Botany Mills was a

Passaic, New Jersey Passaic ( or ) is a city in Passaic County, in the U.S. state of New Jersey. As of the 2020 U.S. census, the city had a total population of 70,537, ranking as the 16th largest municipality in New Jersey and an increase of 656 from the 69,78 ...

, 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 (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...

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

Corporation history

Botany Mills' stock listed on the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed c ...

reached a low for 1929 in late September, a month prior to the

1929 Stock Market Crash The Wall Street Crash of 1929, also known as the Great Crash, was a major American stock market crash that occurred in the autumn of 1929. It started in September and ended late in October, when share prices on the New York Stock Exchange colla ...

. 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 Burberry advertisement for waterproof gabardine suit, 1908 Gabardine is a durable twill worsted wool, a tightly woven fabric originally waterproof and used to make suits, overcoats, trousers, uniforms, windbreakers, outerwear and o ...

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

Philadelphia Philadelphia, often called Philly, is the largest city in the Commonwealth of Pennsylvania, the sixth-largest city in the U.S., the second-largest city in both the Northeast megalopolis and Mid-Atlantic regions after New York City. Sinc ...

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 Textile companies of the United States Economic history of New Jersey Defunct textile companies 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