The sun., 1878-06-12
OYER Production or corroN GOODS.

On May 20 fourteen OF tho largest manu-
featuring companies Of New England sold at
public auction in this CITY, without reserve. and
for the highest price they would bring. 10000
packages OF domestcs. This immense sale OF
standard and seasonable goods brought to-
gethcr buyers from all parts Of the country.
The result OF the transaction established an
average decline OF about ten per cent. on prices
previously ruling for the same line OF goods.
1t is claimed by manufacturers that these prices
are not remuncrative; but it became necessary.
at any sacrifice. to clear tho market OF portion
OF the accumulated surplus.
Tho cost Of production depends on two prin-
cipal factors-raw materials and labor. After
ward come interest on capital and general OK
ponses. Notwithstanding the great progress Of
late years made in reducing these expenses,
especially that OF labor through improved ma
chincry. the difference to-day existing between
the cost OF production and the selling price of
American domcstics does not warrant the con-
tinuous running Of our Eastern mills.
On the 2jth OF May eight Fall River mills. the
Flint Stafford. wampanoag. Chacc Robeson.
Tecumsch. Wetamoe. and Troy, aggregating
weekly production of 10000 pieces, shut down
for week. This is the beginning OF n move
ment among Eastern manufacturers to secure
the stoppage OF mills on alternate weoks until
tho price for cloth shall be such as will yield
fair return on the outlay for labor and capital.
Had this system been adopted yoar ago. the
heavy losses OF mill owners during the last
twelve months might have been avoided.
Several Of the mills in Pawtucket have shut
down. general movement OF this kind
throughout New England would soon effect
marked improvement in the price of domes-
tics. However absolute the law of demand and
supply. 1t does not prevent an intimate connec-
tion between the selling price and tho cost OF
production. 1t is not surprising that produc-
tion has run ahead Of consumption. In the
textile industries the progress Of invention has
produced extraordinary results. Steam spins.
| wcavcs. and prints a thousand different stuiis.
| which the sewing machine aiterward sczes
| hold Of. A good weaver could formerly turn
out ten yards n day: now thirty yards can be
made with the looms in use. In knitting still
greater progress has been made. The best
! knitter could only make $50 to 200 stitches a
minute The French loom produces from 5000
| to GO00. the straight automatic loom $4,000. the
circular stitch loom $4,000 to 10000. the
articuated needle loom 100000 at first. then
! 100000. and now the double circular gives 500,
| 900. SO that workman produces from 1000
| to 5000 times the work Of knittcr Of the old
times The long continued and severe depres-
|
suited in an immense shrinkage in mill prop
crty. How great that shrinkage has been WIS
shown by tho recent sale Of the Salisbury mills.
| Though nearly one hundred and Nifty capital
| lists from New York, Philadelphia, and Boston
were present at the sale. property stated tO
| have cost the present company 81 100000 was,
after some spiritless bidding. knocked down Ia
Mr.. John Gardner Of Boston for slG0.OOO. The
mills are in good repair and can be started un
| Immediately without any additional expense
There are 1ss tenement houses and twenty
seven stores included in the property sold.
| There Hre likewise 5000 acros OF reservoirs
controlling all the water from tidewater back
for ten miles. The mills shut down about a
| year a..o. and ever since have been closed.
while ovor-proiucilon at home has gluttcd
the market with American domcstics. the inn
ports of dry goods for the first five months Of
the present year show. without exception. a do.
cline In all classes OF goods As compared with
the corresponding period Of last year. TIL,
! cunsumption Of foreign goods in all cases has
| been loss. but in cotton goods more especial,
So. There exists among us class OF so-calle,
manufacturers and political economists wh'
have somehow got it into their heads that the on'
thing necdful To- relieve us Of our surplus man
uiacturcl goods. 20 provide employment for th'
thousands oi operatives now in n condition %
enforced idlencss. say at fall HiVer. Mass. an'
other Eastern manufacturing centres, Is plen
tfll supply ~ ocean steamships 10 open ny &
Us the trade ~ South America and other coun
tries. at present pretty much monopolizcd b.
England and Germany. The idea IS thH il is
mere question Of steamships. and nothing clse
In point u fact there is no dearth NJ steamship ip
Il only they could he proiitably employed Their
are merchants in this scityto-day who will s!ad
! lnlt ON steamers o. any foreign country. pr
ydcd our manufacturers will guarantee car
-,.-. and thot. too. without asking a sulsid
from the Uutc! States or Brazil.
When oar man turer. can unlerscll Eng
land AMI Germany in the markets of the W ri
and perhaps hefore-East"rn mills VIII ru
on full time all the year round. That time ha
u,t v.t arrived