The Office of President in the American Textile Industry

In contrast to the practice followed in most corporate business enterprises, the position of president in a textile company is generally of secondary importance. The treasurer is usually the chief executive officer. It is he who makes the managerial decisions, and it is he who is responsible only to the board of directors. In the nineteenth century, all the mills established by the Boston capitalists adopted this nomenclature for their leading officers; curiously enough, the mills at Lowell continue this practice today. The treasurer of each company directs its operation from his office in Boston while the agent supervises production from his counting room at Lowell; very much in the background is the president. It is the purpose of the present study to investigate the origin of this usage and to discover what were some of the functions and characteristics of the presidents of these textile companies in the nineteenth century.