The New York Herald Newspaper, November 5, 1873, Page 5

ooo THE LABOR CRISIS. What Manufacturers Say About Reduction of Wages. MEN THROWN OUT OF WORK. The Dulness of Trade and the Prospects for the Winter. The Old Story of Supply and Demand. The protracted financial crisis and its effect upon the price of labor and living in general are at pres- ent the absorbing problems in ihe mercantile com- munity. The depreciation of values, itis thought by many, will be followed by a general reduction of wages, The manufacturers and all those who employ labor, as may be naturally supposed, ad- ‘vocate this theory most strenuously. In order togive the facts of the present labor crisis and its conse- quences several HERALD reporters were instructed to obtain the views of different manufacturers and tmarketmen, which are given as follows :— The Tobacco Manufacturers. A HERALD reporter called yesterday on Mr. Pierre Lorillard, of the firm of P. Lorillard & Co., to get additional information regarding the effect on the tobacco trade of the protracted panic and the general movement for a reduction of wages. Mr. Lorillard said that the tobacco manufacturers @ppear to be the least affected by the present financial prostration. He had gone through the panic of 1857 and through other periods of trouble, but had tound that the consumption of tobacco had very little variation. People must be reduced to the iast extremity when they give up their tobacco. Most of them will rather forego their bread than their chew. Mr. Lorillard thought the tobacco stocks have run down very low throughout the country, and that before thirty days are over a new supply would have to be got to satisfy the current demand, Of course the present financial crisis had an unlayorable influence on the tobacco business. Before the panic Mr. Lorillard’s firm sold $20,000 worth a day; now the sales average about $12,000 a day. His factory was siacked up to reduce the stock in anticipation o! the panic; hence a few had to be discharged, and the force now at work is about two-thirds of the number employed before the financial troubles. Although there was a general cry for reduction of wages, Mr. Lorillard did not forthe present intend to reduce the pay of his workmen. If the present unfavorable state of affairs should continue, he would lowér the wages of some of his high-priced men, such as superintendents, &c., but he thought the pay of the ordinary hands low enough already, as they could scarcely support their families with less than they are getting. ir. Lorillard furtber remarked that he foresaw this panic, and made preparations accordingly at the very outset. The tobacco busi- mess beng one which is generally transacted on short time he found no other trouble in making collections than the difficulty of getting exchange on other cities. Mr. Lorillard added that bis fac- tory was now running a stronger force than it did g@iew days ago. The only drawback to the tobacco business was the enormous tax, which amounted to about forty-five per cent on the sales. This @mount had to be paid in currency to the Col- lector. His firm would pay this year about $2,000,000 on about $4,500,000 sales, The Chair Manufacturers. ‘The firm of Watson, Ingersoll & Oo., chair manu- facturers, on the Bowery, were next cailed upon, Mr. Watson stated to the reporter that the chair market was not overstocked. Still the men em- ployed by them were working on half time, but hone of them had been discharged so far. Their business had fallen off since the commencement of the panic, but their stock on hand was about the Bame as that of the corresponding period last year. Ofcourse, if the present financial troubles continue, said Mr. Watson, there would necessarily follow a reduction of wages in their business as well as in any other. Their workmen were paid by the piece. Hence working on reduced time was tant- amount toa reduction of pay. During the winter time the chair business was generally duli, and the ensuing winter would be worse than usual on ac- count of the financial prostration. The firm em- ployed about.100 men. Nearly ali the other chair manufacturers were, as tar a8 ne knew, working their men on reduced time. He has not heard of any proposition to reduce wages. Many of the won men employed were members of trades’ ions. The Furniture Manufacturers. ‘The HERALD reporter next visited the furniture store of Degraaf & Taylor, 87 Bowery. He was in- formed by Mr. Richards, @ member of that firm, that for the last two weeks they had employed only half their usual force. At present 150 men Were working on their premises. Their wood work was done in their factory at Bridge- port, where they generally employed 500 men. working at Briageport. Mr. Richards further stated that the firm would reduce wages next week. There was no danger of a strike in the furniture business. This would be a hard winter. ‘ade hau been dull for nearly four weeks past, still they had worked with a tuil force up to last Saturday, havin; had considerable orders tor Several new hotels toexecute. Very few members of traaes unions were employed by his firm, It would be necessary to make a reduction in the wages of the cabinet makers and upholsterers. The former earned in busy times, if paid by the Lege from $20 to $24 a week; if paid by the week, 18; the latter from $27 to Bg pes Piece work, or about $20 week work. Mr. Richards thought there would be made a reduction of about twenty percent in the pay of upholsterers and cabinet- Makers. The wages of varnishers would not be reduced, as they were at present only earning from $12 to $15 a week, Messrs. Phelps, Doremus & Corbett, 264 Canal street, were next visited. Mr. Phel he senior member of the firm, said that the present panic Was different from that of 1857, The latter he re- Led only as @ purely mercantile panic, while present one, he thought, was caused by the extension of various railroad enterprises in ad- vance of the real wants of the country. The firm had not made yet any reduction in wages, but it would have to come. Mr. Phelps said he was per- sonally interested in a factory at Bridgeport where 200 men had been employed, but were lately all discharged. He added:—“We intend to keep all marrica men at reduced wages. What the redue- tion will be lam not able to state yet. It will be BO arranged as to meet the requirements of each ‘Individual case. The reduction may be half work or by alowering of the wages. ‘The men cannot resist it, even if they were so inclined. But they are nearly all intelligent and appreciate the coudi- tion of things.” Business of the Stove Manufacturers, It is probable that no class of manufacturers are more confident of weathering the financial cyclone than the manufacturers and jobbers in stoves. The severity of the climate in this latitude is the palla- ‘dium of the stove maker’s safety. People will not freeze if they can avoid it, They may go half- clothed or poorly fed, but freezing is not to be Seriously thought of; and, as a consequence, the Manufacturers of ranges and stoves smile when they are approached on the subject of declining trade, WHAT THE STOVE MANUFACTURERS SAY. Areporter of the HERALD yesterday visited the Various agencies of the stove manufactories in this city to learn the effect which the stringency in the money market was having upon this branch of the manufacturing interests of the country. Mr. Watson Sanford, President of the National Stove Works at Peekskill, was visited at the New York office of the company. “Has the tightness in money affected your busi+ ness to any extent?” asked the reporter. ‘Have you shortened your hours or number of men?” “Our works are running to their full capacity. ‘The stove business in general has been fully equal to previous years. The weather has been against the trade, and although the founaries are ait going at present it is probable that they will shut down somewhat earlicr than usual, It is customary to stop work about the 10th or 15th of January. The coliections are hard to make, Some debts on good meh are hard tocollect. Regarding labor, 1 may say that with us there has not been any change in prices or in the number of employés. There is no prospect of a reduction; certainly not if the we er turns out cold enough to keep up the STOVES A STANDARD ARTICLE, “You are, of course, obliged, in some ci extend your time to some customers 1" “In a jew instances,” replied Mr, Sanford; “but there is an increased cautiousness among ‘all man- ufacturers in the selection of customers, There aye beon few failures, and such a8 have collapsed weak for some time past. The larger Abd olier""grtablabwente staud Srp, Aud axe. At present they had only forty men | maxing as stoves as ever. Stoves are stoves Miner 1s n0 and cannot be, @ decrease in ew hae ‘are the causes of failure among the small establishments ?”’ asked the HkRALD man. “gimply that they can’t extend the same amount of credit to their customers that the large estab- lisbments can. They must have their money at once, ae Manulacturing establishment whi can give the ordinary credit to a good class of cus- tomers can live through this attack of the measies. We will all be healthier when this epidemic is past.” WHY THE FURNACES ARE STOPPING. “What has kept up the prices of stoves!” asked the reporter. “The iron was contracted for last spring at fully $10 more per ton than it would cost to-day. The biast furnaces are shutting down to sustain the prices, Those who do not know anything about the business imagine that it is in every instance from lack of funds. They claim, however, that the jurnaces can be shut down just as well as not for three months, and from the scarcity of, iron next spring the prices will be brought to a figure which will justify the stoppage and save the wear on the furnaces and machinery. This is the employer's side of the question, I am aware it is rough enoagh on the men who are thrown out of employment. We employ 150 men and are driven to our utmost capacity, Wall street complications have had vs little to do with our business, We used to sell much more for cash; now we have to give about four months’ credit.” A TEMPORARY REDUCTION. Mr. Munsell, of the Manhattan Stove Works, was next visited. In answer to the usual questions Mr. Munsell sald:—‘‘Our foundries are located at Elizabethport, N. J. We are only employing about eighty wen now, whereas we usually have 100. On Monday last we reduced the wages of our men ten per cent. As to the prices paid to our men I may Say that they average irom $3 to $4 per day. All moulders work by the piece and average $4 per day. We have not discharged any men, but we do not fill the places of those who leave us. Tho fluctuations in the price of iron greatly inter- fere, with the stove business. On) ie best qualitv can be used. In February of 1872, when much of the iron was contracted for which is made up:for this winter's trade, iron, such as we use, was worth $46 to epee ton; now the same grades can be bought for $ American iron is frequently so hard that we can’t use it. Then we help out with Scotch.” UALL THE TRADE WE WANT.” The Union Stove Works, of Peekskill, are work- ing about four days to the week. An officer of the company stated yesterday to a H#RALD reporter that there was no difficulty experienced by this firm in keeping their full complement of men on those terms, “Wedo not stopduring the spring,” said the officer of the company, ‘as,some estabilshmen are in the habit of doing. Our works 3 on throug! out the year. We are scrutinizing those who ask credit more closely than usual. We are doing all the business we vare to do at present. We have not discharged any of our men and onty one has le{t.’” “t00 MUCH BUSINESS,” Perry & Co. say that they can’t make stoves fast enough; that there is plenty of business; that they have not and do not intend to reduce the number of men or the rate of wages. WHAT IT COSTS TO LIVE. rr A Trip Among the Marketmen—The Com- parative Prices of Meats and Vegetables Before the Panie and at Present—Dull Trade, but No Reduction of Prices, Has the panic affected the prices of meat? This is indeed an important question, and millions are interested in the answer. A HERALD reporter went yesterday through Washington and Fulton Markets, and elicited some valuable information on this point. He found that trade was generally reported as being dull. However, most of the dealers said that the panic had not much todo with it, that the prices of meat, game, fish, vege- tables, &c., were regulated now as before by the laws of supply and demand. Mr. Kettelman, the Clerk of Washington Market, said good’ beef and veal were as dear now as they were eight weeks ago, and the only reduction was in inferior Texas beef, of which a great deal had been. received here of late. The present prices, said other dealers, could compare favorably with those of last year. Butter and cheese, and many kinds of fish, poultry, game and vegetables, were higher now than they were before the panic, but provisions were gen- erally lower. Tne following is a list of the retail prices which prevailed before the panic and which prevail now :— MEAT, POULTRY AND GAMER. Prives Before the Panic, Yesterday's Prices. + 10c. a 1c. 1c, Mutton, per Ib. Be, Lamb, per lb. Be. Butier. per 1b Cheese, per 1 Itc, a 14340. Turkey, per Ib... 2le. a Be, Chicken, per Ib, 18c. @ 20c. Duck, per Ib. = & Be. $125 $5.00 a | ‘one then. siasifs Ri ; None then. $la $1 Ral Se. We. a We. 25 a $250 , per eae 3 a $1 2% Teal duck, per pair. 50c. a 0c. Prairie hens, per pai si The poultry dealers said that the prices for poultry were as high as they had been at any tame for the last three years, but that the consumption was a trifie smaller than it was last year. The trade was somewhat dull which, they thought, was partially owing to the panic, Another cause of the depression in the poultry trade was the unusually warm weather in October. The decline in the rice of some kinds of game, as pigeons for instance, was owing to the fact that other game was brought into the market and was being bought in large quantities, FISH, The fish dealers said that business was very good indeed. They ielt the general depression ‘in the first week afier the panic, but now the prices were fully as higa as they were belore the panic, and in some kinds of fish they were even higher. The fish trade was generally better in the summer, for, at this time, people preferred to eat pork chops, steaks, &c., It is @ comiert to know, at least, that people do not eat less fish in consequence of the panic. Prices Before Panic. Yesterday's Prices. Salmon, per pound. » de. Yoo Bluefish, per pound 0c. i White fish, per pound. ... None then, Pickerel, per pound... + None then. Weak fish, per pound...... 10c. Striped bass, per pound Fresh mackerel, apiec Oc. » 1c. » Loe. a 200, OYSTERS, The ovster dealers said trade was very good. “What!? exclaimed one jolly dealer, “do you think people would cease eating oysters because Jay Cooke and Henry Clews failed? No, indeed. They'd rather die.” “This was, indeed, a great re- liel. It was joy to know that New York was at least not deprived of its usual quantity and quality of oysters. ‘the prices, the dealers said, were about the same as last year. PROVISIONS, In the provision trade the effects of the panic are more marked. The dealers complained of dul- ness of trade. and of a general reduction of prices. And such islife! While people pay the usual high prices for woodcock and duck, they want sausages and corned pork at lower prices. The following wili show the reductions :— Prices Before Panic, Yesterday's Prices. Be. Ido, Ibe. Idec. & 2c. Smoked hams, per Ib. Fresh pork, per Ib Corned pork, per Pork sausages, per ard, per Ib.. Bologna sausage, per Ib. Tripe, per Ib.......60+ Mutton sausages, per 1b VEGETABLES, “The trade is very dull was the universal an- swer to the queries of the reporter. “We aon’t sell so much,” one dealer said, “and farmers don’t bring so much to New York. Money is so scarce now that our cash business is very much smaller than it was before the panic.” The following list embraces the vegetables which are in greatest deman Prices Before Pranic, Yesterday's Prices, Cranberries, per quar’ Celery, per baneht Potatoes, per bushel Sweet potatoes, pe Lima beans, per String beans, Carrots, Cabbag Qnions, per quart. Russian turnips per basi Parsiey, per bunch, White turnips, per bush Radishes, per 6 bunches Spinach, per peck... Cauliflower, per do. FOREIGN AND DOMESTIC FRUITS, The dealers in foreign and domestic fruits and vegetables, lentils, French peas, &c., all said that trade was very dull, but that the prices were higher in consequence of the limited supply, THE LABOR STRIKE, Number of Men in the Bricklayers’, Cigar Makers’ and Horseshoers’ Soci- cties=Prospects of the Resistance to the Proposed Reduction of Wages. Less attention was paid yesterday to the labor contestin the city in consequence of its being elec- tion day. For the time even men who are unde. cided as to whether they have work and will re- ceive wages or not disregarded or temporarily for- got the contest between muscle and money, and devoted the day to serving the country at the bal- lot boxes. A HERALD reporter, endeavoring to found it dimecult to get at facts, Some who probably know most were unwilling to give the public their information, and others were evidently inclined to exaggeration of statement. He found, however, from data which may be con- sidered as reliable that the bricklayers on strike number just now about 2,600 men. There are also the 500 cigar makers and the horseshoers who are resisting the reduction of fifty cents per day, which had been agreed to by their bosses, who resolved after November 1 to pay only $3 50 per day instead of $4. These latter number about 560 society men, being half the whole number of horseshoers in the city. Thus we have in the three strikes of bricklayers, cigar makers and horseshoers about 3,650 men striking. This is only the small dust of the army of industry now com- pulsorily idle, whieh must reach nearly 50,000 persons, THE UNION FUNDS. No statement in detati could be made of the funds on the books o1 the several trades unions for the support of men while idle on strike. Possibly some portions of these funds may be locked up in suspended’ banks, as were those of the Printers’ Union in the detunct Market Savings Bank, when Its oMcials absorbed its deposits and lost them in Wallstreet. Even if the union funds are all in sol- vent banks it 1s not reasonable to suppose that the richest of the labor organizations nave enough in hand to support all their members in idleness for a term of months. A very few weeks’ distribu- tion would clear out the treasuries, and then the members are in no better position to resist. the exactions of the bosses than they are to-day. CAN THE STRIKES CONTINUE? There are both horseshoers and bricklayers in the city not connected with the unions who will be glad to replace tne strikers, Bosses would, a8 & general thing, prefer employing the men with whom they are well acquainted than to take stran- gers, and will probably for some time hold the work Open for the old hands and take them back should they get enough of the strike in a week or two. No posi ive good Can result to the strikers in a contest im which they cannot conquer, and, therefore, itis likely that the end of the present ‘strikes will be the conclusion of the workmen to take the best wages and terms they can make till a better opportunity, THE PROSPECT IN WESTCHESTER. Short Time and Reduced Wages Among the Operatives at Yonkers—A Hopeful Prospect Ahead. Although the interests of Westchester county are at present more closely allied with agricul- tural than with commercial pursuits, yet there are many thriving manufactories within its borders, furnishing work and bread for thousands, which it would be unreasonable toexpect were not more or less affected by the financial derangement now par- alyzing the efforts of honest industry in various portions of the country. The city of Yonkers is the main manufacturing centre of the county, employ- ing in its various factories and workshops nearly 6,000 operatives. A visit to some of the largest of these establishments was made yesterday by a HERALD representative, when it was ascertained that the recent panic had not as yet materially affected their business. It is true that some of the factories have been compelled to run on short time, and, in addition to this, reduce the wages of the employés; yet, on the whole, Yonkers presents none of the gloomy indications of a distressing winter among its working classes, which are un- fortunately noticeable in other suburban cities. The Waring Manufacturing Company, which usually employs about 800 hands in the manulac- ture of hats, have had their factory closed altogether for a week past. This is gen- erally the season, however, when they suspend operations for a few weeks in order to repair ma- chinery, take stock and otherwise prepare for the spring trade. It is expected that work will be re- sumed ina day or so, when not more than half the operatives wili be employed, and many ol these at a reduction of about ten per cent in their wages. In the hat factory of Kaldwin & Flagg, which gives employment to nearly 300 hands, work has been slack for the past two weeks, the operatives in some of the departments working only two or three days out of tne six. In a con- versation with the writer Mr. Ethan Flagg ex- pressed himself hopefully regarding the situation, and considered the prospects encouraging for re- ure full work before the close »1 the year. This, however, will depend altogether on the state of the money market in New York. This firm has not as yet thought 1t expedient to reduce the wegre of their vperatives. At the foundry of Ottis Brothers, employing about 150 men. notice was given last Saturday that a reduction of two hours in the day, and ten per cent in wages, would be adopted for the present. Most of the other fac- tories employing irom 100 to 500 hands are still working full time. CONDITION OF AFFAIRS IN NEWARK, Matters Growing Worse Rather Than Better—The Mayor on the Situation— The Common Council Poor and the Alms Committce and the Unemployed. While there are many very extensive manuiac- turing establishments in Newark, employing sev- eral hundred hands, there are no gigantic monop- olies, as in Raode Island and elsewhere. Capital invested in industrial pursuits, therefore, is distri- buted, and hence there have been no failures in business since the present labor panic commenced. Manufacturers and business men generally are put- ting their best feet foremost and try- ing to argue themselves into the belief that the present unsettled state of things is temporary and short-lived. Others again foolishly insist, with the facts staring them in the face, tie thousands of unemployed persons passing before their store doors, that things were never much better, and newspaper writers who report the facts to the country are mere croakers and sensationalists. As already stated in these columns, THE MOST SEVERELY CRIPPLED INDUSTRY is the jewelry business, A gentleman connected with @ prominent factory stated recently that a good many workmen had gone to Europe early in the year, owing to the then duiness of the business, and returned some weeks ago, expecting to have work night and day. Instead of that they found matters a great deal worse than when they started. As a rule manu- sacturers and business men are gifted with suiticient common sense to iuform newspaper men frankly of the real condition of things when applied to for facts, but some few think it is their true policy to keep dumb as an pa and let reporters find out as best they can. These expansive minded gentle- men think it will ruin them and everybody else, | too, to tell the truth and show that in Newark there is not the faintest shadow of that promised | “golden era’ in the present state of trade, manu- facture and commerce. IN THE TRUNK BUSINESS matters grow worse. Yesterday the report was found true that Lagowitz & Co. had closed up. The firm had stopped work, as there were no orders, and there was a poor prospect of selling any goods before spring. The head of another large house is | reported as having stated that he had kept his fuil | force of men at work on full time up to to last week; but that, although he had not made any re- duction in the number of men tn his establish- ment, they were working but six hours a day, Another estabiishment has had about half tne usual number of employés at work on full wages. ‘The head of this house, who has been in the busi- ness for some years, said that there were more men out of work now than at any time since he had been in the business, MAYOR RICOKD ON THE SITUATION, Yesterday afternoon Mayor F. W. Ricord, of New- ark, was interviewed on the situation by aHERALD representative. Mr. Ricord stated that several days ago he was so impressed with the uniortuuare state ol affairs and the large number of persons thrown out of employment just at the opening of winter that he bag he to Alderman Trandt, of the Committee on Poor and Alms, the propriety of immediately holding a meeting of the committee, with a view to provide measures jor the relief of the poor working people thrown out of work who were unable to take care of themseives. In accordance With his suggestion a meeting would be held in the evening (last night) at the City Hail when he himself would deliver @ short address relative to the condition and necessities of the laboring classes, The Mayor stated that every hour in the day he was BESIEGED BY PEOPLE asking for alms or employment. He did not wish to freely express his opinion on the prospects, but intimated that they were gloomy enougt. He did not know what the poor people would do this winter, and entertained fears that by the Ist of December affairs would be worse than at present. THE CRISIS ELSEWHERE. ———— Its Effect in Different Sections of the Country. A RHODE ISLAND WOOLLEN MILL ON SHORT TIME. The Lippitt Woollen Company, at Woonsocket, commenced ranning on half time on Monday. THE HOWE SEWING MACHINE COMPANY, IN CON- NECTIOUT. The condition of the Howe Sewing Machine Oom- pany for some time has been rather dubious, It Appears that 500 men have been discharged within the past few months, and now 850 are at work, Last week the men were patd for August’s work, but there is no telling when they will get their September pay. MACHINISTS DISCHARGED AT SPRINGFIELD, MASS, The Boston and Albany Railroad discharged NEW YORK HERALD, WEDNESDAY, NOVEMBER 5, 1873—TRIPLE SHEET. Saturday night, including some of thetr oldest hands. THE BOOTAND SHOE TRADE AT ALBANY, N. Y- The boot and shoe trade of Albany has not suf- fered materially by the papic, At this time of year @ considerable falling of in orders is usually ex- perienced, and the present time is no exception in ‘that respect, but no worse than in tormer years. THE PROVIDENCE, Rk. Ty JEWELLERS, The Providence Press of November 3 says:—In ‘this city the manufacturing jewellers—a very large imterest—are either working on short time or with reduced force, whtle some shops have shut down uptil the prospect improves. Owner interests are Jollowing 1n the same direction. THE LOCOMOTIVE WORKS IN SCHENECTADY, N. Y. The Schenectady Star of November 3 says:—The Locomotive Works, employing about 800 men, have made @ reduction in wages of one shilling @ day, which amounts to almost five per cent. In a few cases the reduction is twenty-five cents per man, WHAT BROUGHT THE SPRAGUES TO GRI The Hartford Times of November 3 says:—Not ago the Spragues, who owned a “trotting ”@ savings bank and, we believe, a Sunday [a eda yee ae grove on the bay, acres, at big prices, at Narragansett ier, and built there a $350,000 summer mansion, THE NEW YORK CANALS. Prospects do not indicate a very favorable sea- son for canal boatmen. ‘The Inmber business is dropping much earlier than usual. paner remarks: lively. The canals are in good condition and boats move more ireely, but freights do not seem to be in demand, MASSACHUSETTS WOOLLEN MILLS. The woollen miils of S, Blakinton & Son, at Blakinton, and the North Adams Woollen Com- yong? and Glen Woollen Gompany’s mills, at forth Adams, Mass., commence ruuning three- ase time this week. One-third of the mi chinery of the Uxbridge, Mass., woolien mills has been stopped and the remainder is running om three-quarters time. THE SHAWL BUSINESS IN SCHENBCTADY, N. Y. The Schenectady Star of November 3 says:— James Roy & Son's shawl factory, in this city, qos on half time to-day, n consequence of the jail times. There are émployed at the factory, including boys, about 200 persons, About filty of this number, too, are women. How long the present arrangement will remain in torce will de- end, of course, upon the turn money and trade ake, INCREASE OF WAGES IN THE FACE OF THE HARD TIMES, The Portland (Me.) Advertiser, of November 3, says:—On Friday the girls employed by the cloth- ing dealers on Fore street struck for higher pay and proceeded in a body tothe counting room, when they made a statement of their demand and the reasons thereo!. The proprietor received them Kindly and, after listening patiently to what they had to say, generously acceded to their request and raised their wages. LOW PRIOR OF COTTON. The Augusta (Ga.) Chronicle recommends the Southern planters to cease planting cotton until there is @ prospect for more remunerative prices. It says:—When the present depression passes away and the losses meurred by low prices have been temporarily met, by going deeper into debt, we jear that our planters will not be convinced of the folly of sacrificing everything else in order to make & fecrop of cotton. Surely the present ruinous prices stiould deter every sensible man from a@ policy which, if persisted in, must bank- rwpt our people. The receipts from the sale of the PP aay crop will not pay our planters out of jebt—those of them who planted on a credit. THE SPRAGUE MILLS AT AUGUSTA, ME. The failure of the great Rhode Island house of A. & W. Sprague and its effect upon their rela- tions with the city of Augusta, where they have acquired possession of the water power and in- augurated improvements on @ large scale, form the subject of an editorial in the Kennesec Journal of Saturday. It expresses the regret of the community at the disaster which has overtaken afirm so largely engaged in developing the local resources for manufacturing, but says that beyond @ temporary suspension of business at the factories and upon the works of the pom any no sertous detriment to the interests of the city will probably occur, THE ROME, WATERTOWN AND OGDENSBURG RAILROAD. Tne Rome correspondent of the Utica Herald says:—The Rome, Watertown and Ogdensburg Railroad Company, following the example of many other railroads, are working their employés on short time or reduced wages. The men in the rail- road shops are cut down from ten to nine hours er day, and their pay reduced in proportion, and in addition to this reduction ten per cent is de- ducted from the sum thus paid for the nine hours’ work. The pay of the engineers running coal en- gines is cat down $10 per month, and fremen $5a Month; tnis pay brings them down to what has been paid engineers and firemen of wood engines, whee pay not reduced. This reduction com- menced November L The number of men em- ployed has not been reduced, TOM SCOTT’S CREDIT MOBILIER, ' Financial Embarrassment of the Cali- fornia and Texas Pacific Company— Over $300,000 of Its Paper Gone to Protest. PHILADELPHIA, Nov. 4, 1873. A late edition of the Evening Telegraph says:— There were rumors on the street this after- noon that the California and Texas Construc- tion Company, which is engaged in buiid- ing, by contract, the Texas Pacific Railroad, was embarrassed. On inquiry in oficial circies the following statement of the case was ob- tained:—The California and Texas Construction Company was unable to meet ali its paper matur- ing to-day. The present financial condition of the country has rendered it impossible for the company to realize ready cash on its assets, although they are very largely in excess of its liabilities, It is hoped that an improvement of the financial condi- tion of the country will speedily bring about a restoration of confidence and the construction of the line. Over $200,000 of its paper—most of it endorsed by prominent stockbolders—went to rotest. 2 The liabilities of the Construction Company are reported at $4,500,000, in notes variously endorsed, all maturing within ninety days—$i,600,000 of Joans on collaterais and individual security, $600,000 of unsecured obligations in the shape of drafts, and $250,000 of floating debt; amounting, in all, to nearly $7,000,000. This amount, with over $4,000,000 of cash paid in on the stock of the Con- struction Company, has been expended, under careful Management, in the construction of the Texas Pacific Railroad, and there are 300 miles of the road completed, equipped and in operation, and about 150° miles additional graded, bridged and ready for the iron. The resources of the Construction Company consist of $35,000 per mile of completed road of first mortgage bonds of the railroad company, secured by a lien on the railroad, 1s equipment, franchises and 1,000 acres of land per mile, granted by the State of Texas; over $2,000,000 of unpaid construction stock, most of which will be promptly paid, and private prop- erty of individuai endorsers, which is very large. It is believed that the creditors, most of whom hold large amounts, will speedily:arrange for an extension Of the liabilities of the company so as | to give time to realize money without the ruinous sacrifices required by the present stringency of the times. DIVIDENDS DECLARED IN PHILADELPHIA. PHILADELPHIA, Nov. 4, 1873. Most of the city banks have declared dividends— the Southwark Bank twelve per cent, the Philadel- phia seven per cent; the Girard, Germantown, Kensington, Corn Exchange, Consolidation and People’s banks six percent each; the Central, Com- mercial, Mechanics’, Farmers and Mechanics’, Spring Garden and Unton banks five per cent each; the Commerce and Mauutacturers’ banks four per cent each, and the Bank of the Republic three anda haif per cent, THE AUGUSTA BANKS SOUND. AvGusTA, Me., Nov. 4, 1873, ‘The rumors afloat that the failure of the Sprague Manulacturing Company affects the solvency of some of the banks in this city are entirely grouna- jess, All the Augusta banks are sound and are doing business as usual. THE NEW HAMPSHIRE SAVINGS BANES. Concorn, Nov. 4, 1873, Some uneasiness having been exbibited in re- gard to the savings banks In this city the Board of Trade, at their meeting last night, passed resolu- tions expressing full confidence in the banks, and recommending them, in case of a run, to refuse payment altogether, rather than attempt to raise money at Arutmous sacrifice. The savings banks Sd determined to pay no depositors till Janu- ary 1. NO DISTURBANCE IN GEORGIA, AvGusta, Nov, 4, 1873. Nearly every acceptance falling due to-day was promptly met by merchants and cotton factors, and it 18 thought that about halfa million dollars of maturing paper was paid. Cotton is now and has been coming in freely and planters are evincing every disposition to pay their debts. Thirty-five Chinese arrived here to-day from In- dianapolis to work on the Augusta Cana!, and more are expected, THE STRIKING ENGINEERS. KNOXVILLE, Tenn., Nov. 4, 1873. The trouble on the East Tennessee, Virginia and Georgia Railroad has not yet been adjusted, and the men will not allow fretgnt traie to move. No freight has been carried over the road since Fri- day, Mail trains are runping regularly. Great in- convenience is caused to merchants by their inability to receive and ship goods. Several “thousand bales of cotton have peep lying here four JMgasure the aize of the present ptrikes Jn the gity, » thirty men from their workabovs at Springdeld on_) daym A. & W. SPRAGUE. Latest Aspect of the Rhode Island Crisis, The Vacant Trusteeship Not Yet Filled---Ex-Gov- ernor Smythe Has Not Declined To Serve--- The Friends of the Rival Houses. PROVIDENCE, R. I, Nov. 4, 1873, No appointment has yet been made to fill the trustee vacancy occasioned by the declination of Governor Howard, and will probably not be made until the meeting of the creditors, which takes place on Yhursday. Ex-Governor James Y. Smythe, one of the appointed trustees, has not declined, as reported last night, which fact will be generally gratifying on account of his intimate knowledge of affairs. 1 called this evening at the ofice of the Messrs. Sprague to see if I could obtain a copy of the deed, but was informed that THE DEED, . not being fully executed yet, could not be furnished, 1 was told that the execution will not be made until after the meeting, when the wishes of the creditors will have been mantfested. It is the in- tention to present a form to the meeting to know if there are any modifications or alterations of any nature desired, and it is expected that a committee of the creditors will be appointed to act together with their attorney and the counsel for the Spragues in the execution of the deed, according to the desire of the meeting. will be the result of the creditors’ meeting. The na. ture of the deed will, doubtless, be very generally discussed, and the matter of trustees will, it is highly probable, excite the greatest amount of discussion. THE CRANSTON SAVINGS BANK remains in statu quo, and great anxiety Is mani- fested to know how the institution will be fixed. Though the Sprague organ here labors hard to it is impossible to foretell what | | create the belief that everything connected with | the Sprague concern is sound and healthy there is still a ijurking suspicion in the minds of the people that all is not so fine as represented, There is; no doubt, more beneath the surface that yet remains to be brought to light. ; A MEETING OF THE BOARD OF TRADE was held here to-day, President James Y. Smythe in the chair, and it was thought that something would be said or done in regard to the Sprague crisis, but there were no expressions in regard to it, A resolution was reported declaring the opinion of the Board to be that it is deemed ex- pedient and destrable to open their rooms to the public from twelve to two o'clock P. M. of each day, and inviting all who have stocks, merchandise or lands for sale to offer the same during those hoars, hoping thereby to increase the eMiciency and secure the permanence of the organization; but the matter was postponed for one month. ‘Phe two Spragues, Amasa and William, are still here, deeply engaged in the pending arrangement of affairs, The Feuds of the Spragues and Browns— Opinions of Varlous Magnates of Providence. PROVIDENCE, R. I., Nov. 4, 1873. This is the time when the ancient feuds of the Spragues and the Browns are rememberea and talked over. One side would have it that the Browns brought all this trouble on the Spragues by tightening the screws upon them ia a stringent money market, The other side contend that the Browns have not held a dollar’s worth of the Sprague paper in ten years, and that in place of throwing embarrassments in the way they have actually advanced a sum of $150,000 te the Spragues, when the latter applied tor a loan to prevent one of their banks from failing. native of this town or of this State ventures on any public criticism of either the Browns or the Spragues, There is no moral courage In the com- munity. In the shadow of wealth whatever little independence of spirit they may have is withered up. Rhode Islanders love the aimighty dollar. they have a profound esteem for the owner of half @ milion; they are lost 1n awe and admiration of the possessor of a million, and they fall down and worship and are ready to perform any slavish thing for the man who can boast of millions in tne plural, The Browns have their crowd of servile toadies and hangers-on, and so have the Spragues. It is this wretched class, who live hy the drippings of wealth, that may be held responsible for THE FEUDS OF THE TWO HOUSES, They work chiefly by inuendo. It 1s now the turn of those who think they are on the right track to gratify the Browns to insinuate everything that may tend to the discredit of tne Spragues. That the two houses are still antagonized is every way true. If they were on friendly terms nothing would be easier for the Browns than to come for- ward with seven or eight millions and help the Spragues out of their difficulty. It would cost them nothing, On the contrary, it would prove to the Browns a profitable speculation. They have all the money lying idie that the Spragues are now in need of; but, high toned and blue-blooded as the browns would fain Meter to the generation in which they live, 1 doubt il they have the magna- nimity to undertake a step like this. Revenge is sweet to fallen human nature, and if the Browns ever cherished this passion they must feel abun- dantly gratified at the spectacle of their enetny hopelessly involved in the toils of a financial panic. A STRANGE STORY, There was a story that the Browns, on first hear- ing of the trouples in the rival house, sent for Senator Sprague, and promised him it he resigned his position as head of the firm, renounced politics and threw his influence at the proper time in favor o1 the election of Mr. William Goddard (a member of the Brown tribe) to the United States Senate, they would help him with all the resources at their command. If he failed to comply with these terms they threatened to assume an attitude of indiffer- ence that would work as disastrously to the credit of the Spragues as one of active hostility. Mr. William Sprague did resign his position as head of the house; but the story, without any other color of confirmation, may be taken for what it is worth. T called yesterday at the substantial mansion of Mr. Robert Ives, who is the partner of Brown. Mr. Ives walked into the parlor shortly after my entrance, and, judging from a certain air of severity {n the expression of his face, | concluded he was little disposed to talk on the matter con- cerning his house and the Spragues. My conclu- sion was correct, and the impression left by the few emphatic repiies oi Mr, Ives was that THE HOUSE OF BROWN cares less than a continental what becomes of the Spragues. mi hat might be your opinion,’ I inquired, “of the causes that led to this failure of the Spragues?’’ “I have no opinion,” answered Mr. lves, with @ rigid gravity of face. “I know nothing of the case. I have given it no attention.” It sounded strange that a failure of such magni- tude, which shook the State of Rhode Island from centre to periphery, should have failed to attract a passing notice even from the haughty house of Brown & Ives. “Will this failure entail much distress on the class of working people?” 1 asked as a parting in- quiry. : “Pam not able to tell. That is all a matter of opinion,”’ replied Mr. ives, with the same dyspep- tie indifference, and then I went away satisfied that the airy young Hotspur of the United States Senate tared the current of his insolent criticism jn the wrong direction when he directed it against the house of Brown & Ives. ‘They are a quiet peo- ie, Who are not apt to iorget an insult or an in- jury. Their wrath is not dissipated in empty va- porings. It is silent, deep-seated and lasting. he Spragues feel it now, and yet the Browns move neither hand nor foot nor voice. Their ven- geance is passive, though no less terrible. ) GENERAL BURNSIDE 1s one of whom you have heard as not being par- ticularly friendly to the Spragues. 1 met him last evening, and he certainly did not bo pad disposed to shed tears over the downfall of the great house, “Will this failare produce much embarrasment this winter?” I inquired of the Gener “1 think not,” he answered, far as the working people are concerned, they were never better off. The concern of the Spragues will pass into the hands of trustees, and if they cannot manage it better than the Spragues they must be Me eh “Don’t you think, General, the Spragues man- aged their own business well ?” “What do you think of it yourself?” “Tam not going to say how | think they ouglit to to have done; but a propery such ag they bad could never be brought to the present condition, bordering on bankruptcy, unless there was mis- managent somewhere. Ali I want to say is that it will be a queer set of trustees that cannot manage the concern as well as A. & W. Sprague.’’ SENATOR ANTHONY. It is generally known, of course, that Senator Anthony bore the brunt of the attack made in the Senate Joos years £2 by Mr. William Sprague on the rival house of Rhode Island. 1 saw tne Sena- tor yesterday and asked him, “Do you believe the Brows piayed the part of | punished quite enough already. No | Shylock in this business—wanted their Rows flesh and would be satisfied with not! el me “No, sir,” answered the Senator. hows ever, I believe, that the Browns, if hada mind to, could have extricated Sprague his. expect hata. fantly which, has. been. #0 foully expect that a wi slandered, called by every name in the vocabulary, should forget their slanderer all of sudden and come generously forward with money to heip te “Were these extensions of Spragues’ business remunerative ?? “The extensions were done with @ object, These factories, such as the and plough factory, &c., were under the ment of pouticians. These investments might or might not be profitable ina pecuniary sense, the main Daspere of them was to secure ey influence. tained a certain number ot. ys ticlans on a certain side, just as a Custom House keep its oficers on the side of the go’ and of With Amasa Sprague I am on good terms, course I feel regret that the house should go dowm and perish forever.’ AMASA SPRAGUE. I paid a visit to Mr. Amasa Sprague, but found him inaisposed to say anything on the situation. Amasa came out from his oitice smoking and looking but slightly troubled over the tunes of the house. He is a young man, with no pretensions to style in dress, manner or expres- sion. You might take him to be worth $100, bat cat never worth $1,000,000. His early hfe was considerably in the print mnenas Cranston, has mechanical tastes, and he rather affects the mechanic than the gentleman of wealth and educa- tion. He 1s no conversationalist, and he had no more to say about the troubles of the concern than if it was situated in the moon. 1 left him, con- sequently, without receiving any enlightenment, THE STOKES CASE. The Wooden Jury. To THE EDITOR OF THE HERALD:— In answer'to the short mole signed ‘Dew mocracy,”’? and headed, “To the Twelve Common Sense” gentlemen who served as jurymen in the Stokes trial, I wish to say, in reply, that he does them great injustice and lays himself opyn to man- slaughter in the third degree, which is imprisonment for four years in Sing Sing, as clerk in the tobacco } department, I should further advise that those twelve wooden men (asI cannot call them a thing else) who served in this case have names placed upon record, that they may known in case they should be wanted. in. sert this in the columns of your paper tl Te- spectable men may be on the lookout for those who have disgraced themselves in the oe of the’ public forever. Tal Y. be Sammary Vengeance. To THE EDITOR OF THE HERALD:— I see in your valuable paper that there is quite a dissatisfaction in regard to the Stokes trial. Now, I, for one, think it is unjust. The man has been I think he has done a gvod deed, and if I had been one of the jury I should have given my verdict for acquittal. Our present troubles have originated trom just such men as Fisk, Gould and fifty other Wall street thieves and robvers, and it would be the best deed that could be done for the country if such men were to swing to-day. If a poor man was in @ starving condition and should appropriate @ neighbor's fowl to his own use, he would be punished, but these Wall street thieves and robbera can rob the people of miliions of dollars and they are gentiemen. If we have no law to reach such scoundrels, I say give any one liberty to clean them out, the sooner the better. JUSTICE. An Indignant Citizen. To THE Epitor OF THE HERALD:— Your excellent editorials on the Stokes case and the several letters of your correspondents in- duce me to add my mite to the general expres- sion of indignation which prevails, as I think and I believe with a vast majority that it 1s a subject which should be pushed to some practical end, and not merely discussed in the columns of an eminent journal, and then dropped without accomplishing anything more. There is gradually at work a gigantic influence in the interests of the criminal population, and consequently grossly inimical to the stern demands of justice, which should have the immediate con- sideration of all law abiding citizens, which cen- tres in our imperiect and ridiculous jury system, and the ill-timed and overwrought zeal of many of our criminal lawyers in gaining and conducting a “new trial,” which is reducing the high and unaj proachable standard of justice which should exalt ; our country as the greatest on earth, until it is | a byword and laughing stock in the mouths of murderers and desperadoes, and is conducive to such chaotic confusion, that the righteous verdict | of an iatelligent jury is overruled by the efforts of pecuniarily interested ‘ counsel,” and, finally, through the operations of bribed and perjured wit- nesses, that honorable body is insulted, and the whole people insulted and aroused to the expres- sion of an unqualified indignation and condemna- tion, that the ends of justice should be defeated by the pecuniary greed, the craft and imbecility of @ body of unscrupulous men, That Judge Davis was startled into an exclama- tion of surprise and indignation on the rendering of that outrageous verdict, I consider an honor to him as an upright and aonorable man, who kuew, with all intelligent men, that Stokes ought to have been convicted of murderin the frst degree, and that the whole trial was u shant; and that but for the mental weakness, or the gross partiality, or both, of the jury, the fatsifications and lies of many of the witnesses for the defence would have been apparent at once, and could have had no other effect upon them than to the detriment of their cause. ‘Thus to save a twice convicted murderer from the scaffold, it was necessary to call in the aid of | perjurers, drunkards, convicts and fools—a traud for all the world to laugh at in derision, anda grave cauge to point with scorn to our impotent boast of sRperior institutions, especially justice. It would be a righteous judgment if every “law abiding’ person, but ‘that tneir idiocy might excuse them, who cheered that disgraceful verdict, should fee! ere they die the knife, bludgeon or bullet of one of the class they virtually sup- ported and protected in their silly acclamations, A8 Stokes is saved from the gallows, Foster’s hanging was most unquestionably judicial murder; but the eyes of justice ure fast bécoming blinded by the glitter of gold and her juagment dazed by the 1mpenetrable web of plausible lies which enfold her brain; and while the American people remain inert this iniquity will thrive and murderers and thieves will hold the balance of power in a great measure. Had the people aright to take excep- tions and demand a fourth trial by a jury of reaily intelhgent, unbiassed men, and all the evidence ' already offered in his defence were sifted irom its superabundant mass of lies and trashy importance, then this cold-blooded murderer woald receive his just deserts. But.no. Ap outraged people have no power, justice has no power; the poor victim now oe eS @ premature grave, basely stricken down in the prime oi life, has no power, his mouth is closed forever, and all is in favor of the assassin; but very soon these scoundrels will find that the voice of the people is gathering for ope unanimous, overwhelming shout, which, like the traditional blast of the trumpets of Joshua’s host, shall bring down the walis of our corrupted institutions, and crush for ever the horde of criminals and criminal pro- rectionists which now abound to the aisgrace of the nation at large. Evil power has had a long life; the horizon is dark with impending calamities and dissensions, poverty and misery, and the conflict between night and wrong mustcome soon. Let it come at once, the sooner the better. ‘The Stokes case calis for a universal indignation meeting. Who will lead the van? 8. G. EaST FORTY-NINTH STREET, NEW YORK, Nov. 3, 1873. FLEETWOOD PARK MEETING. The grand trotting meeting at Fleetwood Park, under the management of Mr. Daniel Mace, com- mences to-day and continues to-morrow, Friday and Saturday. For the four-days’ sport there are entered 100 horses, and the purses are of sucha nature as to incite the most spirited competition. There are four events on the card to-day, the first of these being for horses that never trotted better than 2:32, mile heats, best three in five, in harness, Entered tor this are two well known trotters, and many of them are so closely matched that the con- test cannot be otherwise than decidedly interest- ing. Next on the list is the purse for horses that never beat 2:42, and this has thirteen entries, the majority of which will come for the word. Then follows @ match of 9200 betwi Dan Mace's black gelding Damon and J. H, Phillips’ roan gelding Fred Tyler, and winding up the sport is a matcn of $500, ander saddle, between John Murpny’s sorrel gelding oad Jake and John Splan’s ‘bay mare Mollie jarker. ‘The first race will be called at one o'clock sharp. ‘Trains on the Aarlem road will leave the Grand Central depot at 12:05 and 2:30 P. M. each day, ree turning at 5:14 and 5:54 from Morrisania, MURDER OF A UNITED STATES MARSHAL, St. Lours, Nov. 4, 1878, A despatch from Fort Gibson, Indian Territory, says that a Choctaw Indian, prisoner in the hands of Deputy Marshals Wilson and Ayers, shot those gentlemen at the Creek acy, on Sunda’ mortally wounding the fornier and badly w x the latter, He also shot Perry a ‘The murderer was subsequently shot wounded by @ Creek Indian guard, MINING ACCIDENT, Four Persons Killed by the Caving In of the Roof of an Old Coal Mine. Oinenmatt, Nov. 4, 1873, A special despatch to the t¥mes from Pittsburg Teporta the death of three men and a jad in the uburbs of roof ef an abandoned Coal mug.” “*™=6 "of te