Word: amoskeag
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Huge along the Merrimack River banks at Manchester, N. H., the biggest cotton textile mill in the U. S., silent since last September, was ordered liquidated in July (TIME, Aug. 3). Sale of the fixed assets of Amoskeag Manufacturing Co., which once employed 18,000 Manchester workers, was set for mid-October and notices of the auction went up on Amoskeag's long string of buildings. Last week these notices were taken down amid more whoops of civic satisfaction than Manchester had heard for months. From the hazards of auction sale and the hands of Boston trustees, the property...
Ever since Amoskeag closed down last autumn leading Manchester businessmen have worked hard to get the mills going again, under the same or different management. In the event of a knockdown sale these gentlemen apprehended mighty Amoskeag converted into junk, providing neither jobs for Manchester workers nor business for them. Fortnight ago a citizens' committee headed by Manchester's onetime Mayor Arthur Edmond Moreau decided to buy the plant themselves, sell all or any part to manufacturers who would guarantee...
...amazement of U. S. textile men, Amoskeag emerged the next year with a profit of $1,065,000. Dumaine had fired every nonessential jobholder in plant and office, cut wages, shaved overhead, started the production of rayon. It was a miracle of retrenchment but, except for a scant $31,000 in 1933, it was Amoskeag's last profitable year. Depression staggered the company in 1930 with a loss of $1,345,000 and during the next five years Amoskeag's losses piled up over $4,000,000. In two years the company paid...
...autumn Amoskeag's visible doom had aroused both State and City to consultations. Governor Bridges' textile committee pointed out that one of the immediate reasons for Amoskeag's inability to do business was a heavy burden of fixed charges. Applying for a 77B reorganization in December, Treasurer Dumaine proposed to lighten this load by getting holders of Amoskeag's outstanding $11,000,000 in bonds to exchange them for stock. Nearly half the bondholders, however, chose to take cash instead of new securities-more cash than the company could pay. The March flood completed Amoskeag...
...bond-holder's suit, still pending, which argues that a court in Massachusetts has no jurisdiction over a New Hampshire firm. If this contention should be upheld in the autumn, Manchester citizens fear that more months of legal bickering would delay the start of new enterprises in the Amoskeag mills. Ever since the mills closed a Manchester Citizens' Committee has been trying to find purchasers or lessors for all or part of the Amoskeag plant...