The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1893-08-04
UNPARALLELED DEPRESSION.
Among the Mills Of New England No
Market at All for Goods.

AdrA0C al AL 1Or tOOQS.
BosToN, MAss.-It has not taken q
tight money market long to have mo st
depressing eff Ct oo the cotton and wool
en- industries Of New England. This
influence was first fe't in the shape of a
rapid decline In prices. 1t didn't take
long for tho manufacturers to see that
reducing prices did no good whatever.
The merchants will buy no goods at any
price. 1t is not like plling up goods in
ordinary times for in the usual trade de.
pressiops many goods move and it is sim
ply matter for the mills t. run and ar
range to carry the Surplus. But latt .rly
prices went down raiidly to where New
Engl nd has no profit loft and it is a
mutc; of pi'ing up the entSr5 production
of mill to he abe to Iul a. oil. In the
IrHencc of. this conJitioa Of things
many lis h,vc shut down and many
Others are hDling for some chan - for
the better. While the Sherman bill is
abu cd, there are yet those who think the
nee cd with silver. L is alleged b y com.
mi sion men that t mills now running
in Fall River arc making cloth at a
greater cost than it can be sold fer.
When it is CO: silcrcd that a population
of about siaty.iivc thous md people in
Fall River depend m lily on the mills
frasuip rt, ttol the st .tement that
tn price Of cloth is alr ally less tEan
c. s. has great S gnitic ucc.
VI hlc these are troublous times I do
not believe any Southern mil has yet
reached tn, point Of losing money and
thi, point is also significant. The Fall
River men &C m to be actually afraid to
shut down. 1t is customary at this sea.
son to close for short period in the hot
term for repairs, but at the prcseot time
only one small woo'cn mill and ono nat
fictory are closed. The forty four prln-
cipal and largg corporations are runnin:
on, but in an unwilling spirit. The deiiv
cries on contracts are little or nothing
Only this morupg the New York banks
ha @ cent to list of New England mills
ab ut two million dollars on goods. This
loan was tilst arranged through Boston
b nix. at scvcu per cent, but when this
fact was learned by the New York cap
ita lists they Eliminated the Boston banks
from the t,ansao.lsn and loaned it to the
mills at six per cent, on their own paper,
endorsei by the commission men.
While it is said that cloth Is being
made in Fall River at more than tn;
resent selling price the chief complain
is not go much question OF price as al
absolute Lack Of orders. In Lowell the
outlook is very depressing. The entire
population Is dependent on the mills. 1t
looks like the wheels must stop turning
for sixty or ninety days.
In Lawrence matters are very much In
the same shape and great hopes are held
that the Sherman law will be repealed
and that business will at once revive.
At the Crompton Loom Works, Wor
csstcr, one hundred men have been idl,
now for some time and the Knowle
Loom Works have discharged as man.
moro.
The shutting down of the Amoskeae
mills has had very depressing effect ant
at Bi ideford, Maine, the Pepperel ant
Laconia mills have 5000 hands VIII
may any day be notified Of shutdown
and the same uncertainty prevails ii
Lew 'ston, Auburn and Waterford
Maine.
The New England mills have, withou
doubt, reached close net cost of pro
|. duclion and further scarcity Of order
or reduction in price means that ther
must be general shut down. Thirt.
days more will determine this matter.
d. A. Il.