The New York Herald Newspaper, November 4, 1873, Page 3

Unusually Dull. > GENERAL and Dry Goods Greatly Groceries p Reduced. ; ‘the general opinion of business men ‘We bd anes its worst in commercial circles yet ere: still indications which show that its efects'ere still very marked, and bid fair in some Amstances to soon become still severer than they appear tobe at present. Under the ciroums‘ances ‘the information given below of the elfects of the orisis in commereial circles will be found of general ‘interest. ‘THE EXPRESS COMPANIES. ‘vhe-express companies are suffering very mate- Tially from the crisis. The Assistant Super- ‘tmtendent of the Adams Express, whom a reporter stalled upon yesterday to ascertain to what extent the panic had affected the company, stated that he had never known the business to be sodull, He ‘had experienced nothing like it since he had ‘Deen connected with the company, and 80 far as he had been able to learn the oficers who had served the longest in the various companies were of one mind on the subject of the duiness being greater than they had ever known it tobe before in the Dusiness. He stated that they were not doing anything compared with the business they were @omg just before the panic sct in. As compared ‘with the business done during this time last year, the falling off was fully fifty per cent, This was ip large part, of course, due to the fact that the ‘Western, Southern and, indeed, the buyers from all parta of the country out of the city were out of funds, and consequently made but few purchases ‘Compared with their usual orders, “You sec,” said the courteous Superintendent, “express companies ‘are patronized, so to speak, in a peculiar way by Parties who come into town to make purchases of goods, They generally buy a large quantity of goods and the great bulk they send as heavy treigh: by the railroads, bat they, at the same time, end afew cases alicad as samples by express, ‘When there isa falling off in this particular it is pretty easy to perceive that there is ageneral dul. “mess all round.” The Merchants’ Union Express Company's off- ials tell the same story. The falling off in their “business has been very heavy, but they console themselves with the thought that the company is only suffering in common with every other, and that every Kind of business institution, in the mat- ter of general duiness, seems to be in the same kind of a box. FREIGHTS SOUTH AND WEST. ‘The Southern steamers and the railroads that generally do a large business in carrying freight to ‘the West are experiencing the effects of the panic im a way that is proving quite unprofitable. 0. H. Mallory & Co., of the Southern line of steamers plying between this port and New Or- Jeans, the Cromwell steamship line and the Texas line all state that the freight business has fallen off at least forty to fifty per cent. “We are doing a pretty fair business,” said one of the shippers to the HERALD reporter; ‘‘that is, a fair business considering all the drawbacks we are under. The panic did not affect us when it ‘was ac its height in Wall street, and even for some time after Jay Cooke's failure there was no per- ceptible decrease in our carrying trade. However, aa the crisis became more and more alarming, and and it became evident that commercial circles Were destined to be somewhat affected by the }panic, our orders began to grow beautifully less -by degrees. Day by day we have witnessed a de- -erease, and at one time it became a serious ques- ,tion whether we were not to be left high and ary, ‘Without any freight at all. Our worst fears are now over, and the prospects look brighter. We are @oing, as I said before, a pretty fair business for the dull times we are all suffering from and ought not tocomplain very much. Still a falling off of forty to fifty per cent isa serious matter and one ‘mot to be lightly thought of.” The New Jersey, the Erie and the Central freight men are all unanimous in their statements that the business has fallen off almost fifty per cent. “Can you tell me.” asked the HERALD reporter of one of the agents, “how the dulness in the busi- ness affecta the roads—I mean has the carrying trade fallen off going West or coming East?” “We have been more or less affected in botn ways, but, as a matter of course, the carrying West has fallen of the most. You see,” said he, “we can’t but expect this kind of thing. Every road is suffering and the compa- nies have expected the present duiness for some time. They have been compelled to re- duce their expenses and the number of their em- Ployés; so you see they can better afford the losses in this freight business than if they had Deen caught unawares by the storm.”’ RENTS, In the matter of rents the depression is very general, Homer Morgan & Co. state that the sales of houses have not been numerous enough of late to be worth talking about. They state that the panic has, of course, affected the business of real estate, and that there is no necessity of denying tne fact. It has had the effect also, they say, of depreciating rents of whole nouses. Landlords in ‘want of funds naturally have to lower their prices im order to obtain tenants, who are unwilling to Pay as high as before the panic. Adrian H. Muller & Son state that they have not moticed any great change in the matter of letting furnished houses, but as at this particular time of the year the season is always dull it is no criterion wo £9 by in calculating the exact effects of the Ce The most noticeable efect in the matter of rents created by the panic one that doubt- Jess will ca considerable joy among that very large class of the community who, while mot being able to hire a wholo house, are too ‘Well off to live in a tenement ‘house, and so resort to flats and floors in private houses. ‘Tne rate for floors and fats for the F tes years has been most exorbitant and far beyond what it ought to have been as a_ gener Tule; the therefore all the more felt and the fall of rents in exact proportion. Several agents up town, who were called upon yesterday, stated in the neighborhood of Sixth, Seventh and Eighth, and Fourth, Fifth and Third avenues, in the “respectabie’’ cross streets, the rents had fallen— that is for floors and flats that are torent (not a occupied)—fully thirty per cent. For instance, y Say that floors of seven or eight rooms, whicn afew weeks before the panic ar| brought $65 a@ month, can now be obtained for $45, and in some cases for $40 and $35, and the probabilities point till greater fall. will tell you,” said an agent on Sixth avenue to the reporter, “I will tell you trankly, if you will not quote me, a few facts which will ive you @ very good idea of the great change Which the financial depression has caused im the matter of rents, Septem- ber I rented for the owner of a house in Twenty-second street, in a nice locality, west, ® second foor of eight rooms, with all the modern rovements, for ® month, I got the price and had so many applications for it that the owner had to make his own selection from them. I now have four foors much more convenient, ina im every way as good if not pert just alinded to, and they are one and all rated by the landlords of the houses in which th re situated as follows:—One $60, one one $60 and one at $58 They have been on hands now for weeks, and, though Ihave had eee wane icannot get the nice kind of peop! we want for them who will give higher hap $40. This, to my mind, is proof tive that Money is mighty ‘scarce and t landlords must come down from their Ing tat yo, of the value of their promises. Know- reaction 18 my mai hat you will not quote me I will ad prices for flats and floors have Sosa ution the past year, quoted at @ figure tar beyond their value, This 18, Of course, none of my business, am agent, and the more houses and floors i & ai of the better lor myself, But contiden- it I tell you ls the trut bs it about the rents in tenement houses; the © are interested in this matter now that the ‘winter is at hand.” “1 have nothing to do with tenements tn my busi- poet was the reply, “but I know trom partion, who doo Jarge business that tenement rents have come down considerably and will continue to fall, There are so man, iv men who are barely abi foray their vents that tho landiords must yields m do not decrease the rates now charged their poorer pice ne pay, can in They WW not de mug UF Yetting ou ie or a could to say that en exten- landords TING TRADER. ts impossible at this moment to form any idea with reference to the demanas that have been merchants upon jorge importers in con- ‘h similar (scene it the aan e Beied aes juestionably true, however, that n large dimainus bh Vt of importing. It results not less from the unw! fingness on the part of importers to form new con- ‘tracts than from the decrease on the part of the consumer and the retailer. In other words, the crisis seems to have taught a widespread lesson— @ littie economy and less extravagance, The stock Of silks, laces and other fine foreiga goods already on hand will suttice to supply our buxom dames and dashing demoiselles tor many a day to come. The price oi this class of goods has been somewhat Teduced oO! late, lor there is an evident disposition on the part of importers to t them- selves to the trying necessities hour. In short, it may be accepted as a fact that the pending two months of our crisis are full of results such as we have not seen jor many years. Commercially speaking, they may prove full of benefit. It will be a blessing to the country when, like the people of France, we can live within our means and make our imports less than our exports. THE JOBBERS AND RETAILERS. ‘The same influences that operate and affect the importer invariably apply, though m a smaller degree, to tne retail trade, and through the retail trade to the wholesale merchynt, It is reasonable to suppose that in tie present state of atfairs—now that there ia @ prospect of family expenses being curtailed—that @ ¢ many little articles inci- dental to the luxuries of domestic life will not be in carnest demand. .A visit among the jobbers and retailers failed to elicit an encourag- ing statement of the situation. One and all confess to @ feeling of uneasiness, consequent upon the contraction of Values snd a décline in the characteristic excitement to purcnase articles of luxury. Trade seems to be confined to the abso- lute necessities of life, and prices have been re- duced to meet the requirements of the hour, As regards the aggregate logs entailed upon the coun- try by this depression in trade and the demands made b, jouer it is impossible to make any esti- mate. i e opinions of an individual, however competent, could scarcely convey @ Correct im- ression of the present situation of affairs, That he loss to the country from the depression of re- tail trade will amount to many millions in the aggregate may be accepted asa foregone conclu- sion, . When so many hundred thousand people are thrown out of employment and money becomes stringent, a corresponding exhibition of domestic economy must succeed, COTTON, Wright & Co. gave @ significant statement in regard to the effect of the panic in the cotton market. On the 20th of September low middling uplands was quoted at 18%c., yesterday at 1430.5 middiing uplands was quoted at 18%c. before the Peis and yesterday at 143c., so that the decline as been about 4%c, The decline has been con- tinuous, and applies to ali the other branches. The middling upland9 regulates the prices of all the Test. New York deals mostly in uplands and Ala- bamas and a few New Orleans and Texas, The mills being-closed, there is comparatively no com- petition now, and the market is almost entirely in the hands of exporters. The diificulty of selling exchange on England at sixty days’ sight causes the demand to be very limited, even for export. The receipts at.all the ports were very heavy yes- terday, 38,800 bales, which is in excess of the re- cefpts of the same day last year. Yhe reporter saw severai other cotton brokers, and they expressed the opinion that the prospects of the cotton trade would, in a great measure, de- pend upon the depression of prices in Liverpool consequent upon the advanced rate of the Bank of England. in regard to the falling off in the orders and the amount of bills maturing on the 1st and 8d of December, as contrasted with tne Ist and 8d of January, they said that the volume of the business was done by drafts drawn at sight. PRODUCE. Mr. Walker, of the Produce Exchange/fave some valuable facts in regard to the etfect of the panic on the various articles of produce. He said the Hote were all lower now, but th: panic had very ittle to do with the decline, which was owing to other causes, be reason why o.ts were lower was because the moveinents 1.om West had increased, and tie lower price of corn was not owing to a dininished move- ment, but to the large arnv.is in England immediately iollowing the panic. The price in wheat was also more affected by ‘1e large arrivals in Great Britain, and was noi so much to be attributed to the stringency of the money market. With the slacking up of shipments from Atlantic ports the prices were improving in British as well asin home markets. The following is a list of the comparative prices:— $6 it. 26, Nov. 8. 96 60's $F 00 i086 70 ide — 36 ry 1350 1 Milwaukee No. 1wa — Corn—Sail, mixed OO}gec. a — Oats—Western mix dio Lard—Western, steam, Fi Pork—New mess (Sep' $15 00 There was not much change in meat, which is rather higher than it was belore the panic. This ‘was owing to the scarcity of the article. Barley was alittic lower but this was not owing to the effects of the panic, but in consequence of the increase in the movements, Nothing of any moment was done in rye. In regard to provisions it was well to state, Mr. Waiker said, that the prospective new crop had affected the downward movement quite as much, or more, than the panic. Butter and cheese were a little higher than they were before the panic on account of the small supply. The general quality of butter had been so much better that the consumption had been larger. Sept, 26. Yesterday, Butter—State firkins......... 85c. @ 38, —83c, a 390. Cheese—State tactory (Sept. 29). 13%{6. Me. a Mixe. The general effect of the panic had been to diminish the movement and slightly check the business. A good deal more wheat would have come forward had it not been for the panic, JEWELRY. The largest jewelry establishments which were visited all suiferea from the general depression cousequent upon the panic. Some of them re- ported that they were se'ling fifteen to twenty per cent less than before the panic. A iew of the manu- facturers with whom the reporter conversed said that they were offering their goods at lower prices for cash. ‘they all stated that business was ex- tremely dull, but that there was still no particular distress in this line and that no failures need be anticipated. Importers of silverware, &c., said they had not been affected by the panic in respect of prices, because they had to pay gold prices, so that it amounted pretty much to the same thing in the end. WEARING APPAREL, Inquiry at the principal clothing establish- ments in the city showed that the general dulness had also been feit by this branch. The wholesale establishments have been selling at much lower prices during the last few weeks, and the retail houses have been compelled to follow their ex- ample, but only to a limited extent. In the whole- saie traue there has been @ reduction of about 15 per cent, and in* the retail trade of trom 5 to 10 per cent. In some of the largest retail houses the prices were almost the same as before toe panic. In others the difference was very sight indeed, yet some of the dealers said that their business was very fair considering the stringency of the money market. It 1s very evident that people want to wear smart clothes despite the “nard times,’ and it 18 probably this weakness in human nature which saves this branch of trade from greater depression, ‘The large dealers were all comparatively buoyant and expressed the assurance that this stringency of the money mogket could not last much longer, DRY GOODS. A visit to A, T. Stewart's wholesale establish- ment showed that the reduction of prices of ary goods had been very great. The following is a list ol the principal reductions: Corset jeans. Amoskeag Cambric Rolled cambric: ve é In bleached muslins the reduction was very con- siderable, from 7s to 10 per cent, in white sheet- ings 10 per cent, brown musling 73 per cent, damask 10 per cent, and in all foreign goods an average reduction of 10 per cent, DRKSS GOODS. In dress goods the reduction has also been very great; in lancy goods it amounted to 20 per ceut, and in plain goods to about 10 per cent, The trade in dress goods is very quiet, and buyers have a fair retail trade, SHAWLS, In shawis of all kinds, trom the most expensive down to the very cheapest, and in cloaks and cos- tumes, the reduction has been 10 percent, The retail store of Messrs, A. T, Stewart & Co. ‘Was also visited, but the fountain of all knowledge was gone, and none of the lesser iights red to give the required information. The no doubt, however, that the reduction has been very large—20 per cent at least. Other retail stores have also materiaily reduced their ro in consequence of the panic, so that silk resses, as one of the dry goods merchants said, “were cheap as dirt now and could be had lor next to nothing.” But ‘next to nothing” is still more than a great many can pay. The retail merchants who have reduced the prices have been advertising extensively for the last three weeks, and some of tuem drove a rousing trade in consequence. GROOKRIES. Acker, Merrill & Condit and other lange grocery stores were next visited. The grocery trade has snflered severely in consequence of the panic, and the reduction of prices appiles to almost every ar- ticle in jamily use. The following are the principal Yeductions:—Sugar, 1 cent o pound; raw, 2c.; teas, from 6c, to 10c, a pound, according to the quality; rice, 1c, per pound; sar- sere tas a dozen; oatmeal, from $1 90 to $1 80—a very heavy reduction; French pickles, 20c, a jar; French peas, $5 a handred cans; French mush: rooms, about the same (that ts, 6c, a can); Lieb! extracts of meat, about 26 per cent; importer oy 10 per cent, Pe wtndled dowa to about $1,000 19 8,100 8 day. THE SITYATION IN. CONNECTICUT. Depressing Effect of the Money Strin- gency—Business Paralyzed and Work- men Kk Wesrtront, Conn, Nov. 3, 1873. The financial panic has not failed of producing a marked effect on every industrial pursuit in this vicinity. Capital to the amount of $500,000—and this is a very small estimate—is invested in manu- factures here, and the tightness of the money market has in several instances wholly paralyzed business. Of the 700 operatives employed during active seasons, leas than one-half that number are now at work. ‘The outlook for the winter, which is now close at hand, is decidedly dark. LEE’S COTTON FACTORY has reduced its force, and 1s running on short time. Urders are plenty, but funds are scarce. The probability of shutting down altogether is im- munent, KEMPER’S MOROCCO FACTORY ordinarily employs from 75 to 100 hands the year Tound. 1m consequence of the unsettled state of money matters, this force is greatly reduced, and jo remaining are compelled to work on short me. ‘ SAUGATUCK MANUFACTURING COMPANY. This establishment, in which are made the finest qualities of ladies’ fancy dress buttons, requires not leas than 100 hands. That number has been kept at work constantly until last week, when the force was cut down to seventy-five, and this morn- ing the ten hour system was abolished and the system of eight hours adupted. Trade has been unusually good since January 1 until last week; better than it had been Cis ead Poi! year. It has now suddenly dropped off, and it is the opin- ion of the proprietors, the Measra. K. 8. & Jonathan Wheeler, that they may be obliged to stop opera- Mons this week. They have a large house on Franklin street, New York, but their goodsare prin- Cipally shipped from the Westnort office direct to Boston and Phitadelphia, Tnere is usnaily a heavy demand tor their kind of goods—ladies’ large dress buttons—and they cannot be imported with any de- be of profit. In consequence of this duiness it is nought there will be much suffering among labor- ing classes hereabout this winter. FIRST NATIONAL BANK, This institution, with a capital of $300,000, is in sound condition and discounts can be obtained at Teasonable rates. Mr. Horace Staples, the Presi- dent, who has been in aetive business here tor over forty-five years, says he never, in all bis experience, saw tighter times than these, and his memory re- calig the events of 1837 and those of 1857. Mr. B. L, Woodworth, cashier, says the bank is equal to the task of making good all deposits, dollar for dollar, which is more than some oi its neighboring banks can boast of. Building operations, always brisk at this season, are at a standstill, and every- boon een to be living, as it were, irom hand mouth, Affairs at Norwalk. NorwaLk, Conn., Noy. 3, 1873. In this town, with its 13,000 inhabitants, are many industrial interests. In good times full 2,000 men and women are employed in the various fac- tories. Want of money and a@ lack of orders have brought business to @ state of almost complete stagnation, The banks of discount, three in num- ber, are crawling, as it were, feeling their way in the financial darkness, Thus far they have been able to accommodate good names, but are careful to accept only strong paper, Few losses, as com- pared with what other institutions have suffered, have been sustained, and itis believed these will emerge irom their difficulties unimpaired, THB BEATTY BROS., straw hat manutacturers, have been closed for several months, butin all probaoility will resume again soon, They employ many girls wio depend upon their labor tor support. It is not likely in any event full hours can be guaranteed to them this winter. THE NORWALK LOCK COMPANY closed nearly one month ago, and there are no in- dications that work can be resumed at present. At least 150 hands are idle, and it is utterly impos- sible for them to turn their attention to other branches of busivess. The conse- quence is their time hangs heavy and they see @ dark prospect for better things this year. At this season the shop is usually overrun with orders, but the panic has had the effect to deprive them ot what was anticipated. NORWALK IRON WORKS. | This great establishment, with its immense capl- taland witha reputation for turning out fine work, is in some sense a beggar on the market. Instead of one-hundred hands, only about filty are now en- gaged, and they have lately been put on three- quarter time. Orders are scarce and money comes in slowly. Their facilities are great, but at this juncture they amount to but littie. ‘The hatting interest is paralyzed completely, The M ‘8, Smith, Palmer & Davenport; Adams Brothe! Brush and Crotut, Knapp & Solomons, employing in the aggregate in good times 500 men, now have much less than filty, and eer. report no rospect of better things in the immediate iuture. ‘nis, however, is the dull season for hatters, and poe there may be @ bright look by and by, shops lai number of men, depen- dent on this branch of labor and good for nothing else, are patiently awaiting a turn in events. Should it not transpire as they wish the winter will be a terrible one for them. LOUNSBURY BROS, shoe manufacturers, have greatly reduced their force, but will shortly be abie, it is thought, to again proceed as usual. FAIRFIELD COUNTY FIRE INSURANCE COMPANY. Mr. H. R. Turner, secretary of this institution, says October was the best month for business they ever experienced, and it continues good. The company have been very fortunate of late, meeting with jew losses, although their risks are counted by hundreds in the larger cities and towns oi the country, ‘The panic has not left them wholly un- scathed, but they exhibit a healtny aspect in assets and will, without doubt, prove tuemselves equal to all emergencies, THE SITUATION IN NEW JERSEY. Distress in Jersey City—Forty-five Han- dred Men Discharged—More Light on the Eric System. Four hundred men have been discharged on the Delaware and Lackawanna Railroad, 250 at the Bergen Cut on the Pennsylvania Railroad, and about 300 on other parts of the latter line in Jersey. The employés of Col- gate’s soap factory in Jersey City are on half time; so are those of the sugar manufacturing and refining company. Such is the latest bulletin. The effect of the half time rule is that the em- ployés, on leaving last Saturday evening, were informed that their services would not be required tillnext Thursday morning, This course is certainly he prospects in Jersey City are exceedingly gloomy. There is neta single factory employing over filty men in the entire city from which an average of five per cent of tne employés have not been discharged. This was discovered yesterday by actual investigation. The superintendents of the Pennsylvania Railroad state that it will not be necessary to discharge any more hands during the ensuing winter, The Erie company, on the con- trary, are sending men adrift every day without compunction. It is most remarkable that the dis- charges are confined to men without blemish, while some of those against whom charges of a grave character have been preferred are aliowed toremain, At one end of the Befgen tunnel iron and wood have been stolen from the cars from time to time, and a report was made four weeks ago to Edward Hill, the assistant superin- tendent, implicating one of his subordinates; but Mr. Hill has never taken any action upon it, nor, as far as can be ascertained, has he reported it to the acting president. The company 1s held llable for the loss. 1t would be natural to suppose that @ reduction of the working staf! would commence in a quarter where negligence or malfeasance is charged and substantiated, but such is not the case. The tf driliman, the switchman, the da: pega ae Cas train, the ‘“luggers’’ pean’ on the platform at the depot a ie ab ress the freight purine a ti ty ty mercy, and no charge is made against them. Great suf lering among the discharged employés is inevtta- ble goring, the coming winter. The total number discharged trom railroads and factories in and around Jersey City is about 4,400, male and iemale. The Labor Crisis in Newark—Three Thousand Seamstresves Out of Work— Altogether About One-fourth of News ark’s Work People [dle. Further inquiry into the condition of the manu- facturing interests of Newark proves that the HERALD statement of yesterday was correct in pearly every respect. While the retail clothing establishments are doing a good business the manufacturers are doing next tonothing. Alarge number of hands have been discharged, those kept on being merely to finish up old orders and take care of any new ones which may come in, One dealer estimated that not less than three thou- sand seamstresses and other female operatives are now out of employment in Newark. The story started by 4 Newark paper, to the effect that there were twenty thousand girls out of work, 1s prop- erly set down as a silly canard. It is doubtful if there are -half that number employed in N k even in the best of times, when olden era” is in fall bloom, Mr. Joseph one of the oldest saddiery and harness u Davy, ‘he only articles that sre exempt from this feheral stampede are coffee, which 18 sold at the ices as before the panic, owing to its great } champagnes, he A ag also withstood general reductioi jour, trade dull ever since the running cosh trado manufacturers of Newark, bears out the statement of Mr. George Peters, and says that in his business they ere doing nothing worth talking about. No orders were coming in, he sald, and even if they ‘ Ned it it referable to the discharge of half the workmen. | heretotore on fe. “ist—he of uncertain’ usin "revive an ty that business not reviv until } The saddiery trade was never 60 dull, and not over one-fourth of the men are kept even eight hours adayemployment. Mr. Davy’s that if manulacturers considered thelr wn interests they would close up their factori at once. By keeping m they do noe make money—only keep up their organization. He ven- tured to state that not one saddiery manufacturer weet much more pay expenses this mon: The boot and shoe business likewise is dull, thongh not nearly #0 much s0-as the jewelry and saddlery clotht trades, Hatting is slack now, very slack, but there are hopes of @ spring trade, According to Mr. Henry cies, @ leading Mechanic street manufacturer one extensive firm had adopted a very good plan for weathering throagh the storm, so that they could keep their men at work. The have concluded to pay their workmen $7 per wee! cash until the spring trade opens, crediting them with the balance of their wages until that time, when they will pay up in juil, Assemblyman Phineas Jones says he has not known trade to be 80 dull for at least fifteen years. Marfufacturers do not Wish to sell because they are not sure of their customers. They do not try to drum up trade for that reason. They would rather Keep quiet for a while, lt is farrly estimated that of the entire laboring class of Newark ab least one-iourth are mow out of employment, The Situatien in Paterson. Paterson is the most important manufacturing entre in New Jersey with the exception of New- ark, and probably second to no city in the country of ite size. It was born the offspring of industry, and tt has been the home of mechanics and work- ingmen since the Society for the Establishment of Useful Manufactures started its first operations under the charter signed by Governor Paterson (trom whom the piace is mated), in 1794. The “Society,” &¢., known {oF Bhort as the “8. U. M.,”? is now comparatively nothing (except the revenue of one wealthy man who livés to enjoy its vast re- sources), a8 steam powey has mostly superseded the old water wheel, driven by the Passaic River ; but that society was the father of the mills and factories and ehops, hidden and crowded in évery direction in the lower portion of the city. Various branches of industry have, at different times, led the van of Paterson’s productions. At the outbreak of the war cotton was king, It was the manufacture of cotton machinery that led to the making of other machines, until the present lc burst its ruinous clouds over the blocks of locomotive shops, the most extensive interest in the city. In these shops were employed from 3,000 to 3,600 men, The largest was the Rogers shop, the largest in the world except the Bald- win works at Philadelphia. Ite force had reached 1,700, ite capabilities about twenty complete loco- motives amonth, At the Danforth works and the Grant works the total force would probably equal 1,500 men, turning out from ten to fifteen locomo- tivesa month, At the time the panic came the average production of the three shops would equal one locomotive tor every working day in the year. Owing to the pecullar nature o1 this interest and the peculiar cause of the panic in Wall street, it can easily seen that there was a species of strong identity between the two. Railroad stocks were at the bottom of the first crash. When rail- road stocks became unnegotiable, the locomotive manufactories became at once ity affeoted, and the first intimation of tae lamentable eifects was the countermand of the Ii st order on hand in the Rogers works, equivalent to sixty locomotives, which necessitated tue immediate discharge of half its force, or pearly 1,000 men. This fell like a thun- der clap upon all classes in Paterson. It was the first idea that had been entertained that tne hard times would reach hence; and from that time to the present there has not been a workingman in the city who did not ieei that he was likely at any moment to be decapitated. The action of the Rogers shop was but the fore- runner of the same course in the locomotive es- tablishments. Nota week hus passed without an increage in the number of idlers upon the streets, 80 that the aggregate suffering from the crisis will probably exceed that of any similar city in the country. That part of the city, wnich but a short time since resounded with the hammer of the artisan, the clatter of machinery and the rusn of escaping steam, now quiet and deserted. On the corners, through the streets, in the saloons, may be seen crowds of idle men, willing to work yet unable to find employment, with breasts filled With sorrowiul iorebodings of the future, especially Witn those having families dependent upon them for support, The Kogers shop is still employing 400 or 500 men on reduced wages. There are 100 or so at Grant's on three-quarter time. Danforth’s shop is idlg, except the apprentices, although it is re- Ported that an attempt will be made to ran the establishment a while yet on alternate weeks, The reductions in wages at the Rogers shop this week are :—Laborers, from $1 62 to $1 50 per day; ontingry. Mechanics, from $2 50 to $2 25 a day; others, from $3 to $2 50 a day. The next industry in importance is the silk busi- ness. The major part of the employés of tnis branch are females, Nearly all these establisn- mepts are running with scarcely @ half of their usual force on three-quarter and balf time, At the Paterson Iron Works the force has been greatly re- duced, At the Roliing Mill but a slight reduction bas been made, oie it is impossible to say how long this can be kept up, At the Bar- bour Flax Works a partial force is at work, but daily expecting to be jaid off, unless better times come, All the brass and sheet iron and copper workers, manufacturers of smokestacks, steam gauges, &c., auxiliary toand dependent upon the locomotive establishments for thelr existence, are, of course, materially affected by the shutting down of their godiather shops, Every branch of industry has been aifected more or less, 80 closely do the different branches seem to be intertwined, Itis @ matter of absolute impossibility to give actual statistics, but it is estimated that the ag- gregate number of males and females discharged since the commencement of the panic cannot fai much short ot 5,000. And, despite the general pone. wages which have been paid, it is feared that little has been laid aside for a ‘rainy day,” and in the house of the average me- chanic the little “balance on hand” will barely pro- vide jor their necessities fora single month. But even with the more prudent, who have laid a littie aside, it will undoubtedly be a bad winter. but there must be soon unless something is done for their relief. A few small deaiers have been compelled to suc- cumb to the storm; but as yet no failures have been reported worth mentioning, although there are rumors to the effect that more than one com- mercial house in the city is on the totter, With heavy outstanding obligations, contracted in an- ticipation of a good fall trade, many of them will have a hard time unless better times intervene, Conversations with several of the leading mann- facturers of Paterson elicit the fact that, in their beliel, there will be no improvement beiore spring. Indeed, they believe taat we are only on the threshold of a crisis, the like of which has not beon witnessed sia e@ 1857 atleast, and it is with this view that they were so early to shut down, Were there a single break in the cloud they would have risked running a little longer, in hopes of a brighter day soon, But there is still another Teason against this, and that is the depreciation in the vaiue of everything, and the general opinion that signs indicate @ come down to “hardpan''—a retura to hard specie. So from every standpoint there 18 mo ground to indulge in hopes for the better during the winter in Paterson; but, on the contrary, the prospects are favorable to # large increase in the number of idle workmen. It is feared also that many of the manufacturing establishments have sustained @ shock from which wey cannot recover. Manufacturers say there is no demand for thetr productions, nor is there any prospect of demand. It would be ioolhardy for them to imerease their stock on speculation, In view of the anticipated destitution the Pater. | son Board of Trade has appointed a committee of | two (consisting of Mr. Robert Hamil, silk manu- facturer, and Dr. Charies Inglis, a prominent ci zen) to confer with the city authorities relative to | what had bet be done. This committee has power to call eXtra ings of the Board of Trade, and w arrange mes" blic mass etipgs t “Yeas thats Hy it oegsary, in bé “Co-operation between the people and be done. It was authorities in whatever may jad better be per- thought that arrangements fected before there was any real necessity rather than wait until somebody first starved to death. Paterson manufacturers always have manifested an interest in their employés, and now, when un- able to give them permanent employment, they are taking the initiative steps in relieving thet from anticipated suffering. ‘the Common Council has not taken steps in the matter yet, but it is likely that, should the necessity arise, they will order some streets opened or some similar pnbdlic work to be commenced tifat will give employment at nomial Wages to those who are actually destitute, THE CRISIS IN PHILADELPHIA, Sapeicnnliaenie Thirty-two Thousand Workmen Idle-- Manufactories Closed—The Increase of Crime=—The Pennsylvania Railroad. PHILADELPHIA, Nov, 3, 1873, The prominent and representative journais of this city have daily given forth the assurances of fair financial weather, but the time has now come when the actual realities of the moment must be taken into account and when all conciusions must be formed accordingly. There is within tha sub- urbs of Philadelphia an immense manufacturing district, which, before the act of consotdation, was known as Manayunk, and which has subsequently retained its oid name. It bears about the same relation to the city and the State as Liverpool bears to London and the world, In ordinary times the smoke Of its factories hovers in great clouge im the atmosphere and the clatter of its iooms can be heard across many squares, But what ts the condition of Manayunk to-day? The smoke no longer drifts across the city spires, the clatter of the machinery no longer greets the ear. And of fifteen cotton mills all are silent but three, and the 6,000 men to whom these mills gave em- ployment are turned into the street, idle and destitute, to live, suffer and enaure as best they may. Realize the situation! 4 LACK OF MONEY, 4 LACK OP WORK, A LACK OF BREAD, @ lack of everything which clothes the naked and feeds the hungry, A miserable present and a dreary winter in future. Call these things to mind and you have the precise condition of 6,000 human beings in Philadelphia to-day. Six thousand, nay, more. Manayunk, in hushing her looms, has simply followed the example of other manufacturing districts in this locality, and, wandering along these streets or else brooding lone and solitary within their homes, are over 32,000 of the working classes. They have no money; they have no work. What is left for them todo? Just here examine THX POLICE REPORTS for the last month. The returns show that the list comprehends 2,682 arrests. If we examine the causee leading to the arrests, we see that the greater part were arraigned for petty larceny— small theits of over and undergarments and other mecessities, intended to protect society from hunger and cold and keep humanity active and ative. One need not wonder at theft in such a time or not feel surprised that when a man's own hand fails to bring bread to his wife and children, he will, in the frenzy of his situation, lay that hand upon the property of his more wealthy and better blessed neighbor. It is a situation which the law does not recognize, but for which human charity can readily offer an excuse. What elseis the poor man to do? He leavgs a cold heartn in the morning, his children cry for bread at night, and the neversities of his situation actually compe | him to play the rogue. THK MISERY AND DESTITUTION OF THE WORKING CLASSRS here are verrible, when, in the midst of the hunger and want of to-day, they find no assuraace that, in the dreary waste of months intervening between this and spring, an opportunity will be afforded them to turn their bands to toil. Not only do the manufacturers dismiss taeir employés, but on Fri- day last 600 men were discharged from the Navy Yard. These, too, are left to wander about the streets in search of that employment which at present, it seems, none are able to give. It is silly and ridiculous for local journals to in- gist that the money stricture is aboutover and that people encounter but few difficulties in nego- tlating loans. Exactly the opposite is the case, ior the first tive days of the panic were but Uttie gioomier than those which have succeeded them, Nor are there any grounds upon which to assume that next week be the least bit brighter than this. Before the panic Pennsylvania Railroad stock gold for 61; to-day it ranges between 45 and 46, with other railroad stocks depreciating ac- cordingly. Even the city warrants in which the local ofMciais receive their monthly pay are at this very moment selling at a discount of from six to eight per cent, and, if one can believe what he hears, there is much mer. cantile paper in the bank vaults either protested already or in a tair way of being protested in the future. It is very well to look at all things on the sunny side, but when there exists NO SUNNY SIDE TO LOOK UPON it is unwarrantable to manulacture one, Let any one of those who are constantly asserting that the worst is passed attempt to borrow money aud he will find that to the lender collaterals jormerly cou- sidered as sufficient will have to be doubled and trebled before he can negotiate the loan. It is absolutely certain that the jal! who speak thus hold no notes, jor if ney did the prayers of those who gave them would have lon, ago aroused them to realities of the hour. east deal of the best paper in town has recently een sold at a discount ranging from one to three ea cent @ month; and what of those who are jocked up in the stock of THE PENNSYLVANIA CENTRAL? Your correspondent gave in the HERALD this morning the result of his interview with the secre- tary of Thomas A. Scott. The Vice President him- self refused to be seen, and the party whom he sent out retused to answer any questions. “Can I state to the net tee that you are going to deciare any dividend at all?’ was the question; but no answer whatever was made to it. Some say that were the company intent upon doing a good thing they would not hesitate as they do to have it made known, while others assert that the dividend will surely be declared, even if they ore reduced to the necessity of borrowing it from the capital stock, as was the case with the dividend of @ certain telegraph company issued last fall. It is impossible to form any conclusion from existing Tumors as to what they will or will not do. Returning once more to the labort find that there are two great enterprises on oot by means of which their present condition may be very materially improved. i refer to the immense structures, one for the government Post Office and the other for the American Centennial Exposition. The foundations of the former are even now ready to be dug, and the plan tor the ¢datter has lately been decided upon. If the grey having both of these buildings n hand act as they should do, together and at once they can each furnish employment to im- mense numbers of men who at present have nothing to do; or again, if Philadelphians could only be persuaded that Market, Walnut and Chest- nut streets are, as principal thoroughiares, the foulest and dirtiest in the country; if they could ouly believe that their pavements are broken, and only awake to the fact that tneir contractors, in- stead of cleaning the streets once every two weeks as they are bound to do, never go over them once in three months, the city itself could engage large numbers and thus construct respectable pavements to the Park, rid the gutters of their stagnant water, clean the streets of its dust, dirt and rubbish, and thus render itself able to fitly entertain and gain the good opinion of the world. THE PUBLIC CHARITIES of the city are about the most numerous and most admirably managed in the United States. No one can enter and examine them without coming away with this opinion. Seldom has there been an opportunity in which tose charities could fulfl their noble mission so weil. Let them + among those whom the situation has rendered idle and Geakttnte; let them give liberaily, and, if need ve, give all, COMMERCIAL DISTRESS IN ALA- BAMA. DEMOPOLIS, Ala., Nov. 3, 1873. There is great commercial and financial dis- tress in this section of Alabama, and there is some suffering among the agricultural classes. But this has not reached the point indicated by recent ex- aggerated reports. In reply to a despatch, Mr. F. 8S. Lyon, ex-member of Congress, telegrapts the H&RALD correspondent that the reports of distress to the extent of actual starvation in Marengo, Green and Sumter counties are untrue, 80 faras he is informed, The crops of corn and cotton have been cut very short by excessive rains early in the season, and subsequently by the ravages of the cotton worm. The value of the small amount of cotton made is below the cost of production. There is little or no currency in the country with which to pay the lavorers and move the small crop of cotton made. A great many small farmers and laborers have not made enough to defray the present year’s expenses, and conse- quentiy will not have the meaus necessary to plant another year’s crop. The condition of the country is certainly un- need of assistance durin, Bat it has not yet reache as reported. HALF TIME IN SCHENECTADY. ial slices Scnenrcrapy, N. Y., Nov. 3, 1873. The shaw! factory of James Roy & Co., in this city, which employs about 200 hands, will ran on half time from to cay. THE TENNESSEE STRIKERS, the coming winter. the point of starvation The Engineer? Threatening Bloodshed in Knoxville and Reduce Their Threats to Writing. a KNOXVILLE, Tenn., Noy. 8, 1873. This morning the striking locomotive engineers brought matters to a crisis by uncoupling a freight train that was going East from the engine and ad- vising the acting engineer to forego. his intention. The wildest rumors prevailed as to intended vio- lence on the part of the strikers, and on the arrival of the noon mail trains a large crowd collected at the depot anticipating trouble, but all passed off quietly until three o'clock, when an at- tempt was mad to run out another freight train, but the strikers made such threatening demonstrations that is was deemed advisable to forego the idea, Late in the after- noon & committee from the engineers and machin- ists called on Captain Jaques, and told him the company would not be allowea to move any trains except those carrying the matis, threatenio bloodshed if any attempt should be made, whic statement was reduced to writing and places the men in a very awkward position if legal remedies should be resorted vo. They express their doter- mination to stand their ground, while the ry ment are equally firm, and ly the grass ee permitted to grow between the ties rather than jeld to the @emands of the workmen. Three en- z neers arrived to-day, two of whom left on learn- ing the condition of ailairs. Lively times are expected to-morrow, ' dangerous alte to horse and man; if they could | classes, I | favorable, and some poor people will be sadly in | Review of the Past Week’s Events and Present Position of the Spragues. A KITE WITH 100 LARGE A TAIL, How the Investigating Committee’s Re» . port Was Received. ¢ PROVIDENCE, R. I., Nov. 3, 1873. ' Of the crisis in the affairs of the A, & W. Manufacturing Company and tte agents in York—Hoyt, Spragues & Co.—the readers of HERALD have been fully advised by the special graphic reports of your correspondents; and now remains to be done but to briefly review the events of the past week and sketch the present - appearance of matters, When the great financial panic, which resulted im the failures of Jay Cooke & Co., and m other firms, first burst upon the country, theret was, a8 might naturally be expected, wide< spread fear and alarm, almost akin ta that created by the memorabie panic of 1807, and the shock was felt to a very considerable ex- tent in nearly all parts of the country. But the: Cooke & Co. failure was not so disastrous in its ef fects as it would have been had the firm been en« gaged in the manufacturing business inatead of stock interests and speculation. Millions were in« volved in that failure, it is true; but the masses of the people were not seriously affected because that money was invested almost wholly in railroad) stocks, banking houses and commercial instita/ tions. But how different it is in THE CASE OF THE SPRAGURS & Co. The two great houses in Providence and New: York have been almost entirely engaged in manu- factures, encouraging enterprise in various parts! of the country and investing large capital, where it would be of direct and sub" stantial benefit ing employment to thousands of people, and thus! the two concerns became wound up in the busi- ness interests of the country to the extent of miil- lions, and became an immense monetary aud com. mercial power in the land. But, as is apt to be generally the case and as has too often beem proved, too many SUCCESSES ARE PRODUCTIVE OF RXCESSES, ; even in business, as weli asin social and political) circles, and this has been the case toa great ex-; tent with the Spragues. Manufacturing institution! after institution was established, and gradually the: les were extended until they not only cov the greater portion of Rhode Isiand, but evem embraced localities as far Rast as Maine and South as Georgia, the outside possessions including; great land interests in the Pine Tree State, Kansas, South Carolina and / othery States. Besides the immense profits yielded; by the vast number of establisyments belonging to: the Spragues, large sums of money were obtainedy from several of the more prominent of our banking! institutions at a high rate of interest, and nearly" every dollar was invested in the acquisition of real estate and the spreading of the manufacturing establishments. The panic at last came upon the: country with its failures, financial disorder and extensive business stagnation; but Rhode Island! merchants and traders manifested at first no very” alarming apprehensions, fearing no immediate or! serious consequences, and much less did they anti~ cipate any disastrous effect upon the wealthy house: of the Spragues, Even Senator William Sprague’ himself, who has devoted long and ardent atten- tion to THE FINANCES OF THE COUNTRY, , giving expression to his opinions repeatedly upon) the floor of the national Senate, and who has takem counsel with many of our leading national finan- ciers, appeared not tobe so far seeing firancially’ as vo discover any evidence of threatened money( o—- of his company, and continued in hist policy of largely borrowing and investing in prop erty, heediess, to all appearances, of the great: | eo, in the money market, the de-, pression in business circles and growing un-' easiness and want of coniidence in the; Matter of commercial credit. Things could, not long continue in this way without mantiest-' ing the danger in times like these, and by de-. grees the great house became subject to the’ panic, and the firm finally awakened to find th prestige at stake, their very existence as a business ooncern seriously threatened. Their New York; agency, which controls the extensive Atiantic De-) laine Mills im Olneyvilie, just outside this city, frat! showed symptoms of financial difficulties, and the: arent house in this city was looked to tor relie: Vhen the situation became apparent, when it perceived that the two houses were so interwoven: that the interests of one were the interests of the! other, and the failure of the New York house threatened the existence of the firm here, then| tue danger was realized and demonstrated an IMPERATIVE NECESSITY FOR PROMPT RELIEF, or the great house would go to the wall. But the: was a profound secrecy maintained by the firm and: its agents, and the newspapers here were silent, | until the nature of the situation was revealed by the HERALD special telegrams, and tie magnitude! of the danger was made evident. Gradually t facts were developed, and substantially confirme the reports telegraphed by your correspondent. The news of the New York failure dissipated ali hopes that the company here. could be’ otherwise than very seriously affected.., This failure had a decidedly dampenin; effect and put iurther off the aid essentia! to the preservation of the parent concern, bul notwithstanding all discouraging aspects th friends of the house did not despair but only ri doubled their efforts. The encouraging statement was given out by the Spragues that on the jollow-( ing day the committee would report satisiactorily, | but scarcely had the statement gone forth when thel news came that the paper of the Spragues had gone! to protest, which increased the alarm and made THE CASE OF THE FIRM appear more hopeless than ever, bat thetr friends, still persisted in entertaining their encouraging! anticipations, and the statement was further) made that the Spragues here would, not be entirely sacrinced im the ap-' yma disastrous consequences of the failure. | jp to this time the avairs during this great crisft were under the immediate supervision of Colonel) Amasa Sprague, the senior member of the firm,! who remained actively engaged day and nignt tad his arduous labors until he was partiaily over-) come and compelled to seek temporary relaxation, ; but it was oniy temporary and of very short dara tion, for the next day he was again in the mk ') business and in conference wiih his count and the committee as to the best mode of adjust- ing the difticulties and ge ge the com) from utter annihilation by the seemingly over wheiming disaster. At this stage of affairs SENATOR WILLIAM S?RAGUB arrived from New York, accompanied by @ off Edward Hoyt, of the firm of Hoyt, Spragues & Co., and at once proceeded to the oftice and took active part in the deliberations. As stated b: correspondent, which statement was copied by tl Providence papers, the responsibility for the barrassment of the company was fastenen Senator William, who by his ee land 11 it ments absorbed nearly all the available money 0 the concern. Colonel Amasa Sprague, it is wel known, is more conservative in his business policy, | and was understood not to fully approve of the expenditures of the Senator in such a dire taking the money out of the State, where it wi most needed, especially in such a stringency’ in the money market, and porene it out in other localities. Apparentiy with full reatizattor the weight of this heavy responsibility, though would not admit it, and, deeming that his reten-: tion of the office of President of the corpora- tion would under such circumstances be objected{ to, ne zi RESIGNED THR PRESIDENCY of the corporation and Colonel Amasa Sprague was ed to the position. At last.the ae tee on Investigation concluded their labors, at the Saturday noon meeting of the bank re sentatives presented their report, giving In detail the nature of the possessions of the Messrs. ae, their valuation, the assots and labil of the concern, and making their recommenda bop as to the capa op a ee the habili-( ties and satisfying the cr I. Various opil ious were elicited by this report, the feeling was rather gene! y indies i) . Acareful examination of it wi strave qutte clearly what led the firm to their de~ pression and embarrassment and ro the~ ory previously advanced by your corresponden' It Will be seem ragues. Gra thal about all the available money had been laid out, and rendered the house unabie to its paper which became here corroborates this idea in the rina tract from tts article upon the showing Spragues:— Of, the estates abroad in Maine, South Carol sas, Texas and elsewhere we have no means ae than to those who live wir ow The investments of this character have, Itis certain that they are worth ere CONTINUED ON TENTH PAGE, x to the masses by furnish” .