Tuesday, November 13, 2007


At the turn of the century, Marchant had imported at least one worker from England, John Arundale. He had attended the Bradford Textile School in Yorkshire. According to notes of an interview with his daughter, Arundale designed the broadcloths that the mill sold to the United States Military Academy at West Point.--Andy Myers

For some time a problem existed in the inability of some stock owners to pay in full their subscriptions. While this proved annoying, it was not the fundamental ill. That lay in a ballast too light to permit the Company to ride smoothly in a stormy economy. Of the original $50,000 investment, some $30,500 went into buildings and machinery purchased from Marchant. Out of the balance the mill had to buy raw materials, finance and assume the costs of sales until cloth could be converted into cash. As a result, it was necessary to borrow large sums annually for operating expenses. The interest rate for such short term credit varied between ten and twelve percent during Reconstruction.--Harry Poindexter

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