The New York Herald Newspaper, November 4, 1873, Page 10

THE RHODE ISLAND CRASH. CONTINUED FROM THIRD PAGE. ‘main reason embarrassments of the house. Aoundant rope Bop oy Nhat the wisest men ‘cannot manage property which they pever see. ‘The desirability of carrying out the plans of the committee is apparent to every careial and thougotiul observer. The provisions ol the deeds ‘and intentions of the committee were clearly set forth in the special telegrams to the HERALD Sun- @ay night, aud it will be readily seen how emi- Bently desirabie tt 1s that whatever disposition ‘may be made of the outside possessions the busl- ness establusuments of Khode Isiand may be pre- <n ‘THE PROPOSED MORTGAGE . covers the entire property, Not only of the A. & W. ue Manulacturing Company, but also the pri- ‘vate property of the individual members, and the whole is pledged for the payment of notes to be given equal in amount to the present indebted. m ‘and which the creditors are asked to acon, im place of the obligations which they now hold. These notes are to run for three years, at an intercst of seven and three-tenths per cent. The trustees are to have power to sell any Ln be of the property and ee oe proceeds wo the reduc- tion of the dept. The business of the corporation will go on under the direction of the stockholders, with Amasa Sprague for President, and it is unaer- stood that the stockholders are willing that any guarantee shall be giveu aguinst a change in the YON NOt satisiactory to the creditors, or that a seprtecntative Of the creditors shail be made ee that would be more acceptable, and to iis end that they are willing to give to the trus- tees a power of attorney irrevocable to vote on their stock. It is also said that the company are will that the creditors shall nominate the Crus- tees if any of those proposed should decline or should for any reason be unsatisfactory. THE FEELING IN THE COMMUNITY ig well illustrated by the following remarks of the Journai in reterence to the property in Rhode island :— It is desirable, for very evident reasons. that this splen- id property, the iruit of three generations of active life, 14 Hot go into baukruptey. With careful and intelh- gent management it can be made ‘o pay its debts and ably leave a surplus If closed at once and sold in Bre pent condition of business it would pay but a Moderate dividend, and the loss woud fall with especial ‘severity upon some who are hittle able to bear ‘as. the depositors in the saviugs banks and me of the stockholders in the national banks. The closing ot all the works for so" long a as would” be necessary wind up so. great ‘and complicated an estate in bankruptey would be severe loss to many poor people and serious interra: tion to the general prosperity. Yet it is exceedingly cit cuit and only by many concessions that such @ cone! sion can be avoided. ‘The torbearance of ail the credi- tors, of whom, necessarily, ew could be consulted in these preliminary proceedings, is requisite, or of all whose claims the others would not purchase, ’ The eredi- | tors will doubiless claim, as they have a right to claim, to be consulted in the selection of the trustees, and iu the eonditions ‘of the mortgage. We hope, for ihe general food, that the matter may be taken up in a kindly and onelliatory temper on both sides. What is best tor one mde is best for the other. ‘The property and the pros. ts of the company are identitied with the claims of fhe creditors, aud the public has « large interest in de continuance of the manutacturing and mechanical oper- ations that employ so many hands. THE LESSONS FROM ALL THIS BITTER EXPERIENCB of the Spragues are maniold. ‘Too great expan- sion and consequent strain upon resources are ‘things especially te be avoided in times of money stringency. No firm, however confident they may feel about their security, can long carry on such a policy without endangering themselves, and this it has been amply iiustrated by the crisis in the epramne affairs. It is sincerely to be hoped, too, | t the banks, especially the savings institutions, ‘will pursue a more cautious and a safer policy than g their deposits for unreasonable expansion of territorial acquisition in outside iocalities and thereby practically crippling themselves. One great lesson is shown relative to the city’s Interests in this matter by the iollowing paragrapu in the It is fortunate for the city that the banks have agreed to guarantee the deposits of the Sprague banks. The de- its of the city are kept in the First National Bank, to which they were removed trom the Hospital trust Com- pany. The policy which has been foliowed of spending taxes of the city betore they are coilected, and of elassing as extraordinary such expenses as it is not con- | venient to pay within the year in Whick they are incur- ved, makes (ie city a frequent borrower, and the rate of interest is not a matter of smailconsideration. When the account of the city was kept in the Hospital Trust ompany that institution loaned money to the ci to time, as was required. We believe that tue First National Benk has not loaned the city anything, but while it has uad the city deposits. latterly about $20,000, ata low rate of interest, the city has been driven into the street for money at twelve aud eighteen per cent. GOVERNOR HOWARD DECLINES, There has been practicaily nothing new de- | veloped here to-day in regard to the situation of Sprague & Co, both the Senator and Colonel Amasa Sprague, with their counsel, B. F. Thurston, are busy arranging for the presentation of the mortgage deed to creditors, who have been, by a call issued this afternoon, summoned to meetin this city within a week. Goyernor Howard, who, as was stated yester- day, Was absent irom the city Saturday evening, and who was not consulted in regard to lus ap- intment as one of the trustees, has, I have been formed this evening, declined the position, on the ground tnat his duties, oMcially and privately, pre- ented his acting in that capacity. Asi Rave already indicated, his appointment gave gen- eral satisfaction, and his declination will be re- ceived witu-regret. I called this evening at the office of the Messrs. Sprague to learn if any ap- pointment had been made to fill the vacancy, but | Was informed by Mr. Tourston that another trus- | tee had not as yet been selected, the choosing of | one being, however, under consideration. ‘The | Spragues’ attorney, Mr. Tuurston, has entire super- vision and management of the affairs of the house at present, and ali callers interested in the con- cern are referred to him, who is ever ready to cheerfully impart all desired information as far as is consistent with his duties, RETICENOR OF MR. IVES, OF BROWN & IVES, In an interview had by your correspondent with Robert H. Ives, of the firm of Brown & Ives, this | evening, that gentleman absolutely declined to make any statement whatever in reference to the relations between his house and that of the Spragues. When questioned as to whether there ‘Was any foundation for the reports in circulation affecting the attitude of brown & Ives towards the Spragues he reiused ty say anything, and pre- tended to have no knowledge of their adairs other | than what he had read in newspapers, Rumored Declination of Ex-Governor Smyth to Serve as Trustee. PROVIDENCE, R, I., Nov. 3, 1873. I hear it rumored to-night that ex-Governor Smyth, another of the trustees, has also declined, or come to the conclusion of declining, as it is understood there are some cbjections to him on the part of the creditors, as mentioned in my despatches last night, but up to a late hour the declination had not been announced at the | Sprague office. He is essentially aman who, from | his thorough knowledge of the affairs of the firm, would probably not yield to any unreasonable de- | mand of creditors, and for fear his presence would depar the accomplisnment of a satisfactory settle- mont he has, it is reported, concluded to hand jn | his dechnation, but he may, however, be prevailed | mpon to act despite the adverse influences at work. The matter of the trustees is of the utmost importance, for upon them depends the result of the past week's deliberations, and it may yet be the cause of trouble. One vacancy already | existing, and another very probably soon to occur, | if ft has not already been caused, give rise to re- | mewed apprehensions that great difficulty may | yet be experienced in settling the atairs of the | concern. The meeting of creditors can alone Batisiactorily determine the subject. | THE HOUSE OF SPRAGU. An Influence Thag Was Feit All Through | Rhode Istand—Magnitude of the Sprague investments. PROVIDENCE, Nov. 3, 187%. During the reign of the Secoud Empire the vist- | tor to Paris never jailed to feel in the very atmos | phere around him the presence of the genius and | power of Napoleon. It fell upon nim like a solemn | evening mist at the Tomb of the Invalides, and it | fled the mind with bright avd golden fanctes | among the gardens of the Tuileries, Napoleon | breathed everywhere, and his spirit filled the air, Inasmailer and different « the power and Wealth of the Spragues were felt in this State, | and more especially in this city of Providence. | The steamship that landed you here from New York and the street cars that conveyed you | through the city acknowledged the contro! of tne | Spragues. ‘Their vast print works at Cranston, Vheir cotton mills that belt Providence and their | iron works within the city give employment, di- | rectly and indirectly, to 50,000 peopie. AN ENORMOUS PAY-ROLL, ‘Their pay-roll exceeded $160,000 a week, and in the course of one year they putmore money in circulation than did the national government Gfvy years ago. They lived in grand houses ter- Faced above the surrounding houses and fenced | off from all vulgar attachments, SUMPTCOUS DWELLINGS. ‘The residence of the mother of Amasa and WI- Nam Sprague looks large enough for a palace. it 38 & greut, broad, massive brick structure five Stories high with @ liberal aWeep of land around Mt, carefully terraced and cultivated, The street 4m front was made for the use of the Spragues e@xclusively. It is closed at either end by tron gates and no carriage dare enter on it without sPerMmUNBION OF AP REODIE In. rhe waigon geaUde, feeling of indignation was stirred = uj against him througbout the length an | breadth of the State, and a@ corresponding | inthe cause of charity and religion, and if they | are exceptions to this s Facing tow strees wpa having a combined. tronv- age of wbout 1,000 feet are the two private dwel- lings of the Spragues, Here all that wealth and taste could devise was brought together to make body and soul rejoice. The site was @ fitting one for the GREATEST PAMILY OF THE STATE, high above the town and looking over the heads even of the other great rival family, the Browns. Now that the great firm of Spragues is threatened with extinction it may be as well to glance for @ moment at the magnitude of their investments, 80 as to realize What an enormous property has been overthrown in a few days. The house of Sprague was started sixty years ago by the establishment in a small way of print works at Cranston. These works grew from year to year in size and importance, and under the management of the elder Amasa’ and William Sprague they were brought ¢o a high state of per- fection, so that the Sprague brand of calico be- came favorably known from end to end of the country. The elder Spragues died and left the property to Amasa and William the younger. The print works yielded an immense revenue, and it ‘was the ambition of William to devote all the sur- lus earnings to the extension of the name and Sirerprise i the family. In this purpose of his life he branched out into the MANUFACTURE OF HORSESIIOES, of.horse nails, of ploughs, of caloric engines and various industries that added greaily to the repu- tation of the house for enterprise, and also to the prosperity of the State, In truth, take away from Rhode Island the two houses of the Browns and Spragues, and the little State YORK Pach hk HERALD, Eetipbatanslent “Awget there ave no failures 8 bul D oe Shey occurred ACK MEN. facture of stoves here is the most ex- tensive in the United States. About 1,500 meu, whose weekly exceed fates are usually employed by ten or more la: ms, and in noin- stance has any matertal luction been made in their numbers as yet, The number of stoves pro- duced weekly is considerable, propably exceeding 2,000, yet the demand is tully equal to that supply. Most of the makers lave al- lowed their stocks on hand to run down fo a mini- mum scale, like most holders of goods just now, preferring to go along with as light a stock as may be possibie to meet the orders coming tn. Two firms have warehouses in Chicago, aud they Ransom & Oo, and Rathboue & Co.) report the estern trade as healthy aud very satisiactory, the collections in the West Cre ype and fully met. Littlefield, and Perry & Co., who have brought out some new patterns, the sale of which has proved very brisk, have con- stant demand jor all they make, and, but for the uncertainty exis! as to the future, would probably put on more hands. Towards the latter part of December it is usual for the stove foundrtes here to shut down to allow the furnaces to be repaired and a general exam na- tion made of the machinery and premises. At that riod also an inventory is generally taken, All the nds are disemployed during this interval, the duration of which varies from one to two montis. Unless matters prove much more satisfactory next spring than it seems now likely they will, the ces- sation of work is expected to continue until May. The stove makers in Troy have shut down thetr works and discharged bands within the past ten days, BREWERIES, The demand for ale has not been checked by & scarcity of money, but the brewers complain of a great diMeculty in getting money for even half of ‘The manu! would be hardly worth representation in the Lower House of Congress. Wiluam Sprague took @ vast burden on his shoulders. He sought not alone to make the name of ms family A HOUSEHOLD WORD IN CALICO, but he likewise had the ambition to fill the public mind through the channel of politics with bis qualities as a statesman. In the latter design of his ilte he proved a failure, and it ts clearly demon- strated now that his policy of extending the busi- ness of his house beyond 118 legitimate limits was @ very grave blunder. To get an idea of how immense a the two brothers controlled we have only to look at the estimate of their real estate alone. In Maine they owned 40,000 acres of the best timber land. In Kansas and in Texas they clanmed vast tracts o! land aiso, and in South Caroiina an extensive pur- chase was made for a mill site a few years ago. At Cranston, which is @ village that, im the course of time, wull be part and parcel of this prosperous town of Providence, they owned 1,784 acres, which, of itself, was @ fortune not to be despised; in the adjacent village of Johnston 839 acres, apd in Warwick 728 acres., This lana bot Many years hence will be sold at so much per foot, and its value is, therefore, simply incalculable. In the town of Providence Fiais propery was scat- tered in all directions, They had six tron manu- lactories, they controlled five banks, they owned the immense Baltic Mills, with 76,000 spindies; the Nat- ick Mills, with 42,000 spindles; the Augusta Maine Mills, with 40,000 spindles; the Quidnick Mills, the Arctic Miila, the United States Flax Manufacturing Company, with 33,000 spindles; and, indeed, to enumerate the different investments into which the capital of this powerful house made its way would be tedious. POLITICAL INFLUENCE OF THE SPRAGUES. Centring as did most of their wealth in Rhode Island, the influence exercisec by the Spragues was ofcourse confined to the State. This influence was felt in politics as well as in business, The rival house of Brown & Ives disputed their sway in the political feld, and the result was that the State became divided into hostile camps, repre- sented by the two leading !amilies, and the strug- gle for supremacy between them has been not in- aptly likened to the ambitious feuds of the bere Nae and Capuiets. The rival houses divid the Legislature and the Boards of Aldermen and Common Council. William himself represented the {amily in the United States Senate, while Senator Anthony represented the Browns. The latter succeeded in having a member of Con- ess of their own; but to counterbalance that the Spragues captured the Mayoralty of Providence. In business, in politics and in social life the two houses appeared to have been DEADLY OPPOSED. William Sprague hugged the delusion that the Browns were his relentless enemies, He acted aiter a misanthropic fashion. He associated little with his fellow men, not even with tne old acquaintances of his college liie. He passed his friends on _ the street without @ token of recognition, and he contrived irom his entry into public life to create a host of enemies without ever entertaining any deliberate popor tosuch an end. The few who clung in toady fashion to his heels filled hts mind with bit- ter hatred of the Browns, and one day in the win- ter of 1869 he rose in his place in the United States Senate and made a speech so full of acrid revile- ment of his fellow townsmen that a strong degree of sympathy extended tothe Browns. It would be unreasonable to suppose that the effect Ol that speech is now wholly forgotten. Traces of the deep bitterness it aroused against Sprague are stil] visible, and now that misfortune has fallen on the house and its career is threatened with being terminated forever, it has but iew genuine friends where it might have commanded a eriect host. The Spragues did much for hode Island. They furnished widespread em- ployment. They were liberal with their money never excited any sympathy beiore, they provoke @ good dea! now irom that class of people who can perccive that the errors of the Spragues were not the result of any evil 1mpuises, Both the Spragues are comparatively young men. Amasa is about thirty-five, and William thirty-eight, Amasa’s skill was in coadaceny the | print works, and William’s in speculation. Ifthe. | conservative instincts of the former had prevailed, the disasters that overtook the firm might bave been avoided. MONEY AND LABOR IN ALBANY. The Lumber, Iron and Boot and Shoe Interests—$60,000 Dae Mechanties. ALBANY, Nov. 3, 1873. The widening circle of financial disturbance, | which had its central origin in the Wall street stock market, has been felt here for the past two weeks. The first effect recognized was that of | checking all transactions, great and small, which | possessed even a minor amount of speculative ele- ment. Men in trade preferred to try to work out their present stock rather than buy goods, which, owing to the aspect of the money market, may be had on better terms ere the storm has blown over. | This prudential policy has extended iteelf to almost every branch of trade, and has led to an almost total cessation of the making up of goods in an- ticipation of orders such as should be expected at this season, THE LUMBER INTEREST. As the slightest check to the consumption of any | article is immediately communicated to the vaiue of the raw material, the lumber interest, which in | importance is second to none here, has experi- enced the full force of the monetary cyclone. Down to the end of August the amount of transactions in lumber was in excess of that of 1872 fully ten per cent. Since August a falling off of trade has resulted im a belief that, at the close of navi- gation, some four weeks hence, some twenty-five per cent reduction in amount of sales will be found to have existed in the season of this year, Lamber is now offered at cost price, The average prices obtainable this year were $3 to $6 less per | 1,000 feet than in 1872. The quantity on hand is | large, and, thongh very littie is coming forward at | present, it is expected that fully 100,000,000feet will remain to be carried over notti next April. The production has been largely in excess of the demand all through the season, and in conse- quence of low prices prevailing here heavy stocks remain on hand in the West. Many milis have re- cently shut down, all those in Michigan stopping two weeks ago. There are about three thousand men and two hundred horses and carts engaged. These num- vers will be increased about five per cent for the balance of the season, The failure of White & Co.'s firms jast spring has had @ most depressing effect on all parties engaged im the trade here, alers with whom your correspondent*haa conversed have Assured him that no money has been made this Season by any firm engaged, BOOTS AND SHORS, In the boot and shoe factories here some 1,200 persons find constant employment at remunera- live Wages. A falling off tn orders generally occurs &t [his season, but just now the matter has as- sumed @ mach more serious aspect. Though no appreciable amount of reduction in the numberof haus has been made, their time nas been short- ened, and in some instances the pay for even this Short time has not been given in full, There in one or two fac where orders are coming in ag cxtenarreiy tote other seasons, and no reduction in time, hands or pay has been resorted to. An admirable spirit of mutual good feeling prevails generally among the employers and empioyés in this city. No better fag of this need be cited than the act of the iat- Beale eer for their enttre earnings circulation of money resume condition : ; ‘ y mes its normal As yet very few have been discharge: workshops where they had steady cuiflcymece ' but @ feeling exists generally that this state of affairs is not to last long. {tis said that in more than one instance men would have been discharged, | but that if this step was ta’ their pay to the Inst do! hould be paid them. In two estabiian- ments here about $60,000 are said vo be thus due to employ¢s. A GENERAL DIFFICULTY IN COLLECTING MONEY, or even of having bilis honored is exporienced, what they are asked to supply. ad RaaMueges) & 3 ‘S® SUSPENSIONS IN O0SWEGO. Hoyt, Sprague & Co.’s Factory Partially Suspended—Manulactories Working on Half Time—Workmen Discharged and General Distress. Osweao, Nov. 3, 1873 The commercial disturbance and general derangement of business has @ depressing effect in this city and vicinity, The beaviest manulac- tories are reducing their operatives’ hours of labor and wages. Among the most important concerns here is Ames’ iron works, which is heavily engaged manoafacturing portable steam engines. It is on half time. King & Co., founders and machinists, discharged a large part of their force. The Delaware, Lackawanna and Western car shops reduced their employs one-third, Ship carpen- ters’ wages are cut down fifty centsaday, Lake and canal freights have declined to nominal figures, The weather ig cold and the prospects are that navigation will close early. A feeling of | eee! depression prevails, and much suffering is Inevitable among the wor! classes, The panic has had a prostrating effect in Fulton and Oswego Falls, twelve miles south of the city, the most con- siderable manufacturing towns in the vicinity. Hoyt, Sprague & Co.’s factory at Oswego Falls, em- ploying 750 operatives, parciely suspended; 500 ands were discharged. Ross & Cu,, Fulton, heavy founders and machinists, discharged three-iourths oftheir men. All branches of trade in this vicinity feel the revulsion, and local financial disasters are predicted. THE FEELING IN BALTIMORE. —-—__—_ A Decided Improvement and Confidence Renewed—No Distress as Yet, and the Outlook Favorable. BALTIMORE, Novy. 3, 1873. The feeling in financial, commercial and manufac- turing circles to-day is @ decided improvement upon that which prevailed at the close of the week. The renewal of confidence 1s greatly gtimuiated by the fact that the banks agreeably disappointed gen- eral expectations by paying out currency liberally on Saturday to employers, and the distribution of nearly a quarter of a million of dollars through the channel of payments to workingmen and other employés infused fresh vigor in all branches oftrade. The city has met with trouble in raising money for its current needs, but the Farmers and Planters’ and Mechanics’ Banks came to its assist- &nce on Saturday with funds to pay school teach- ers, police and other city employés, and also to meet the interest on the city debt. The limitation of issue of Clearing House certificates expired on Saturday, but the associated banks resolved to ex- tend it until January 1, and at their meeting it was understood that they would combine their re- sources for relief of any weak bank, although no resolution to that effect was passed, Under the improved condition of affairs Knabe’s piano lactory has resumed work and the otber factories are looking to an early resamption. THE DOMESTIC DRY GOODS TRADE continues firm,jand the wholesale houses report that the demand, although slack for the present, is expected to increase during the next thirty days to such an extent that they are not lessening thetr stock, but are putting down the prices of goods for home consumption. There are Rhy cotton mills in Maryland, employing 6,000 hands, and all of them are running on Jull time and with their entire force except the Laurel, which has shut down on account of the financial troubles, Hooper & Sons, who,have five mills in the vicinity of Baltimore, and employ 2,000 hands, are the largest manufacturers of cotton duck in the country, and state that the demand from all points is pressing their | heme capacity to the utmost, the opening Of this week having brought in un- expectedly large orders. Woodward Baldwin, principal jobbers of domestic dry goods in the city aud for the Southern trade, give ENCOURAGING VIEWS, and say that there is as TL No failing off in the de- mand except for a ieW minor lines of goods. Favorable reports also come from the iron trade. Abbott’s mills are running 1,000 hands on plate and rails, and have orders to keep them busy up to January. Trego & Tbompson and Coats & Bros. are also busy, Wilh no anticipation ot trouble. Un- der the effect of dimculty in negotiating exchange the distribution of foreign importations is slack, ex- cept in the coffee trade, which is very brisk and firm. The principal complaint against banks comes from persons who want currency to send away, and associated banks adhere to the policy ol firmly refusing all demands for money to go out of the State. Threats of applications in bank- ruptey by speculators refused in this particular | have been freely made, but THE GENERAL SENTIMENT is so strongly in favor of banks that it is not be- lieved such measures will be taken. The liberal action of the banks on Saturday relieved appre- hensions felt among the employed classes, who cannot be said to have yet met with any real suf- fering. There is a widespri apprepension of hard times during the winter among the poor; but It has not yet been reaiized, and the prospects are brighter than at any time since the commence- ment of the panic. The workiugmen of Baltimore are generaliy provident; but their ings, instead of going into savings banks, are largely’ thrown into Luding associations, and if there should be a heavy run upon these there would be great dis- tress, because of their inability to pay deposits. So far, however, there has been no pressure on them} but they are contracting their operations, the result of which is to cause a perceptible WEAKNESS IN THE REAL ESTATE BUSINESS, The issue of building permits for October 18 nearly 100 jess than lor the same month last year, and bricklayers, masons and carpenters are suf fering proportionately; these, together with the oyster packing business, are the only departments ol trade and labor which have a gloomy prospect before them. The packing Lonses are restricted at present, but they look to arevival of the trade soon, and anticipate a brisk business before Christ- Tas. There has been NO MERCANTILE FAILURE IN BALTIMORE, notwitustanding that its business is keenly senst- tive to New York fluctuations. Exchange on New York was plentiful to-day at nominal figures, and there was not a great deal of trouble in obtaining it for immediate use. Cotton, breadstutts and pro- visions are coming freely forward for exportation, but the demand for home consumption is slight. THE SITUATION 1N PITTSBURG. ncnentime Redaction of Hours of Labor ana Wages of Workmen — Manufactories Sus- pended—Great . Distress Apprehended— Blackmere and His Creditors, Prrrasvra, Pa., Nov. 3, 1873. Though the banks of this great manufacturing city passed through the recent financial hurricane with greater complacency than those of any other city in the country, never having exhibited weak- ness by suspension, or refusal even for the briefest period to pay ont their currency, yet it would seem that its manufacturers are destined to be less for- tonate. They have stood maniully by employés through all this commercial depression, ranning the great iron mills on what 18 known as “double turn,” or both day and night, with no greater sacrifice to workmen than with- holding @ portion of their monthly wages. But the continuance of money stringency and tts consequent depression have finally caused the most formidable aud wealthy tronmongers to yield to the pressure, and during the past week, for the first time in many years, the clatter of machinery in many establishments on the south side was hushed, and the p.ace knew no more the dense and a corresponding spirit of forbearance towards those unable to pay up is bited, This latter, yb arigey SOM A IMMTEPROD Cpt bho pine VAT eee MEY inky columns of smoke that had rolled heaven- wards eo constantly during both day and might. Av a alsgons a4 inYagable ae It i9 oMfortunate Shak an tames of money re the heat and ee apg days, and the frost’s eye | of long: months, must i duction ate the Atst ealtea, to mabaait to it Th of taborers hay ea FO) through the suspension western division of the Pennsylvania Ratiroad. ‘This corporation had been excavating, beeing and shee extensively along a tine of their between this city and Altoona, for the purpose laying two anditional ‘racks, and @ vast number of laborers, with their horses and carts, tound steady employment at good wages, But this, what might be termed army, has been reduced to the shadow of its former self and the company expect to still further reduce the workiug force. Large numbers of skilled mechanics in the company’s Workshop* at Altoona have also been discha: At the new water works of the city of Pitts borg, in which @ very targe pumber of men find employment, wages have been reduced from $2 to $1 75 per day. borers on the Wylie avenue improvement, who suffered a reduction a few weeks ago from $2 to $1 75 per day, have been called upon to submit to a still turther redaction a A adi as cents per day, which brings them to ut NINB DOLLARS PER WEEK in fatr weather and less in foul, Some of them quit and some are deliberating whether to continue work or knock olf and earn nothing. About a week ago the workingmen employed at the iron mill of Moorhead & Co, refused to accept a reduction of ten per cent recently made in wages of mill men in blast furnaces. The men subsequently reconsidered and coneluded to ac- cept the reduction, whereupon the firm also re- considered and refused to entertain the sober second thought of the workingmen, and the works have stopped operations, The price of labor on the Pittsourg, Virginia and Charleston Railroad as well as on the Pittsburg, Washington and Baltimore Railroad has been. REDUCED TO $1 60 PER DAY. Many of the men have accepted the lage while others are considering the question a balancing the probabilities of the labor market. A few weeks since they were receiving $2 per day. The Cambria Iron Works at Johnstown have closed down, but the company expects to be again in ope- ration next week. This coeneny. some days since suspended cash payments to workingmen, obliging them to take an Amount of wages in the neces- saries of life furnished at the company’s stores. The men did not complain much, but now it is evident that so little can be done atthe works that it is impossible for the company to keep the whole force employed constantly, or any great num- ber o fthe force employed any consideravle portion Ol time, for want of orders. This ne em- 8 Ploys thousands of workmen, and ould the entire works be _ obliged to sus- pend the suffering among the itamilies of these poor creatures during the approaching dreaded winter will be feariul to contemplate. Out of thirteen bottle glass manuiactories in this city seven are idle, and the other six are working at reduced time. Some of the factories of this par- ticular branch of glass trade have been standing IDLE SINCE LAST JULY; others since the middie of August. There are four different branches of glass manufacturing carried on here, and in some brancnes work is gg brisk and orders correspondingly tend e police of this city held a meeting to-day at the Thirteenth ward station house for the purpose of taking steps to provide a fund POR THE BENEFIT OP THE POOR of the city. It was agreed to give one day’s pay each month for this purpose. The creditors of Mr. James Blackmore, the present Mayor of Pittsburg, Will hold a meeting to-morrow for the purpose of considering propositions made for an extension. Blackmore 1s a heavy coal operator, and the claims of his creditors foot up over $300,000, A number of creditors wish to push him into bankruptcy. Mr. Blackmore argues that bis assets are far in excess of his habilities, but that under the present condition of affairs his property would be sacri- ficed and the amount realized would not cover his indebtedness. In order to relieve his bondsmen, Messrs. C. L. Graff and T, J. Blackmore, he asks for an extension of six, twelve, eighteen and twenty- four months to pay the different claims against him, as he is confident that, if allowed this exten- sion, he will get straightened out and be able to ay all claims himself, without involving his ondsmen, CHICAGO PREPARED, No Present Distress in the City—Business Active and Unhampered, but the Win- ter Dreaded=A Table of Receipts and Shipments. CHI0AGO, Nov, 3, 1873, Less, perhaps, than any large city on the Contt- nent has Chicago been affected by the panic which commenced with the suspension of the Buchu banker of Philadelphia and continues with the failures and rumors of failures in Rhode Island. The panic among our banks was short and sharp, but all have weathered the storm save the Second National and Manufacturers’ National, both of which have gone into private liquidation, and the Franklin, a small institution, which has been declared bankrupt. The liquidating banks will pay doilar for dollar, as Chicago never adopted the plan of issuing Clearing House certificates, ‘ach bank stood from the outset on its own bottom, and the result is that all our other banking institutions are in excellent condition, doing business as usual, save that discounis are not granted as readily as of old. ‘The savings banks having decided to stand by time rule, are all intact, and as thetr line of deposits was very large, frugal poor people, wno were aimost entirely their customers, will have @ resource in case of distress. There has not been a single failure of note in mercantile circles, and BUSINESS 18 ACTIVE AND UNHAMPERED, except by the difficulty of making collections, Take, for example, the dry goods line :— Mr. Leiter, ot the firm of Field, Leiter & Co., the heaviest house here, declares that we are better prepared for hard times than any other section of the country. Business is fourishing and our orders average 100a day. The past week was the best we have ever seeu in the way of filling orders. It ‘is our largest week on record. Qur banks are in superb condition; they were never better. Not a single manufacturing house has thus far suut down. THE PORK PACKING SEASON has not, however, fairly opened, and the ptospect is at present that general scarcity of money will prevent anyihing like the business of former Seasons, As this 18 our principal industry tn winter, it is greatly teared that much distress will pre* vail among @ large class dependent upon it for their winter’s sustenance. No building operations have been suspended. The city goes on with its improvements, employing thousands of men, but the season jor this kind of labor will close about the ist of December, and if the packing houses are not in full blast_men who usnaliy work at anything in Summer, and in the packing houses in winter, will suffer in the cold, As a rule the rallways having shops in the city, or anywhere in the Northwest, have made no considerable, if any, reduction in their jorce; but the Chicago, Burling- ton and Quincy, Northwestern and LakeShore lines have cut down the wages o/ all their operatives trom seven to ten per cent. I hear that THE WHOLESALE CLOTHIERS will not employ a large number of tailors this win- ter, and as the manufacture of clothing was car- ried on largely here it ts likely that there witl ve much suffering among those depende: upon this line of industry, Business upon ’Change ts lively, though there is net 80 much speculation as usual, owing to the fecling ol distrust among operator: To indicate how little trade in grain bas been at fected, 1 send astatement of receipts aud ship- ments of breadstoff and live stock at this point during the past week, comparing them with those of the corresponding week of last year :— RECEIPTS. Now. 1, 1873. 090 Flour, bbls | 730,520 lour, Wheat, bushel: shels., THE SITUATION SUMMED UP. Lake freights are not active, but railroads are carrying np to their capacity, Although I cannot point to any other evidences of financial suffering nere than those enumerated, and though jobbers will deciare that business is good, even if collec- tions are hard to ma’ yet lcan say that there is ® general ieeling in the city that the coming winter will be one of great severity.« “The poor we have always with us; butit is certain that their nambers will be | ly augmented, To re- lieve the sufferings that will sarely come upon the unfortunate our Aid Society has something like $1,000,000 in its treasury, while tuere nu. merous minor benevolent associations, all in excel- lent order for charitable work, Our season of dis- tress will not be fairly upon us until the close of navigation, which will doubtless be earlier this year than usual. To sum up, there is very little tangible suffering at present, but there is grave apprehension as to the future, STRINGENCY IN HORNELLSVILLE, HORNELLSVILLE, N. Y., Nov. 3, 1873. Manufacturers and business men here are {eel- ing the stringency severely, but no failures are reported as yet. The factories are reducing the number of their employés, The railway shops are working on three-quarter time; but few workmen are discharged, and work on the Erie double track from here West gives presen employment to la- borers, Very bard times are not here yet, THE FALL RIVER MILLS. PAu River, Maas., Nov. 8, 1873, In compliance with the new regulations, a ma- Jority of the milis which shat down to-day will run‘ Cah} house age day for thy neat four dayp, ang again thus making half See. Aree beoertae per cent, per day Gamatets need pxcretg Mc eeaacaed ‘twenty-five of the carpenters are on a strike. THE LABOR CONTEST. Strike of the Building Lahberers and Bricklayers—No Prospect of Their Ac- ceding to the Reduction of Wages. Bosses may propose ; workingmen claim the power and right to decide in the matter of reducing wages. Yesterday partially tested the matter in regard to building laborers, masons and brick- layers. Having resolved last week to cut the wages of laborers down, from and after Saturday, from $2 60 to $2and mechanics from $4 to $3 60, the contractors for the few jobs in progress were not really surprised to learn that a unanimous resolution of the Bricklayers’ Associations resisted the reduction. On Saturday @ good portion of the bricklayers and laborers who are members of the unions were at their posts and did their day’s work as usual, though the foremen were informed that there was firm intention to resist the change, Large trade meetings were hela Saturday night, at which in- tense feeling was manifested and the firmest dis- Position evinced to resist to the bitter end, as well as to stand by each other in thestruggie with idleness, want and suffering, if those must come. Yesterday the General Council of the Brick- layers’ Association wasin sdtsion most of the day at their headquarters, Germania Assembly Rooma, Seventh avenue and Twenty-sixth street, perfecting measures for the protection of the interesty of the guild as well as the general interests of labor in the city. Only delegates were allowed entrance, From the outside conversation of the members, however, it was no difficult task to learn, what was made no secret, that the organization was of one mind and that all stand firmly shoulder to shoulder in the attitude of resistance to what they consider the selfish greed of the few bosses who have work in progess. WORK STOPPED, All the society men let the trowel Me idle “yester- through the city except at the new Post Office building. Here the full wages are still paid, and the work is being pushed with about 350 men. All other buliding work was virtually suspended. Bosses and toremen, when interrogated, said that their men were induiging themseives with a spree, but an aiternoon and evening among the strikers Jailed to disclose any spirituous excesses, Con- tractors express the opinion that they will find no Say in filling up their gangs and completing their jobs, orkmen entertain the re- verse opinion, and say that the ‘scabs’? who ask work at the lowered = rate gre no mechanics and will be found unable to do the work required. Employers say they expect most of their society men to return and go to work in alter election. The strikers sing a diferent tune, as will be seen by the notes of re- porters below. TO RESUME. It is ying to be able to announce that the large skirt and corset factory in West Twenty- sixth street, which was noticed as having stopped on Saturday, was only closed temporarily for alter- ations or re) nd will resume work to-morrow. In a time of such general business stagnation it is not strange that this temporary suspension shouid have been mistaken for a failure and so repre- sented to the HERALD reporter. From and after Wednesday this factory will be run with theusual force and on full time. A PROPOSITION, Marvin & Co., one of the large safe building firms of the city, have issued a card stating their convic- tion that all prices of labor, materials, rents and all products of industry must be greatly reduced and business enterprises reorganized ‘on a new basis of corrected values, which they think will do more to extricate the country from its present dtf- ficulties than all the efforts of the financial doctors to avert disasters and distress. They conclude that the sensible and proper thing to do is to keep the mechanics and iaboring classes employed dur- ing the present winter and sell their products at a heavy discount. They believe it will be better to maintain the organization of their factory force without immediate profit than to disband, and better for the workmen, who have served them faithinlly for years; and that a similar determina- tion on the part of manufacturers generally would soon solve the knotty problem of the hour, WHAT THE BRICKLAYERS SAY, HERALD reporters yesterday and last evening visited various parts of the city where laboring men congregate and talked at length with the buliding workmenmow on strike. The bricklayers, who had been receiving wages at the rate of $4 per day of eight hours, profess not to seriously object to the reduction of fifty cents per day on their wages as to protest against the cutting down of laborer's wages to $2, which they assert to be wholly inadequate to support & man and family when account is taken of tne large number of days in which no work can be done. They consider them- selves honorably bound to make common cause with the laborers who work with them, and they pete on principle against what they regard as eartiess cruelty on the part of the employers, ‘AN ISSUE OF FACT. AS & reason for the reduction, the bosses say that it is made with a view to induce capitalists to in- fuse new spirit into the building trade next spring, by enabling them to put up houses at a far less cost than during the last year. Wages are cut down as the first step towards the di- minuition of the expense of buliding in the hope that those who have money will next spring put it into new buildings, and thus make business lively for both contractors and workmen. This is con- sidered by the workmen as the shallowest sophism. They say all work now in progress has been con- tracted for under the established rates of wages, that tne bosses are receiving their pay upon that basis, and the measure of reduction is simply a plan by which fifty cents can be taken every day from the poor laborers and put into the pockets of the bosses—not saved to the owner of the property. HOW CAN THEY LIVE® As the matter is viewed by the strikers the laborer who can work some days when bricklayers must be idle, cannot, at the most, make over eighteen days’ work in the month. For this at $2 he will receive $36, Out of this he must at the least pay $10 for rent. He has then $26 leit out of which to clothe and feed himself and perhaps a family of six to ten for thirty days. By what economy can this be done? They say that when they work they must be substantially ied. How can a family even of two persons feed themselves alter providing clothing out of $26 per month? Out of the brick- layers’ wages of $4 per day he must lay up in the summer money enough to carry his family through the winter. He thinks 200 working days a large ther average. This would give him $800, nota large sum out of which to indulge in extravagance or luxuries. WILL THEY SUBMIT? To this question the oniy answer of the strikers is “No.” They profess their desire to find other em- an In the general depression this can only jound by the few. But they say that, with the exception of afew “black sheep,” they have each some savings, and on these they will live as best they can till time brings them empioyment at what they deem just wages. If rent and food were first cut down in price they would not object to are- duction of their pay, Or if tue contractors had now resolved to put down wages in the spring to induce capttal to invest they might think well of It and believe in the disinterestedness of the bosses, No estimate could be got of the amount in the treasury of the Bricklayers’ Unions, but it was generally stated to, be large. Then they say there Will be no draft upon this fund for a few weeks, and if it shbuld in the long run be exhausted they are sure of assistance by loans from other trades whom they have already helped in like manner. Soin the face of the confidence of the employers in the argument of a weary winter of want which will wring the wretched working men, it appears probable that most of the society men now on strike have handled their last mortar for some months. CIGAR MAKERS TDLE, Hardly fifty men are now at work in the under- mentioned Cuban and Spanish cigar manufactories of this city :—Sanchez, ays Palaccio, Lozan Carples Marrero, Prieto, Callejas, Rodrigues Mora, Cantero, Lierena, Romay Savedra, About 600 of the men who worked at these establish- ments are now out of work. Many of them have left this me for Charleston, Key West, New Or- jeans and other places, where they hope to obtain work, The manufacturers state that the money stringency Is the cause of their closing their doors. It ls reported that the fands of “La Protection” cigar makers’ association—$4,000, will not last many weeks. The cigar makers are all in a very depressed condition, ; ANOTHER ALLEGED MURDERER CHARGED, New ORLEANS, La., Nov. 3, 1873, W. R. Adams, who was accused of the murder of Judge Orawford and District Attorney Harris, in Franklin parish, last September, was to-day discharged by United States Commis- sioner Wells, the prosecution not being able to make @ case against him. DIB. Boston, Nov. 3, 1873. « One of the offices of the Fastern Railroad depot in Boston was robbed yesterday of $1,200 worth of Way-station tickets, A CARD PROM GENERAL QUESADA, No, 146 Bast THINTY-FIPTH BTRERT, w YORK, Nov. 3, 1673, ‘To THR EDITOR OF THE HERALD :— With profound regret I have seen in the press of this city a notice of @ supposed interview which, it is stated, I recently hed in Washington, with the through the ory lar journal ‘tbat I bave never authorized the publica- we of any such supposed pigik ie aus, hy ct - Agen} of the Cuban Repupilo, MACMAHON'S POSITION. ——— Important Declarations of the President of the Republic—He is for the Mon- archy. [Versailles correspondence of the Pall Mail Ga- nette, Oct. 21.) Events have been following precisely the course which I ventured to predict they would in a letter T addressed you at the beginning of thts month. We first of all had rumors that the restoratiom scheme had broken down—rumore which tallied! with the 12th of October elections, and were in- tended to lessen their significance as expressive of public opinion between monarchy and republican- ism. Then, when the government candidates had been signally defeated, the fusionist organs af- firmed with one voice that the alliance of all the republican sections was hura rying the country to a second Come mune, and that it behooved conservativ: to close their ranks as on tne 24th of May. Afte! this, at the moment when the republicans were: talking hopefully, and when such royaliste as weret not in the confidence of the party wire-pullers were growing dispirited, the opportune news arrived! that the Comte de Chambord was ready to mak concessions; and now we have the assurance thad Marshal MacMahon will not conseat to hold powe: after the constitutional vote, and that depui must therefore be prepared to choose tel; between Henry V. and & Thiers-Gambetta admin- istration, Yesterday evening six members of tha Right Centre waited on the Marshal, and I have nn. ar | for stating that his reply t@ hem was as follows:—‘I think that im the in~ terests of France the provisional state of things should cease. When I ancenice the Presidency tt was on the understanding that I should be nothing more than a sentinel guarding the Assembly whili % yg ee Gh ed Jormiay goveramenss, bus who placed me wer are de! in their entorts to restore Henry V. I cannot con- sent to act as their pis-aller (stop-gap), neither can Il remain at the head of affairs as the nomine: of the republican party, whose opinions are no! mine, hatever may be the government shall obey it as a soldier and help to en« force its Orders; but if the republicans obteim @ majority the Republic must be proclaimed fox good and all, and I must hand over the gor rn ment to a President chosen from the caloric ranks.” The royalists hope by this declaration to rally those members who trusted that the rejecting of the monarchist mo- tion need not involve the retirement of MacMahon, and the fusionist papers are declaring this morn+ ing, in the exact language [ foretold, that the choice of the conservatives will lie between mon+ archy aud anarchy. On the other hand, thesa oliticians must see for themselves that in adopts Ing their present tactics they are cutting off all grouna o! retreat in case of failure, INTERNATIONAL ACADEMY OF NATURAL SCIENCES. The opening exercises of this society took place in the Cooper Union last night. A small but ex- tremely select audience, composed for the mos@ part of lovers of the natural sciences, greeted D Ebell and his co-laborers in the good work wi they have in hand. Dr. Ebel, in his opening address, ably sketched the plan, condition and prospects of the Interna« tional Academy of Sciences—tnat of object teach+ ing, the only correct way of inculcating in the} mind of the pupi! a thorough knowledge of natural science. To bring within the students’ reach the objects treated of in scientific text-books, @ Euroé pean voyage, in combination with properly ar- ranged courses of lectures on the different branches of science taught by this academy, had been arranged, and geology, mineralogy, history, geography would all be taught by placing the scholar in actual contact with the things upon which the lectures are to be given. Travel will ve called in as a powerful auxiliary to illustrate and bring within the students’ actual expenence the subjects which they have heretofore been ex- pected to learn from books alone. The Rev, Howard Crosby, D. D., delivered a forcible address, in the course of which he brought imto juxtaposition the theories of the scientists and the theologians. Art, he considered, bears the same relation to science that philosophy docs: to poetry. The lecturer then went into the task of proving the advantages of studying God through His written word, aud tried to prove that there i no antagonism between geology and the Scrip- tures. Societies have foolishly thought they could prove a negative with regard to the existence of Him above; but a knowledge o! divine things must first be had from the sacred writings, and then from an juaintance with the beautitul harmony ofnature. To the end of advancing the objects of science, this renewal of the peripatetic school of philosophy, now being inaugurated, would power~ Jully infuse into the inquiring mind the great advantages of object teaching. It will increase scientific study and promote investigation, and was highly useful in the present condition of education in America. Mrs, Hawthorne read an erudite letter from Dr. West, Principat of the Brooklyn Heights Female Seminary. The subject of the communication was the desirableness of female education, in all the recondite theories of popular science, that her condition as caie/ directress of the rising genera- tion requires, Professor George N. Biglow, A. M., showed the benefits tu be derived to education from travel. In fact, the definition of the word education meana & druwing out; and what could so well accomplish: this as a properly chosen course of travel through: those ola European iands so stored with the spoils of ages and the wealta of history? ‘To him object teaching was the only way to leave an indeljibie impression on the inquiring mind, A good example of what @ man might accomplish with- out aid is afforded by the famous Jo! Randolph, Knowing that he had to go to Englan he studied the map of London with such effect that upon arriving in that city he knew much more of its eg ca 6 thay thousands who had lived: there all their lives. °To what great agvantege, then, might not the scientific student of our day visit the wondrous Giant’s Causeway; the bis- toric precincts of Edinborot 3, the marvellous grandeur of London; the invaluable art wealth of the Louvre; the institutions of learning in Ger~ many; the classic plains of Italy; the famous flelds of Switzerland, and the storied countries of Greeca and Palestine. The Rey. John T. Biglow, D. D., gave an enter- taining, instructive and amual account of the diferent methods of teaching, from which it ap- eared that the system now used by this academy 3 the most beneiicial and lasting to the pupil, Dr. Robert M. Lamberton delivered @ learned dis- course on the history o1 nations asa branch of science. He drew largely for illustrations from the philosophy of history, and papa with telli effect the natural tendencies of a people's national mind, as shown in the characteristic manner of salutation used by the inhabitants of different countries, Dr. A. Lane recited a good essay on the advan- tages of the German school system, extolling it above all others. . Mr. William Henry Goodyear favored the audi~ ence with a judicious and critical analysis of the rules which should govern taste in the arts of painting, sculpture and architecture, showing tha uselessness of gathering new works of art inta museums, they being intended to adorn and beau- tify other places, and the propriety of collecting ancient works of art whose time for ornamenta- tion had gone b; CHOOTAW AUTHORITIES ON AN EXCURSION. Cappo, Indian Territory, Nov. 3, 1873. The Governor of the Choctaw Nation, Judges of the Supreme Court, members of the Legislature: and friends, numbering about fifty, lem here to-day on an excursion to Se-~ dalla, Mo, as guests of the Missourly Kansas and Texas Ratiroad. They will inspect the. company’s machine shops and other manufactur. ing works of the company, stop at the principal points on the route, and will be afforded an oppo' tunity to learn for themselves what ratiroads have done for Missouri and Kansas. In the party thera are @ number of Choctaw ladies and children. The excursion is regerded as an important era in the future development of the Indian Territory. TT mM LAN EY BSOLUTE DIVORUKS OBTAINED FROM COURTS A otditerent states: tegai everywhere; no publicity + hho fees in advance; advice tree; commissioner for every + State, FREDERICK I, KING, Law, 363 Broadway SOLUTE DIVORCES OBTAINED IN DIFFEREN’ A states; ‘opal everywhere; desertion, &c., sumcten ause; no publicity required: no charge until, divorce, granted; advice (roe. M, HOUSB, Attorney, 19 Broa l- Ww Counselor A HERALD BRANCH OFFICK, BROOKLYN + corner of Fulton ayenue and Boeram street. . Open trom § A. M. 09 B. On Suniay (rom $ to 9 P, ATURE’ ONLY SPROLPIC—BRTHRSDA MINERA I, SPRING WATER.-That the inert, ineffictent and worthless mineral waters may be entirel, janted ow the wonderiul BK PH. $0 , Dr. & Pa a further reduced its price. nee unt As ovide! his last ord trai si ri itera 6s aera month, Almost ail those thro! oe bay a MOUNCCE OPO MH way) had exhausted the best yunced hopeless. JOALLY TR) pus enaian of I se] is TED. —EXPERIENOK nent Shtwaries und internal fe tenor ruts) by br os of the Pre “4 ae are Taleved in Posie es Os Bib as ie CAM ae “Ld A ai a Saas