The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1875-08-20

The closing OF 100 cotton mills at ma
ham, England, on account Of the etr,ts :,
the operatives, IL one OF the most pocnlis'
phases OF British industry. owing to ~.
fact that Oldham Is the great center M ,hs
Joint stock movement" by which M.
ownership of these mills has ps>.d m,o
the hands Of the operatives ihcmselvs.
A brief description OF the relations of oar.
ital and labor at Oldham will show nv,
we do not overrate its importance.
Oldham Is new city In Lancahr.
containing about 800 cotton.spi .ning
mills. hut 10 weaving. IL mas a populs'
ton Of about 100 900, and its growth ha.
been as marvellous as that Of some of on,
American cities. Ii Is onlysn miles from
Manchester. In the midst of rich coal
field. The operatives, having been well
prospered since the close of he late Amer.
lean war, began To form joint stock com.
paDies OF Go TO the share and buy up m.
spinning mills, owned hitherto by priya,.
firms. In fact, one mill was bought nm
before our war, and its shares dep rebate
10 60 during that crisis, but sftervsrd
they rose TO ell. A few years ago. Mi.
investment In joint stock companies tool
a tremendous start. and within a shor-
time no less than $40 600, 900 wa invested
The parties selling out usually took one
fourth Of the stock and the rest was mn
In by the middle and working CLASSES
even the weaver girls investing and n.
working people sending money there from
the whole country around. About h,h
the purchase money was taken in capita
aud the rest borrowed at 8 per cent, H.
managers thus taking advantage of the
curious principle, laid down b. Mr.. Bagt-
hot, that more money can hc made on Dor
rowed capital than on ones own. Ga half
the capital 1t was thus only necesSarr
10 pay per cent. The rest OF the profits
could all be divided in generous dividend.
among the holders Of the Other hat. A.
one time within the last two Yeas. the
mills were being bought up at tn rate Of
two day, and private ownership wa. vii.
tuslly extinguished. According To IN
Manchester Examiner article (Which VI
are indebted TO Mr.. Edwin NJ Chaulbr.
lain for Incorporating at length into NJ.
book the old owners said 90 lhemseiyc.
These companies won'tsell yarn CHEAP
er, or make il better than We can. hn,
their share holders are SO cute about *.
penses. We manufacturers have no earth
~ chance against such people. ami the
best thing we can do Is 10 follow the zen
eral Stream.' SO great was the mania
that % new mills were then In cour.e Of
erection, with capital OF $1,000 900 and
10000 spindles, or half as many spindles
as there are In AL Massachusetts Tl,
tremendous stimulation OF the chief indus
try of course built up the machinery and
other trades, and the city grew wlihou.
precedent.
Now has come the necessity for contrac-
ton, retrenchment, reduction OF The cost
OF production and perhaps Of production
itself, and our readers will see from this
double relation OF the working CLASSES a,
Oldham, a. laborers aud investors, that
the news of the closing of 100 mill, and
The strike of 5000 hands is Of more than or
binary importance. A cable ispatch call.
the situation, IN the language OF the Man
chester Guardian, " alarming" Appael
ly an association Of compani r has, h--
formed for the purpose OF meeting te
pre- ent crisis, including lG2 mill. an
only fix Of these now working. Stuiru'.
OF the labor problem are anxious ~ ~
how the joint-stock phase OF the co-op,rt-
tive movement will meet the present cri,.
Springfield (Mass.) Republican.