The Indianapolis journal., 1888-07-30
BLAME THE MILLS BILL.
The Reason for the Shutdown OF New
Jersey Hosiery Company.

New York World
The Norfolk & New Brunswick Hosiery Com
pany OF New Brunswick, n. j., will shut down To-
day for an indefinite period. and 800 men, women
and children will be thrown out OF employment.
Inc mills are of the largest aud oldest In the
country. and have been among the most prof1t-
aoie OF American manufacturing enterprises
They were removed from Connecticut to their
present location in 1865. and from an exceeding
ly small aud humble beginning the plant has
oeen several times doubled in productive capaci-
~, until now il includes several large brick build
ings from four to six stories in height and COW
ering nearly i've acres Of ground. All Of this
enormous increase has been earued by the bust
ness itself in the twentythres years Of its exist
ence. During that period enormous profits have
been divided among the stockholders, the divi-
dends running as high in some years as 40 and
oO per cent j. ID. Carpenter. the president OF
the corporation. life-lone Republican OF the
most radical type. has offered excuse for
tne shutting down. that the passage OF the Mills
OIL had SO affected trade that they could not find
q market for their goods and having further de-
ciared that If the Mills bill became q law tbs
hoisery mills would be compelled to close up
entirely. A reporter visited the mills yestsr-
day for the purpose of asceriaining the
exact facts in the case. Statements
had besn made by persons declaring them
selves acquainted with the circumstances aud
management of the mills TO the effect that the
real reasons for the shutdown were not those
given by Mr.. Carpenter, but that bad manage
ment and large overstock, and desire to
make political capital of a situation thus
brought on, were the actual reasons for the
shut down, and that there was nothing in the
prevailing business situation to justify the
management in turning their host of opera
tors adrift without pay to Shift for them
selves
Mr.. Carpenter has been a Republican member
of the New Brunswick Common Council, and
Is now member of the executive committee of
the Republican organization and wears the
Harrison and Morton label in his button-hole
lie said: There is no truth whatever 10 the
statement that the mllls compelled to shut
down on account Of pecuniary EN- barrassments,
nor that any clique in the organization is wait
ing for our bankruptcy and reorganization to
gain the control of our mills. We never were
In better financial shape than we are now. The
fact is that. owing to the political campaign,
with the attendant tariff agitation recurring
every four years, there is no present market
for the goods. 1t would make no difference
whether the change in the tariff were going to
affect Us beneicially or injuriously the effect
upon trade would be the same. Customers
will not buy with a prospect Of lower prices
in the near future. and rather than go ahead
and manufacture in large stock of goods for
VIII Oh there may prove to be demand, the
directors thought preferable 10 shut down
for time ana until the situation clears. The
shutdown is not intended to be permanent
and we will be able to resume at days no
tiee.h