A 1905-06 article from Moody's Magazine by William Whitman, editor of the American Cotton Manufacturer, assessing Southern U.S. cotton mills as investments. It gives world cotton crop, spindle and loom statistics, then lists the advantages of Southern mills: nearby cotton, cheap fuel, water power, low costs, and unwatered capitalization. It also covers the drawbacks: inexperienced managers, small mills, and no ready market for mill shares.