,indep5d5t ,w>eh\ses1 ,inc41 affiliat$ ) ! ,textile ,bank+ ,co41 & hav+1 l ! latt]1 ! support ( ! ,gu>anty ,tru/ ,company ( ,new ,york1 & ! ,lib]ty ,national ,bank ( ,new ,york4 ,mod]n w>eh\ses ( approv$ type1 ) all requisite facilities1 w be e/abli%$ by ?is company at v>i\s ports ( entry ?r\gh\t ! c\ntry1 z well z at ! important conc5tration po9ts 9 ! cotton belt1 & also 9 ! great textile manufactur+ c5t]s4 ,illu/ration3 ,weigh+ cotton on ! compress plat=m ,?us x is se5 t ! cotton m]*ant has an important economic function to p]=m4 ,8 is ! duty ( ga!r+ up ! great aggregate ( cotton1 f all p>ts ( ! cotton belt1 & di/ribut+ x 9 exactly ! quantity & grade ne$$ to ! cotton manufactur]s ( ! _w4 ,9 ! p]=mance ( ?is function1 & 9 ord] t ! supply ( cotton may be f$ out exactly z x is ne$$ by ! manufactur]s1 ! cotton m]*ants h f\nd x conv5i5t1 & ev5 necess>y to e/abli% great common m>kets :]e !y may meet & ent] into ! transactions ) ea* o!r & ! :ole _w :i* are necess>y to br+ ! cotton into ! *annels ( comm]ce & keep x mov+ to its multitud9\s de/9ations4 ,^! m>kets are 9 addition to ! num]\s local m>kets :]e ! prelim9>y conc5tration takes place1 & to "s ext5t !y are subsidi>y to ! latt]1 :]e ! cotton ( ! actual quantity & quality !y are seek+ is to be _h 9 ! fir/ in/ance4 ,yet x is ! great m>kets :i* e/abli% ! prices1 = x is !y :i* are 9 close & imm$iate t\* ) all ! o!r m>kets ( ! _w1 & x is on _! floors t ! m]*ants & brok]s meet :o deal 9 great quantities4 ,x is _! connection ) ! num]\s s\rces ( in=mation :i* gives ^! great m>kets _! importance1 = x is !y :i* regi/] imm$iately & mo/ accurately ! resultant ( ! sum total ( all ! economic =ces :i* det]m9e ! price4 ,illu/ration3 ,! ,new ,york ,cotton ,ex*ange ,! great cotton m>kets ( ! _w are ^? ( ,new ,york & ,new ,orleans1 9 ! ,unit$ ,/ates2 ,liv]pool1 9 ,engl&2 ,brem51 9 ,g]many2 ,havre1 9 ,france2 ,alex&ria1 9 ,egypt2 & ,bombay1 9 ,india4 ,!re are diff]5ces betwe5 ^! m>kets :i* give a great] importance to "s ( !m4 ,brem51 :i* s]ves a l>ge t]ritory1 op]ates "u gov]nm5tal re/rictions :i* make x necess>y = ,brem5 m]*ants to deal 9 o!r m>kets z well4 ,havre s]ves *iefly ! ne$s ( ,france1 :i* is n "o ( ! l>ge cotton consum+ c\ntries4 ,alex&ria deals only 9 ,egyptian cottons1 & ,bombay1 ^: deal+s are conf9$ mo/ly to ! native /aples1 has nei!r ! responsiv5ess nor ! complet5ess ( ! rema9+ m>kets4 ,?us1 by elim9ation1 ! ?ree great m>kets ( ! _w1 :]e9 cotton ( all k9ds is dealt 91 & all =ms ( transactions 9 x are common are ^? ( ,new ,york1 ,new ,orleans1 & ,liv]pool4 ,to ^!1 ! cotton _w looks = guidance f day to day4 ,! prices e/abli%$ on _! sev]al floors are ! prices ( ! _w4 ,illu/ration3 ,cotton tra9 go+ f g9 to compress ,! ,liv]pool ,ex*ange1 "u diff]5t names1 has exi/$ s9ce #ahda1 hav+ tak5 approximately its pres5t =m 9 #ahgj1 9 ! attempts to /abilize conditions aft] ! great speculative p]iod :i* result$ f ! ,am]ican ,civil ,w>4 ,! ,new ,york & ,new ,orleans ,ex*anges 7 bo? organiz$ ! foll[+ ye>4 ,! uni=mity ( rules & practices 9 ! trade :i* result$ f ! e/abli%m5t ( ! ex*anges h be5 ( ine/imable b5efit to ! indu/ry & to ! _w1 & ?is despite occasional abuses1 :i* h usually be5 correct$ z me?ods = correction h be5 evolv$4 ,spot ,m>kets & ,^? ,:i* ,deal 9 ,futures ,! ,new ,orleans ,cotton ,m>ket1 & ^? ( less] cities1 are l>gely spot m>kets1 t is1 ! deal+s :i* takes place 9 ! ,ex*anges at ^? po9ts involve ! actual transf]r+ ( cotton :i* is on h&1 or1 at lea/1 contract$ =4 ,! ,new ,york m>ket deals prepond]antly 9 :at are kn[n z contracts = future deliv]y1 or1 9 ! language ( ! ,ex*ange1 futures4 ,! ,liv]pool ,cotton ,m>ket is bo? a great spot cotton m>ket1 & a great futures m>ket4 ,! /rik+ ?+ ab\t ^! futures contracts is t b few ( !m are fulfill$ by actual deliv]y4 ,! "q !n arises1 :at function is fulfill$ by ! ,new ,york ,ex*ange t x %\ld h su* an important place 9 ! cotton m>ket8 ,to ! un9itiat$ ! speculative features ( ! m>ket h (t5 s]v$ to condemn x1 & at times ( speculative fev]1 or ( manipulation su* z has occurr$ on "o or two occasions1 !re has be5 public agitation call+ = legislation aga9/ deal+ 9 futures4 ,yet ! ,new ,york ,ex*ange p]=ms a v def9ite & valuable s]vice1 & its trad+ me?ods h s]v$ to /abilize ! :ole indu/ry1 & to remove f x mu* ( t v speculation :i* is frequ5tly *>g$ aga9/ ! ,ex*ange itself4 ,! ju/ification ( ! ,ex*ange is f\nd 9 ! fact t ! futures contracts common on its floor af=d ! cotton m]*ant & manufactur] a *ance to insure !mselves aga9/ losses occasion$ by fluctuations 9 ! m>ket4 ,! me?od by :i* ?is is done is call$ h$g+4 ,:y ! ,m]*ant ,mu/ ,h$ge ,8 ,sales ,= ! cotton m]*ant1 ! situation z x develops is approximately ?is3 buy+1 z he mu/1 all grades & quantities ( cotton1 he may h an imm$iate m>ket ) ! sp9n]s :om he s]ves = only c]ta9 ( ^! grades1 & ?us may h left on 8 h&s a l>ge supply ( cotton ( o!r grades :i* came to him 9 8 pur*ases :i* he has no call = at ! "t4 ,^! ov]s are subject to ! risk ( a decl9e 9 value unless ! m]*ant c f9d "s way to protect himself4 ,nor is ?is risk ! only "o run by ! cotton m]*ant4 ,! sp9n]s frequ5tly contract = mon?s ahead = ! output ( _! mills1 & x is "p ( ! m]*ant's task to see t ! cotton is available at a contract price :5 ! sp9n]s are 9 ne$ ( x4 ,su* contracts = future deliv]ies are n only common b cu/om>y4 ,if x 7 impossible = ! sp9n] to make su* contracts1 x w\ld1 ( c\rse1 be impossible = ! weav] to make future contracts = ! deliv]y ( clo?4 ,su* a condition unsettl+ ! di/ribut+ m>kets1 w\ld be intol]able4 ,h5ce1 ! necessity ( future contracts betwe5 m]*ants & sp9n]s4 ,! situation w\ld o!rwise be a v difficult "o = ! m]*ant ^: supply ( cotton1 & ! price he mu/ pay = x1 are subject to ! vag>ies ( nature1 :i* may grant a b\ntiful crop "o ye>1 & a %ort & inf]ior "o ! next1 ) consequ5t fluctuations 9 price suffici5t n alone to wipe out 8 pr(it b 8 capital z well4 ,! ,h$ge ,z a ,cr$it ,transaction ,h$g+1 z has be5 said1 af=ds ! protection1 aga9/ s]i\s loss :i* ^! v>y+ conditions make probable4 ,x may almo/ be said1 obs]ves ,ar?ur ,r4 ,m>%1 =m] ,presid5t ( ! ,new ,york ,cotton ,ex*ange1 t z ! ma9 bus9ess ( banks today is n deal+ 9 money1 b 9 cr$its1 s ! ma9 bus9ess ( ! cotton ex*anges is n[ 9 cr$it transactions 9 cotton1 t[>d :i* ! actual cotton 'on ! spot' /&s 9 mu* ! same relation z ! money 9 ! banks to ! sum total ( _! transactions 9 cr$it4 ,x s]ves z a res]ve at once = ! satisfaction ( unliquidat$ cr$it balances & = ! ma9t5ance ( s\nd cr$it values 9 all ! cr$it op]ations4 ,else:]e1 ,mr4 ,m>% describes ! h$g+ process 9 ^! words3 ,a h$ge is ! pur*ase or sale ( contracts = "o hundr$ or m bales ( cotton = future deliv]y1 made n = ! purpose ( receiv+ or deliv]+ ! actual cotton1 b z an insurance aga9/ fluctuations 9 ! m>ket t might unfavorably affect o!r v5tures 9 :i* ! buy] or sell] ( ! h$ge is actually engag$4 ,illu/ration3 ,! floor ( ! ,new ,york ,cotton ,ex*ange ,h[ ,m]*ants ,secure ,protection by ,h$g+ ,! cotton m]*ant1 9 mak+ a h$ge1 w\ld proce$ 9 ?is fa%ion4 ,hav+ made an actual sale ( cotton to a sp9n] = future deliv]y1 ! price be+ fix$ accord+ to curr5t quotations 9 ,new ,york = deliv]ies to be made 9 ! mon? specifi$ 9 ! contract1 he w\ld buy futures = a correspond+ am\nt ( cotton on ! ,new ,york ,cotton ,ex*ange4 ,if ! price ( cotton %\ld h advanc$ :5 ! "t = ! deliv]y ( ! actual cotton comes1 he w be able to sell 8 futures contract at a high] price1 ?us (fsett+ ! loss su/a9$ ^u ! deal 9 actual cotton4 ,or1 if he pref]s1 he may hold ! futures contract until its maturity & sell x at ! !n prevail+ figure4 ,! fir/ c\rse w\ld be ! cu/om>y "o = a bona-fide m]*ant1 ^: sole conc]n is protect+ himself aga9/ loss by fluctuations 9 price4 ,if1 on ! o!r h&1 cotton %\ld fall be=e ! m]*ant b\ght to fulfill 8 actual contract1 he w\ld make a pr(it ^u 8 sales to ! sp9n]4 ,he w\ld1 h[ev]1 suff] a loss ^u 8 futures contract1 = ! sell] w\ld be able to pur*ase ! cotton to fulfill ! contract at a l[] po9t ?an ! contract call$ =1 & w\ld consequ5tly be able to deliv] to ! m]*ant :o made ! h$ge1 cotton :i* ! latt] w\ld be =c$ to accept at a price high] ?an ! !n prevail+ "o1 & ?us aga9 ! pr(it & loss w\ld balance ea* o!r4 ,! usual cu/om is1 n = ! m]*ant to accept deliv]y1 b to pay ov] to ! sell] ( ! futures contract ! diff]5ce betwe5 ! contract price & t prevail+4 ,?is w\ld be j ! diff]5ce betwe5 8 own pur*as+ & sell+ price 9 8 actual deal+ ) ! sp9n]1 & s w\ld elim9ate ! pr(it1 due to *ange 9 price1 made 9 t transaction4 ,?us1 by ! h$g+ process1 ! m]*ant loses a possible pr(it on a fall+ m>ket1 b at ! same "t fails to suff] a loss :5 ! m>ket is aga9/ him4 ,h$g+ z ,practic$ ,by ,cotton ,manufactur]s ,! manufactur]'s h$g+ is necess>ily some:at diff]5t 9 practice1 ?\gh ! same 9 pr9ciple4 ,if he accepts ord]s = clo? requir+ m cotton ?an is be+ held 9 8 w>eh\se1 he may buy futures contracts to ! am\nt ( ! additional cotton he w ne$4 ,!n 9 ! ev5t t 8 actual pur*ase ( cotton may be at a figure :i* w\ld t5d to r$uce or elim9ate 8 pr(its on ! sale ( ! clo?1 already fix$ by contract1 he may sell 8 futures contract at a correspond+ pr(it1 !reby prev5t+ loss4 ,%\ld ! price ( cotton fall 9 ! int]im1 8 pr(it on ! sale ( ! clo? w be l>g]1 b ! settlem5t ( 8 futures contract w be exp5sive to ! same ext5t4 ,?us he sacrifices ! *ance ( a great] possible pr(it 9 ord] to be insur$ aga9/ loss4 ,illu/ration3 ,compress bales b\nd = ,new ,orleans ,x is probably m common = ! cotton m]*ant to h$ge ?an = ! manufactur] to adopt t proce$+4 ,! manufactur]1 z a rule1 has be5 accu/om$ to buy 8 cotton dur+ ! buy+ season1 t is1 9 ,octob]1 ,novemb]1 ,decemb]1 & ,janu>y1 & he makes 8 arrangem5ts ) 8 sell+ ag5ts on ! basis ( ! price paid1 tru/+ to 8 own judgm5t1 & ! comp>atively small fluctuations 9 ! price ( clo? 9 normal times1 to protect him aga9/ loss4 ,x is usually believ$ t ! ,s\!rn mills1 be+ new]1 & frequ5tly ( a diff]5t f9ancial /&+1 h f\nd x m desirable to h rec\rse to ?is =m ( insurance ?an _! old] competitors 9 ! ,nor?4 ,!n1 too1 ! rapid developm5t ( ! cotton w>eh\s+ sy/em has made x less necess>y = ! manufactur]s to tie _! money up 9 great quantities ( cotton1 z !y c buy :5 ! m>ket appe>s favorable4 ,protection = ,mills ,runn+ = ,/ock ,a v important po9t1 h[ev]1 & "o :i* all manufactur]s w\ld d well to consid] c>efully is ! protection :i* a futures m>ket gives to a manufactur] mak+ pla9 goods = /ock1 p>ticul>ly on a fall+ raw mat]ial m>ket1 :i*1 ( c\rse1 w\ld also mean a fall+ goods m>ket4 ,to /op ! mill because values 7 fall+ w\ld be impossible )\t utt] disorganization1 & its att5dant heavy loss1 :ile to keep on manufactur+ /ock goods ) a c]ta9ty t !y w\ld be wor? less ea* succe$+ mon? is a di%e>t5+ prospect = ! mill4 ,if1 h[ev]1 ! manufactur] sells futures = ! succe$+ mon?s to ! ext5t ( ! cotton :i* he w\ld require ea* mon? to manufacture ! goods1 he c run 8 ma*9]y z usual & h a p]fectly free m9d1 z he has safegu>d$ himself aga9/ any loss due to a fall+ value ( ! raw mat]ial4 ,suppose1 = in/ance1 ! cotton m>ket fell (f1 say "o c5t a p\nd ea* mon?1 ) a correspond+ fall 9 ! value ( ! wov5 goods4 ,9 su* an ev5t1 ! manufactur] c\ld1 z ea* mon? arriv$1 buy a contract = an am\nt correspond+ to :at he _h sold1 & at a proportionately less price1 ?us mak+ a pr(it on ! futures :i* he _h sold to an ext5t :i* w\ld correspond1 approximately1 to ! small] value :i* 8 manufactur$ goods w\ld !n h 9 ! m>ket4 ,?us ! pr(it on ! "o side w\ld take c>e ( ! loss on ! o!r4 ,if ! m>ket rose in/ead ( fall+1 he w\ld make a loss 9 replac+ 8 futures contract1 b 8 goods w\ld !n comm& a high] value1 & aga9 no loss w\ld be exp]i5c$4 ,?is me?od ( h$g+ is ! regul> & /&>d practice ( ! ,engli% cotton mills1 &1 ( c\rse1 ( _m ( our dome/ic mills1 b !re are "s manufactur]s :o1 ?r\gh _! unfamili>ity ) ! op]ations ( ! futures m>ket1 are q unaw>e ( ! protection :i* !y ?us h at h&4 ,! ,responsiv5ess ( ! ,great ,ex*anges ,! great ex*anges1 & ! ,new ,york ,ex*ange 9 p>ticul>1 are ?us us$ by cotton m]*ants & manufactur]s 9 e "p ( ! _w to protect !mselves 9 _! buy+ & sell+ op]ations4 ,! value ( middl+ cotton 9 ,new ,york is kept ^u p> ) ! value ( ! same cotton 9 any gr[+ or manufactur+ po9t1 su* factors z freight1 insurance1 brok]age1 etc41 be+ all[$ = 9 ! quot$ price4 ,quotations on ! ,liv]pool ,ex*ange are ?us high] ?an quotations 9 ,new ,york by ! diff]5ce betwe5 ! am\nt x co/s to deliv] cotton 9 ,liv]pool & to deliv] x 9 ,new ,york4 ,?us ! m]*ant & manufactur] is able to buy & sell h$ge contracts on ! ,new ,york ,ex*ange1 kn[+ t op]ations at ! ,new ,york price 9 ,new ,york are on a p>ity ) op]ations at ! ,liv]pool price 9 ,liv]pool1 or at ! ,havre price 9 ,havre4 ,?us ! h$ge contract :i* a ,s\!rn m]*ant sells 9 ,atlanta1 ?r\gh 8 brok] on ! ,new ,york ,ex*ange1 may be b\ght by a sp9n] 9 ,tokyo or ,man*e/]1 anxi\s to insure 8 supply ( cotton at a price :i* w\ld make 8 contracts pr(itable4 ,9 normal times ! sell+ ( m]*ants & ! buy+ ( manufactur+ engag$ 9 actual & bona fide h$g+ transaction has be5 e/imat$ by compet5t au?orities to make up fully sev5ty-five p] c5t4 ( ! trad+ done on ! ,new ,york ,ex*ange4 ,! rema9+ tw5ty-five p] c5t4 may ?us be attribut$ to speculative op]ations1 t is op]ations ent]$ into by outsid]s ?r\gh brok]s1 on ! *ance ( a rise or a fall 9 ! m>ket4 ,nor is su* speculation )\t its value4 ,x is ! speculators1 z a rule1 :o are ! fir/ to take advantage ( crop reports or wea!r conditions1 or news likely to affect ! m>ket favorably or unfavorably1 & buy or sell z _! judgm5t dictates4 ,_! op]ations s]ve to disc\nt su* *anges to "s ext5t1 or at lea/ to make ! breaks & rises m gradual ?an !y w\ld o!rwise be4 ,9 abnormal times1 t is times ( great sc>city & great dem&1 or bump] crops & small dem&1 ! speculative elem5t plays a l>g] "p1 = x is 9 su* times t ! greate/ fluctuations 9 price take place4 ,m]*ants or manufactur]s hold+ h$g+ contracts are "u a great] inc5tive to buy or sell1 z !y see _! opportunities = pr(it gr[+ great] or less1 z ! case may be1 & 9 consequ5ce m contracts are made1 & !y pass f h& to h& ) great] rapidity1 ! ga9 or loss ?us be+ di/ribut$ among a great] numb] ( p]sons ?an w\ld o!rwise be ! case4 ,x is ! op]ations ( speculators1 & ! manipulation t once or twice dur+ its hi/ory has be5 possible by unscrupul\s trad]s :i* has br\ght ab\t at su* times public agitation = ! abolition ( ! ,ex*ange4 ,rec5t *anges 9 ! =m ( ! cotton contract h made x almo/ impossible = su* op]ations1 if repeat$1 to be successful1 & ?us !re is little likelihood t ! v important economic function ( ! ,ex*ange w be int]f]$ ) by legislation4 ,,*apt] ,,iv ,! ,clo? ,m>ket ,! output ( ! manufactur] f9ds its way to ! ultimate consum] ?r\gh a v>iety ( *annels4 ,:at ^! are w dep5d ^u ! mann] 9 :i* ! v>i\s mills are organiz$1 & _! respective policies z to ! m>ket+ ( _! products4 ,"s mills1 usually v l>ge organizations1 w h plants completely equipp$1 9 e dep>tm5t1 sp9n+1 weav+1 dye+1 pr9t+1 f9i%+1 etc41 & w process all ( _! goods !mselves 9 e detail1 (f]+ !m on ! m>ket 9 _! f9i%$ =m4 ,"s ( ^! may make a wide v>iety ( fabrics suitable = "o class ( trade1 or = _m classes ( trade1 :ile o!rs w specialize on a few articles4 ,a good _m conc]ns t are n ( ! l>ge/ size1 b :i* conf9e _! production to a few articles1 may also put ! goods ?r\gh e op]ation !mselves4 ,!n !re are a great numb] ( cotton mills1 _m ( !m ( v l>ge size1 :i* d no weav+ at all1 b conf9e !mselves to sp9n+1 f9d+ a m>ket = _! y>ns ) ! _m weav+ mills :i* h no sp9n+ plants4 ,_m ,l>ge ,mills ,d ,no ,f9i%+ ,num]\s mills1 bo? l>ge & small1 manufactur+1 pr9cipally1 goods ( a /aple grade1 :i* may ei!r be ( f9e or co>se "*1 sell _! entire product 9 ! gray1 or unf9i%$ /ate1 because !y d n wi% to burd5 !mselves ) ! task ( putt+ ! goods ?r\gh ! v>i\s f9i%+ treatm5ts necess>y to fit !m = ! m>ket4 ,?is me?od ( dispos+ ( ! product appeals to _m = x r$uces ! manufactur+ op]ations to ! sp9n+ ( ! y>n1 & to ! weav+ ( ! clo?4 ,! own]s or manag]s ( ! mills may h _h no exp]i5ce outside ( ^! bran*es1 & if !y !mselves 7 to attempt to f9i%1 or conv]t1 ! goods !y w\ld be ent]+ /range fields4 ,:atev] me?od ( m]*&is+ may be adopt$1 x is c]ta9ly obvi\s t ! product ( l>ge mills is s great t x mu/ be dispos$ ( 9 a l>ge way1 & h5ce v>i\s *annels ( outlet h gr[n up to satisfy ! requirem5ts ( ! case4 ,deal+ ,direct ,) ,dry ,goods ,jobb]s ,a sub/antial portion ( ! output ( ! mills 7b no?+ l :at x 0 ye>s ago1 & x gr[s relatively small] e ye>71 is dispos$ ( directly to dry goods jobb+ h\ses1 & by !m to retail deal]s1 :o sell x by ! y>d to ! consum]4 ,?is practice 0 =m]ly m widespread1 b has dim9i%$ greatly 9 rec5t ye>s4 ,a fur!r enorm\s y>dage passes ev5tually ?r\gh ! cutt+-up h\ses1 :i* manufacture g>m5ts ( e k9d1 f ov]alls to pajamas1 or f ra9coats to %irts1 & dispose ( _! products to di/ributors1 :o ev5tually sell !m to ! public4 ,!n !re are retail]s ^: requirem5ts = goods ( p>ticul> k9ds are s consid]able t _! ord]s are ( suffici5t magnitude to w>rant ! mills 9 deal+ ) !m direct4 ,aga91 !re are ! great mail-ord] h\ses1 ) a gigantic annual turnov]1 ^: catalogues g to e "p ( ! l&1 & :i* h&le great quantities ( piece goods1 z well z made-up g>m5ts1 & ^: cu/om is eag]ly s\ght =4 ,illu/ration3 ,?\s&s ( looms 9 a s+le room ,o!r mills make fabrics suitable = use 9 ! milit>y & naval e/abli%m5ts ( ! c\ntry1 & 9 o!r public *annels1 & :i*1 9 sell+ ^! fabrics1 w deal directly ) ! ,gov]nm5t1 or indirectly ?r\gh int]m$i>ies4 ,9 addition to ^!1 & o!r dome/ic outlets1 !re is a great quantity ( goods produc$ = export1 :i* are h&l$ ?r\gh h\ses specially organiz$ = t trade4 ,m]*&is+ by ,dry ,goods ,jobb] ,"o ( ! olde/ e/abli%$ ag5cies = h&l+ mill products is ! dry goods jobb]1 & x is to be rem>k$ t _m l>ge retail h\ses d also a sub/antial jobb+ bus9ess1 ?\gh g5]ally less s 9 cottons ?an 9 o!r classes ( fabrics4 ,! jobb] w buy f9i%$ products f ^? mills :i* sell goods 9 t /ate1 & w also buy l>ge am\nts ( gray goods4 ,^! he w sell pr9cipally to retail di/ributors1 b 8 transactions1 9 addition1 w ext5d into a multitude ( *annels1 &1 he w deal ) small g>m5t manufactur]s & mak]s ( all k9ds ( w>es1 & w also sell consid]able quantities to ! l>g] cutt]s :5 !y are unable1 = "o reason or ano!r1 to buy direct f ! mills or f ! conv]t]s4 ,!re are also num]\s small jobb+ conc]ns :i* buy sub/antial quantities f ! l>g] jobb]s z occasion may require4 ,"o ( ! greate/ av5ues ( outlet is ?r\gh a class ( deal]s kn[n z conv]t]s1 & !re are conv]t]s op]at+ 9 e k9d ( fabric f cotton to silk4 ,9 ! la/ =ty or fifty ye>s1 ?is bus9ess has develop$ into imm5se proportions1 & ! conv]t] p]=ms a real & important s]vice 9 ! trade4 ,he is intimately acqua9t$ ) ! ne$s ( 8 cu/om]s1 & possesses a fair k ( ! k9ds ( goods put out by ! v>i\s mills & ! diff]5t con/ructions 9 :i* !y are sold1 & is well acqua9t$ ) all ( ! m>ket dye+1 f9i%+1 blea*+1 & pr9t+ conc]ns1 hav+ also a fair und]/&+ ( ! v>i\s treatm5ts accord$ to ! goods4 ,he buys 8 goods 9 ! gray f ! mills1 & s5ds !m to ! f9i%]s1 pr9t]s1 etc41 to be treat$1 accord+ to 8 in/ructions4 ,by a c>eful /udy+ ( ! fabric con/ructions1 & ( ! subsequ5t treatm5ts1 he is able to create fabrics ( a suitable & m>ketable "*1 :i* are 9 "s respects diff]5t f ^? (f]$ by any ( 8 competitors1 & :i* are br\ght out ) an exact k ( ! requirem5ts ( ! trade to :i* he is cat]+4 ,he is able to make a pr(it1 & g5]ally a v sub/antial "o1 by h&l+ ! goods 9 ?is way4 ,consid]able capital is requir$ by ! conv]t]1 z goods b\ght 9 ! gray h to be paid = on practically a ca% basis1 & he may h to c>ry !m = a "t be=e !y are f9ally m>ket$4 ,! conv]t] sells to ! cutt+-up h\ses1 to jobb]s1 & to retail]s1 or1 9 fact1 to :atev] trade he seeks4 ,l>ge & pr(itable bus9esses h ?us be5 built up4 ,_m conv]t]s h adopt$ _! own di/9ctive trade m>ks1 & s9ce ! goods t !y h&le are kn[n by ^! trade m>ks1 ! id5tity ( ! mill :i* made !m orig9ally is (t5 entirely unkn[n to ! ultimate consum]4 ,! conv]t] c give 8 bus9ess to :atev] mill1 at ! "t1 w give him ! be/ value = 8 money4 ,jobb]s ,mu/ ,"k ,/atus ( ,mills ,^! op]ations are facilitat$ by ! s]vices ( ano!r class ( int]m$i>ies1 ! clo? brok]s4 ,if a buy]1 :e!r he be retail]1 jobb]1 conv]t]1 or :at n1 wi%es to secure goods ( a c]ta9 k9d1 he w\ld h a v difficult task if he _h to canvass ! entire m>ket1 & asc]ta9 :at 0 be+ (f]$4 ,h5ce he is likely to g to ! clo? brok]s4 ,!y are 9 t\* ) all ! pr9cipal manufactur+ s\rces ( supply1 & w h daily quotations ( ! (f]+s ( ! diff]5t mills2 he w "k :i* mills are sold up1 & :i* are op5 = bus9ess1 & :at class ( goods !y desire to sell4 ,consequ5tly ! clo? brok]s are 9 a position to (f] to w\ld-be pur*as]s a wide v>iety ( ! diff]5t clo?s :i* are available on ! m>ket1 & x is _! bus9ess to buy f ! mills z *eaply z !y c1 & s get ! be/ possible price = _! cu/om]s4 ,! transactions are h&l$ on a small commission1 & ! av]age buy]1 9 _m k9ds ( goods1 is able to d mu* bett] by work+ ?r\gh a brok] ?an by op5+ negotiations directly ) ! mill4 ,mo/ ,mills ,h ,(fices 9 ,*ief ,m>kets ,mills sell+ _! products ?r\gh brok]s 9 ?is mann] may1 or may n1 h a repres5tative /ation$ 9 ! goods m>ket1 accord+ to circum/ances4 ,mills1 manufactur+ a limit$ numb] ( pla9 fabrics1 & :i* d n sell ?r\gh brok]s1 may also be )\t repres5tatives 9 ! prim>y goods m>ket1 & w dispose ( _! product directly f ! mills1 p>tly by correspond5ce1 & p>tly ?r\gh ! ef=ts ( _! travel]s4 ,! great mass ( ! mills1 h[ev]1 are regul>ly & effici5tly repres5t$ 9 ! great c5tral goods m>kets1 pr9cipally ,new ,york1 ?\gh also 9 ,bo/on1 ,philadelphia1 ,baltimore1 & else:]e1 & _! sell+ ag5cies are v highly organiz$ in/itutions4 ,^! e/abli%m5ts :i* h suffici5t capital to enable !m to f9ance !mselves--) or )\t ! assi/ance ( regul> bank]s' loans--may ma9ta9 _! own sell+ (fices1 & m>ket _! product 9 _! own names directly to _! cu/om]s4 ,! am\nt ( capital requir$ to h&le a bus9ess 9 ?is way is proportionately v l>ge1 = ! conc]n mu/ be able to keep itself suffici5tly suppli$ ) raw mat]ials1 & !n to c>ry ! exp5ses z ^! mat]ials pass ?r\gh ! sl[ /ages ( manufacture until ! goods are f9ally f9i%$1 aft] :i* !y may h to be kept 9 /ock = a "t until ! deliv]y dates1 & !n1 aft] %ipm5t1 ! acc\nts h to be c>ri$ until ! bills are paid1 s t1 f ! "t ! manufactur] pays = 8 raw mat]ial until he f9ally receives pay = 8 goods is a v long p]iod4 ,loans ,made ,^u ,w>eh\se ,receipts ,! f9anc+ ( a bus9ess conduct$ 9 ?is way c be assi/$ by loans f w>eh\ses ^u /ocks ( raw mat]ial /or$ !re1 by bank accommodation1 & by facilities :i* c]ta9 banks give = ! ca%+ ( a sub/antial p]c5tage ( ^? acc\nts on ! books ( ! conc]n :i* ! cu/om]s h n disc\nt$ !mselves4 ,also1 9 h&l+ 8 m]*&ise 9 ?is way1 ! manufactur] mu/ h a ?or\gh und]/&+ ( ! be/ means ( m>ket+ 8 product1 & ?is c>e ( ! sell+ end is1 ( c\rse1 an add$ burd5 ^u 8 %\ld]s :i*1 9 _m cases1 he may n feel compet5t to h&le prop]ly4 ,!re=e1 ! comp>atively few conc]ns :i* d h suffici5t capital to sell directly1 9 addition to ! _m f great to small :o h n1 w m>ket _! product ?r\gh :at are kn[n z dry goods commission h\ses1 sometimes ref]r$ to z factors1 & simply z comm]cial bank]s4 ,! commission h\se sy/em1 z we h x "h1 does n exi/ any:]e else1 & its great gr[? 9 ! ,unit$ ,/ates has be5 l>gely due to c]ta9 peculi>ities 9 our bank+ me?ods1 :i* h prev5t$ mills--ev5 ^? ) a reasonably suffici5t supply ( capital--f obta9+ ! am\nt ( direct bank+ accommodation necess>y = _! ne$s4 ,! commission h\se1 9 its usual relations ) its mills1 und]takes to conduct ! sale ( _! products4 ,"s commission ag5ts insi/ ^u hav+ ! entire sell+ control ( all ( ! goods ! mill produces1 or at any rate1 ( all ! goods ( ! k9d :i* !y are equipp$ to sell4 ,o!rs1 aga91 w take ov] a p>tial sell+ control ( ! product ( a mill1 & v>i\s l9es ( ! same manufactur] may be f\nd (f]+ ?r\gh diff]5t *annels4 ,!re are "s obvi\s disadvantages connect$ ) ?is latt] proc$ure4 ,if ! mill is a v l>ge "o1 ! sell+ ag5t may h&le no goods except ! product ( t mill1 b 9 ! great majority ( cases1 ! factor w repres5t a consid]able numb] ( mills4 ,imm$iately on receipt ( ! invoices ( ! goods consign$ to ! sell+ ag5t1 ! mill c draw aga9/ !m a p]c5tage ( _! value1 previ\sly agre$ ^u1 usually ab\t two-?irds ( _! net sell+ price1 & ^u ^! loans int]e/ at ! rate ( #f is *>g$4 ,! diff]5ce betwe5 ! rate at :i* ! commission h\se c borr[ money1 79 normal times p]haps #d to #d-a_/b71 & ! #f :i* is usually *>g$ to ! mills1 con/itutes a consid]able "p ( ! pr(its ( ! factor's bus9ess4 ,factors ,provide ,sell+ ,facilities ,! factor (t5 provides a /ore1 toge!r ) a complete sell+ & (fice =ce1 & e facility = receiv+1 /or+1 sell+1 & %ipp+ ! goods1 & = f9anc+ ! bus9ess4 ,! salesm5 ( ! h\se travel ?r\gh\t ! c\ntry1 rea*+ all ! important m>kets1 & ! manag]s ( ! diff]5t dep>tm5ts1 :o ?us und]/& ! ne$s ( ! m>ket1 are 9 a position to advise ! mill ) intellig5ce & exactness z to ! k9d ( goods :i* %\ld be made to meet ! requirem5ts ( ! trade4 ,! co/ ( w>eh\s+ & ( insurance on ! m]*&ise is also paid by ! commission ag5t4 ,illu/ration3 ,sp9n+ room 9 a l>ge mill4 ,^! are all r+ sp9dles ,! prices at :i* ! goods are to be sold are fix$ by ! mill1 b1 ( c\rse1 !y w f9ally sell at prices det]m9$ by ! m>ket conditions4 ,z ! goods are sold1 ! am\nts :i* !y br+ are cr$it$ to ! mill1 less :atev] has be5 advanc$ aga9/ !m4 ,! sell+ ag5t also /&s ready1 no matt] on :at "t & t]ms ! goods may be sold1 to cr$it ! mill ) ! net value ( ! sale1 less #f int]e/ = ! unexpir$ "t )9 :i* ! cu/om] may pay1 & f ?is int]e/ *>ge also he secures "p ( 8 return4 ,( c\rse if bank rates are v high1 z !y sometimes are = %ort p]iods1 ! factor may be out ( pocket on ! int]e/ acc\nt1 in/ead ( mak+ pr(it4 ,z ! goods are sold1 s are ! equities 9 !m releas$1 & ! balance is cr$it$ to ! mill4 ,if1 h[ev]1 ! goods sell at a loss !re w be no equities com+ to ! mill1 &1 9 fact1 !re are n infrequ5tly defici5cies to make up4 ,= ^! s]vices1 & accord+ to ! nature ( ! goods be+ sold1 v>i\s commissions are *>g$1 usually rang+ betwe5 ! limits ( #d & #h ( ! net returns ( ! sales4 ,pla9 unf9i%$ goods :i* are m>ket$ 9 l>ge quantities are *>g$ = at a relatively l[ figure1 :ile fancy goods1 sold 9 small] quantities & requir+ m ef=t & exp5se to sell !m1 are *>g$ = at a high] figure4 ,! sell+ ag5t also gu>antees ! cr$its ( ! firms to :i* he sells1 s t no losses = bad debts c fall ^u ! manufactur]1 b1 at ! same "t1 he w decl9e ord]s f any conc]ns except ^? ) ^: cr$it he is entirely satisfi$4 ,n infrequ5tly :5 ! manufactur] conducts 8 own sell+ op]ations1 he w use ! facilities af=d$ by ! commission h\se = ! f9ancial "p ( ! bus9ess only1 tak+ advances on 8 goods1 hav+ 8 sales ca%$1 & 8 cr$its gu>ante$1 etc4 ,= ^! less] s]vices1 ( c\rse1 ! commissions *>g$ are small]4 ,:5 goods are *>g$ out1 ! bills are payable to ! commission h\se1 & s1 z f> z ! cu/om] is conc]n$1 ! commission h\se is ! pr9cipal 9 ! transaction4 ,9 _m cases c]ta9 modifi$ arrangem5ts are made1 b 9 mo/ in/ances ! bus9ess is conduct$ z h]e9 describ$1 & x may fairly be said t ! bulk ( ! dry goods ( all k9ds produc$ 9 ! ,unit$ ,/ates f9ds its way into ! m>ket ?r\gh commission h\se *annels4 ,mak+ ,pla9 ,goods = ,future ,ord]s ,x is ! policy ( mo/ cotton mills1 & c]ta9ly ( ^? mak+ pla9 goods1 to run /eadily all ! ye> r\nd1 & ?us ! commission ag5t1 :e!r he has secur$ advance ord]s on ! goods or n1 has con/antly fl[+ into 8 h&s an assur$ /ream ( m]*&ise :i* mu/ ev5tually1 :5 sold1 pay him a commission4 ,?us ! secur+ ( a good acc\nt means an assur$ s\rce ( rev5ue to ! commission ag5t4 ,!re are no m important sell+ organizations = textiles ?an ^! dry goods commission h\ses1 _m ( !m hav+ an imm5se & pr(itable turnov]1 & _! bus9esses are conduct$ on a v high plane ( effici5cy1 & probity1 al?\gh1 9 itself1 !re are _m evils att5dant ^u ?is me?od ( ! di/ribution ( m]*&ise1 & :i* ex]cise at times a mo/ adv]se influ5ce ^u ! well be+ ( ! mills ^: product is ?us dispos$ (4 ,/r5g? ( ,ag5ts ,makes ,pap] ,acceptable ,x is evid5t t no ord9>y capital w\ld be suffici5t = ! supply+ ( money on call to mills 9 ! imm5se quantity ne$$1 & x is "h t ! bank]'s capital is call$ into use4 ,! commission h\se is usually a conc]n ( sub/antial means1 sometimes v ri*1 & ne>ly always ( a f9ancial /&+1 :i* w give x1 on its own acc\nt1 an assur$ cr$it4 ,at c]ta9 times ( ! ye> ! calls = money f ! mills are great] ?an at o!r times1 & z %ipm5ts come =w>d1 & advances are requir$1 ! commission h\se1 9 ord] to put itself 9 funds1 w issue a s]ies ( its own notes 9 conv5i5t siz$ am\nts1 #e1jjj to #aj1jjj ea*1 = in/ance1 & w (f] ^! = sale1 ?r\gh its note brok]4 ,?is pap]1 :i* comm&s an advantage\sly l[ rate ( int]e/1 & :i* is issu$ = conv5i5t p]iods ( "t1 av]ag+ p]haps f\r mon?s1 is mu* s\ght aft] by banks & o!r in/itutions 9 prim>y m>kets & ?r\gh\t ! c\ntry wi%+ to inve/ curr5t funds 9 a safe & n unpr(itable m$ium4 ,?is pap] is s acceptable to banks n only because ! cr$it ( ! issu+ firm is beh9d x1 b also because x is kn[n t ! money :i* is obta9$ = ! notes w be l5t out to mills on ample collat]al4 ,! issu+ h\se is 9 a position s entirely safe t h>dly ev] c a "q arise z to its ability to take c>e ( its borr[+s4 ,,*apt] ,v ,f9anc+ ,cotton & ,cotton ,clo? ,no indu/ry %[s bett] ?an ! cotton indu/ry ! economic importance ( bank+ s]vice4 ,no indu/ry1 p]haps1 utilizes to su* a complete ext5t ! mod]n in/rum5ts ( cr$it1 nor is s dep5d5t ^u ^! in/rum5ts = its prop] function+4 ,at no po9t 9 ! progress f se$ to clo? is ! capital repres5t$ by ! cotton necess>ily or ev5 cu/om>ily ti$ up4 ,& n only may ! cotton itself at any /age be ! basis ( cr$it accommodation1 b also1 ! actual add$ value :i* ! labor ( any factor 9 ! *a9 may give to ! cotton may itself be realiz$ ^u 9 advance4 ,! cr$it possibilities ( ! indu/ry h gr[n ) ! admission ( acceptances to r$isc\nt 9 ! ,f$]al ,res]ve ,banks1 & ?is admissibility has likewise play$ a "p 9 ! pres5t gr[? ( ! w>eh\se sy/em1 ! lack ( :i* 0 a h&icap to ! indu/ry 9 pa/ ye>s4 ,cr$it ,necess>y f ,se$ to ,f9i%$ ,product ,9 consid]+ ! raw cotton & ! clo? m>ket x 0 necess>y to include "s acc\nt ( ! f9ancial & bank+ processes involv$ 9 ! v>i\s comm]cial transactions und]tak54 ,x is p]haps advisable1 h[ev]1 ev5 at ! risk ( "s repetition1 to give a quick survey ( ! f9ancial & cr$it aspects ( ! indu/ry z a :ole f ! "t ! cotton is plac$ 9 ! gr\nd up to ! actual sale to ! cutt]-up or ! jobb]4 ,! utilization ( cr$it beg9s1 z we h se51 ) ! v plant+ ( ! crop4 ,_m ( ! gr[]s1 ev5 ^? :o own _! f>ms1 are m5 ( limit$ means1 & are n able to pay = ! necess>ies ( life & ( labor dur+ ! long gr[+ season4 ,! c\ntry /orekeep]1 accord+ly1 9 return = a li5 on ! crop1 all[s !m cr$it at 8 /ore1 usually *>g+ int]e/ bas$ on ! mon?ly /atem5t ( _! l$g] acc\nts4 ,he 9 turn receives ! necess>y accommodation = 8 own pur*ases f ! local bank1 or f ! local buy] or factor ) :om he is affiliat$4 ,! high prices prevail+ dur+ ! pa/ few ye>s h und\bt$ly *ang$ to "s ext5t ! small gr[]'s f9ancial position4 ,ca% = ! ,gr[] ,f ! ,local ,bank ,! l>g] gr[]s1 or ! great corporations :i* let out cotton l&s to r5t]s1 usually op]ate ! /ores 9 _! villages ^u ! same basis1 cr$it be+ advanc$ aga9/ ! r5t]'s %>e ( ! gr[+ crop4 ,ev5 ^! l>ge corporations are seldom able to meet ! heavy dem&s ( ! gr[+ season )\t rec\rse to ! cr$it s]vice ( ^? to :om !y sell _! cotton1 or to ! local banks4 ,! banks1 or buy]s1 9 turn disc\nt at lea/ a proportion ( ! comm]cial pap] ?us creat$ ) _! correspond5t banks 9 ,new ,york1 ,bo/on1 or o!r f9ancial c5t]s4 ,?is cr$it arrangem5t1 x w be se51 is almo/ entirely bas$ on a moral risk1 ! li5 be+ made ^u ! gr[+ cotton :i* _c be liquidat$ until x is gr[n1 pick$1 & g9n$4 ,:5 ! crop is pick$1 x is weigh$ by ! m]*ant be=e x is g9n$1 & ! f>m] is cr$it$ on ! m]*ant's books ) ! am\nt due him1 ! balance 9 8 favor be+ giv5 him 9 ca%4 ,8 conc]n ) ! cotton is ?us end$4 ,9 ! ev5t t he is able to f9ance himself ?r\gh ! season he takes ! cotton directly to ! g91 & has x g9n$ & bal$ !re1 pay+ ! g9n]y = ! op]ation1 & sell+ ! cotton directly to a local buy] & ! se$ to an oil mill4 ,if ! g9 w>eh\se is available1 & he desires to wait = a m favorable opportunity to sell1 he may /ore ! cotton1 tak+ a g9 receipt = x1 aga9/ :i* ! cotton w ev5tually be deliv]$4 ,! g9 receipt may be collat]al = a loan f a cotton factor1 or f a local bank4 ,?us1 x w be se5 t ! gr[] receives accommodation ?r\gh\t 8 season1 & is paid ca% = 8 product :5 x is deliv]$4 ,?is arrangem5t puts a heavy /ra9 ^u ! cotton buy]s1 p>ticul>ly ^u ^? :o deal 9 l>ge lots = ! mills4 ,! me?od by :i* ! buy]s pay ! gr[]s is ?us describ$3 ,! buy]s make arrangem5ts ) ! local bank]s :]e ! g9s are locat$ = ! paym5t ( ! cotton1 ! banks furni%+ ! actual ca% aga9/ tickets issu$ by ! buy]'s repres5tatives1 hold+ ! tickets 9 "q z _! collat]al 9 ! meantime4 ,:5 a suffici5t am\nt ( cotton has be5 accumulat$ ! local bank]1 at ! reque/ ( ! buy]'s ag5t1 deliv]s ! tickets 9 "q to ! local ag5t ( ! railroad1 :o 9 turn issues a bill ( lad+ cov]+ ! %ipm5t to ! compress po9t1 :i* !n is atta*$ to ! draft drawn by ! buy]'s ag5t ^u ! buy]'s head (fice1 :i* draft includes ! price paid = ! cotton plus int]e/ & ex*ange *>g$ by ! local bank]1 :o is reimburs$ = ! am\nt ( ! draft ?us drawn4 ,:5 ?is cotton is ready = export 7or = %ipm5t to ! mill 9 ! ,unit$ ,/ates7 local bills ( lad+1 cov]+ %ipm5t f po9t ( orig9 to compress po9t1 are ex*ang$ by ! cotton buy]'s bank] = local bills ( lad+ to port or = ?r\gh bills ( lad+4 ,illu/ration3 ,pick$ #ajj p\nds today ,:5 cotton is b\ght at compress po9ts1 compress receipts in/ead ( tickets are deliv]$ to ! local bank]1 :o pays = ! cotton z pur*as$ by ! buy]'s repres5tative f "t to "t4 ,:5 a suffici5t am\nt ( cotton is ready = %ipm5t ! compress receipts are ex*ang$ by ! bank] = local bills ( lad+ to port 7or to mill71 or ?r\gh bills ( lad+1 z ! case may be4 ,^! bills ( lad+ are atta*$ to ! draft drawn by ! repres5tative on ! head (fice ( ! buy]1 ! local bank be+ reimburs$ = ! am\nt ?us drawn4 ,buy]s mu/ necess>ily hold great quantities ( cotton 9 /orage1 = !y buy :atev] cotton is (f]$1 & mu/ sell1 z we h se51 c]ta9 grades & qualities to ! mills 9 ord] t !y may weave ! clo? = :i* _! ord]s call4 ,cotton mu/1 !re=e1 be held 9 /orage1 ei!r at ! compress po9ts1 :i* is usual1 or at w>eh\ses op]at$ by factors1 or by indep5d5t corporations1 or 9 _! own w>eh\ses4 ,:ile ! buy]s by ca% paym5ts are conc5trat+ ! cotton necess>y to fill _! dome/ic or =eign ord]s1 _! ne$ = funds is a press+ "o4 ,_! arrangem5ts ) local banks we h se54 ,:5 ! cotton is %ipp$1 ! local bank1 by means ( drafts on ! buy]'s head (fice1 is reliev$ ( ! burd5 x has be5 c>ry+1 b ! cotton /ill repres5ts capital1 & if t capital is to cont9ue to e>n its wages x mu/ be ! basis = cr$it4 ,! factors & l>ge banks 9 ,new ,york or ,bo/on1 :i* h be5 assi/+ ! local bank1 mu/ n[ assi/ ! buy] & ! w>eh\seman4 ,! me?ods by :i* ?is burd5 is %ift$ to ! l>g] banks are v>i$1 & we c consid] only "o or two ( _! aspects4 ,same ,mills ,pay ,ca%1 ,reliev+ ,factors ( ,burd5 ,"s ( ! l>g] ,new ,engl& mills pay ca% = ! cotton :i* is %ipp$ to !m1 buy+ suffici5t 9 ! season to c>ry !m ?r\gh1 or ne>ly ?r\gh1 ! ye>4 ,_! buy]s1 !re=e1 ne$ support1 if !y ne$ x at all1 only dur+ ! p]iod ( conc5tration4 ,!y may h _! private bank+ arrangem5ts1 & may be able to utilize _! w>eh\se receipts or bills ( lad+1 or _! m]e notes bas$ ^u mix$ collat]al1 = an advance ( sixty to sev5ty-five p] c5t4 ( ! value ( ! cotton1 ! l9e hav+ be5 arrang$ 9 advance4 ,cr$it may be obta9$ by ! buy] directly f ! w>eh\seman1 :o ?us becomes a factor 9 8 own "r1 be+ support$ by arrangem5ts previ\sly made ) 8 own bank4 ,cr$it may also be obta9$ f a bank1 ^u bills ( lad+ :i* are ex*ang$ = w>eh\se receipts :5 ! cotton is deliv]$ at ! port or at any w>eh\s+ po9t2 or ! cr$it obta9$ f ! bank may be settl$ & a new cr$it op5$ ) ! w>eh\seman :5 ! cotton is %ift$ f c>s to /orage4 ,w>eh\sem5 z ,factors ( ,gr[+ ,importance ,! gr[+ importance ( ! w>eh\seman has be5 m5tion$4 ,8 s]vices h develop$ ) ! ne$ ( mills = great] cr$it1 & _! unwill+ness to tie up _! work+ capital 9 cotton held 9 _! own w>eh\ses4 ,mills :i* =m]ly b\ght all _! ye>'s supply dur+ ! buy+ season1 s-call$1 n[ take _! cotton f w>eh\ses z !y want x1 buy+ x f _! buy]s1 & mak+ paym5t accord+ to ! individual /&+ arrangem5ts4 ,! adv5t ( ! w>eh\seman :o is ei!r a bank]1 or closely affiliat$ ) a bank1 has und\bt$ly done mu* to make ! f9anc+ ( cotton a m ela/ic & feasible proposition1 di/ribut+ ! risk ov] a wid] circle & mak+ cr$it m readily available at any po9t 9 ! succession4 ,illu/ration3 ,weigh+ g9 bales 9 a g9n]y y>d ,illu/ration3 ,cotton w>eh\ses 9 ! ,s\? ,! mill1 we h se51 frequ5tly pays ca% = its raw /ock1 or else buys ^u %ort t]m notes4 ,! av]age mill does n h a work+ capital l>ge en\gh to enable x to tie up ! ?\s&s ( doll>s necess>y = su* a proce$+1 z well z ! funds :i* mu/ con/antly be paid out = wages1 = op]ation exp5ses ( all k9ds1 = upkeep1 & all o!r ov]head4 ,mills1 z a matt] ( fact1 are frequ5t borr[]s1 ei!r f g5]al banks1 or f textile banks or factors1 or f _! sell+ ag5ts1 :o1 z we h se51 comb9e _! prim>y & orig9al function ( sell+ ) t ( supply+ f9ancial assi/ance4 ,mills :i* pur*ase cotton f _! buy]s & pay ca%1 or approximately ca%1 = x1 usually buy su* cotton to fill ord]s :i* !y h already receiv$ f _! sell+ ag5ts4 ,!y may1 9 c]ta9 in/ances1 obta9 an advance f _! ag5ts ( a proportion ( ! :ole sell+ price ( ! ord]1 & out ( t advance pay = ! pur*ase ( cotton1 or !y may hold ! cotton 9 w>eh\ses1 us+ x only z ne$$1 & putt+ up ! w>eh\se receipts z collat]al = loans4 ,! raw cotton itself1 h[ev]1 repres5ts only a portion ( ! mill's op]at+ exp5ses & x _c be ! entire basis = f9ancial op]ations ( ! magnitude (t5 ne$$4 ,^! broad] f9ancial wants may be met out ( ! prospective sell+ price ( ! clo? by means ( loans f ! sell+ ag5t2 or1 !y may be met by direct relations ) a comm]cial bank1 :i* may make loans on ord9>y collat]al1 on acceptances1 or1 z frequ5tly happ5s 9 ! case ( mills ( und\bt$ integrity1 on ! m]e note ( ! company op]at+ ! mill4 ,sell+ ,ag5t ,may ,%ift ,burd5 to ,banks ,:5 ! burd5 is assum$ by ! sell+ ag5t1 or factor1 he 9 turn may %ift x to ! bank1 ei!r by indors+ ! note ( ! mill1 or by indors+ ! note ( ! pur*as] ( ! clo? or by borr[+ directly f ! bank on 8 own pap]4 ,! conv]t]1 z a rule1 is n a factor1 b a m]*ant pure & simple1 seek+ accommodations f a factor or a bank z 8 ne$s may require x4 ,inasmu* z he usually buys = ca% or on %ort-t]m notes1 & sells to jobb]s or retail]s ^u m ext5d$ t]ms1 8 ne$s are frequ5tly heavy4 ,8 relation ) 8 factor may be1 & frequ5tly is1 ^u ! basis ( acc\nts receivable1 or he may borr[ ^u 8 own collat]al1 or1 if he is c\nt$ an ,a#a risk1 ^u 8 unsecur$ note4 ,^!1 9 brief are ! f9ancial /eps 9 ! progress ( cotton f ! gr[] to ! jobb]4 ,a cursory view is all t is possible1 because 9 ! words ( a textile bank] ( /&+ e textile bank+ transaction is a law unto itself4 ,yet en\gh has be5 said to %[ ! all-important "p :i* bank+ plays 9 ! cotton indu/ry1 & to indicate h[ dep5d5t are ! turn+ ( :eels & ! di/ribution ( cotton & ( clo? ^u ! cr$it :i* banks & bank]s are able to provide4 ,factors & ,_! ,wide ,f9ancial ,s]vice ,frequ5t use has be5 made ( ! ^w factor1 & no adequate def9ition ( its mean+ has yet be5 giv54 ,! factor is1 briefly1 ! comm]cial bank] ( ! indu/ry1 & 8 duty is to provide1 at any /age ( ! cotton process1 ! f9ancial assi/ance :i* may be necess>y1 ei!r f 8 own res\rces or ?r\gh 8 affiliations ) "s l>ge bank4 ,x is true1 ( c\rse1 t "s factors "w only ) ^? deal+ 9 raw /ock1 & "s conf9e _! s]vices to mills4 ,"s factors are cotton buy]s1 "s are sell+ ag5ts1 "s deal ) buy]s & "s deal ) sell+ ag5ts4 ,"s are employ$ only by ! mills4 ,rec5tly1 h[ev]1 ! t5d5cy has be5 to develop "u "o ro( a unit in/itution capable ( h&l+ e textile bank+ transaction4 ,x w be int]e/+ to enum]ate "h1 briefly1 ! v>i\s functions & facilities ( "o su* in/itution3 #a4 ,x makes loans to cotton buy]s & to mills on cotton held 9 w>eh\ses or 9 transit4 #b4 ,x *ecks ! cr$it ( ! mill's prospective cu/om]s4 #c4 ,x ca%es acc\nts receivable4 #d4 ,x makes advances aga9/ m]*&ise = ! acc\nt ( mill1 conv]t]1 or jobb]4 #e4 ,x f9ances m]*&ise & raw mat]ial requirem5ts1 & curr5t op]ations4 #f4 ,x deals 9 acceptances1 specializ+1 ( c\rse1 ^u pap] aris+ out ( transactions 9 ! textile indu/ry4 #g4 ,x ma9ta9s an ,indu/rial ,dep>tm5t1 :i* includes3 7a7 ! s]vices ( a consult+ ar*itect1 exp]t 9 mill con/ruction4 7b7 ! s]vices ( a production eng9e]1 skill$ 9 ! lay+ out ( plants 9 ! l9e ( greate/ effici5cy1 & 9 diagnos+ & correct+ ! production mi/akes ( an ineffici5t mill4 7c7 in=mation z to ! newe/ mill practice1 :i* x is ready to provide = its cli5ts & o!rs4 7d7 read9ess to assi/ cu/om]s 9 ! expansion ( _! bus9ess ei!r by f9anc+ new mill con/ruction or by provid+ sales repres5tatives 9 o!r c\ntries4 7e7 ma9t5ance (fices abroad1 ei!r = ! buy+ or sell+ ( textiles or equipm5t1 or raw mat]ials1 or = ! complete & direct f9anc+ ( su* transactions4 ,,*apt] ,,vi ,am]ican ,clo? 9 ,=eign ,m>kets ,we h se5 t ! ,am]ican cotton gr[] supplies m ?an half ( ! _w's dem& = raw cotton4 ,! cotton manufactur] 9 ! ,unit$ ,/ates is 9 no su* position4 ,?is is n to say t ,am]ican cotton goods are n export$ 9 v consid]able am\nts4 ,f ! inception ( ! indu/ry 9 ?is c\ntry v>y+ p]c5tages ( ! total product h be5 s5t abroad4 ,! foll[+ table1 tak5 f ! ,unit$ ,/ates ,/ati/ical ,ab/ract 7#aiaj7 %[s ! av]age annual exports ( cotton goods = ! five ye> p]iods nam$1 express$ 9 millions ( doll>s3 ,uncolor$ ,color$ ,total ,clo? ,clo? ,o!r #ahef-fj #g4e #b4d #b4c #b4h #ahfa-fe #c4g 4#d 4#i #b4d #ahff-gj #d4a 4#i 4#c #b4h #ahga-ge #c4a #a4g 4#f 4#g #ahgf-hj #aj4j #f4a #b4f #a4b #ahha-he #ac4j #h4j #b4i #b4a #ahhf-ij #ab4d #g4d #c4b #a4f #ahia-ie #ac4c #g4g #c4j #b4e #ahif-aijj #bj4d #aa4f #d4d #d4c #aija-je #ca4c #ag4b #g4j #g4j #aijf-aj #ce4a #af4h #g4b #aa4j ,! irregul>ity ( ! export trade1 z %[n by ^! figures1 has be5 expla9$ on sev]al gr\nds1 ! *ief factors be+1 app>5tly1 ! fluctuations 9 ! prosp]ity & consequ5tly 9 ! buy+ p[] ( ! home m>ket1 & ! pressure ^u ! home m>ket ex]t$ by ! rapid gr[? ( cotton manufactur+ 9 ! ,s\?4 ,! normal position ( ! ,unit$ ,/ates z an export] ( cotton goods is %[n by ! foll[+ table1 :i* gives ! exports ( ! *ief manufactur+ c\ntries 9 ! ye> be=e ! w> 7! figures = #aiae are also giv5 because !y %[ ! *anges :i* _h already begun73 #aiac #aiae ,unit$ ,k+dom #fah1jjj1jjj #dah1jjj1jjj ,g]many #aag1jjj1jjj #cj1ajj1jjj ,france #gh1jjj1jjj #fj1jjj1jjj ,japan #eh1jjj1jjj #ie1hjj1jjj ,unit$ ,/ates #ee1ejj1jjj #fj1bjj1jjj ,switz]l& #ej1cjj1jjj #fe1hjj1jjj ,italy #dg1hjj1jjj #cj1ejj1jjj ,india #ch1ijj1jjj #bg1cjj1jjj ,holl& #cj1ijj1jjj ,au/ria ,hung>y #bg1hjj1jjj ,belgium #bc1gjj1jjj ,russia #bb1ejj1jjj #ai1gjj1jjj;,b ,spa9 #h1cjj1jjj #ag1djj1jjj ,*9a #a1djj1jjj #b1ajj1jjj ----- ,b ,elev5 mon?s4 ,?us1 despite ! v rem>kable gr[? :i* _h tak5 place betwe5 #aiaj & #aiac1 ! ,unit$ ,/ates rank$ fif? among ! nations export+ cotton goods4 ,! reasons = ?is might be summ$ up 9 almo/ a ^w4 ,! attractiv5ess & rapid gr[? ( ! home m>ket provid$ an outlet = practically ! :ole output ( ,am]ican mills4 ,) high prices prevail+ 9 ! home m>ket1 ! manufactur] 0 n call$ ^u to ex]t himself to /imulate sales 9 regions :]e competition w\ld inevitably be ke5 & pr(its small4 ,m9or ,h&icaps to ,trade ,developm5t ,support+ ?is ma9 objection !re h be5 o!rs4 ,until rec5tly ! bank+ facilities abroad 7 insuffici5t to ! ne$s ( a great] comm]ce2 & %ipp+ facilities1 9 pre-w> days1 7 n su* z to make regul> %ipm5ts possible to _m =eign m>kets4 ,ov] ^! conditions manufactur]s _h n direct control1 b !re 7 o!r matt]s 9 :i* _! own %ort-com+s 7 all too evid5t4 ,!re is little ne$ to li/ aga9 ! famili> compla9ts1 kn[n to e read] ( ,comm]ce ,reports & ! export magaz9es4 ,faulty pack+ & insuffici5t att5tion to ord]s 7 ! mo/ frequ5t4 ,! =m] 0 und\bt$ly due to inexp]i5ce1 & ! latt] to ! t5d5cy ( ! manufactur] or m]*ant to consid] ! =eign m>ket z a place = dispos+ ( a surplus unsalable at home4 ,to ?is attitude may also be attribut$ ! frequ5cy ) :i* %ipm5ts = :i* ord]s _h be5 accept$ h be5 delay$ or ov]look$ altoge!r4 ,illu/ration3 ,compress bales await+ export on a ,savannah :>f ,! =eign m>ket rema9$ = ! ,am]ican manufactur] a prize s di/ant & ( su* que/ionable value t he 0 simply n will+ to make ! ef=t & sp5d ! money t w\ld be necess>y to compete ) ,briti%1 ,g]man1 ,fr5*1 & o!r sell]s4 ,he w\ld h _h to "k local cu/oms & ta/es1 & all ! details t he _h s ardu\sly acquir$ a k ( = ! home m>ket4 ,! "t 0 n ripe4 ,u4 ,s4 ,export ,trade ,z ,affect$ ,by ,w> ,! w> s]v$ to dis>range ! sy/em ( cotton clo? di/ribution ( ! :ole _w4 ,x is n[ a commonplace to say t ! ,unit$ ,/ates1 by ! cutt+ (f ( ! usual s\rces ( supply1 succe$$ = ! fir/ "t 9 ent]+ 9 =ce m>kets :i* hi!rto _h be5 clos$4 ,x w\ld probably be tru] to say t =eign buy]s1 f9d+ x impossible to secure _! cu/om>y supply f _! regul> s\rces1 came to ! ,unit$ ,/ates & ask$ ,am]ican manufactur]s to supply _! imp]ative wants4 ,j :at ?is meant is f\nd 9 ! /atem5t t :ile 9 #aiac our total exports ( cotton goods am\nt$ to ab\t #dde1jjj1jjj y>ds1 9 #aiag ! figure 0 ab\t #fij1jjj1jjj y>ds1 an increase ( fifty-five p] c5t4 ,! increase1 moreov]1 has be5 9 ! color$ cottons1 ! uncolor$ clo?s %[+ an actual decrease4 ,! ,unit$ ,k+dom1 dur+ #aiag1 export$ ne>ly #e1jjj1jjj1jjj y>ds ( clo?1 s !re is no imm$iate prospect t ! ,unit$ ,/ates w be a dang]\s competitor = t c\ntry1 except 9 a few limit$ l9es & 9 a few m>kets4 ,! *ief ga9 to ! ,am]ican cotton indu/ry br\ght by ! w> 0 ! opportunity x gave m]*ants to introduce _! goods abroad at a "t :5 loss 0 next to impossible4 ,op]at+ at an assur$ pr(it !y 7 able to le>n ! m>kets )\t ! long & disc\rag+ fight :i* w\ld h be5 necess>y _h ! competitive p[] ( ! o!r nations be5 at full =ce4 ,if1 z seems likely1 ! economic =ces :i* project$ ! ,unit$ ,/ates s sudd5ly & dramatically into ! _w's m>kets %all cont9ue to op]ate1 !n ! future w see a fur!r developm5t ( our sales4 ,future ( ,=eign ,sales ,& ,probable ,m>kets ,our be/ & mo/ p]man5t m>kets are probably to be f\nd 9 su* c\ntries z ,cuba1 ,mexico1 ! ,philipp9es1 ,c5tral & ,s\? ,am]ica1 &1 to a c]ta9 ext5t1 ,canada & ,au/ralia1 & p>ts ( ,asia & ,africa4 ,to be sure1 competition w h to be met bo? f ,european c\ntries & f ,japan1 ^: developm5t 9 ! cotton indu/ry 9 rec5t ye>s has be5 no?+ %ort ( ph5om5al4 ,%e has practically d\bl$ ! numb] ( h] sp9dles 9 ! la/ t5 ye>s1 & h] competition has already be5 felt1 = in/ance1 9 ,*9a1 :]e ,am]ican gray goods h be5 practically elim9at$ f ! m>ket4 ,o!r gr[+ m>kets = ,japanese cotton goods are ,s\? ,africa1 ,au/ralia1 ,india1 & ! we/ coa/ ( ,s\? ,am]ica4 ,9 ,cuba & ! ,philipp9e ,isl&s1 ! ,unit$ ,/ates has ! advantage ( a pref]5tial t>iff agreem5t & excell5t %ipp+ facilities4 ,9 ,canada & ,au/ralia our cotton goods are popul> b ! t>iff duties are 9 favor ( ,great ,brita94 ,9 ! ,dut* ,ea/ ,indies !re is at pres5t a good opportunity = gett+ a foo?old 9 ! :ite goods trade4 ,arg5t9a has lately be5 our be/ m>ket = cotton goods1 & z ! imports ( cotton products into t c\ntry am\nt$ to #fe1jjj1jjj 9 #aiaf1 ?is trade is wor? ! int5sive ef=ts :i* are n[ be+ made to cl9* x4 ,future ,developm5t ,up to ,m]*ants ,on ! we/ coa/ ( ,s\? ,am]ica1 z 9 ! ,manila m>ket1 !re are e/abli%$ ,am]ican trad+ firms t are do+ ext5sive developm5t "w & _! ef=ts h produc$ favorable results4 ,9 ! o!r ,lat9-,am]ican m>kets !re are practically no local ,am]ican firms & 9 none ( !m h ! possibilities ( ! trade be5 m ?an t\*$4 ,! g5]al op9ion seems to be t if ! ,unit$ ,/ates is to keep :at %e has ga9$ by ! w> 9 ! cotton goods trade ! same c>e & aggressiv5ess w h to be %[n 9 ! =eign z 9 ! dome/ic trade4 ,engl&'s position today z ! =emo/ export] ( cotton manufactures is ! result ( c>eful /udy ( =eign m>kets & _! requirem5ts1 ( cat]+ to ! ta/es ( ! p1 ( aggressive adv]tis+1 ( compet5t =eign salesm51 ( reliability 9 fill+ ord]s1 ( good pack+1 & ( m or less lib]al cr$it t]ms4 ,manufactur]s 9 ! ,unit$ ,/ates w h to foll[ ! same proc$ure if ?is c\ntry is to keep h] pres5t position 9 int]national trade4 ,,*apt] ,,vii ,"s ( ! ,gr[]'s ,problems ,e>ly 9 ! spr+1 ! f>m h&s beg9 ! "w ( gett+ ! se$ b$s ready4 ,upl& fields h to be t]rac$1 dit*$1 & dra9$ by an elaborate process be=e ! "w is well begun4 ,pl[+ & sub-soil+ are ! lea/ ( ! plant]'s worries4 ,he mu/ (t5 *op la/ ye>'s /alks ) a disc h>r[ or ) a /alk cutt]4 ,! spike too? or ! disc h>r[ mu/ "w aga9 aft] ! pl[+ is f9i%$4 ,x is cu/om>y to plant cotton 9 a slightly rais$ b$1 9 ord] t ?9n+ may be m easily done1 & t ! soil may be m quickly w>m$4 ,mu* plant+ is /ill done by h&1 "o man dropp+ ! se$s 9 ! long /raight furr[ & ano!r foll[+ close beh9d him ) a hoe1 cov]+ !m up2 b ( late ye>s ! "o-horse plant] & ! two-horse comb9$ li/] & plant] h come into vogue1 &1 n[ t ! tractor is bo? *eap & s]viceable1 x is possible to plant two or m r[s at a "t4 ,! ,long ,season ( ,int5sive ,cultivation ,:5 ! t9y se$l+s fir/ appe> above ! fragrant mell[ soil1 ! plant]'s "w is well begun1 b x is only begun1 = !n comes ! season ( cultivat+ & ?9n+ out4 ,z soon z !re are two or ?ree in*es ( gr[?1 ! fir/ cultivation takes place4 ,h[ _m times ! field is cultivat$ dep5ds on ! plant]1 ! nature ( ! soil1 ! availability ( labor & o!r factors4 ,b ! g5]al rule is1 ! m cultivations1 ! m cotton4 ,! fir/ cultivation scrapes away ! soil f ! plants1 leav+ !m on a small ridge1 :]e ! ?9n+-out process c easily be done ) a hoe4 ,! /alks are left f fifte5 to tw5ty in*es ap>t 9 ! hill1 ! r[s be+ usually ab\t ?ree & a half feet ap>t4 ,! next cultivation1 usually ) a sweep1 pu%es ! soil back aga9/ ! plants4 ,!n beg9s ! f>m]'s fight aga9/ ! we$s1 ea* ( :i* seems /urdi] & h>d] to eradicate ?an its pr$ecessor4 ,usually cultivation mu/ take place ab\t e ?ree weeks4 ,9 ,june1 on ! av]age1 ! bell-%ap$ blossoms appe>4 ,on ! fir/ day !y are cream color$ or :ite2 on ! second day1 !y *ange to a beautiful wild-rose p9k1 deep5+ t[>d ev5+ to a deep] mag5ta or c>nation4 ,on ! ?ird day !y fade completely1 & ! developm5t ( ! boll beg9s4 ,! ,_m ,enemies ( ! ,gr[+ ,boll ,( ! plants ^u :i* humanity dep5ds1 ! v>i\s species ( ! g5us ,gossypium h probably m enemies1 & m rel5tless enemies1 ?an any o!r4 ,besides army worms1 cut worms1 locu/s1 gre5 flies1 leaf bugs1 bli/] mites1 & sev]al o!rs1 nature has produc$ & r5d]$ extremely prolific & h>dy1 ^! two p>ticul> pe/s1 ! boll weevil & ! boll worm4 ,x is said t ! collective attacks ( all ! insects :i* fe$ ^u cotton co/ ! c\ntry 9 ! neighborhood ( #fj1jjj1jjj e ye> at pre-w> prices4 ,! little gray beetle t ! _w kn[s z ! cotton boll weevil is responsible = mo/ ( ?is4 ,! "m weevil lays h] eggs 9 ! bud4 ,z ! grubs f ! eggs develop1 ! bud drops4 ,if a weevil arrives on ! sc5e aft] ! bolls h begun to =m1 %e lays h] eggs 9 ^? ) a f9e indiff]5ce4 ,^! bolls w n drop1 b ! grubs ru9 ! cotton !y conta94 ,!re h be5 num]\s inve/igations & exp]im5ts made to develop a v>iety ( cotton imp]vi\s to ! weevil's attacks1 z well z to f9d ano!r insect will+ to meet him 9 combat & ov]come him4 ,guatamalan cotton is said to be immune & ef=ts are be+ made to transplant x to ! ,unit$ ,/ates4 ,a small ant-l creature call$ a kelep has also be5 f\nd1 :i* attacks1 kills & dev\rs ! weevil1 b1 un=tunately1 ! kelep pref]s a w>m] clime1 & p9es away & dies 9 ev5 ! mild w9t]s ( ! cotton belt4 ,! boll worm is v simil> to ! corn worm ) :i* all h\sewives are famili>1 & inde$ corn is its favorite diet4 ,b cotton w d 9 a p9*1 &1 next to ! weevil1 he ru9s m cotton ?an any o!r pe/4 ,! boll weevil co/ ! c\ntry ab\t #be1jjj1jjj ye>ly1 pre-w> prices1 & ! boll worm ab\t #ab1ejj1jjj ye>ly1 en\gh to ju/ify an ev5 great] exp5diture = inve/igation & eradication ?an has yet be5 made4 ,despite ! ravage ( insects & diseases1 :5 a well-t5d$ field ( cotton is rip5+1 "o w\ld ?9k f ! numb] ( bolls p] plant1 t ! own]'s =tune 0 surely made4 ,un=tunately1 ! plants %$ bolls z well z buds & fl[]s1 9 great numb]s4 ,x has frequ5tly be5 not$ t ev5 well-f]tiliz$ plants ^u good1 c>efully cultivat$ soil1 w mature only fifte5 to tw5ty p] c5t4 ( ! bolls produc$4 ,illu/ration3 ,cotton blossoms & bolls at v>i\s /ages ( gr[? ,! plant] w tell y t he w\ld be will+ to /& ! boll weevil1 ! dropp$ bolls1 ! extra cultivations1 & all ! rema9d] ( x1 if he c\ld only be sure t cotton :i* did mature w\ld be pick$ :5 x %\ld be pick$1 & pick$ ) rapidity & c>e4 ,pick+ is ! mo/ labori\s1 z x is ! mo/ picturesque op]ation on ! plantation4 ,_m types ( ma*9e pick]s h be5 introduc$1 b !re are few plant]s :o w admit t any ( !m suits 8 p>ticul> ne$s4 ,n[1 z a hundr$ ye>s ago1 ! pick+ is done by h&4 ,x is a simple op]ation1 s simple t *ildr5 t5 ye>s old c d x1 & wom5 excel 9 x4 ,b ! be/ pick]s r>ely av]age m ?an a hundr$ p\nds a day1 & mo/ ( !m pull mu* less4 ,c>eless "w plays its "p1 too1 = cotton is easily dropp$ f ! boll & soil$ or lo/ altoge!r4 ,leaves & twigs z well z ! %ell ( ! boll frequ5tly cl+ to ! fib]1 & are pick$ ) x1 & all ^! ?+s t5d to dirty & discolor x1 & less5 its m>ketability4 ,x requires ab\t ?ree p\nds ( cotton ) ! se$ 9 x1 z pick$1 to produce "o p\nd ( g9n$ or l9t cotton4 ,!re 7 9 ! ,unit$ ,/ates1 9 #aiag1 a total ( #bd1bgb g9n]ies1 ( :i* #c1iba 7 idle4 ,ea* active g9 produc$ an av]age ( #ebf bales runn+ bales ( cotton4 ,! numb] ( g9s %[s a t5d5cy to decrease e ye>1 n rapidly1 b surely1 & ?is despite ! opposite t5d5cy ( ! crop4 ,! ,:itney g9 ( ! old days has be5 improv$ beyond ! dreams ( its inv5tor4 ,he boa/$ t "o man c\ld d z mu* ) 8 ma*9e z t5 m5 )\t x4 ,today's g9 av]ages ab\t five bales a day--a quantity :i* ! negro ( old w\ld f9d difficult to turn out 9 a ye>4 ,to ! g9 !n1 :i* is locat$ ei!r on ! plantation or 9 ! imm$iate neighborhood1 ! mule drawn wagons1 driv5 by negroes z a rule1 br+ _! loads ( cotton4 ,illu/ration3 ,g9 bale & compress bale %[+ r$uc$ bulk ( latt] ,z ! d[ny l9t1 pull$ f ! t5aci\s se$s1 rolls into ! receiv+ b9 ( ! g91 ! huge compressors are put to "w4 ,! co>se jute bagg+ is on h&1 & ! /eel /raps spread out4 ,! g9 bal]s z a rule turn out a bale measur+ approximately #bh by #ef by #db in*es1 & weigh+ approximately #ejj p\nds includ+ tw5ty p\nds ( bagg+ & /raps4 ,! cotton1 9 be+ sep>at$ f its se$s1 has lo/ ab\t two-?irds ( its weight4 ,b ! fir/ process 9 ! long s]ies t manufactur+ entails has be5 complet$1 & ! cotton is ready to beg9 its long j\rney to ! mill4 ,x is usually c>t$ to ! ne>e/ railroad /ation1 & f !re %ipp$ to ! compress+ po9t4 ,! small f>m] almo/ always gets 8 money = ! cotton z x leaves ! g94 ,8 int]e/ 9 x1 !re=e1 is end$ :5 ! buy] !re pays him ! curr5t price4 ,! cotton is a m>ket commodity f t "t =?4 ,! compress is a l>ge & p[]ful hydraulic press1 ^: function is to =ce ! loosely pack$ g9 bale into a d5sity t w make its h&l+ by ! railroads1 %ips1 & w>eh\ses m easy & economical4 ,! compresses are frequ5tly own$ by ! railroads4 ,g9 ,bales & ,compress ,bales ,be=e be+ compress$1 ! bales are sort$ accord+ to grade1 & are !n compress$ into a small] siz$ bale1 measur+ approximately #bh by #ef by #ah in*es1 ) a d5sity ( f tw5ty-eight to ?irty p\nds a squ>e foot4 ,x is ?is bale :i* is h&l$ f t "t =?1 :e!r x be = export1 = consumption 9 ,nor!rn or ,s\!rn mills1 or :e!r1 z sometimes happ5s1 x is %ipp$ f place to place z m>ket conditions *ange1 & ! price (f]$ makes re%ipm5t pr(itable4 ,movem5t = ,improv+ ! ,bale ,x is enc\rag+ to note t ! w> br\ght ab\t1 "u ,gov]nm5t auspices1 a v def9ite movem5t = ! improvem5t ( ! bale4 ,! proposal dem&s ! in/allation ( high pressure bal+ ma*9es at ! g91 capable ( produc+ a bale ) a d5sity ( ?irty-five p\nds a cubic foot4 ,! trad+ unit 9 cotton is "o hundr$ bales1 & su* a compression w\ld mean t "o hundr$ bales c\ld be load$ into a s+le freight c>1 & %ipp$ directly to ! export po9t or w>eh\se4 ,! pres5t practice requires ?ree c>s to c>ry ! g9n]y bales to ! compressor1 & two c>s to c>ry ! compress$ bales to ! port1 w>eh\se1 or mill4 ,! sav+ 9 freight & h&l+ is obvi\s4 ,x ne$s only a glance at ! photograph ( ! two bales side by side to see ! possible sav+ 9 wa/e & city crop1 or t>e4 ,! ob/acles 9 ! way ( su* an improvem5t are ^? :i* face any revolution>y *ange 9 comm]cial me?ods4 ,e/abli%$ practice1 inve/$ capital1 & ! natural cons]vatism ( human nature militate aga9/ quick improvem5t4 ,,*apt] ,,viii ,9 ! ,cotton ,mill ,! manufacture ( cotton clo? may be divid$ into five dep>tm5ts3 #a4 ,prep>atory processes3 ,op5+1 c>d+1 comb+1 & draw+4 #b4 ,sp9n+4 #c4 ,spool+1 w>p+1 siz+1 sla%+1 ent]+ or draw+-94 #d4 ,weav+4 #e4 ,conv]t+ & f9i%+1 includ+ blea*+1 m]c]iz+1 dy+1 pr9t+1 & f9i%+4 ,be=e ! cotton fib] c be spun into ! y>n f :i* ! clo? is wov51 ! bales mu/ be brok5 op51 ! impurities remov$1 & ! fib]s arrang$ s t !y are p>allel & conta9 no bun*es or tangles4 ,c>e 9 ^! processes has become m & m necess>y & important z ! dem& = a high] quality ( clo?1 possess+ great] /r5g? & ev5ness1 has be5 develop$4 ,h5ce1 "s ( ! mo/ elaborate1 complex1 & admirable ma*9]y 9 ! mill is t devot$ to ^! prep>atory processes4 ,! pr9ciple involv$ is always t ( ?or\ghly clean+ ! mat]ial1 !n op5+ x s t e fib] %all be ?or\ghly sep>at$ f its fell[s1 & !n /raight5+ out ! fib]s1 no matt] :at types ( ma*9es may be us$4 ,convey+ ,fib] ,by ,air ,bla/ ,! heavy laps ( cotton are fir/ ?r[n directly f ! bale into ! break]1 & ! cotton is !n usually bl[n ?r\gh l>ge pipes f ! room 9 :i* ! bales are brok5 to ! room 9 :i* ! op5]s are locat$4 ,! functions ( ! op5] are two4 ,! fir/ is to clean f ! cotton ! dirt & bits ( leaf1 pod1 & =eign sub/ances1 :i* may h clung to ! fib] z x pass$ ?r\gh ! g9 back on ! plantation4 ,! second is to roll ! cotton into a m or less regul> lap1 z x is call$4 ,! ,en]getic ,op5] ,at ,"w ,z ! cotton goes into ! op5] 7see diagram on foll[+ page71 du/y & dirty1 x is seiz$ by /rong tee? fa/5$ ^u a l>ge cyl9d] 7,a71 revolv+ rapidly1 & is flung by c5trifugal =ce aga9/ an iron grid 7,b7 "t aft] "t4 ,sometimes !re is a /rong curr5t ( air bl[+ ?r\gh ! tangl$ mass1 help+ to loos5 ! p>ticles4 ,! dirt comes out ?r\gh ! grid & is c>ri$ away1 :ile ! l9t itself1 aft] be+ c>ri$ ar\nd an indef9ite numb] ( times1 gradually works its way along a *annel1 & f9ally out betwe5 two l>ge roll]s 7,c71 :i* compress x once m1 s t x is1 9 effect1 a %eet ( batt+4 ,?is %eet1 or lap1 is roll$ up 9 a l>ge roll 7,g71 :i* may be two or ?ree feet 9 diamet]1 & is !n ready = ! fir/ d\bl+ or bl5d+ process4 ,9 mills :]e /r5g? & ev5ness ( y>n are at a premium1 ! %eets f ?ree or f\r laps may be f$ ?r\gh ano!r op5]1 usually call$ a scut*]1 :i* breaks !m all ap>t aga91 mixes up ! fib]s1 cleans out m ( ! dirt1 & produces a m ev5 lap4 ,! cotton1 z x comes f ! op5] & ! scut*]1 is mu* clean] & m attractive4 ,x beg9s to look l ! ri*es x conta9s4 ,illu/ration3 ,cross-section diagram ( op5] ,to convey ! heavy op5]-lap f ! op5] to ! c>d+ room1 ! m mod]n mills are do+ away rapidly ) h&-p[]1 & c>ry ! lap on a sort ( travell+ mono-rail conveyor4 ,! fib]s ( ! lap :i* comes f ! op5+ room are by no means p>allel1 b lie 9 all directions j z !y happ5$ to come f ! grid ( ! op5]4 ,! function ( ! c>d is to /raight5 !m1 & at ! same "t to remove ^? :i* are knott$ or immature & ( a l5g? bel[ t requir$ = ! y>n to be spun1 & to take out practically all ( ! impurities :i* may h escap$ 9 ! op5+ op]ations4 ,! pr9ciple ( c>d+ is "o ( ! olde/ ( textile me*anical pr9ciples1 & all ! improvem5ts t h be5 made h be5 9 developm5ts r ?an 9 basic ideas4 ,h>greaves1 inv5tor ( ! j5ny1 & ,sir ,ri*>d ,arkwright bo? exp5d$ _! +5uity ^u x1 ! latt] seem+ to h be5 ! fir/ to provide a c>d+ ma*9e op]at$ by o!r ?an h&-p[]4 ,! basic pr9ciple involv$ is ! /raight5+ out ( ! fib]s by comb+ or bru%+ !m ) wire bru%es or c>ds4 ,illu/ration3 ,scut*]s at "w ,9 ! revolv+ flat c>d1 :i* dom9ates ! field today1 !re are1 z a rule1 ?ree pr9cipal cyl9d]s4 ,! lap passes fir/ "u ! smalle/ ( ! ?ree1 call$ ! tak]-91 :i* is cov]$ ) v f9e saw-tee? all 9 "o long /rip ( /eel1 w\nd & fix$ spirally 9 ! surface ( ! cyl9d]4 ,! tak]-9 receives ! cotton f a fe$-roll] 7,c7 t turns above a smoo? iron plate 7,d7 call$ ! fe$ plate4 ,! saw-tee? comb ! fib]s :i* are imb$d$1 s to speak1 9 ! lap1 & deliv] ! loose ones to ! second cyl9d]1 :i* is ! l>ge/ ( ! gr\p4 ,?is ma9 cyl9d] is cov]$ ) wire tee? all b5t at exactly ! same angle4 ,! cotton cl+s to !m1 & is c>ri$ ar\nd to ! top ( ! cyl9d]1 :]e x is engag$ by tee? on ! revolv+-flat c>d :i* are b5t 9 ! opposite direction4 ,?is c>d-clo?+ arrang$ 9 /rip1 crosswise on a travell+ lattice1 moves 9 ! same direction z ! cyl9d] b moves v sl[ly1 & s ! fib]s are c>d$ betwe5 ! two sets ( wire po9ts1 ! %ort & immature fib]s rema9+ on ! c>d wires ( ! lattice & ! p]fect & n[ almo/ entirely p>allel ones be+ c>ri$ ov] f ! ma9 cyl9d] to ! d(f] cyl9d]1 ! ?ird ( ! trio4 ,f ?is !y are remov$ by an oscillat+ comb 7,f71 com+ (f 9 a light1 fleecy lap1 :i* is cond5s$ ?r\gh a funnel into a s(t untwi/$ rop+1 or sliv]1 ab\t ! diamet] ( a man's ?umb1 & is !n coil$ into a c1 usually ab\t #de in*es high by #h in*es diamet]4 ,illu/ration3 ,view ( ,mod]n ,motor-,driv5 ,op5] ,pick] ,! convey+ ( ! sliv] 7pron\nc$ ) a long or %ort i7 into ! c is 9 itself an exce$+ly +5i\s op]ation1 al?\gh a v simple "o4 ,! device is atta*$ directly to ! c>d1 & is call$ a coil]4 ,! sliv] passes into x f ! funnel4 ,! hole f :i* ! sliv] em]ges is (f ! c5t] ( a /eel plate :i* revolves sl[ly1 s t ! sliv]1 z x comes out1 has an ecc5tric motion :i* causes x to fall into ! c 9 regul> coils4 ,tangl+ is ?us prev5t$1 & ease ( h&l+ secur$4 ,comb+ ,necess>y 9 ,sp9n+ ,f9e ,c\nts ,comb+ is necess>y 9 ! prep>ation ( cotton = ! sp9n+ ( f9e c\nts or co>s] y>ns :]e great smoo?ness & regul>ity are desir$4 ,!y are n[ q ext5sively us$ 9 ! ,unit$ ,/ates1 & x is significant ( ! tr5d ( ! indu/ry "h t ! numb] is rapidly gr[+4 ,! fir/ cotton comb] 0 inv5t$ by a ,fr5*man ( ,alsace nam$ ,heilmann4 ,! pat5t 0 issu$ 9 #ahde4 ,n[ !re are on ! m>ket o!r ma*9es1 bo? ,engli% & ,am]ican1 simil> 9 pr9ciple b improv$ 9 _m ways4 ,illu/ration3 ,revolv+ flat c>ds ,! fir/ ( ^! prelim9>y processes is t :i* is done by ! sliv]-lapp]4 ,! sliv]s f #ad to #bj cans are drawn along side-by-side1 pass+ betwe5 ?ree pairs ( draw+ roll]s :i* w be describ$ lat]4 ,f ! draw+ roll]s ! sliv]s n[ r$uc$ 9 size1 pass betwe5 two pairs ( cal5d> roll]s f :i* !y em]ge1 n z a sliv]1 ( c\rse1 b once m z a lap ab\t a foot wide4 ,^! laps are usually pass$ to a ribbon lapp]1 :]e six ( !m are plac$ end-to-end1 & unroll$ simultane\sly1 pass$ betwe5 f\r pairs ( draw+ roll]s1 & !n sup]impos$1 "o ^u ! o!r1 &1 cal5d]$ once m1 issu$ z a lap a little less ?an a foot wide4 ,?is process may be repeat$ z _m times z ! quality ( ! y>n desir$ may require1 = ea* draw+ process s]v$ to /raight5 ! fib]s & s to r5d] ! ?read m ev5 & capable ( f9] sp9n+4 ,comb+ is exactly :at its "n implies4 ,! lap is actually rak$ by a f9e-too? comb ) ne$le-l tee? ( /eel rang+ f #af to #ij p] in*4 ,?is involves break+ ! lap aga9 & ! intricacy ( ! comb] re/s 9 ! me*anism :i* x employs = jo9+ ! sep>at$ ends4 ,illu/ration3 ,cross-section diagram ( revolv+ flat c>d ,six or eight laps g ?r\gh ! ma*9e at once1 & ! product is comb9$1 cond5s$1 =m$ into a cont9u\s sliv]1 & deposit$ once m into cans4 ,! process is n a fa/ "o at be/1 & ! *ief contribution ( ,am]ican inv5tors is 9 ! direction ( spe$4 ,ea* nip combs only #d_/af to #d_/aj ( an in* ( fib]4 ,! ,heilman ma*9e made ab\t #he or #ij nips p] m9ute4 ,! ,am]ican improvem5t makes #acj to #ace4 ,! wid? ( ! lap 9 ! ,am]ican ma*9e is likewise increas$1 & ! sav+ 9 labor1 !re=e1 is consid]able4 ,engli% improvem5ts h be5 9 ! same direction1 ! resultant sav+ be+ almo/ z great4 ,illu/ration3 ,ribbon lapp]s ,?\gh _m ( ! processes already describ$ might be call$ draw+1 9 a s5se1 insomu* z !y involve a cont9ual l5g!n+ & /raight5+ ( ! lap or sliv]1 yet draw+ 9 ! /ricte/ s5se has n yet begun4 ,x may be done only once1 = co>se & *eap y>n1 or x may be repeat$ a half doz5 or m times to produce ! f9] & m exp5sive products4 ,! frame = ea* repetition is slightly diff]5t1 b sev]al types may be isolat$4 ,!y are1 9 ! ord] ( _! use1 ! draw+ frame1 ! fly frame1 or slubb]1 ! int]m$iate frame1 & ! rov+ & jack frames4 ,= f9e c\nts ! sliv]s f ! comb]1 & = o!r grades t :i* comes directly f ! c>d1 are tak51 !n to ! draw+ frame4 ,! sliv]s f ! cans1 six or eight 9 numb]1 are f$ ?r\gh "o ap]ture1 & pass1 ?us comb9$1 betwe5 sev]al 7usually f\r7 pairs ( roll]s1 s arrang$ t ea* succe$+ pair revolves at a m rapid rate ?an t :i* prec$$ x4 ,! la/ pair 9 ! s]ies revolve probably six or eight times z fa/ z ! fir/ pair4 ,?is comb9ation ( roll]s pulls con/antly on ! m or less irregul> sliv]s1 r5d]+ !m always m ne>ly uni=m 9 diamet] & d5sity1 ! ?ickness ( "o ( ! ent]+ sliv]s s]v+ to c\nt]balance ! ?9ness ( ! o!r4 ,! draw+ frame consi/s usually ( f\r or five heads1 & ! sliv]1 aft] x passes ?r\gh "o ( ^! heads1 is put ?r\gh a second "o1 along ) o!r sliv]s1 s t ! d\bl+ & r$\bl+ goes on con/antly4 ,!re is an electric device to /op ! ma*9e :5 a sliv] breaks1 ei!r at ! back or ! front ( ! frame4 ,illu/ration3 ,comb]s at "w 9 a mill sp9n+ f9e c\nts ,f ! la/ head ( ! draw+ frame1 ! sliv] passes to ! fly frame or slubb]1 :i* n only cont9ues ! draw+ & d\bl+1 usually betwe5 ?ree pairs ( roll]s1 b ?r\gh ! aid ( a device :i* gives ! sliv] a slight twi/ & w9ds x1 = ! fir/ "t1 ^u a sp9dle4 ,?is device is kn[n z ! fly]1 & is1 r\ghly1 a ,u-%ap$ piece ( metal1 :i*1 revolv+1 inv]t$1 ov] ! sp9dle1 gives ! ?read a slight lat]al twi/ z x coils ^u ! sp9dle4 ,! latt] also revolves1 b ) a dim9i%+ motion s t ! am\nt ( twi/ may be kept uni=m z ! diamet] ( ! coil ^u ! sp9dle increases4 ,! sliv]1 n[ be+ twi/$1 is call$ a sliv] no long]1 b ! slubb+4 ,! slubb+ is pass$ betwe5 ! roll]s 9 pairs1 ! em]g+ product be+ less 9 diamet] ?an ! diamet] ( a s+le slubb+4 ,! ma*9e comb9es ! f\rfold process ( comb9ation1 att5uation1 twi/+ & w9d+4 ,!re are m sp9dles ^u ?is frame ?an ^u ! slubb]4 ,! la/ draw+ frame1 except = v f9e y>ns spun f ,egyptian or ,sea ,isl& /aples1 is ! rov+ frame1 simil> 9 pr9ciple to ! la/ two b conta9+ /ill m sp9dles4 ,x receives ! rov+s f ! int]m$iate frame1 comb9es two ( !m into "o1 twi/s !m a little m1 & w9ds !m ^u ! sp9dle tubes4 ,! ,jack frame is simil> except t its product is f9] & smoo!r4 ,illu/ration3 ,sliv] lapp]s 9 a ,nor!rn mill ,x is int]e/+ to note1 h[ev]1 t ! majority ( improvem5ts h be5 ! fruit ( ! bra9s1 n ( ,am]icans1 b ( ,engli%m54 ,copel& po9ts out t ?is may be due to ! ,engli% desire to save 9 ! consumption ( cotton1 b t m probably x is due to ! developm5t ( f9e sp9n+ 9 ,engl&1 9 :i* mo/ ( ! ma*9es "h describ$ are *iefly valuable2 & he v5tures ! pr$iction t n[ t ,am]ican mills h def9itely gone 9 = ! f9] c\nts1 x may be expect$ t eng9e]s "h w apply !mselves to ! improvem5t ( ?is ma*9]y4 ,illu/ration3 ,draw+ frames1 turn+ sliv]s into rov+ ,! ,mule ,v]sus ! ,r+ ,sp9dle ,sp9n+ is ! f9al process :i* turns ! cotton into firm1 coh]5t y>n1 suffici5tly twi/$1 & ready = ! loom4 ,! twi/ giv5 to ! ?read by ! previ\s ma*9es has be5 only en\gh to make ! fib]s hold toge!r4 ,!y are /ill comp>atively loose & fluffy1 & _! t5sile /r5g? is slight4 ,!re are1 9 g5]al1 two types ( sp9n+ ma*9es4 ,! fir/1 ! mule1 an ,engli% product4 ,! second1 radically diff]5t1 is entirely ,am]ican4 ,x 0 inv5t$ 9 #ahbh by ,james ,?orpe1 & imm$iately f\nd "s favor1 b x 0 n until ! ,civil ,w> t x 0 receiv$ on equal t]ms ) ! mule4 ,today1 h[ev]1 x dom9ates 9 ! ,unit$ ,/ates1 ! comp>ative figures 9 #aiag be+3 r+ sp9dles #cj1bfd1jgd2 mule sp9dles #c1fcd1gfa4 ,! disp>ity is gr[+ great] e ye>1 & ! use ( ! r+ is firmly e/abli%$ 9 o!r c\ntries z well4 ,! figures = #aijg 73 ,mule ,r+ ,engl& 7#aiji7 #ci1hjj1jjj #g1ijj1jjj ,g]many #e1gdj1jjj #c1gbb1jjj ,france #d1abb1jjj #b1dha1jjj ,au/ria #b1cjg1jjj #a1bgg1jjj ,italy #a1jae1jjj #a1heb1jjj ,russia #a1jca1jjj #a1cbj1jjj ,! mule1 by reason ( ! great size to :i* x has be5 develop$1 & ! impressiv5ess ( its l>ge1 rhy?mic motion1 is "o ( ! mo/ =midable ( all cotton ma*9es1 z inde$ x is "o ( ! mo/ complex4 ,x receiv$ its "n f ! fact t1 p]=m+ two pr9cipal functions--draw+ & sp9n+--x 0 reg>d$ z a hybrid1 j z ! mule is a hybrid cross betwe5 ! horse & ! donkey4 ,9 ! mule 7see diagram on page #ec71 :i* is a long & wide ma*9e1 c>ry+ sometimes1 9 new models1 z _m z #a1cjj sp9dles1 ! draw+ & twi/+ are n cont9u\s b consecutive4 ,! rov+s 7,b7 are held on a creel 7,a7 at ! back ( ! ma*9e1 usually 9 ?ree or f\r ti]s1 or on long beams or spools4 ,!y pass f ! creel1 or spools1 betwe5 ?ree pairs ( draw+ roll]s 7,c47 ,com+ out ( ! roll]s1 !y are f$ to ! sp9dles on ! c>riage :i* backs away f ! creel & rec$es some:at fa/] ?an ! rov+s are unw\nd4 ,?is rec$+ is ! ess5tial motion ( ! mule1 = ?us ! cotton receives its f9al draw+4 ,! sp9dles1 mean:ile1 are revolv+ rapidly1 sp9n+ ! y>n4 ,! twi/ goes fir/ to ! ?9 places :]e ! lea/ resi/ance is (f]$4 ,!n1 z ! c>riage c>ry+ ! :irl+ sp9dles cont9ues to back away1 ! ?ick] p>ts ( ! ?read1 be+ comp>atively untwi/$ are pull$ d[n to ! av]age diamet] & are twi/$ 9 turn4 ,! c>riage usually runs back ab\t sixty-?ree in*es4 ,at ! t]m9ation ( its run1 or /ret*1 ! sp9dles increase _! spe$ until ! twi/+ is complet$ & ! c>riage />ts on its return trip4 ,?is rev]ses ! sp9dles1 & ! ?read :i* has be5 w\nd ^u !m is unw\nd1 ! slack be+ tak5 up by "o guide wire 7,d7 :ile ! o!r guides ! ?read to ! w9d+ po9t1 & w9ds x up 9 ! opposite direction on ! cone-%ap$ cops on ! sp9dles4 ,! roll]s d n fe$ out m rov+ z ! c>riage returns4 ,h5ce1 !re is no slack :5 ! r\nd trip is complet$4 ,illu/ration3 ,slubb]s1 %[+ ! ,u-%ap$ fly]s ,except = ! use ( draw+ roll]s1 !re is little simil>ity betwe5 ! mule & ! r+ frame4 ,! latt] has no movable c>riage1 none ( ! spl5did sweep ( motion t makes ! mule s fasc9at+ to wat*4 ,! r+-frame is simple & bus9ess-l1 & its spe$ is amaz+4 ,! bobb9s hold+ ! rov+ are plac$ directly ov] ! sp9dles4 ,ar\nd ea* ( ! latt] is a /eel r+4 ,!re are at lea/ #aab sp9dles on ea* ma*9e1 & all ! ma*9e r+s = ! sp9dles are fix$ 9 a s+le frame4 ,! upp] edge ( ! r+ is flang$1 l a m9iature railroad track1 & snapp$ ov] ! flange is a small b important ,c-%ap$ /eel r+1 call$ ! travel]4 ,h[ ,?read is ,spun on ! ,r+ ,sp9dle ,:5 ! ma*9e is 9 op]ation 7,see diagram on page #ef7 ea* rov+ 7,h7 leav+ its bobb91 runs ?r\gh ! usual draw+ roll]s 7,g7 !n ?r\gh a guid+ wire to ! r+1 :]e x is pass$ ?r\gh its travel] 7,b7 :i* is always at ! w9d+ po9t on ! sp9dle4 ,z ! sp9dle & ! roll]s revolve1 ! rov+ is f$ out at a consid]ably sl[] rate ?an ! sp9dle takes x up1 s t !re is always a t5sion on ! ?read4 ,! :irl+ sp9dle ?us pulls on ! travel]1 draw+ x r\nd & r\nd on its flang$ track 7,a74 ,x revolves j a little m sl[ly ?an ! sp9dle & ?us ! y>n receives its twi/4 ,mean:ile1 ! frame 7,c7 on :i* ! r+s are fix$ moves sl[ly up & d[n1 s t ! w9d+ is prop]ly regulat$4 ,x is possible to op]ate ! sp9dles at a rem>kable spe$4 ,s p]fect are ! be>+s :i* h be5 evolv$ t ! av]age spe$ is t5 ?\s& revolutions a m9ute1 & on f9e y>ns x is sometimes #ab1jjj to #ac1jjj revolutions4 ,! spe$ is limit$ by only two factors3 ! fir/ is ! ability ( ! op]ator to make splic+s :5 ?reads break1 & ! second is ! t5d5cy ( ! travel] to fly (f :5 ! spe$ is too high4 ,! numb] ( travel]s consum$ is high at be/1 & 9 a mill :i* has long be5 9 op]ation ! floor 9 ! front ( ! frame is likely to be pav$ ) ! little /eel r+s :i* h fall5 & be5 gr\nd into ! planks by ! heels ( ! work]4 ,illu/ration3 ,diagram ( mule ,! battle betwe5 ! advocates ( ! r+ frame & ^? :o favor ! mule is /ill on4 ,= ! ,am]ican sp9n] ! r+ has und\bt$ly _m advantages4 ,because x sp9s cont9u\sly1 & n int]mitt5tly1 x turns out ab\t a ?ird m y>n p] op]ator4 ,x is usually admitt$1 h[ev]1 t ! ?read f ! mule is m ev5 9 diamet]4 ,advocates ( ! mule say1 moreov]1 t ! ?read f ! mule is s(t] & l(ti]1 & t clo? wov5 f x has a m clo?y feel4 ,b o!rs say !y c produce s(t y>n ) ! r+4 ,9 ! ,unit$ ,/ates1 :]e ! labor co/ is a vital item1 ! r+-sp9dle has an assur$ place4 ,illu/ration3 ,mules at "w ,! y>n is n[ a f9i%$ product4 ,x may be sold by ! sp9n] to ! weav] or x may be wov5 9 ! mill 9 :i* x is spun4 ,be=e x is ready = ! loom1 h[ev]1 !re are a numb] ( op]ations :i* mu/ be complet$4 ,! y>n f ! r+ frame1 or mule1 is w\nd 9 a l>ge cop1 or on a bobb94 ,x mu/ be put ^u spools be=e x c be w>p$4 ,! spool] is a simple ma*9e1 b "o t requires con/ant att5dance4 ,9 ! spool]1 bobb9s are plac$ ^u hold]s or sp9dles1 & ! ?read is pass$ ov] a s]ies ( guides to ! spool1 up above4 ,! spool revolves at a high rate ( spe$1 & ! ?read is w\nd ev5ly ^u x4 ,! op]ator mu/ wat* = brok5 ?reads1 retie !m1 replace ! empty bobb9s by full ones & see t ! empty ones are ga!r$ up un9jur$4 ,%e--! op]ator is usually a girl or woman--mu/ be al]t & active1 & especially nimble f+]$4 ,illu/ration3 ,close-up ( ,r+ ,sp9dle 9 ,am]ican mill ,"o ( ! mo/ important inv5tions1 "o t 0 receiv$ ) acclaim by ! ,am]ican manufactur]1 & "o :i* actually r$uc$ 8 labor co/ on spool+ no less ?an t5 p] c5t4 at "o clip1 is a t9y little ?+ t is held 9 ! palm ( ! h&4 ,?is is ! ,b>b] knott]4 ,:5 a ?read breaks1 ! att5dant places ! two ends toge!r 9 ! ma*9e & by ! m]e pressure ( h] ?umb ties ! knot mu* bett] ?an %e c\ld d x )\t ! knott]4 ,! economies :i* x effects ext5d beyond ! m]e spool+1 = bett] knots mean few] breaks 9 ! w>p+ process1 & a bett] clo? at ! end ( weav+4 ,! spools f ! spool] are plac$ on a l>ge frame1 call$ a creel4 ,! creels h an av]age capacity ( ab\t #fjj spools1 & !re are usually #af to #bj 9 "o ti]4 ,! ?reads f ! spools are drawn betwe5 ! d5ts ( an adju/able re$1 !n "u & ov] a s]ies ( roll]s4 ,f "h !y are l$ d[n to ! beam1 ^u :i* !y are w\nd4 ,! revolv+ ( ! beam unw9ds ! y>n f ! spools & w9ds x regul>ly & ev5ly ^u ! beam itself4 ,!re is a device = measur+ ! l5g? ( ! w>p w\nd1 & /op motions = arre/+ ! op]ation %\ld a ?read break or o!r accid5t occur4 ,illu/ration3 ,ea* op]ator at ^! spool]s has a ,b>b] knott] on h] h& ,! y>n ( ! w>p mu/ usually be impregnat$ ) a siz+ :i* w smoo? out & /ick d[n its furry surface & add z well to ! t5sile /r5g? s t ! /ra9 ( weav+ may be )/ood4 ,= ?is ! mo/ effective & mo/ g5]ally us$ ma*9e is ! sla%]1 ! *ief feature ( :i* is a roll]1 ^: l[] side is imm]s$ 9 ! siz+ solution4 ,?reads f ! w>p beam are run ar\nd ?is roll] ?r\gh ! solution & !n dri$1 aft] :i* x is f9ally w\nd on ano!r beam = ! loom4 ,a consid]able numb] ( loom beams c be fill$ f "o set ( ! w>p] beams m\nt$ 9 ! sla%]4 ,! l5g?wise ?reads ( a fabric are call$ ! w>p4 ,! crosswise ?reads are call$ ! weft or fill+4 ,to make clo?1 ! w>p & weft mu/ be int]lac$ ) ea* o!r 9 a suitable mann]4 ,! op]ation is call$ weav+1 ! ma*9e 9 :i* x is p]=m$ is1 ( c\rse1 ! loom4 ,! pr9cipal op]ations ( weav+ are z foll[s3 #a4 ,%$d+1 or ! rais+ & l[]+ ( ! alt]nate ?reads ( ! w>p1 s t ! weft may pass "u & ov] !m4 ,?is is done by means ( ! h>nesses & _! h$dles4 #b4 ,pick+1 or plac+ a ?read ( ! weft betwe5 ! w>p ?reads s rais$ & l[]$ by means ( ! %uttle4 #c4 ,beat+-up1 or pu%+1 ea* ?read ( ! weft into its position close aga9/ ! ?read :i* has prec$$ x by means ( ! re$4 #d4 ,lett+-(f1 or p]mitt+ ! w>p to unw9d f ! beam only j z fa/ z is ne$$ by ! spe$ ( ! weav+4 ,?is is accompli%$ by friction b&s & weights on ! w>p beam4 #e4 ,tak+-up1 or w9d+ ^u a roll] ! clo? z x is manufactur$4 ,9 addition to ^! prim>y op]ations1 ! loom has atta*m5ts = p]=m+ sev]al o!r functions1 su* z /op-motions = /opp+ ! loom :5 w>p or fill+ ?reads break1 or :5 ! %uttle fails to cross ! loom completely2 temples = hold+ out ! clo? lat]ally z ! weav+ proce$s2 a me*anism--9 ! mo/ mod]n looms--= *ang+ ! %uttles1 or ! cops 9 ! %uttles1 z ! weft ?read on ! cops becomes exhau/$1 etc4 ,illu/ration3 ,diagram ( r+ sp9dle ,! mod]n cotton loom1 :i* automatically removes ! fill+ bobb9s )\t /opp+ ! loom1 is rapidly displac+ ! old] types1 & "o weav] c n[ att5d to a surpris+ly l>ge numb] ( looms1 be+ greatly assi/$ also by ! automatic w>p & fill+ /op motions4 ,,*apt] ,,ix ,! ,f9i%+ ,op]ations ,foll[+ ! manufacture ( ! clo?1 come ! op]ations necess>y to prep>e x = ! m>ket4 ,^! involve su* treatm5ts z blea*+1 pr9t+1 m]c]iz+1 dye+1 & f9i%+ 79 ! n>r[ s5se74 ,! numb] ( ma*9es involv$ 9 ^! v>i\s processes rivals ! numb] :i* are us$ 9 ! actual sp9n+ & weav+ op]ations4 ,mod]n blea*+ is a highly te*nical sci5ce1 conceiv$ & plann$ by eng9e]s1 & c>ri$ out ) elaborate ma*9]y by skill$ work]s4 ,gray clo?1 z x comes f ! loom1 is ( an unattractive color1 a dirty grayi% yell[1 & conta9s n only ^? impurities :i* x has pick$ up on its j\rney ?r\gh ! mill b ^? inh]5t 9 its natural /ate z well1 all totall+ "s five p] c5t4 m or less1 ( ! total weight4 ,9 addition !re may be num]\s bits ( leaf f ! boll :i* h clung to ! fib]s ?r\gh all ! process+1 & :i* appe> f9ally 9 ! clo? z little br[ni% specks1 kn[n to ! trade z motes4 ,f9ally1 !re is ! siz+ :i* 0 put into ! w>p4 ,illu/ration3 ,w>p+--,! creel 9 ! re> ,blea*+ an ,intricate ,*emical ,process ,9 ! blea*+ ( cotton1 !re is a s]ies ( op]ations :i* h = _! object ! elim9ation ( ! waxy1 fatty matt]s embodi$ 9 ! fib]1 z well z any dirt :i* x may h acquir$4 ,!n1 !re is ! actual :it5+ & ! blea*+ ( ! clo? :i* de/roys any color+ matt] :i* x may conta9 & f9ally !re are treatm5ts design$ to neutralize ! effect ( ! *emicals us$ 9 ! blea*+4 ,?us1 ! sequ5ce ( treatm5ts might be3 fir/1 boil+ 9 pla9 wat]1 :i* removes c]ta9 soluble sub/ances2 next1 an ext5d$ boil+ 9 a /rong alkal9e solution1 :i* saponifies ! waxy1 fatty matt]s 9 ! fib]1 & ?us removes !m f ! clo? or y>n4 ,?ird1 a /eep+ 9 a blea*+ solution--a solution ( *loride ( lime be+ l>gely employ$ = ?is purpose1 & :i* treatm5t is kn[n z ! *emic4 ,next1 aft] ano!r ?or\gh wa%+ !re is a treatm5t 9 dilut$ sulphuric acid to neutralize ! effects ( ! *emic1 & f9ally ?is is foll[$ aga9 by ano!r ?or\gh wa%+ ) possibly an additional mild alkal9e treatm5t4 ,! nature & ! me?od ( all ^! treatm5ts v>ies consid]ably1 & dep5ds ^u ! "* ( ! goods be+ treat$1 b1 at ! conclusion1 if all has gone well1 ! clo? %\ld be a good :ite & %\ld n be impair$ 9 /r5g?4 ,s+e+ ,necess>y 9 ,"s ,f9i%es ,= a c]ta9 class ( goods1 :]e a clean1 smoo? surface is requir$1 x is desirable to s+e ! goods be=e ! blea*+4 ,?is is accompli%$ by pass+ ! clo?1 /ret*$ out at full wid?1 v rapidly ov] heat$ plates1 or ?r\gh gas flames1 s t ! f9e hairs or fuzz are s+$ (f1 b ! fabric itself has n _h "t to take fire4 ,bo? sides may be s+$ & ! goods may be pass$ m ?an once ?r\gh ! flame4 ,:5 y>ns are s+$1 ! ?reads are pass$ ?r\gh ! flame v rapidly1 be+ unw\nd f "o set ( bobb9s & w\nd up on ano!r4 ,illu/ration3 ,front view ( an automatic loom ,9 ! dye+ op]ation ! cotton piece goods pass ?r\gh a s]ies ( ma*9es1 ! goods be+ 9 rope =m z already expla9$1 s t a numb] ( pieces c be put into ea* ma*9e1 side by side4 ,! wa% boxes1 dye vats1 etc4 are equipp$ ) ov]head roll]s1 by means ( :i* ! goods1 :i* h be5 sewn end to end1 s z to make a cont9u\s /r+ ( !m1 pass out ( ! dye1 ov] ! roll] & d[n into ! ba? on ! o!r side1 cont9u+ to circulate ar\nd ?us until ! desir$ results h be5 obta9$4 ,9 addition to ! prep>atory wa%+ & boil+1 mordant+ & dye+1 !re are subsequ5t wa%+s to free ! goods f loose color+ matt]1 & o!r special treatm5ts are frequ5tly accord$ !m4 ,f9i%+ 9 its special & re/rict$ s5se1 implies a s]ies ( treatm5ts1 su* z /ret*+1 />*+1 damp5+1 dry+1 press+1 smoo?+1 lu/re+1 glaz+1 /iff5+1 s(t5+1 & :atnot1 :i* are giv5 to !m accord+ to ! use to :i* !y are to be put4 ,! pr9t+ press is con/ruct$ ) a l>ge ma9 cyl9d] 7,d71 ! size be+ dictat$ by ! numb] ( colors :i* x mu/ take c>e (4 ,z ! pr9t+ op]ation is a cont9u\s "o1 !re mu/ be a cont9u\s fe$+ ( ! clo?1 a cont9u\s ink+ ( ! engrav$ roll]s 7,c71 & a cont9u\s clean+ (f ( ! un5grav$ surface aft] ! ink+4 ,"u ea* roll]1 :]e x is fix$ 9 its place 9 ! press1 is a long copp] tr\gh or pan c>ry+ ! color+ mat]ial1 & 9 ! pan "u ! roll]1 & ext5d+ into ! color+ matt]1 is an int]m$iate roll] kn[n z ! furni%] roll]1 &1 z ! press revolves1 ?is cov]s ! surface ( ! copp] roll] ) a heavy film ( color+4 ,! surplus color+ is scrap$ (f z ! roll] revolves1 by a long1 %>p blade or knife1 kn[n z ! doctor1 & aft] ! roll] passes ?is x is q clean1 no color+ rema9+ on x except t 9 ! engrav$ portion4 ,ea* roll] has its color pan ) its own color 9 x4 ,!n1 z ! clo? 7,a7 passes betwe5 ! ma9 cyl9d]1 prop]ly cov]$ by suitable int]v5+ mat]ials & ! s]ies ( roll]s1 ea* roll] 9 turn pr9ts its own color1 &1 collectively1 ! f9i%$ patt]n is produc$4 ,illu/ration3 ,diagram ( clo? pr9t+ ma*9e ,! goods !n pass into a dry+ room & are aft]w>ds introduc$ into a /eam+ *amb]1 :]e !y are giv5 a good /eam+ at a slight pressure4 ,?is /eam+ develops ! colors & causes !m to impregnate ! fib]s m ?or\ghly4 ,subsequ5tly1 = good "w1 ! goods %\ld be wa%$ to get rid ( ! ?ick5+ matt]s t are mix$ ) ! color+1 & !n ! pr9t+ appe>s 9 all its beauty4 ,pr9t+ on ,full ,gr\nd ,colors ,! =ego+ briefly describes ! processes ( direct pr9t+4 ,9 ?is case1 ! p5etration ( ! colors to ! opposite side ( ! goods is n v good4 ,if a solid & full gr\nd color is ne$$ bo? on ! face & back ( ! goods1 x c be _h ei!r by ! ,resi/ or ,res]ve me?od1 or by ! ,extract or ,dis*>ge me?od4 ,9 ! ,resi/ me?od1 :5 a :ite figure is want$ on a black or color$ gr\nd1 ! goods are fir/ pr9t$ ) "s sub/ance :i* w resi/ ! action ( ! dye /uffs4 ,!n1 :5 ! goods are dy$1 ! treat$ "p does n take ! color & ! sub/ance us$ z a resi/ is wa%$ out1 & ?us a :ite figure is obta9$ on a solid color$ gr\nd4 ,9 ! ,dis*>ge me?od1 ! goods are fir/ dy$ 9 a solid color1 & are !n treat$ ) c]ta9 *emicals :i* de/roy ! dy$ color :]ev] !y t\* ! fabric1 ^! *emicals be+ subsequ5tly wa%$ out :]e !y h be5 appli$1 & ?us aga9 a :ite figure c be _h 9 ! color$ gr\nd4 ,by ! ,dis*>ge me?od1 moreov]1 color$ figures c also be pr9t$ on color$ gr\nds1 z c]ta9 color+s h be5 develop$ :i* are n affect$ by ! dis*>ge mat]ials us$1 h5ce1 a :ole s]ies ( beautiful colors c be pr9t$ on goods previ\sly dy$ ) black or color$ gr\nds1 ea* color be+ mix$ ) a suitable *emical = dis*>g+ ! gr\nd color1 & ?us ! colors ( ! pr9t$ patt]n come out z desir$4 ,ano!r important process :i* is appli$ to bo? cotton y>n & cotton fabrics is t kn[n z m]c]ization1 call$ aft] ,m]c] an ,engli% *emi/ :o introduc$ ! process4 ,cotton :5 subject$ to ! action ( /rong1 cau/ic alkali contracts viol5tly1 b :5 aga9 /ret*$ & /raight5$ x is f\nd to h acquir$ a di/9ct silk9ess ( appe>ance1 & "u ! microscope ! twi/$ ribbon-l fib]s ( ! mat]ial--already ref]r$ to--w be f\nd to h become /raight1 glossy & rodlike1 j z a bicycle tire w\ld appe> aft] air 0 bl[n into x4 ,cotton may be m]c]iz$ ei!r 9 ! y>n1 w>p1 ske91 or 9 ! piece1 ! fir/ be+ m effective4 ,! be/ & mo/ satisfactory results are a*iev$ :5 ! mat]ial treat$ is made ( f9e long /aple cotton1 ei!r ,sea ,isl& or ,egyptian1 ! %ort] cottons be+ relatively mu* less improv$ by ! treatm5t4 ,! m]c]iz+ does n dim9i% ! /r5g? ( ! mat]ial1 & gives to x a great] aff9ity = dye /uffs4 ,int]nal ,organization ( ,cotton ,mills ,! =em5 are speciali/s 9 _! p>ticul> dep>tm5ts4 ,! w>eh\seman1 at "o end1 is a judge ( cotton /ock1 & ! =eman ( ! weav+ room at ! o!r kn[s h[ _m automatic looms may safely be tru/$ to ea* weav] on 8 /aff4 ,9 betwe5 ^! two !re are1 accord+ to ! individual mill1 a doz5 or m o!r =em51 all report+ regul>ly to ! sup]9t5d5t1 all capta9s ( _! own companies ( work]s1 & all ke51 9 ! int]e/s ( _! own reputations1 to op]ate _! dep>tm5ts z intellig5tly1 z effici5tly1 & ) z little friction ) _! individual op]ators z possible4 ,= x is g5]ally recogniz$ ?r\gh\t ! cotton indu/ry t pr(itable bus9ess dep5ds z mu* ^u ! :ole-he>t$ coop]ation ( ! wage-e>n]s1 z ^u any o!r s+le factor4 ,! ,"q ( ,individual ,effici5cy ,z = ! op]ators !mselves1 !y are s v>i$1 !re are s _m problems :i* !y h to face1 & su* difficulties :i* ^? :o employ & direct !m h to solve1 t any?+ l adequate consid]ation is impossible4 ,f ! imp]sonal viewpo9t1 leav+ out ( acc\nt ! human elem5ts1 ! problems ( wages1 & ! correlat$ problem ( trade organization1 !re rema9s ! "q ( individual effici5cy4 ,x is t :i* we h *iefly to consid]4 ,illu/ration3 ,inspect+ f9i%$ clo? ,! numb] ( m51 wom51 & *ildr5 employ$ 9 ! cotton mills ( ! c\ntry has increas$ at a v high rate1 b !re has be5 an int]e/+ dim9ution 9 ! proportionate p]c5tage ( wom5 & *ildr5 "u sixte5 ye>s ( age employ$4 ,! ,unit$ ,/ates ,c5sus ( ,manufactur]s gives ! foll[+ figures3 ,,av]age ,,numb] ,,( ,,employes ,,9 ,,am]ican ,,cotton ,,mills ,m5 ,wom5 ,*ildr5 ,total #ahgj #db1gij #fi1fcg #bb1idb #ace1cfi #ahhj #ei1fhe #hd1eci #bh1cbj #agb1edd #ahij #hh1hcg #ajf1fjg #bc1dcb #bah1hgf #aijj #acd1ced #abc1gji #ci1hff #big1ibi #aiaj #aij1eca #ada1gbh #ch1hfa #cga1abj ,9 p]c5tages ^! figures express !mselves z foll[s3 ,m5 ,wom5 ,*ildr5 #ahgj #ca4e #ea4d #ag4a #ahhj #cd4f #di4j #af4d #ahij #dj4f #dh4g #aj4g #aijj #de4a #da4e #ac4d #aiaj #ea4c #ch4b #aj4e ,! "q ( nationality has _h an important be>+ ^u ! developm5t ( ! indu/ry 9 ! ,unit$ ,/ates4 ,! con/ant influx into ! c\ntry ( successive waves ( immigration f ! diff]5t c\ntries ( ,europe has (t5 s]v$ 9 a decade to *ange ! :ole complexion ( ! labor "q4 ,9 ! orig9al ,new ,engl& mills1 ! employees 7 ( almo/ pure ,engli% /ock4 ,! sons & daught]s ( ! ,yankee f>m]s ent]$ ! mills1 n z a p]man5t occupation1 b m]ely z a means ( gett+ a />t 9 life4 ,j be=e ! ,civil ,w>1 ! ,iri% began to come rapidly1 & ! actual adv5t ( t /ruggle saw a great numb] ( ! rema9+ natives leav+ = ! army1 or ?r[n out ( "w4 ,:5 ! fight+ 0 ov] !y did n return1 b ! ,iri% came 9 ev5 great] numb]s4 ,! next decade saw ! arrival ( ! ,fr5* ,canadians 9 ! ,new ,engl& /ates1 & !re also came1 9 quick succession1 natives ( ,italy1 & ( ! v>i\s /ates ( ea/]n ,europe4 ,illu/ration3 ,bal$ clo? be+ put abo>d wait+ freight c>s ,?is *ange 9 ! national complexion _h two v important results4 ,x br\ght into ! c\ntry a con/ant /ream ( *eap labor1 polyglot1 & lack+ 9 homog5eity1 & consequ5tly sl[ at fir/ to unionize & /rike4 ,?is *>act]i/ic br\ght ano!r 9 its tra9--a lack ( /ability1 & a pron5ess to transi5cy4 ,! second result 0 h>dly less important4 ,x meant t ?\gh labor 0 relatively pl5tiful1 mu* ( x 0 unskill$4 ,?is lack ( skill put a premium ^u quantity production1 & l$ to ef=ts to develop automatic ma*9]y & labor-sav+ devices ( all k9ds4 ,x compell$ mo/ ,am]ican manufactur]s to specialize ^u ! co>s] k9ds ( y>ns & clo?s1 made 9 simple weaves & patt]ns1 9 ! mak+ ( :i* ! m9imum am\nt ( skill$ labor 0 requir$4 ,native ,/ock 9 ,s\!rn ,mills ,conditions 9 ! ,s\? 7 some:at diff]5t4 ,f ! beg9n+1 ! employes "h h be5 almo/ entirely ( native /ock4 ,!y came f a class :i* previ\sly _h little opportunity = any employm5t ( a regul> "* outside ( f>m+4 ,:5 ! mills 7 built ^! folks 7 giv51 = ! fir/ "t1 an opportunity = cont9u\s employm5t4 ,:ole families ent]$ ! mills1 fa!rs1 mo!rs & *ildr5 s]v+ 9 diff]5t or 9 ! same dep>tm5ts4 ,! ,s\? at fir/ specializ$ on ducks1 twills1 d5ims1 & su* co>se "w4 ,n[1 h[ev]1 !re is a gr[+ t5d5cy to div]sify ! product4 ,! reason is f\nd 9 ! increas+ capability ( ! work]s1 _m ( :om h by n[ sp5t _m ye>s ( _! lives 9 ! mills1 & ^: fa!rs be=e !m 7 op]atives4 ,unless pres5t conditions *ange & ! ,s\? becomes ! mecca ( immigrants--a developm5t probably less likely n[ ?an 9 ! ye>s be=e ! w>--!re seems to be a /rong possibility t a class ( op]atives1 rivall+ ev5tually 9 skill ^? ( ! ,engli% mill t[ns1 w be develop$4 ,! /ock is ! same1 & ! lat5t capabilities are all !re4 ,! det]m9+ factors w probably be ! economic *anges ( ! next few ye>s4 ,a rema9+ factor 9 ! organization ( ! mill is ! size ( ! individual plant1 ! numb] ( sp9dles & looms x conta9s1 ! numb] ( work]s employ$1 etc4 ,x is 9 j ?is p>ticul> t "s ( ! mo/ *>act]i/ic developm5ts ( ! ,am]ican indu/ry are f\nd4 ,ab\t ! "t ( ! ,civil ,w>1 ! av]age ,new ,engl& mill _h less ?an t5 ?\s& sp9dles4 ,today ! av]age is probably betwe5 fifty & "o hundr$ ?\s&1 & p]haps ne>] ! latt] figure ?an ! =m]4 ,"s ( ! mills h ne>ly1 if n q1 a full million sp9dles 9 sev]al build+s4 ,! av]age 9 ! ,s\? is mu* less ?an ! ,new ,engl& av]age4 ,! indu/ry 9 ! old] section is def9itely localiz$1 ev5 to ! ext5t ( hav+ :ole t[ns devot$ almo/ exclusively to ! manufacture ( s+le grades ( clo?4 ,9 ! ,s\? ! mills are m widely scatt]$1 advantage hav+ be5 tak5 ( labor supply1 wat] p[]1 & o!r conditions4 ,local pride has sometimes caus$ ! e/abli%m5t ( mills 9 regions economically unfitt$ = !m4 ,su* mills d n long survive4 ,! advantage ( l>ge scale production has ?us be5 seiz$ *iefly by ! ,new ,engl& mills1 b ! g5]ally l[] wages ( ! ,s\? h t5d$ to equalize ! situation4 ,illu/ration3 ,orig9al ,:itney cotton g91 pres]v$ 9 ,smi?sonian ,in/itute 9 ,wa%+ton