The Indianapolis journal., 1893-07-24
WAGON WHEAT SIC
TERRIBLE LOAD FOR SILVER
All the New England Textile Manu.
facturers Say Ii Is Killing Trade.
Dismal Picture of Silent Looms. Idle Thou
sands and Nonpsying Investments Unless
Business Picks Up In Short Order.
ADE MILLS.

NEW YORK. July 2s.-The Herald's Bos-
ton correspondent says: A review of the
situation among the cotton factories of
New England Is not assuring. but there Is
nothing to occasion great alarm. Managers
of the companies feel that they are in
perplexing situation, such as has never
been forced on them at any former period
in quarter of q century. Ordinarily at
this season it is not strange for some of the
factories to close down. but the shutting of
the doors now has much sigDihoance-far
more than common. There Is AL uncer-
tainty in the dir which may swell into mo-
mentous proportions Gwindle into
nothing. just as the wind watts. and can
vsss of some of the leading cities indicates
that silver has much to do with this situa-
tioD. Some OF the manufacturers go so far
as to say that they await the decision of
Congress on the question whether the
silver law shall be repealed with fear and
trepidation. and the com panies In other in
dustries W which are more or less allied to
cotton main tain similar views.
In Fall River cloth Is not selling for the
cost of production, and q continuance Of
this state of affairs will cause irretriev a bic
ruin if halt be not called. That city has
population OF about 5000. and one-third
of that number is employed In the mills.
1t is the ty pical mill city of the country
In prints espeolally-and staRnation there
will have far-reaohinx effect. Anything
Affecting the business OF mills at once
necessarily Affects the entire community.
The deliveries on contracts and the very
light sales at present made Will only take
care of half the production. and with
100, 600 pieces piling mp each week the man
ufaoturers will soon begin to talk OF meas.
fAR HAI lr hA 80 IL
there promises to be half million pieces
on hand and the manufacturers will begin
TO talk seriously of Q general shutdown.
a GENERAL SHUTDOWN.
There will be no running shorter hours,
but general shutdown for a stated period.
The print cloth market is prOverbislly un-
certain and the mill men are not without
hope that one of those unex pected booms
may come at any time. IL Is practically
certain that they will stop producti on
when the stock on hand reaches one
million pieces. if not before. In fact, q
shutdown would be enforced unless the
demand for cloth picks ND. for. of course,
the mills could not X kesp on spending money
with none coming In to replace It. In the
present state of the money market the
printers cannot get money to buy cloth or
do not dare to risk q possible panic by do
Ing so. and so cannot buy. Neither can
manufacturers borrow TO carry on their
business and q shutdown Is inevitable
unless the business of the whole country
improves before the summer il over.
These facts have been obtained by inter-
views with several officials IN the leading
corporations. James Whitehead. secretary
OF the Weavers Progressive Association,
was of the opinion tb at the money trou ble
was responsible ior the general de preston
and the depression In the cloth trade. 1t
would not pay the manufacturers TO ma k O
cloth TO pile up with a loss of interest on
the capital inv ested.
In Lowell. lack of orders is troub bling
mill men and one concern has but halt its
looms running. The outlook is very de-
pressing and II the present condition con-
tinues there is every probability that
several industries will have TO shut down.
Lowell people are absolutely dependent on
the mills and shutdown would
mean great hardships and suffering