Much of Holyoke's industrial base in the 19th and early 20th century was centered along the Holyoke Canal System. Some compelling advantages were the draw of inexpensive electricity generated by water power, a local labor force, and rail transportation.
However, some manufacturing companies operated away from the canals, one of which was Holyoke Silk Hosiery Co. In 1920, the Holyoke Silk Hosiery Company was formed to produce women's silk hosiery.
Land was acquired on Sargeant and Oak Streets' southeast corner to construct a one-story factory. The building's foundation was erected with the idea of supporting additional stories. The two primary principals of the business were Edward P. Bagg and Charles P. Randall. E. P. Bagg, at the time of formation, was the Treasurer of Parsons Paper Co., and C. P. Randall was its Assistant Treasurer.
By 1925, the business had grown substantially, and plans were undertaken to add three stories to the factory building. M.J. Walsh & Sons of Holyoke was awarded the contract, and G. P. B. Alderman & Co. prepared the architectural plans. Each new story would have a distinct use: the first for knitting machines, the second for steaming, winding, and inspecting, and the top floor for winding machines. Some space would be unused to allow for additional expansion.
At its peak, Holyoke Silk Hosiery employed 150 people and operated around the clock. It staffed a sales force of eight throughout the country. There was a factory store for shoppers.
A series of unforeseen events caused a turbulent period moving forward. Charles P. Randall, its active manager, died in 1928. The Great Depression soon followed. E.P. Bagg died in 1931. Prolonged strikes and lockouts in 1933 and 1934 at silk dyeing centers in N.Y. and N.J. significantly curtailed the flow of material needed to produce its products. Workweeks were reduced to 24 hours. The plant was closed during the summer of 1937.
There were a few periods when the business was reinvigorated. However, it could not overcome its mounting debts. Through bankruptcy, an attempt was made to reorganize as a corporation to raise investor capital and seek federal loan assistance. The plant reopened in 1938 for a short time. Neither course was successful in saving the business.
On March 4, 1939, Hadley Falls Trust Company sold the building at a public auction.
Source of news articles: Newspapers.com (paid subscription): Citations: Holyoke (Massachusetts) Transcript-Telegram; dates published as shown.
Oak Street
Sargeant and Oak Sts.
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