Raleigh News and Observer
“I haven’t received all of the reports from the cotton mills yet, but I have received enough of them to know that the mill that is making money this year is an exception and that as a rule they are not making anything,” declared R. A. Doughton, Commissioner of Revenue, yesterday.
Commissioner Doughton referred to the reports which manufacturers are required to furnish in regard to the capital stock tax, which is based on the excess of capital stock over physical property, and in which the earnings are taken into account.
“My information is that the Cannon towel mill at Kannapolis is one of the outstanding exceptions and that there are others, but not many of the mills are doing as well,” declared the commissioner.
Last year the cotton mills in this state were thought to have recovered from their depression.
From page 8 of the Concord Daily Tribune, Aug. 28, 1926
newspapers.digitalnc.org/lccn/sn92073201/1926-08-28/ed-1/seq-8/
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