The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1874-05-21
The New England Cotton Mills.
B. F. G.

Is. +. u.
The New England Cotton Mills.
The recent reports of impending strikes in
the mills at Fall River, Mass, has been the
occasion for some Investigations by the Boston
Commercial Bulletin, the results of which are
made known in an interesting article, from
which we take the following extract:
The total production of print cloths at Fall
River is now l1S,000 pieces per week. Oh
these $4,000 pieces are for spot sales, the bal,
ance being sold ON contracts. For May there
are $4,000 pieces weekly not engaged, and for
June $4,000 pieces; while of the July produc-
ton $4,000 pieces are already contracted for
The major part of the contracts have been
made at s. cents, 10 to 60 days; but a few have
probably $500 pieces weekly are delivering
on contracts made at 81 cents, 80 days. Nearly y
all the print cloth mills have their cotton in
storehouse sufficient to last them into August,
the bulk having been bought at a price rangin
from l3 cents to II cents, though there are
instances where mills, as did the Troy, Borden,
and Mechanics, anticipating their wants last
autumn, when cotton was low and money hard,
and having the cash, invested 100000 in raw
cotton The mills running on bleached goods,
such as the Crescent, Davol, King Philip,
Mount Hope and Pocasset, working cotton two
grades higher than that used in gray cloths,
are credited as holding all the staple they will
need for the season. Financially the cotton
mills are very strong. Their credit is above
suspicion, and their management the most
economical and thrifty. The old mills have
been very successful, and many of the fifteen
new mills, built within the past two years, have
their stock in the hands of those interested in
the old corporations. The success with which
all the new mills passed through the Septem'
Der panic is due to the fact that all the stock
and all the loans were carried by Fall River
people, it being estimated that S20OO,OO0 arc
now loaned on note securities to mill enter
prses in Fall River by her own citizens. The
value of the stock OF all the old corporations
has greatly increased, notably the Merchants
Granite and Union, wllSeh are worth SlO,-.
900 on par value of 81 900, the last-named
corporation making dividend last year of
81 400 on each share There are two new cot
ton mills to be built this year, the New Border
City, $500 spindles, now under way, and CO.
operative mill of 10000 spindles, the land for
which has been secured, and the subscription
is now circulated among the working people.
This continued increase in the manufactur-
ing capacity of Fall River has given real estate
an unprecedented advance. A lot of twenty
acres on the river, beyond the suburbs, in 1860,
at that time changed hands for 81 800. Again
in 1870 it sold for $50 1000, and to-day bid is
standing for it of $4,000. There have been
no improvements, but now the land has been
brought into the city by the extension of build
ing, &c. A farm of sixty-fve acres, just back
of the city, sold in May, 1870, to junk dealer
for S45, 900. There are now three mills upon
it, and the city taxes the property for $780, 900.
Just back of the city hall is block of three
story granite buildings, fronting on three
streets. Ten years ago they sold for s. 900.
Three years since the city widened one OF the
streets, and cut off five rods from the thlrty-sx
in the lot. The assessors awarded SIS, 900, and
an appeal to sherf7s jury raised the amount
of the damage to $4,000. The present vaua-
tion is SOO0O. This growth in Fall River has
been legitimate, and it has extended to all en-
terprises The case of the First National Bank
is an instance The stock of this institution,
owned by eleven men, was pooled in on the
passage of the bank act at 100000. Since
then the capital has been increased by the
earnings to SSO0,000.
The great industry of Fall River is cotton
manufacture, and print cloths are the principal
fabrics made. There has been no test of the
market since the new mills were built to deter.
mine whether the thing has been overdone or
not, and manufacturers have hopes that they
may run through 1874 at full production, and
at the end find the exact condition of the coun-
try to absorb their goods. The mills were all
in running order last July, and were then offer
ing to sell at So cents, 30 days, the cotton hav-
ing been bought at about IS cents. But prin-
tiers held out, anticipating that the enormous
increase of $4,000 pieces per week in Fall
River would demoralize that market Hence
to reduce the accumulation, the mills stopped
two weeks the last of August. On the second
cents for standard, an advance of cent a
yard, cleaned the market, taking S4O0,O 600 pie
ces, of which about 1000 were seconds. Ten
days later the Wall street panic demoralzed
the business of the country, and the mills de-
cided to run half time through October and
November, and threc-quarters through Decem-
ber