COTTON PRICES AND MARKETS 19 
The spinning mills in the South are not so highly centralized geo- 
graphically as those in the North. Bristol County, Mass., for in- 
stance, contained 7,702,569 spindles in 1922, which was 40.8 per cent 
of the total for New England. Of the others in New England, 
Providence County, K. I., had 1,824,172, and Middlesex County, 
Mass., had 1,178,908. In the Southern States no one county had 
as many as a million spindles in 1922, and only four counties — 
Anderson, Greenville, and Spartanburg in South Carolina, and Gas- 
ton in North Carolina — had more than 500,000. The centers in this 
section which are known particularly as spinners' market are Char- 
lotte, Spartanburg, Gastonia, Greenville, Augusta, and Atlanta. 
FOREIGN SPINNERS' MARKETS 
The foreign spinners not only have a market in the local mill town, 
but their broker often buys in the import market. The important 
European spinners' markets are Liverpool and Manchester in Eng- 
land; Lille, Rouen, and Mulhausen, France; Chimnitz, Reine, and 
Munich, Germany; Rotterdam, Holland; Milan, Italy; Barcelona, 
Spain; Ghent, Belgium; Zurich, Switzerland; Vienna, Austria; and 
Lodz, Poland. 
PERSONNEL OF THE SPINNERS' MARKET 
The spinners' market is made up of the mill buyer or his repre- 
sentative on one side and the dealers, merchants, and brokers on 
the other. In New England the mill treasurer buys the cotton either 
directly or through a hired representative. He buys almost invari- 
ably from a dealer, though he may buy from a cotton merchant 
who has representation in the market. Many southern spot firms, 
cooperative associations, and others have representation in these 
markets, but many of them sell to the dealers and merchants and do 
not attempt to do business direct with mills. 
In the South the dealer is of comparatively minor importance. 
The mills buy their supplies largely from spot merchants though 
they may buy from brokers, farmers' cooperative marketing associa- 
tions, or other sources that offer good results. Many of the smaller 
mills buy direct from the growers and local cotton buyers. 
The spinners' markets in Europe buy almost entirely through buy- 
ing brokers, and the importing merchant sells to them largely 
through selling brokers or agents. 
The personnel of a market depends largely upon the services to 
be performed. In New England the mill treasurer finds it desirable 
to deal through a broker rather than buy direct from the southern 
shipper. To serve his mill customers most effectively and at the 
same time protect himself, the broker has become a dealer. The 
cotton is billed direct from the southern warehouse to the mill as 
before, but payment for the cotton and adjustments of claims are 
no longer matters between the shipper and the mill treasurer ; they 
are matters between the mill and the dealer, and the dealer in turn 
transacts all business with the shipper. The dealer buys according 
to New England mill rules from the southern shipper, so he is in 
position to pass the claims made against him by the mill back to the 
