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.

markoC az All Tor Goods.
BosToN, MAss.-It has not taken
tight money market long to have q mo It
depressing eff(ct on the cotton and wool
en- industries of New England. This
influence was first fe't in the shape of
rapid decline In prices. 1t didn't take
long for tho manufacturers to see that
r.lucing prices did no good whatever.
The merchants will bug no goods at any
price. 1t is not like piling up goods in
ordinary times for in the usual trade de-
pressions many goods move and it is sim
ply matter for tn" mii!4 :. -.n, aud ar
range to carry the surplus. But latt .rly
prices went down rapidly to whore Now
Engi'nd has no profit loft and it is a
N m.:.taS of -piIingu up tho eatsrs production
of mill to he abb to rua a. all. In the
presence of this condition of things
many lis have shut down and many
others are hpring for some chanec for
the better. While the Sherman bill is
abu cd, thcro are yet those who think the
CO 30 OF the trouble is in no way con.
nee cd with silver. L. is alleged by com.
mi zion men that t mills now running
i'll Fail River arc making cloth at q
greater cost than it can be sold fer.
When it is CO, silered that a population
of about siAty-fivo tbous md people in
Fall River depend m lily on the mills
fra suip rt, ttoi the st .tement that
tn price Of cloth is air ady less than
C. ST. has great gnitic nee.
" hilc these are troublous times dc
not believe any Southern 'mi'l has ye.
reached III, 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 proseut time
only ono small wooen mill and one hat
factory are closcd. The forty four prin-
cipal and large corporations are runnin:
on, but in an unwilling spirit. The delivv
cries on contracts are little or nothing
Only this mor1pg the New York banks
ha cent to a list of New England mills
ab: ut two million dollars on goods. This
loan was dist arranged through Boston
b nix, at seven per cent, but when this
fact wss learned by the New York cap.
ita lists they eliminated the Boston banks
from tho Transaction and loaned it to the
mills at six Per cent, on their own paper,
endorsed by the commission men.
While it 10 said that cloth Is being
made in Fall River at moro than the
resent selling price the chief complaint
is not so much question Of price as ar
absolute lack OF orders. In Lowell the
outlook Is very depressing. The entire
population y dependent on the mills. 1t
looks like the wheels mutt 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
aud that business will at once revive.
At the Crompton Loom Works, Wor
cestcr, one hundred men have been idle
now for some time and the Knowle,
Loom Works have discharged as man,
moro.
s, The shutting down of the Amoskeae
mills has hid very depressing effect and
at Bifdeford, Maine, the Pepperel and
Laconia mills have 5000 hands VIII,