Botany Mills was a

Passaic, New Jersey Passaic ( or ) is a City (New Jersey), city in Passaic County, New Jersey, Passaic County, in the U.S. state of New Jersey. As of the 2020 United States census, the city was List of municipalities in New Jersey, the state's 16th-most-populous ...

, manufacturer of textiles, which was organized in 1887. It merged with Continental Textile Co., Ltd., in January 1927. Botany Mills continued to have a controlling interest in both Botany Worsted Mills and Garfield Worsted Mills. The company was a key target of the 1926 Passaic Textile Strike, which lasted almost a year. The business is significant for having survived the

Great Depression The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty, drastic reductions in industrial production and international trade, and widespread bank and ...

while continuing to be a leader in its field in the decades afterward.

Corporation history

Botany Mills' stock listed on the

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reached a low for 1929 in late September, a month prior to the 1929 Stock Market Crash. The company's net loss of $2,768,904 for 1929, exceeded the 1928 deficit which totaled $1,461,783. In June 1932 Botany Mills formed an independent bondholders protective committee which called for immediate deposits of bonds. The firm had descended into receivership after defaulting on the payment of interest on its bonds on April 1, 1932. The Empire Trust Company served as depositary for the committee. In October 1948 Botany Mills announced that it would absorb higher raw material and labor costs without raising prices on goods. They maintained prices on wool shirts and pants as well as on their swimming trunk line. However their

gabardine Gabardine Gabardine is a durable twill worsted wool. It is a tightly woven waterproof fabric and is used to make outerwear and various other garments, such as suit (clothing), suits, overcoats, trousers, uniforms, and windbreakers. Thomas Bur ...

boxer shorts increased in price from $6.95 to $7.50 retail. In August 1954, Daroff and Sons, a

Philadelphia Philadelphia ( ), colloquially referred to as Philly, is the List of municipalities in Pennsylvania, most populous city in the U.S. state of Pennsylvania and the List of United States cities by population, sixth-most populous city in the Unit ...

clothing manufacturer which had produced worsteds for Botany under contract for several years, purchased a controlling interest in Botany Mills. In late 1955, Botany left the textile business and transferred its Passaic plant to an affiliate company, Clarence Worsted. Botany transitioned into real estate, product licensing and cosmetics.

References

{{Reflist Companies based in Passaic County, New Jersey Manufacturing companies established in 1887 Economic history of New Jersey Defunct textile companies of the United States 1887 establishments in New Jersey 1927 mergers and acquisitions Manufacturing companies disestablished in 1955 1955 disestablishments in New Jersey Defunct manufacturing companies based in New Jersey