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He recited in support of his contention the typical case of the 5,000 spindle mill at Williamston, South Carolina, which issued extra stock to $30,000 and increased its spindleage to 15,000.

Borrowing money to bring its spindleage up to thirty thousand, it expanded to 43,000 spindles on earnings.

The world's cotton spindleage in 1919 is estimated at 149.4 million spindles.