The Providence news. (Providence [R.I.]) 1891-1906, 1893-07-18
MILLS may SHUT down.
Manufacturers Beginning to Feel Blue
at Tie Prospect.
ARE ABSOLUTELY NO BUYERS nov
The Mills Must Close or Pile Up Goods
NEUTRALITY-SUSPICIOUS. OF the Rumorsl
Action of the Amoskesg Company.
bingham Reproducers Confident. -

Never In my recollection" said one ol
the prominent manufacturers this mora
has there been any rumor of the AmoS-
keag mills shutting down." and that IL
the general opinion expressed every.
where today.
The business conditions Of the
turers In most serious inahner
and the action Of the manager Of
the Amoskeag Is an ominous
warning that has caused q great stir In
local circles. Amoskeag mills are the
largest producers the country
cloths in which the yarn is colored. Dur
ing the last five years their pro-
duct has been In great de-
mand. Ginghams have been the one
attractive and taking feature of the
market. Within two months the demand
mas ceased and the company is doubtless
going to shut down on This account
Only Two Bingham Mills Here,
There are but two large manufacturers,
of ginghams in Rhode Island. They
are the Slatersville mills aud the Valloy
Falls Co. Both OF these companies
| are confident OF the future and are not at
all displeased with the prospect of the
the shutdown Ipe''''In IN Sy
The S!atersville mills have been
closed for nearly week, aud will continue
closed during the present week. The
company Is cutting in some verv heavy
| new machinery and expects to be ready
| to start by Monday next.
But while those mills with which
the Amoskeag comes into competi-
tion are pleased at the outlook, there
| are many OF the largest manuf icturers
who are no. satisfied with the prospect.
One OF the largest owners
what may be the effect of the
action at the Amoskeag Co. Directly IL ,
will not influence us at all. but it will
cause very careful scrutiny
by local capitalists. Many who
have had no thought of the possibility
OF trouble will begin to look around
1t necessary TO close.
No Demand for Goods.
What are we going to -dni There In
absolutely no demand for goods. 1t is
only aquestion OF how long we are goiug,
TO make goods and slock them up. o.
course there are few fortunayr
mills running on orders but the Y
won't last for ever. The sales today arr,
not twenty-five per cent. of what the +.
usually are, and unless business changrs
and that ut once, we shall be conrpeii
| to close our mills.
Il think it would be better to close nU,y
than wait until stocks accumulate sns
thet. Consumption goes on ali the tin.
and the time must come VIII 2ndemaid va.
again rise. The bingham trade is about aS
poor as it can be, but print cloths sr'
just beginning to feel the depres-.
sion. IL has been my experience during
tie past twenty-five years that when
prints begin TO decline. they continue
To 20 down until they reach a price
about equal to the cost Of manufacture.
Then they drag along for about
year or eighteen months and
begin to auvance. The decline is Just
beginning in prints. and think all the
for a short time and thereby avert more
serious closing or the mills"
How IL Will Affect Rhode Island.
Perhaps" said another, ''the effect
may not be direct and immediate here.
but our mills must close unless confidence
is restored Immediately. There
has been no such condition rs now pre-
vail for over thirty years. Then
when the mills close look OUT
for your savings banks. The mill
hands will need money and the
drafts on banks will be very heavy.
know there is go ,d deal of talk going
on, but / Tell you there are
very few who realize what
the existing conditions are. Why
know OF one OF our best banks that last
week refused to loan money on collateral
for less than 10 per cent. You cant
buy cotton with money at that rate. and
such rate for money o carry them with. !"