The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1912-01-02
TEXTILE INDUSTRY
DEPRESSED BYI
WAR IN CHINA
Large Portion Of Product
Shipped to Far East
REDUCTION IN NEW ENGLAND
Mills In This Section curtailed to the
Extent Of 40 Per
Cent

Fall River, Mass, Dec OIL he
textile industry throughout the entire
country has suffered severely during
the year just closed, and its effect
has been keenly felt in New England,
where more than two-thirds Of the
textile machinery in the country Is
situated. The South, with its grow
ing tendencies and large resources
likewise suffered, and reports oil mlils
made public indicated depression
While textiles, including yarns as
we'll as cloths were generally quiet
and i'm the main unsatisfactory, WIN
snecial reference to profits, there are
lines of cotton fabrics which nave
been highly profitable, especially
duck and the like, but the peculiar
markets of China, which consume a
large amount of duck made by Ameri'
can mills make it difficult at times ior
the American manufacturer always 10
meet the Chinaman In the proper at
titude.
The revolution which has endured
in China Tor the last several weeks
has endangered trading with thal
country. and II will take some time
to readjust conditions so that bust
ness will be put on stable iootihs'
The yarn markets have been compar'
atiyeiy quiet, and during the summer
of 1911 business at times was very
dull. Preceding this dullness many
Southern mills either closed their
plants entirely or curtailed to very
great extent leaving only nomlnal
weekly output to take care OF what
business might come to hand Inc
mills in the North and East cut down
their production TO a very consider
able extent, and business In yarns
during the late spring months and
the summer season amounted to very
little.
The year 1911 opened with rather
discouraging circumstances, because
for practically twelve months preced-
ing January / Of 1911 the textile
trade had shown signs of weakening
and cloth values had decreased; and
while the decline was gradual 1t was
positive, aud when business did in
fact present itself there was more or
less dickering about 1t, and in great
number of instances buyers insisted
upon lower prices than were prevail
ing in the market. Through this
means OF merchandising business
grew worse and prices came to mean
practically nothing and were used by
buyers merely as signs or indications
of a probable sphere within which
manufactures would do business.
The curtailment among the mills Of
New England and of the South has
been extensive and it has been rough
ly estimated that for the New Eng
land mills alone the suspension OF op-
Grafton amounted to about 40 per
cent. The mills in the South, espe
cially the cotton yarn mills, curtailed
extensively and their output was
much reduced. The mills in this city
produce about 100000 pieces weekly
approximately 100000 yards), and
any extensive curtailment means an
elimination OF a large amount of
cloth. Because OF reduced operations
the New York and other cloth mar
kets were relieved Of considerable
cloth. and consequently there was no
unusual surplus Of goods thrown up
on the markets.
The total amount of dividends paid
to stockholders during the year
amounted to $1,3S6,109 an average of
500 plus per cent on the total CAPT
talization of S27,SO5,O00, against ST.
S27 $50, s. SO plus per cent on a cap
italization of $27,105,000, in 1910, On
| ly one mill passed dividends during
the entire year OF 1910, while ten
passed at various times durin the
year just ended, particularly /or the
last quarter of 1911 ~ +. mills
J throughout New England IRE in very
good physical condition, and during
the curtailment some mills ayailed
themselves of the opportunity of add
ing new machinery at considerable
cost, while others mad wornout ma
chinery.
While it would be a most difficult
task to state with any degree of ac-
curacy the amount of money expend-
ed for new machinery and repairs, ii
would not occasion any surprise II
the amount totalled $1,500,0O0. The
year 1912 opens under rather depress-
ing conditions, and while some of
the best informed textile men both
in New England and in New York
hope for an early cnange and have
stated that, in their opinion, condi-
lions will soon right themselves, to
others it seems that the desired i'm
provement is far off and that very
little change is to be expected until