The New York Herald Newspaper, November 7, 1873, Page 4

4 NEW YORK HERALD, FRIDAY, NOVEMBER 7, 1873—TRIPLE SHEET. ME MONETARY SITUATION, —_-— A QUIET DAY ON ’CHANGE. Condition of the Central National Bank and of the Banks Generally. CLOSING OF THE CANALS. Yesterday was a quiet day on 'Change, and, save for the prevailing duiness, one would scarcely have thought the country was passing through a great financial crisis that had already shattered the for- tunes of some of the giants of the monetary world, crippled scores of others only less in stature and in strength, and shaken the nation itself to its very centre. Yet such was the case. It was EBB TIDE in our troubled sea, and only a yery gentle move- | ment, suMicient to indicate that its motion never | 82 Twenty-second street, ceased, was apparent, the seeming pause being also full of promise of an early Mow. One reason of this expectant condition in the stock market will be found below, in reference to the approach- ing close of canal navigation, when the whole freight trafic from the West to the seaboard will be thrown upon the rail roads, imcreasing thelr earnings and 50 stimulating speculation in their stocks. The improved condition of the banks noticeable in the increase of their joint legal tender reserve to 21,000,000 brought also with it encouragement, checked in its manifestation, however, by the want of accurate knowledge concerning their real | condition. Rumor was again busy with THE CENTRAL NATIONAL BANK, and its failure,was freshly reported. While, in the strict meaning o! this word, it may not be correct in its application to the condition of the bank in question, it must be acknowledged there has been at ieast a constructive failure, The bank was re- Ported a debtor at the Clearing House yesterday morning, Whereupon the associated banks permit- ted it to eect its clearances by supplying it with Joan certificates issued upon collateral, by which it was enabled to go through. This may have been wise policy on the part of the associated banks, but the people have a right toa full knowledge of all the facts to enable them to judge how far their interests are affected thereby. As THE ENDOWERS OF THESE INSTITUTIONS, in giving them the privilege to issue currency and paying them six per cent interest endowment on the amount so issued, they have arightto know their condition whenever that condition becomes 4 matter of peculiar importance to them, and in this connection they have a right toknow how many more weak banks there are whose capital is impaired, as was that of the Central, and who may any day have to lean on its fellows for sup- port, as did the Central yesterday. The Bank Examiner is the party to supply this information to the public. He is the visible trustee of their interests in the banks, and should do his duty, Whatever the consequences. The capital of the Central Bank is to be reduced to $2,000,000, As i berhea here yesterday, this is no longer a panic. A NATIONAL PURGATION. ‘The reckless extravagance born of the war and its | iinancial results, and the vices thus engendered, ol which such abundant proof has been maniles' tn the body politic, are now the less apparens in the financial body. Beiore we can enter again upon the path of honorable progress looking to in- creasing national greatness we must get rid of the excrescences that have fastened upou the latter, | as Well as of the tungous development of tne lormer. Honesty, trugality and a more modest | understanding of our powers in the direction of great business enterprises must come to us to guide usin anew course. The great monopolies must ‘ve broken up, aod small capitalists find an oppor tunity for sale expansion in their several depart- ments of trade, without the danger of bein, crushed by a powertuljrival, himsel! overgrown ‘and unabie to withstand any considerable shock. The relations of capital and labor must be revised and their separate rights secured, each against undue demands and untealthy combination on the part of the other, Those tmpositions which huge corpora- tious inflict upon the people, as in the case of the ratiroads in exorbitant freight charges to pay divi- dends on stock that has no existence, must be got rid of, and a higher sense of justice, of right, of | auty must permeate the national Hie, while the personal life must be governed by PRUDENCE AND ECONOMY. It is in the cultivation of virtues like these that | we will tind the true remedy ior all our ills, and in the meantime, as we seek them or are influenced by their teachings in a greater or less degree, will | We attain the much desired relief. Ata meeting ot the Chamber of Commerce yesterday, called, it would seem, for the purpose of giving the natiqnal banks a good character in the absence of that de- sirable document irom the Bank Examiner, the subject ofa resumption of specie payments came up for consideration, when it was strongiy | urged that tue government ought to take immediate measures to bring about tnat | result, one gentleman stating that he failed to see any reason why it shoulda | be delayed. The saine gentieman, @ leading re- publican, offered a resolution in which he said “that the lesson of the day ia suggestive of econ- omy, of diminished revenues, lower prices, &c., aud pint to the obvious duty of government and the banks to accelerate a return to specie pay- | | | work at the reduction, and the officers say that | work. | regular INDUSTRIAL DEPRESSION. The Strikes and the Half-Employed Producers— Notes of Herald Reporters Among the Maua- facturers of New York and Vicinity— A Gloomy Prospect for Winter. Little change occurred yesterday in regard to the labor contest in progress between the building contractors and the bricklayers and laborers, A few of the bosses were reported as having put the men to work at the old wages, while others have supplied themselves with non-society men under the new rates, Others, notably the large jobs of the Western Union Telegraph and Zribune build. ings, had none of these classes of workmen en- gaged, the work just at present being confined to stone and tron work. On the church for Dr. Hall's congregation, in Filth avenue, Mr, Stuart, the con- tractor, lad a force of new men, as did Mr. Black- ledge, at the corner of Bank and Hudson streets, Mr. Demarest, 1t was stated, had put his old torce on at the old rates, and the same has occurred at the New Boucicault Theatre, corner of Broadway It appears that the employers are by no means firmly united as to the wisdom and propriety of the proposed reduction, while the workmen are all painiully interested in averting it. From statements of members of the ex- ecutive committee of the bricklayers’ central body, which is in daily session at headquarters so long as the contest continues, it appears that, owing to the previous duiness in the trade, there are not more than seventy-five of theirnumber excluded from work by the dispute, THEY MAKE HAY WHILE THR SCN SHINES. Bricklayers complain that their labor, consider- ing 1ts hardships, which compel them to face the sun in sammer and the cold winds in winter, is the worst paid of all trades, Still, out of their $4 per diem they calculated to save from the summer wages of say $600 enough to Keep them and their families through the cold idle season, If they are not able to do this many of them rely on finding situations on the city railroads or as porters or other helpers in the stores whose heavy business comes in the winter months, 80 that they may earn whatever they are able and avoid appealing for pauper assist- ance, According to the most sanguine calculations mot even the most rigiu economy can enable a bricklayer to save money enough to have any con- siderable accumuistion at the end of the year. Many of them who are not able to find winter onths, alter their summer jobs are done, into the ‘country, to some Southern city, or visiting their old homes across the ocean. As @ Class they ap pear to have no fancy for staying months at a time, without labor, walking the streets or hyber- nating at home. NATIONAL APFILIATION. “Strength in union’? has been studied by the bricklayers. Their organizations in this city, which count about 4,500 members, are connected With similar ones in all the cities of the United States. They correspond, and, in case of a local Strike, each Member is entitled to receive $7 per week irom the national society. They thus equal- ize the pressure of local distress by making the whole guild through the nation bear a portion of the burden. Besides this their union, like several of the strongest trade societies, has many benefits to which its members are entitled under the rules. They have help when sick, @ fixed sum is approp; ated for burial, and a medical attendant ts pros vided by the union to keep off as long as possible the necessity of calling the cofin maker. NO INTENTION TO GIVE WAY. Not the least apprehension is expressed Among the bricklayers that they will be forced to accept [eos in the city make a practice of going for some ‘ they have nad no information that any of the union members have gone to work under the rates. They say that those who have gone to work at | reduced wages are men who have not been able to obtain admission into the union for the reason that they cannot do a workmanlike day’s These wili ofer to take the places made vacant by the absence of union men, where the bosses huve not cat down the pay. Whether these | outside men can do work to the satisiaction of the bosses is as yet an open question. THE LABORERS. A daily meeting of the laborers’ organization is held in reference to the building laborers, who are resisting the attempt to cut down their pay to $2 @ day. These idle laborers number about 200, Their society has 5,000, being the strongest, numer- ically, of all the unions. They claim that they are able to stand au ail winter’s strike without calling or assistance from outside. As their ranks represent all Kinds of labor outside of the trades, they are not liable to be all idle at any one time; therefore, those who have work are able to help the strikers with- out distress to themselves. They claim that the action of the building bosses is peculiarly hard on them as their old wages of $2 50 afforded very scanty means of support for families, espe- cially when the necessarily lost days are deducted from the year’s earnings. A laborer must pay rent | 4s well as a mechanic, though probably he will be forced to accept a cheaper and less comfortable lodging, and he must confine himself to the coarsest of food and ciothing. He has no margin even in the best of times for extravagance, SKILLED LABOR, Plenty of strong men walk the streets in quest of labor, butthe striking building laborers claim that theirs is an occupation requiring a certain and no incousiderable amount of trained skill and ‘ake the very hugh buildings, such as | the process of erection, and it is | not every inexperienced gang of men who can jut up scaffolds so that it would be safe to trust ife upon them, So many other of the duties of simple laborers require a certain drill and educa- tion which might seem to justiy entitie competent mento command wages higher than will simply ments, &c., and that the Chamber will invoke Con- gress to cause, if need be, the purchase of United States bonds to be discontinued and the applica- | tion of the national gold reserve to the redemp- | tion of Treasury notes, but reserving the power of | reissue,’ &c. This would seem to indicate A NEW DEPARTURE as being intended on the part of the government; | butil so, and the recommendation be a wise one, What becomes of the reputation for financial skill which the present Secretary of the Treasury and his predecessor in office, and the President, have acquired for these very purchases rejerred to | above? Ifthe proposition be a sound one, looking | to resumption, to stop the further purchase ef bonds, and accumulate gold in the Treasury to be | exchangeable for greenbacks when and how, aud in what proportion the government sees fit, as would scem to be im- | plied in the above recommendation, we might have resumed long since. The country | would be much richer, to the extent at least oi the | excess of taxes applied to the purchase of the | debt, and we wouid have leas to fear from a Euro- pean financial disturbance in consequence of tue | enormous amount of our securities, governments | and others, held there; while in the absence of | this stimulation to the loan market abroad, which the weekly purchase of its own bonds by the gov- | ernment at home iurnished, many unfinished en- terprises that how encumber our financial condi- tion would have failed to obtain the means of becoming dangerous. FOREIGN EXCHANGE WENT OFF AGAIN in the absence of any demand for sixty days’ bills, while short sight was stimer. The effect of this derangement in the foreign exchange market is apparent in the produce market, where prices were lower yesterday with a dull, and unsettied feeling, because of the diMculty of disposing of com- mercial bills, Flour went of 25c, per barrel from the price of tne previous day which, although to be deprecated in the interest of our producers and shippers, still gives hope to the workingmen, placed on half and three-quarters time, that in proportion as their income is reduced there will be @ reduction in the cost of the mecessaries of life. CLOSING OF THE CANALS. Intimately connected with the late prostration of railway securities is the near advent of the closing of our canals, which usually occurs about Thanks- giving Day or the Ist of December. As long as the water routes are open to the seaboard all the bulky freight of produce is shipped that way, while She lighter is transported by rail. Jack Frost, how- ever, puts his veto on this means of locomotion by blocking the water courses, and then the utmost powers of the railroads are taxed to carry the ireight offered. From the most authentic reports furnished the government it appears thatthe crop of the West and Northwest awaiting shipment is simply enor- mous. The question, ‘Are the railroads capable of carrying all this produce?’ is now not only agi- | ing the mind the managers but the commer- | cial interest generally. ‘The solution to this query is very easily given and Must, we fear, be answered in the negative, When times were flush and railroad shares easily placed on the market, the companies had plenty of means to add to their rolling stock, and even then bo could not accommodate the trade offered, by a goo! deal. During the past two months very little work ‘was done in the car shops, and instead of building new cars the old ones were patched up and placed on the lines to serve as weil as possible. With the depreciation of their securities THE RAILROAD COMPANIES HAVE NOT BEEN ABLE TO EXPAND THEIR PACILITIES, and now, when their usefulness js come into full ploy, the foajority of them may be found in a crip- ed condition. But an increase of business in the trying line Will be of the utmost benefit to the | raliroad interest generally, As the statements of curnitigs slow @ larger gain so will the securities enhance, and the reopening of the canals next Spring maw tnd the market in railroad shares, if rocure the roughest and simplest livelinood. | Were it not for the general stagnation in all indus- tries these building laborers might, many of them, | get other kinds of work to do. No doubt, if the bosses accept such service as may be rendered by | | raw hands, they will be able to dispense with the | men on strike, Therefore there is no present hope t they will resume their places, Till there 13 some improvement in the general business situa- tiom these laborers must remain idie. After they | have exhausted their private savings and credit | their support and that of their families must come from the unions. NO NEW STRIKES. None of the other labor societies having been | disturbed by propositions to cut down wages, there is no further strike in immediate prospect. Whatever check building receives from the idie- ness of laborers or bricklayers tends to cut short | the work of carpenters, plasterers, painters, stair- | builders, roofers, plumbers, housesmiths, sash, blind and door makers and others whoee labor con= tributes to the completion of buildings. Upon the work of the laborers and bricklayers going steadily and promptly jorward depends the regular em ployment of all others connected witn the build- ing industry, and it is therefore detrimental to all that there should be any unnatural check upon these branches of the force which constructs cities. The enforced idieness, want and suffering result- ing from financial embarrassment are far too great Without a dispute about wages in the building trade. THE CUBAN CIGAR MAKERS, A telegram from Key West, sent by the Cigar Makers’ Union of that city, was received yesterday by the President of ‘La Protectora” in this city, saying :—‘How is work in New York? Weare ata standstill here. Don’t let V, Martinez Ybor send work down to lower prices. Can we send our un- employed men to New York To the latter ques- tion ‘No’ was promptly replied. “La Protectora” Society of New York has given permission to its Members to get work a be Hiliwe 8 they can. Over 600 cigar makers of ‘La Protectora” are out of work in New York at present, and the reserve of the society will soon be paid out Jor their support, THE PAPER TRADE, Reduction of Sates and in Prices—Gen- erai Dulness—Mil Working Half Time—Falling Off in the Book Making Trades. A representative of the Hematp visited the establishments of several extensive paper manu- facturers, including those who furnish the news- Papers a8 well as those who are engaged in what is known a8 the “fine” trade. Mr. Beebe, of Messra, Beebe & Oo., stated that the effects of the financial embarrassments were felt more or less in all branches of the trade, but not so much as had been anticipated. He said that many firms were still kept busy with old contracts, but there was very. little new business doing, The sales for the last month were about ten per cent less than during the preceding month. Their mills in Waterton, Little Falls and Paimer’s Falls, were at present in active operation. Of this 250 men employed none haa been dismissed, nor had the time of any of their employés been reduced. The fall in prices had been from five to ten percent, He did not con- sider that many of the hanas in the paper milis would be discharged, but that in the event of & great decrease in the demand they would be, not 48 infated as in the days of yore, at all events ia & healthy aud prosperous condition. There is plenty of solid paying work for all the railways how on this Continent, and foreven more, The Lime for raising capical to construct new roads has not been very propitious for two months ie by, 4 ‘as the resources of this coun- ust COME Ba perhaps, obliged to work only on half time, Yhe reporter next visited the houses of Messrs, Lindemeyer and others, and although many ad- mitted tne necessity of reducing the expenditure of runniv¢ their various establishments on three quarter or naif time, took, never- theless, @ hi 1 view of the situation. It ould ‘seem the manwlacterers of paper for newspaper purposes were, doing a steadier and more active business than those who make the manuiacture O1 finer goods a specialty, the d mand tor the latter having very suddenly fallen of within the last month, Strange enough, too, the month of September was remarkable jor some very heavy transactions in the paper interest, 80 that the general stagnation in trade has not exer- cised its depressing mfuence on this branch of business until very recently. Many of the manu- facturers state that although they could do almost as large a business as belore, the want ef confidence that prevails pre- vents them from engaging in any extensive transactions on @ credit basis until such times as matters assume a more encouraging ap- pearance. ‘There is no doubt a general duluess in the paper trade all over the country, and particu- larly in the fancy paper establishmnenis, in which the employés have been working on half time. But it is gratifying to think that in nearly every instance the hands express a willingness to work that basis so long as it remains an absolute ecessity todo so. From the tacts ascertained from many leading manufacturers yesterday, it 18 evident that they are very reluctant to discharge their employés, and preier, even under discourag- ing surroundings, to retain them on such terms as they can best afford, AMONG THE BOOKBINDERS. It is to be feared that those charming little Christmas presents consisting of elegantly bound books, with which sensible people annually remind their juvenile friends of their affection and esteem, will fall far short of the number usually distrib- uted, The demand for fancy books has within the last Month decreased to @ wonderiul extent, con- sidering that this is the period at which the sup- plies are being prepared for exhibition. Book agents generally complain very much of the dul- ness of the times, and the most energetic of can- vassers have hard times of it, The orders for Bo k books have fallen” off greatly, ana conse- quently the binders have fo bear their share of the decrease in trade, In fact, it would seem that dealers prefer to dispose of their present stock rather than in crease it even in view of the coming holidays. Many houses doing their own binding as well as rinting have been compelled to reduce the num- er ol their employés a8 much as one-half in oreer to retain the remainder on full time, A HERALD representative Visited several establishments yes- terday, aad the downcast looks of many employer were confirmatory of the uneasy and depressing feeling that prevailed. As compared with this time last year, the failing of in the bookbinding business, both fancy and commercial, has been very grea For instance, bookbinders were compelled to decline numerous orders lor fancy work for holi- day presents owing to the heavy contracts for gen- eral work. At present there 1s very little of the former, and the reduction the demand jor the latter has been 80 large as to necessitate the dismissal of many regular em- ployés. The chances of those who have hitherto been casually engaged on piecework are, there- lore, Very meagre, Binders in all departments— fancy, commercial and blank book—have few hope- jul statements to make, and altogether the out- look is anything but encouraging. THE COAL TRADE. In the course of a lengthened visit to several establishments yesterday, including some of the Jeading companies having ofMices in the city, a representative of the HERALD heard many state- ments relative to the prospects of the coal trade, in view of the present financial embarrassments. From all that could be ascertained it appeared that the leading companies continued to receive a fair supply of orders, The Treasurer of the Pennsylvania said that there was” no noticeable falling off, although 1t was probable that before long, when the demand decreased, Many of the companies would run their mines on three-quarter time, and others perhaps. He added that the diliculty of obtaining payments would naturally suggest more caution in deliver- ing supplies, Up to the present, however, there bad been no perceptible change. In response to an inquiry, Mr. Quintard, of the Reading Raul- road Company, stated that at present there were more demands than could be supplied. The general depression was, Of course, Ccousideraoly felt by all the companies, but the returns showed very little falling off as compared with last year. Some actually showed an increase, but they Were in the minority. The trade for the past week has been without special feature. ‘there is but one month of the coal season leit, which dur- ing the same period last year produced 2,000,000 tons of anthracite coal, and if as much is produced this month will swell the aggregate tor the coal year to over 18,000,000 of tons, giving an increase over the anthracite production of 1572 of 750,000 tons. Altogether the effects of the financial em- barrassments have not yet been shown to any great extent as regards the coal trade, although there is no doubt the consumption of the article, especially for steam purposes, will be very much reduced. Up the preseat there has been little said about the reduction in the price of coal, but the question 1s likely to be soon agitated, THE HARDWARE AND CUTLEBY TRADE. Dull Trade and Low Prices—Twenty Per Cent ot Workmen Unemployed. From the statements of the principal hardware manufacturers it seems evident that the panic has caused a decided depression in this branch of trade, There are no large manufactories in this city, Most of them being in Connecticut, and there is no chance, therefore, that many workmen will be thrown out of employment in this city. The representatives of the Wilson Manufacturing Company said the prices of hardware and cutlery were firm, at very low rates. Very little was sold now, as the panic had ‘knocked them right om the head.” He thought there could be no further re- duction of prices, as they were as low now as they well could be. Mr. R. P. Braff, of Russell & Erbin, in Chambers street, said trade was flat at present, and there | had been a falling off of fifty per cent in the sales since the panic. Belore the panic trade was very good indeed. ‘The panic HAD NOT AFFECTED THE PRICES and the present rates were about the same as those of two months ago. This was owing to the fact that the production had been diminished, so | that there was no surplus stock in the market. ‘The only decline, thus far, had been in the raw material, which had, as yet, lailed to affect the manufactured urticle. He thought that the spring trade (which began in January) would be very good, as all the agricultural interests of the country were in a fourishing con- dition, He estimated the number of workmen employed in this branch of trade in the State of Connecticut at irom 60,000 to 60,000, and thought that twenty per centof them must now be out of work. The tirm employed anout 600 men, nd intended to make no reduction of the rate of ages or the number of workmen, They considered trade as being in a healthy condition, notwitu- standing the smaller sales. One of the great dim- culties caused by the panic was the difficulty in making collections, in which there had been a fal ing of of trom twenty-live to thirty per cent. Thus far there had been no suspensions and no embar- Tassmentsin this line, which was certainly more than the other trades could boast of. ‘the Meriden Cutlery Company said their trade last month had FALLEN OFF FIFTY PER CENT, but this month it had already recovered to some extent, The principal trouble was in making col- lections. During the next six or eight weeks people would probably only buy what they re- quired jor immediate use, but they expected a good spring trade. Thus far the manufacturers had not discharged their men, as a rule, but many of them had reduced the hours of work. Mr. Busick, of Hoyt, Busick & Co,, said that but very little cutlery was being sold now. The shut- ting down of the factories would necessarily raise the prices, as certain articies would naturally be- come scarce. In this line there was generally very little business done in November and December. There was no marked change in the prices before the panic a8 compared with the prices of to-day. He thought there was very little distress in the hardware and cutlery trade as compared with other branches. Thus far there had pot been @ single suspension. THE TOBACCO MANUFACTUREBS. Cheering Prospects. ‘The tabacco manufacturers are rather baoyant and say that they have suffered comperatively lit- Ue from the effects of the panic. An exhaustive statement of Mr. Pierre Lorillard was published a few days ago inthe HemaLp, and yesterday Mr. Lorillard said that HE HAD NOTHING TO ADD to what he had said two days ago. He expecteda great improvement in the trade within thirty days. Mr. David, of the firm of ©, H. Lilienthal, No. 221 Washington street, said they had not reduced the number of their men, nor had they cut down their wages. The demand for tobacco was very differ- ent from any other, “In times of trouble,” he ex plained, ‘men will have their chew and their smoke when they must even go without a meal.” ‘ihe only effects of the panic were seen in the diMeulty with which collections were made and in the mag- nitude of the sales, which were a trifle smaiier, They got many checks irom country banks, and the city banks usea to take these checks formerly ; but now the city banks credited them with the amount only alter it had been collected, and at the same time they charged them exchan “In such @ ume of trouble,’ Mr. David said, “people use even more tobacco than they usually do, They get excited, throw a plug of tobacco out of their mouths, take anotler, smoke @ dozen cigars and try other means in order to forget their troubles for a jew moments.” Another reason why the to- bacco business was still very fair was because snare a vane NOT 50 xaAYE, t , for instance, and people knew je them. Po Matty woul thot er! MEd Would probably continue to dogo. whole, the business was very fair indeed. had been better, so (hat the panic bad no! @ great disturbance dn his trade alter all. Other prominent manuiacturers made sumilar statements, repeating, in the main, what Measra, Tarllarts Lilienthal and Anderson bad already caused BROOKLYN LABOR MOVEMENT, A Tour of Inspection Among the Rope- walks—Hundreds of Men, Women and Children Out of Employment—What the Veteran Foremen of the Works Have to Say About the Panic Among the Hemp Manufacturers. No branch of industry in the country tends more, perhaps, to promote the interests of the mercantile and shipping business than the manufacture of rope and cordage. Without rope the ‘“white-winged birds of commerce” would be sailiess, and there- fore unable to spread their wings and carry to and fro between remote limits of the earth the material wealth of our Continent, True it is that steam, a3 a motive power upon the vasty deep, has taken the “wind out of the sails” of the hempen business to a very appreciable extent during the last quarter of a century; but, never- theless, strands of hemp must be spun to nerve our commerce on the seas, and in order to “spin this yarn” ropewalks should be kept in full opera- tion, That they are not so oocupted is a national loss, and one which extends to our local interests most perceptibly, Depression existing in other walks of trade has extended to the ropewalks, and the'suflerers most generaliy affected are, a8 usual, the poor working people. A representative of the HERALD, Most amply, and by personal inspection, verified the truth of this assertion yesterday in Brooklyn, by @ visit to the largest ropewalks in that city, which boasts the most extensive hempen cordage manufactories in the United States, WALL'S SONS’ ROPEWALK. This establishment, which fronts on Bushwick avenue, and is situated between McGibben and Siegel streets, runs back 2,000 feet from the ave- nue. It is the largest in the United States, and was established forty years ago. The ofiice is No. 113 Wall street, New York city. The writer, pre- ferring personal observation, visited the works in Bushwick avenue, and, entering the office, ad- dressed himself to the bookkeeper, who referred him to Mr. John Stewart, foreman of the establish- ment, for the information sought concerning the effect of the panic upon their work. He was informed that the foreman was to be found at the end of the walk, Hav- ing accomplisbed the journey of 2,000 feet long shed, he met the oracle of the Wall ropewalk, an agreeable, elderly gentleman, and by him was courteously chaperoned through the establishment. Mr. Stewart informed the writer that he had veen connected with the place ever since its establish- ment, forty years ago, and had rarely witnessed so dullaseason, In busy times they employ 500 men, women and children, The present force en- gaged is not more than 200, and they are working upon three-quarters tume. The wages pai ranges from 75c. (paid children) to $5 er day, which is the highest pay of skilled workmen, Applications for work are con- stant, “But,” said the veteran foreman, ‘we cannot employ strangers while we have dispensed with so many of our old hands. We make here everything, irom a fishing line to a hawser, or thir- ty-inch rope, as the more modern term has it, Since the chain cable has come into general use the word hawser has been generally dropped from the vocabulary, We attribute the dall times to the fact that the dealers’ orders come in like angels’ visits, few and far between. You see, sir, the dealers now, instead of ordering a supply s0 as to have the stock on hand, only order it as sold. We do not anticipate any improvement in the present condition of affairs, at all events, until after the holidays. The reduction of the force commenced soon after the Wall street panic. There is not more than half the usual force employed in any departinent of this establish- ment.” The speaker conducted the scribe through the various apartments and pointed out the long line of “ginnies” which remain idle, while the operatives about those which are busy appeared to work with redoubled energy, as though grateiul for the opportunity vouchsafed them by their re- tention at labor. About the doors of the office were seated a group of stout young men, reading novels or conversing, awaiting an opportunity for employment. The prospects are ‘slim’ for the poor fellows. The venerable foreman pointed out to the reporter the improvement that was going on in the manner of extending one side of the shed of the walk, so as to widen the latter. ‘‘This,”’ said Mr. stewart, the first time the shed has been improved since its erection. What a history might be written about the lives of those who have worked here since then! I frequently have men cail here to see me who worked here when boys, and who are now rich and occupying prominent positions in life. Some own farms out West, while others have established themselves in business in various parts of the country, It has been my rule whenever @ wan tells me he wants to leave this employ, to tell him he is at liberty to do so, as he believes will best subserve his interest.’? LAWRENCE & SON'S ROPEWALK. This establishment, which is also on Bushwick avenue, and almost adjoins Walls’, has not more than 100 operatives now at work, and they are working upon half time. It was closed all last week. The usual running force is 300. The repre- sentative of the HBRALD conversed with Mr. Laws rence, who informed him that the walk, which was established in 1835, employed Germans as a rule, and the frugal habits of these people warranted the opinion that they would not be reduced to actual want or hunger should they be discharged for the winter. Mr. Lawrence considered the present the hardest panic, however, that be had ever encountered, because, said he, ‘it has come upon us so suddenly. Bankers and the poor are now affected, and in a littie while the middle classes will also suffer. The capi- talists who have money are afraid to invest it. Rope is made for home consumption principally. American and other ships go to Europe for their Tope a8 a genera: thing, because they can buy it cheaper there than here, though our rope is tne best by far. It is computed thac 27,000,000 pounds of flax is grown annually in the West. From this crop linseed oil is manufactured, and the flax is then allowed to rot. If this flax was cleaned it would yield between 5,000,008 and 6,000,000 pounds of good flax for the market. This fact is extrane- ous, but it shows, nevertheless, the wastefulness of the country in this item.’’ NEW YORK HEMP AND FLAX MANUPACTURING COM- PANY. The writer visited the works of the above named company, which extend from Myrtie avenue to Flushing, @ distance of 1,500 feet. Here he met the foreman, Mr. Wallace, who furnished him with the desired information, The highest number em- ployed in prosperous times is J25—they are now working 200, and are running on the three-quarter time system. They hope soon to increase the force, The highest wages paid operatives here 1s Le per diem, and the lowest, $1 50. Applications for employment number as many as fiity per day, and many of these are men who are willing to work for their board. They hope to be able to give employment to their present force for some time to come, and anticipate a favorable reaction early im the spring. WHOLESALE DISCHARGE OF WORKMEN, Republican Commission to Poor Voters. The discharge of over 400 men by the Roard of City Works of Brooklyn, immediately after the election, would look as if the poor labor- ers had merely been retained in order that their votes might be secured for some of the favorite candidates of Messrs, Whiting and Palmer. Whether this be true or not, the men, from what can be learned, or at least the majority of them, had no intimation that they would be thrown oat of work 80 soon, and, having lived up to their scanty earning 8 every week, they will be compelled to seek aid from their friends or apply to the Commissioners of Charities for food for their families. Commissioner Whiting said it struck him when they took this action on the day alter the election that it would excite un- charitable comment, and be atiributed to election- eering purposes; but the reason was they had made 4 miscalculation as to the time through which the street repairing fund would carry them, When they found there was no way of raising the fund % carry on the work they resolved to discharge the men. There were 443 men thrown out of work, The following are the resolutions adopted by the Board :— . Resolved, That the Engineer be and he is hereby dk Tected to stop all repairs on streets by discharging all the laborers and foremen theregn. Resolved, That it be reterred to the President to con- fer with the Mayor and Comptroller with reference to additional funds to those already supplied for the repairs of streets. There are perhaps very few who could be con- vinced that this discharge was brought about in just the manner alluded to above, and it isan act which the workingmen will not be likely to forget very soon. Mr. Palmer, the President of the Board of Uity Works, and Mr. Whiting were two of the twenty-five or thirty reformers who are known as the Committee of One Hundred, and from which organization they slid into the ver¥ lucra- tive positio hey occupy. Since the discharge of these men there have been many things sald in regard to these two ex-reformers Which are not at ail pleasant. id that there has been a most reckless use of the Kepair Fund, or there would have been no necessity of discharging the men just at the beginning of @ severe winver. It 18 also stated that just before the election Messrs, Palmer and Whiting sent @ list of laborers to the Engineer to be em by him. Now, why were these men emplo; when the Commissione: Ingratitude he was still working bis fal force of hands, and In some cases people asked lor an extension of¢ime, but, ppee om sales of smoking tobacco bad not been quite #0 brisk as before the panic those of dhewing dobacco CHAMBER OF COMMERCE, Resolutions in Favor ot Specie Payments To Be Discussed—Faith and Confidence Counselled, ‘The regular monthly mecting of the Chamber of Commerce was held yesterday afternoon, William E, Dodge tm the chair;,George Wilson acting as Sec- retary. Alter the reading of the minutes there was had a ballot for membership, which resulted in the election of the following gentlemen :—A. P. Bacon, nominated by ». Golden Murray; William P. | Clyde, nominated by L. J. N. Stark; Lewis May, pominatea by Simon ‘Tobias; Euhu' Spicer, Jr., nominated by L. Murray Ferris, Jr. For member of Arbitration Commitice, Francis S. Lathrop. he Blunt offered the following, irom Committee 10. Resolved, That the Chamber of Commerce of New York, by its committee, having carefully examimed the Coston telegraphic night sgnais, to be used either ay signals of distress, pilotage or of communication at sea, approve of the same, and revommend them to the iavor: able consideration of the Sevresary uf the Treasury, ‘This was adopted, The following resolutions were offered by Mr. A. A, Low, who spoke to the resolutions and in favor ol the resupyption ol specie payments = Whereas, “panic” is the prominent characteristic of great fminctal crises, and a puuic wiways is traught wilh peril, whether to t blic assembsage, o the ranks of army or to ® cial community, being alike tructive of Ime and property; aud, ii ity nature, is Mtagonistic to that faith in i and faith a man” which is the principal awd tie prop of our religious and civil lite; wad whereas, as the consequence of the late ‘fnaacial revulsion, & Want of faith in the results of indostry is inanitest, and the merchant and the manuiacturer, she capitalist’ and the laborer suspend their various ebterprises and oceu- pations under a tevling of app h threutens Wwide-spreat poverty aud distr cling of dis- trust is aggravated by cries of alarm which are some- time. a» Wicked as they are groundless, | Now, in view of all the untoward circainstances o! the times, it comes this ¢ lure its Mat in {he tollow- ing propositions, vi7. Tis belie! thas time offors the only solution of existing diftic and to act, me to work und to pa time to meet obligations ina irit of mutual accom- lation. The law of safety demands time to clear the doors of egress, to: check the spirit of im- patience and “disorder that wouid destroy the accumulations of years of prosperity, even as the crowa, in wild dismay, tramples down huinan jie; tine to re" press the selfishness that beleazuers our baeka, and hur- ries the faithless servant to the burial of “his talentin the earth.” Second. its belietin our nati which has withstood so well “one ot the greacest finan clal crises the world has ever known; bending, indeed as the firmly rooted tree bends to the furious gale, bul standing now, 8s it sod beiore,. firm and steadiast, the batwark of our financial sireng/i, albeit certain mod: cations may be thought necessar’ wive it elasticity scope. Third, lis beliet that the lesson of the day: ix Keative of economy in the administration of afuirs, both puble and private of dimintstied revenues, ot lower prices inovery department of business, and, as a certain conse- uence, ere long, of an excess of Unumployed m that thisund other considerations pomt to a plain. and obvious duty on the part of the government and the banks to accelerate a return to specie der that the losses resulting from a great crisis may not have beon incurred without some commensurate good — # crisis which the opponents ot a sound currency vainly hoped the use of irredeemable paper money wouid indeil- tutely postpone if not wholly Fourth. its belief that in failing to redeem United states legal tender notes with gold, or to enact luws looking to: this end, the Con- gress of the United States has set an example beiore the people which has been pernicious in its influence, pro- motive eneral inflation and truittal of widespread) demoralization. And, believing these things, the Cham- ber would respectfully invoke Congress when 1¢, again assembles, to cause, if need be, the purchase of United States bonds to be discontinued and the application of the national gold reserve to the redemption of Treasury notes according to the letter and spirit thereof—reserving, nevertheless, the power of reissue. With the tulfliment of what thus appears to this Chamber asthe paramount duty of our government, the banking system of the coun- try—resting as itdoes on the public credit—would ac- quire and possess an element of strength in the hundred millions of gold that would be added to tts redemptive power, and there would be set at liberty, to larger ex- tent than now, legal tender notes, to assist the national bank circulation in its monetary work, Therefore, solved, Tnat in furtherance of their prayer, and ani- mated by 4 reasonable hope, the Chamber of Commerce of the State of New York will _memoralize Congress to early action atits approaching session in: accordance with the views herein set forth. Mr. S. B. Ruggles offered a long paper on the agricultural question which was read by the Secretary, and it was Ordered that 1,000 copies of a document on the “Cereals,” which Mr. Ruggles has been six months in preparing, be printed by the Chamber, The resolutions of Mr. Low were referred to a special committee of three to fo to report upon them, and to have a general discus- sion on the subject of specte resumption, two weeks jhence. Mr. Low is chairman of the com- mittee. The meeting was then adjourned, DISTRESS IN TROY. val bankiny system, nd ba A Strike and Its Consequences — Very Extensive Iron Works Shut Down—Ill Advised Proceedings of Workmen— Large Numbers Out of Employment. Troy,. N. Y., Nov. 5, 1873, South Troy, containing some ten or eleven thou- sand inhabitants, has been brought into existence by the presence of very extensive iron works. Its immediate proximity to Troy proper, with which it is connected by along street partiy built on, has prevented its assumption of muntcipal importance, and also the establishment of trading concerns in which the requisites of a large resident population, with means to spend, couid be supplied. BURDEN’S FURNACES. Adjoining the Hudson, witha river frontage a half mile in length, and possessing every sacility which steam and water power could afford, stand the two blast furnaces and large puddling mill of Messrs. Burden. The number of men usually en- gaged inthe puddling and rolling of iron in the “Flats Mill,” as these premises are called by workmen, was 600, the earnings being $5 per day for puddiers, and $3 for jaborers. The amount of wages varied with the production of irom in its various stages. In July last the puddlers, acting under @ very unwise idea of their rights and privileges, demanded of their employ- ers—Messrs. Burden—that a foreman, who had creditably filled nis position for some twelve or more years, should be discharged. The demand was hot acceded to. The whole body of workmen at once struck, and the works have since remained shut down. All these were at once paid their wages, and many of them found work on railways and other jobs, scarcely a third remaining in the neigh- borhood, Before the strike was decided on a con- vention of members of an association formed ostensibly to protect the interests of workmen in iron works was called together, and after much discussion recommended the men to adopt the course pursued, The Messrs, Burden have another iron mill on @ bill adjoining, in which the pueniiiny and manufacture of iron from the ‘pig’? to the finished rivet, rai way spike and horseshoe was until recently ¢ ried on. The capacity of the Hill works is en mous. A gigantic overshot water wheel, 60 feet in diameter, 20 feet wide and capable of being worked to a lorce of 1,200 horse power, actuates all the machinery required. The firm hold the patent right of a machine for making horseshoes, and can turn out 100 tons per day of ten hours in 80 finished @ state as to merely require each shoe to be adjusted to the shape and size of the hoof, a different form being imparted to each shoe in the set of four, Arranged in huge bins there are at present in stock at the works 1,000 tons of horseshoes, OTHER IRON MILLS. Messrs. Corning & Co. also have in the same locality @ large iron mill, where the crude iron is manufactured into bars, spike and nails of every conceivable size and shay THY MESSRS. GRISWOLD’S iron rolling mill stands some haif a mile off towards Troy, and possesses all the requisite apparatus for turning out bar iron in very large quantities also, Early in October these three mills shut down, and by next Saturday the workmen will have received all the wages due to them. About two weeks ago Messrs, Griswold proposed to resume work at @ reduction of wages which would amount to out fifteen per cent on the highest class of workers and about ten per cent on lower classes, The men promptly re- fused this offer; but, with the proverbial advantage of “second thoughts,” yesterday in- timated their willingness to accept the terms, Works of this kind being reopened at this season are seldom closed again until the succeeding fall, aud thus @ great chance was offered to the men of constant work during many months to come if it had ‘been only looked at tn the proper light and accepted. But uniortunately for the men the lowering aspect of the financial a and (Re increasing un- certainty of the iuture had in the interval pro- duced in the minds ef the employers a feeling that the storm is not yet over, and the miil of Messrs. Griswold remains idie as its neighboring concern of Messrs. Burden, two instamces of the suicidal Policy which is certain to bear bitter fruit to many 4 innocent and undeserving sufferer, Messrs. Burden continue to run one of their blast tur- naces yet, employing some twenty to thirty men, and have on hand tens of thousands of tons of iron ore and coal, thus being Prepared to start soon as the prices optainable, as also the cost of labor, Warrant them in investing further capital in the production of manufactured tron, Messrs, Gris- wold are also running their Bessemer steel works, in which some 160 men, having submitted to a re- duction of fifteen per cent in wages, are yet carne ing very good wages. PRICKS—VALUE OF LAROR, That the demand for iron has been checked needs no proof, and on considering the causes Which have led to this—foremost among which is the stoppage of all railway works save such as are absolutely necessary—it 18 linpossinie not to feel that many months, if not years, must elapse before a renewed consumption of it may be expected, at least to any considerable extent, as there are large surplus stocks on hand. Av the recently ruling in the market it open to donbt that littie if any profit remained to the mannfacturers so that with diminished consumption and de-« pressed prices hencelorward they cannot be ex- pected tO gO OM, a8 heretofore. If, as ta said, labor donstitiBes at least ninety ie geut of tbe com of irom, it may come a question with those who controt the opinions of the men whose labor is their whole capital, should they counsel & stubborn resistance to all offers and inducements which may present themselves for the useiul employment of the re- sources at command for the maintenance of them selves and their dependents, OTHER BUSINESS STOPPED, In addition to the tron works many other indas- tries have been so paralyzed as to stop their use- ful career, Machine shops, car works, woollem mills, stove works and foundries nave closed im considerable numbers, throwing some thousands out of work without any prospect of resuming until very many of those so disemployed have ielt privations and want. In Troy and its immediate neighborhood about 6,900 persons are now out of work, whose earn- ings, a few weeks ago, exceeded $60,000 per week. Eighty per cent o! these have no resources or sav- ings to fall back on, and what is to be the result, im the face of tne winter's necessities and no pro- vision against them but misery and want? AS an instance o1 there being a want for aid, and also the feeble nature 9f the efforts about to be tried to atiord reliet ,in the neighborhood of the iron works a charity ball is spoken of as being about to be held within this month, the proceeds to be de- voted to the reliel of the men and their families, THE CRISIS ELSEWHERE. his AA Different Seotlons of the Country. ONR WALF PARALYZED, The west end of the Fall River (Mass.) Irom Works bas been sbut down, THE SUKRIFY SKIZRS A ROLLING MILL. The Kittaning (Pa.) Rotling Mill bas ceased operations, The sheriff seized it, ORK MINES SUSPENDED. Work in the ore mines along the South Mountatm (Pa.) Railroad has been stopped. GLASS BOTLLR MANUFAOTORIRS. There are thirteen giass-bottle manulactories im Pittsburg, Pa., of which number six are in: opera- tion and seven are idle. B&DUCTION OF WAGES. A reduction of twenty-five cents per day in the wages of the employés ofthe Taunton, (Masa) Oar | Company was announced om Monday. In conse- quence twenty-five of the carpenters are on ® strike. Rts: Effect SHORT HOURS BXPEOTHD. The nail mill at Somerset, Mass., is still runaing full time, but the hands expect to be limited te short hours at any moment. WOSK ON A RAILROAD SUSPENDED. Work on the Hasrisburg and Potomac Railros@ has been suspended. A large number of hands have been thrown out of employment in conse quence. TAKING A FRESH START. ‘The Delaware Rolling Mill at Phillipsburg, N. J. which suspended operations a week or two since on account of the dull times, has started again, BAILROAD REDUCTION. A Providence paper says the Boston and Provie dence Railroad Company has discharged abou® forty of its employés, and it is proposed to reduce the number o! trains om account of lack of busi ness, WORKINGS OF THE PANIC IN NEW ENGLAND. At the Magee Stove Factory in Chelsea there is & shortening up in manufacturing, and the wages of employ¢s have been reduced. During the past week about 400 employ¢s. of the American Watch Company at Waltham have been discharged, and orders have been received for the complete stopping of the factory on Saturday tor One month at least. Davis & Furber’s works at North Andover have discharged 100 employés. W. W. Freeman & Co.'s. Print Works at North: Adams have stopped work for an indefinite perioa, and the Glen Mills run only on half time. Streeter, Merrick & Co., silk manufacturers at Shelburne Falls, have just put in a new steam en- gine, and will continue to run their mill, thouga with reduced hands. The cutlery works are run: ning on fuil time and regular pay, and with no material reduction of their force. H.S, Shepard- son & Co. bave reduced the pay of their men,. but continue on ili time. ‘The Lyman Milis corporation at Holyoke have reduced the wages of their employés ten per cent. B. B. Noyes & Co., of Greenfield, have begun running their milis on half time. The woollen mills of S, Biackinton & Son, at Blackinton, and the North Adams Woollen. Com- pany’s and Glen Woollen Company’s Mills at-North ae began running three-quarter time on onda; At Waterbury, Conn.,a@ number of shops have reduced their running time, but with only two: or three exceptions have made no reductionin the number of employés. Thirteen firms and com- panies are running on fall time, The clock shops in Thomaston and Plymouti Ccnn., have not been running for @ fortnight, bu will start up directly. The brass mill and the lock shops in that town are running on the eigbt-hour plan, ‘The Winslow Willlams Mill at Yantic, Conn., is running on halftime. THE MILLS AT MANCHESTER, N. H. According to the Mirror the mills at Manchester are ina quite flourishing condition for the most part. The Amoskeag Company make thirty differ- ent kinds of goods, and have $2,000,000 or $3,000,000 of quick capital. ‘They will run as long as there ta @ probability that their goods can be sold at cost. ‘The Stark Mills are prosperous, and are running nights to fill orders for their seamless bags.. ‘The Langdon Milis will run as long as they cam do so without loss, The print works have not got fully settled ander the new management, and are cutting down the working force and running time. The retrench- ment is mainly in the wooden department. There is stock enough on hand to keep the spinners and weavers at work till the 1st of December, and that will be worked up before shutting down entirely. The locomotive works, which are an important part of the industries of the city, have run on short time for a week, but, in consequence of new orders, will start on full time again. About 450 men are employed. The corporation has money enough at command and will make locomotives as long as they can get pay for them, THE LAWRENCE (MASS.) MILLS. None of the Lawrence milis have yet ceased operations, and only one has ceased running every day In the week, and that one ig in operation four days weekly, on full time, The Pacific Mills are in full operation, giving em- ployment to 4,500 persons, although the manage- ment have under consideration the reduction either of wages or hours. of labor. The Atlantic Mills are running four days in the week, ten hours perdiem. ‘There bas been, how- ever, no reduction in the number o1 employés or wages, and the management hope to proceed on this basis. The Pemberton Mills are running on full tim employing full complement of help at redu wages, however. ‘The Washington Mills are in fall operation, pay- ing full wages and employing 1,800 hands, A por- tion of the woollen department was stopped in Jane last owing to the depression of the market, Tne Duck Milis are not only running on full time, but are doing night work on four nights in tho week to meet the demand for their goods, A slight reduction in wages may be made. ‘rhe Lawrence Woollen Mill has made no material reduction, though, like the Washington Mill, a por- tion or their machinery has been inactive since midsummer. A slight reduction in the hours of labor has been made. The Everett Milis have commenced to operate on three-quarter time. The Methuen Mills are running on full time att machinery that water power wil Carrs. The new print cloth mill recently built the Pacific Millis will go into operation about Christ~ mas, and will give employment to some 600 per- sons. THE SHOR BUSINESS IN NEW BEDFORD, MASS. While shoe manutacturers all over the State of Massachusetts have for some time been complain- ing of a lack of orders, the business in New Bed~ ford has been unusually brisk up to the present time, and some of the Jactories have found it im~ possible to supply the demand for goods. Work ia rather slack now, however, and hands were dis- charged from # number of the factories last week. SUSPENSIONS AND REDUCTIONS IN NEW YORK STATE. The wages of the men empigyed im the Kens- selaer and Saratoge Railroad shops on Green Island, near Troy, have been reduced ten per cent, and their time reduced to nine hours per day. Some of the slate mills at Middie Granville, have suspended, ‘The steam saw mills of the Adirondack Company at North Creek, Warren county, N. Y., om the line of that company’s railroad, will, in afew weeks, suspend Operations for the jall and winter. THE BALDWIN LOCOMOTIVE WORKS IN PHILADEL- PHILA At the Baldwin Locomotive Works there were 2,000 men employed when the stringency com~ menced in September. About half of these have been discharged, leaving 1,390 men now gis | on three-quarter time, commencing work eight in the moraing and quitting at hal four in theevening. In the middle of September the firm had orders enough on hand to keep them at work until December 1, but there was at once @ falling olf in home orders, and the reduction of force was necessary in order to keep the works running un- til the end of the year. During the past ten months they have built 420 engines, being con- siderably in excess of the number built in the cor- responding periods of last year. The prodaction is now reduced from about 40 finished engines to from 16 to 18 per month, ‘There has been almost & total cessation of ordera foy new engines for American roads, but the firm have still on hand several contracts for foreign countries, and, inquiries have recently been re- ceived from Cheada, South America and Russia, which leads to the hope that iarge numbers of en- ines Will be bulit for these countries in the next five months, The discharges trom the locomotive works have been from ail the shops, and inctude blacksmiths, tron founders, brass founders, carpen- ters, painters, boiler makers and laborers. The men who are retained have submitted cheerfully sponding decroua> ol pay, aneming to. 08 gind v0 sponding dec! mn _Bave been ao fortunate a bg rotaia thelr -