History of the formation of Textiles, Inc. and
the merge of various Gaston County mills under the Textiles, Inc.
moniker during the Great Depression.
History of Gaston County Textile
GASTON COUNTY MILLS / TEXTILES, INC -- 19[?]1 -
A.G. Myers, R. Grady Rankin, J.H. Separk, J. Lander Gray, Clyde C.
Armstrong, A.K. Winget, S.N. Boyce / A large number fo the textile
companies in Gaston County, probably most of them, began to
experience serious financial difficulties in the late 1920's. To
make matters worse, the stock market crash of late 1929 caused a
world wide financial panis and increased the strains on the
over-extended companies. A new company, TEXTILES, INCORPORATED, was
born in the depression as the result of the consolidation of 14
combed yarn mills of the Gaston County area and the acquisition of
six other mills. The mills were primarily those of the Gray-Separk,
Rankin and Armstrong groups of mills. All of the original mills
which were merged into TEXTILES, INC. were in financial trouble and
a receiver was appointed to run the new company. The new company had
a combined spindleage of 303,740 ring spindles and represented
approximately 22% of the total yarn spindles in the South. A
prominent Gastonia banker, Albert G. Myers, was appointed receiver
for TEXTILES, INC. Under