Tuesday, April 15, 2008

vicious financing system

Hudson House, home of Woolen Mills transportation supervisor

These same buyers kept the cloth makers on the ropes by means of a vicious financing system. According to one spokesman, "the manufacturer, in most instances, actually begins his production for the year to come before he has received his money for the production of the previous year. The extension of credits is of course equivalent to a reduction in price, but it cannot be indicated in market quotations."--Harry Poindexter

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