TEXTILES: Man the Lifeboats!

One thing the cotton textile industry has never been accused of is monopolistic tendencies. One of the biggest sources of U. S. payrolls, a weighty factor in the Federal Reserve Board's production index, the cotton textile industry is composed of 1,000 desperately competitive and generally unprofitable mills. About the only check on production the industry knows is the capacity of its warehouses. As long ago as last October the warehouses held over 150,000,000 yards of print cloth, about three times as much 'as was sold that month. But the mills, as is their habit, kept operating at...

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