Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1903-12-07
DISQUIETING RUMORS
About the Mill Situation Cause I'm
easiness at New Bedford.

New Bedford, Dec. 6.-Disquieting
rumors were in circulation in mill cir
Giles, Saturday, to the effect that Fail
River and Rhode Island textile mana
gers are seeking to prevail on the New
Bedford mill men to join in a general
curtailment of production. So far as
the local mill men will admit, no such
definite proposition has yet been re-
ceived. but the feeling is that 1t Is not
unlikely, and if made would probably
be agreed to.
1t is the opinion among cotton and
mill men that unless the laws of sup
ply and demand readjust themselves
before spring, in order to make wider
margin between high priced cotton and
low priced cotton and yarn, the
stringency will demand extreme meas
ures. New Bedford will probably be
the last to resort to such relief. There
is much talk of curtailment in Fall
River and Rhode Island, where the cot
ton used is almost entirely middling
uplands in low grades.
The cotton used in this city is an
entirely different commodity, and the
stringency is far more distant, but the
manufacturers are not anxious to work
up the limited supply of staple cotton
they have on hand. Local brokers de-
clare that thus far the scarcity is al
most entirely in short cotton, which
constitutes probably nine-t enths of the
crop. What New Bedford uses is long
staple cotton, and. so far as can be
learned, there is enough of it in the
crop for all needs il the growers will
put it on the market. At present they
are holding it for the rise it must
eventually make in sympathy with
cotton of shorter staple. Later on, to-
ward spring, they may let it go, es-
pecially if the Egyptian spectators
make a break in competition with
them.
AS near as can be ascertaned, the To-
cal mills are not overburdened with stock
of cotton on hand or with advance orders
for goods. Most of the cotton was bought
in September and October, before the
panic. Mills in this city have supplies, on
hand or subject to Shipment here. rang
ing from eight weeks to eight months,
sufficient. it is hoped. to tide things over
till the price of finished goods goes up
ward in proportion to the prices of cotton.
New Bedford is not entirely dependent
on the southern crop; the Egyptian is
else in America, and can be even more
largely drawn upon. Mill men regard
Egyptian cotton a good investment, even
if bought at a cent or so above its nor
NAL proportion to Southern American
cotton. A week ago, Egyptian cotton was
three cents above its normal proportion
ate value, but the American crop has
Jumped up so that. today. the Egyptian
is not more than two cents above Ameri-
can.
AS yet the panic prices have not seri-
ously affected the fine goods mus here
AS nearly as can be aScertained. the class
of cotton used here is perhaps d cent and
a half higher than month ago. but that
is hardly enough to be felt on goods
whose value is made up largely of the
labor ingredient. But there is much APP
prehension for the future, because of the
way The growers are holding back their
choice material.
For months treasurers have been con-
sentative in taking orders, in view Of the
prevailing low prices, and hope for adj
vances, as well as in the face of the i'm
pending jump in cost of raw material. If
curtailment would hasten the fultilment
of this hope. it is probable that the local
mills would accept overtures from other
centers: though. for the sake of the help,
the management will try to keep going to
the limit of time, in the hope of natural
rebound.