New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-03-07
THE WOOLLEN COuBINATTON.
MOST OF THE LARGE COMPANIES TAKING STOCK
~ THE NEW CONCERN.

MOST OF THE LARGE COMPANIES TAKING STOCK
~ THE NEW CONCERN.
The formation OF the American Woollen Company
with n capital stock Of about $4,000 600, for the
avowed purpose Of controlling or regulating the
manufacture Of woollons in this country, has IN
torcscd the merchants of the dryGoods district o.
this city and set them taking about the new com
bination Of mills. Several OF them said yesterday
that the reports indicated that most Of the large
companies engaged in the manufacture OF woohehs
were taking stock in the new company, and the
smaller manufacturers probably would be compelled
10 toin I'm the movement for their own protection
because the new company would be able 10 make
the price for domestic woollens. The companies
which united last Thursday 10 organize the Amer
can Woollen Company own about five thousand OF
the sevcnty-hve thousand woollen looms in this
country. but their relations with other companies
were such as to make them sure that the comblna-
ton would have general support in the trade
No Immediate advance in the price Of woollens
may ho oxpoctcd on account q tho formation OK the
new COMPANY the New-York merchants say, be
cause there is yet an enormous stock Of imported
wooucns IN the American market. The rush To- take
advantage Of the low duties on imported woolIens
before tho Dingley Tariff law went into effect was
so great that the market was largely oFerstocKed'
while the American mills continued 10 manufacture
woollens In excess Of the demand. The result mas
been 10 make tho price Of woolcns IN the American
torial has never hoen cheaper I'm this country thaA
n, the present time. To limit tho manufacture OF
domestic woollens So that 81 shall not exceed the
demands Of the market IS declared 10 be- the nam
purpose n the combination n capital ana w
'yi mean the running Of some oi inc mus on Hd.t
time and less pay for many thousands "' "p''"
tiVes. -. oo,,
Tho details Of organization have not neen com ON,
pIoted vet and those interested I'm tho comblhH ION
in this city said yesterday that IT had not pee i
cded IN what State the new company was 10 "r ~
co-pors ted. Frederick Aver Of Lowell Ma s., y!
Is The chief owner Of Inc WaSAilEt on .N'ii7. a.
Lawrence will the president Of n" COMPANY
and the treasurer will he william VI. WOOD. on
BOSTON who is treasurer of the Washington AN.s
Company. A. y. Juiard. Of this CRY. h.ts "reh
gnoken Of as q possible selling agent OF the com
pany M Iuiillard was ont OF the 'itN yc''eIu"hs
but n representa- tive OF his firm said that ne prom
anly would no; officer I'm the new company,
7 G woodruff AT No - WOrth-st, probabY VIII
hn tho selling agent and the company prohap'y " !
soil all goods from the mills II controls direct ana
not through commission houses.
II Is said that the Guaranty Trust COMPANY, III
IN, Mutual Life Bull ling "a underwriting IN" pro
posed consolidation. and that kiddeT Peabody q
Co the Boston bankers are also Interested pr
financing the new company At the once ol
Davies stone & AuerhGch. who are sald 10 %,
conneel for tho projected corporation. nothing could
he learned yesterday afternoon regarding the mat