The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-08-01
UNPARALLELED DEPRESSION.
Among the Mills of New England--No
Market at All for Goods.

BOSTON, July 24-It has not taken a
tight money market long to have a
| most depressing effect on the cotton
and wooden industries of New England.
This influence was first felt IN the shape
| of a rapid decline il prices. It didn't
| take long for the manufacturers to see
| that reducing prices did no good what
| ever. The merchants will buy no
good at any price. 1t is not like piling
up goods in ordinary times for in the
usual trade depressions many goods
move ard it is simply a matter for the
mills to run and arrange to carry the
surplus. But atterly prices wentd down
RAPIDLY to where New England has no
profit left and it is a matter OF piling
up the entire production of q mill to be
able to u at all. In the presence of
this condition of things many mills
have shut down and many others are
hoping for some change for the better.
While the Sherman bill is abused, there
are yet those who think the cause of
the trouble is in no way connected
with. silver. It il alleged by commits
! sion men that the mills now running at
Fall River are making cloth at greater
| cost than it can be sold for. When it
is considered that a population of about
sixty-five thousand people in Fall
River depend mainly on the mills for
| a support, then the statement that the
price of cloth is already less than cost
I a great slgnTmc2HGowrr-
While these are trOublOu5 C4lEaa~
do not believe any Southern mill has
yet reached the point of losing money,
and this point is also significant. The
Fall River men seem to be actually
afraid to shut down. 1t is customary
Of RhTo cOoSOn RI alOCo f0r n cINrt novSnG IS
IN the hot term for repairs, but at the.
present time only one small woolen
mill and hat factory are closed.
The forty-four principal and large cor
porations are running on, but in an I'M
willing spirit. The deliveries on con-
tracts are little or nothing. Only this
morning the New York banks have
sent to a list of New England mills
about two million dollars on goods.
This loan vas first arranged through
Boston banks at seven per cent, but
when this fact was learned by the New
York capitalists they eliminated the
Boston banks from the transaction and
loaned it to the mills at six per cent,
on their own paper, endorsed by the
commission men.
While it is said that cloth is being
made in Fall River at more than the
| pI0S6uG SG1l4uS pL1C0 Gu5 Cu4OL CON
plant is not so much a question Of
price as an absolute lack of orders. In
Lowell the outlook is very depressing.
The entire population is dependent on.
the mills. It 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 r
held that the Sherman law will be re-
pealed and that business will at once
revive.
At the Crompton Loom Works, Wor-
cester, one hundred men have been
idle now for some time and the KCOwles,
Loom Works have discharged as many
more. =
The shutting down of the Amoskeag
mills has had a very depressing effect
at Biddeford, Maine, the Pepperel and
Tacoma mills have 5000 hands who
may any day be notified of a shut down
and the same uncertainty prevails in
Lewiston, Auburn and Waterford,
| Maine.
The New England mills have, with
out doubt, reached a close net cost Of
production and a further scarcity of
orders or reduction in price means that
there must be a general shut down.
Thirty days more will determine this
matter.-D. A. TOmpbins, IN Charlotte
! -