Evening star., 1926-06-14
TEXTILE CENTERS
IN NORTH PASSING
Closing of Lawrence Manu-
featuring Co. Cited as Key
4 to the Trend.
BY J. c. ROYLE.

Special Dispatch to The star.
NEW YORK, June 14.-"Is 1t WORTH
more dead than alive?"
That Is the question more than one
company owning textile plants in the
North bern part Of the United states
is asking. Stockholders in some of the
New England textile plants have de-
ternined in the affirmative. The Law
renee Manufacturing Co.. for eN'
ample. has decided to liquidate. The
life span of the company has eX'
tended for nearly 100 years. 1t has
been a factor in the textile industry
of America.
When the stockholders of the Law
renee Co. came to this conclusion. the
stock of the concern was selling III
Boston at S62 share. This was in
spite of the fact that net quick as
sets of the concern were deemed by
most conservative engineers to be
worth $50 a share. regardless of any
value which the mills, machinery and
water-power sites might possess.
S66 Offer Is Made.
An offer of S66 a share was made
by a large operator for the company
as whole. but the stockholders pre-
ferred to wind up its affairs with
fair assurance of receiving $50 Il
share from the net quick assets.
Little consideration was paid to the
plant assets. since their value in
liquidation is doubtful factor. AS
a going plant these assets We're
valued at about ST. share addition
al, and Boston engineers claim the
water power site alone has value
of S15o,nnn.
This sort of situati ion. which is con
fronting more than one New England
concern. represents the losing side of
fight not only against Southern
competition. cheap power and non
union labor. but against the changes
In style In wearing apparel and in the
movement of the center of population
westward and southwark
This is not an isolated instance
where values for plant. as for some
individuals, are more dead than alive.
Many New England mills which have
been operated from 75 to 100 years
have accumulated large reserves in
cash and other quickly realiza BILE as
sets. The largest of them all, the
AmoskeaE mills, at the end of It's last
fiscal year had net quick assets of
*43,0n0.0 900. Yet the market value of
the stock of the company today is
around S25 600. Over and above
this, the plant Is carried at a valus-
tton of sS6.o00.0n0. including one of
the most valuable water power sites
In New Hampshire.
However, there Is no possibility at
present of any move to liauidate this
concern. The Management obviously
has a dogged determination to
weather the storm of textile depres.
sion. although the stockholders have
had no returns on their investment
since 1929. Old age is held responsible
fnr ma ny nf hA
Englan nd textile trade 1t is being said
over and over that IAN old dog cannot
learn new tricks" but the Amoskeag
management Is confident that it is not
TOO old TO anticipate the buying re.
quirementS of the public.
Other textile plants are not certain.
Still others are weighing the cost of
transfer OF activities to Southern
States nearer the source of raw ma
telial supplies. closer N the center of
population and withSff,ore Ienient tax
regulations, against operating In the
fece of Increasing difficulties in their
old plants. Among these are some
Of the WOODEN mills of Passaic and
silk and rayon plants of New Jersey
and Pennsylvania.
The situation of some of the New
England mills is indicated by the de
ctsion Of the Lancaster Mills of Gin.
.oA' mass. W eAtend Ihe usual Vaca-
ton period from 10 days to include.
the time between July 81 and Sep.
tenlber 16 this year Business with
this company is better than with
many others. Its machinery has been
operated at better than so per cent
of capacity. and the yarn mill has
been running 96 per cent. The COM
pany has tried operating a Boston
retail store with considerable success,
and other concerns are watching
closely to see whether the elimination
,of jobbers, wholesalers and middle
men may serve to widen profit mar