In 1838, six Cheney brothers established the Mount Nebo Silk Company in Manchester, CT. The company adopted the family name in 1843. Aided by booming national markets, a protective tariff, and innovative production methods, the company grew into the nation's largest and most profitable silk mill by the late 1880s. The company pioneered the wastesilk spinning method and the Grant's reel. The company reached its peak in 1923, after which it quickly declined due to industry wide overproduction and competition from new synthetic fibers such as rayon. Although it revived slightly during World War II, the family sold the company to J. P. Stevens and Company in 1955. J. P. Stevens quickly liquidated the equipment and the remainder was sold to Gerli Incorporated of New York. In 1978, the mills and surrounding neighborhood were declared a National Historical Landmark District. The mill was permanently closed in 1984. Most of the mill buildings were sold to developers who converted them into luxury apartments and offices.
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