The New York Herald Newspaper, November 8, 1873, Page 4

4 THE MONETARY SITU AT Further Advance in the Bank of England Rate and Its Lessons. Improved Condition of the City Banks. THE UNION TRUST COMPANY'S SCHEDULE. Dividend of the Pennsylvania Railroad. The principal item of interest yesterday on *OChange was the advance in the Bank of England rate of discount to nine per cent, Occurring after NEW YORK HERALD, SATURDAY, NOVEMBER 8, 1873.—-TRIPLE SH Mr. Worth, the cashier, at once dissipated ali the ramored alarm. Mr, Worth said, “If betore this financial trouble any one had told me that this hank, or any bank with like means, could stand the drain we have experienced, it would bave been scoffed at, We have paid trom $22,000,000 down to $8,700,000, which to-day is the amount of our deposits. It is trae we are nos as liberal in our discounts as we were beiore the middle of Sep- tember, yet we ‘our depositors to the best of our abi turing, assis\ If a customer kas paper mal and he cannot meet tt in its entirety, we help him along by curtailing the liability. As for instance, & note of $5,000 is due by a good depositor, and he 2,500. We allow him the required bal- ance to make up the deficiency. The compliment paid this bank by the Ciearing House Commitioe on its soundness should be suMfictent to dissipate all the rumors of the kind started on the siroas and we thank the HERALD in acting 80 Promp\ cd in the matter by ascertaining. the whole tral n from the fountain head and publishing the same, OFFICIAL STATKMENT OF THB UNION TRUST COM- PAN The affairs of the Union Trust Company have been commented upon by the press and individ- action had been passed on the regular board day, it naturally excited grave fears and uneasiness re- specting new developments in the London market, | which were not lessened when it was learned that | the rate for three months’ bills in the open market had followed the bank rate. complete control of the monetary situation in Lon- don for the present, The present advance is au unusual one, not having been reached since 1566, when the rate was advanced to ten per cent, upon | the fatlure of Overena, Gurney & Co. On only — one other occasion has the bank rate reached | this high tigure, in 1857, the year of pantc so well | remembered here. On both these last mentioned | occasions the Bank act was suspended, which ac- tion permitted the bank to issue its PAPER WITHOUT LIMIT as to tts reserve. Suould the effect of the present advance be to produce anything like a panic in London, which seemed much apprehended yester- day, there is no doubt the bank will foliow the precedent established and the Bank act be again | suspended, in which case the market would ind immediate relie, While there is great cause for anxiety in the steady advance of the rate of money in England, where conservative principles rule so strongly, it must be borne in mind that ever since the establishment of | cable communication, which brought London and New York into almost hourly communication, | there has been a steady movement towards | agreement between the two markets. It has been | less evident in respect to the money rate than in | Rai any other department, although our market here | readily responded to any advance of the Bank of England rate of discount, however slight. Nine per cent is certaimly A HIGH FIGURE in London, and indicates a dangerous condition; but, when it is recoliected how frequently has been paid here as high as 1 per cent, 4; of 1 per cent, ‘4, and 1-16 of 1 per cent per day; respectively j per cent, 1824; per cent, 914 per 45% per cent and 22 13-16 per cent be armed at the Yesterday the rate ranged as high as 1-32 of one per cent per day, being 11 15 per annum. These rates, of course, Were on call, but upon approved collaterals. Mercantile paper is reported dull, notwithstanding # slight improvement in the general situation at nominal rates—that is, according to the special agreement made between the buyer and the seller, There was not much else of particular or fresh interest on the street during the day. A} rumor gained some circulation and credence for | @ time that two firms connected with THE FOREIGN EXCHANGER BUSINESS had failed; not, however, through any of their deal- | ings in exchange, but as the result of outside speculation. No names were given, hence it was | impossibie vo direct inquiry at the fountam-head; but leading men connected with the foreign ex- change market being interrogated professed their | disbelief in the report. Messrs, Kuhn, Loeb & Co. cen per annum, we need not modest figures of the London market. ove stated it was extremely anlikely such an event | conld occur without tmeir knowledge, and they nad heard nothing of it. They further stated that | no foreign exchange house of any considerable | standing was engaged in speculation on the Stock Exchange. Exchange was firmer throughout the day in consequence of the advance in the Bank of England rate—a measure directed against the further shipment of gold here, which also had its effect 1u the gold market in advancing the premium. ‘Taig recovery in exchange will hefp the forward | movementof produce in making commercial bills more salable, and s0 react beneficially. The IMPROVED CONDITION OF THE BANKS in their furt her gain of legal reserve aiso helped to create a better feeling in commercial circles. The banks are reported as now holding :— Legal tenders . 2 » $23,088,000 Specie... + 15,000,000 | $35,065,000 Depoutts. coll beet e $10,000,000 | Circulation his one Total liabilities. idan’ tay s seth doricabiens ec MTR These figures, although not the Bank Exam- iner’s, are irom an authentic source. Deducting the circulation from the liabilities, which may be done. a8 that is amply secured by the deposit of government ponds at Washington, it exhibits the reserve a8 over $500,000 in excess of the amount (twenty-five per cent) required by law, while adding the circulation to the deposits, as the law | provides for, it exhibits a reserve of twenty-one and @ ball percent. These figures are much better | than was expected, and will go largely to allay the fears eptertained by the public concerning the banks, and ald in securing that consummation most | devoutly to be wished—a restored feeling of con- tidence. THE PENNSYLVANIA RAILROAD COMPANY directors held a meeting yesterday in Philadel. | phia at which a dividend oi five per centia serip, | bearing six per cent interest per annum and re- deemuble at the option of the company at any time before March, 1875, in cash, was declared. The amount of capital stock of the compauy 1s $70,000,000, hence the dividend will sum up $5,500,000, which Is to be paid on the 6th proximo, according to the provisions of the charter. The p thus issued will be received by the company at par in payment of all mstaiments due on stock, Acall baving been made on the stock- holders jor further payments on that score, it is presumed that a large portion of the scrip dividend will be absorbed vy these means. Mr. David Salomon, fiscal aud purchasing agent of the company tp this city, states that “it Is the firm intention of the Pennsylvania Railroad Com- pany to discharge every liability of the road as last a8 possible, and as it matures, and under bo circumstances will it issue any obligations other than mn the shape of bonds.” A few days ago it was thought by the directors of the company that a cash dividend could pe de- cared, and every effort Was made by them to effect this purpo: but to do so would have increased ihe floating debt irom $1,500,000 to $2,000,000. The Pennsylvania Raliroad Company is extend- ing its FACILITIRS TO ACCOMMODATE THE HEAVY GBAIN TRADE now occupying its line. The working capacity of the elevator at its wharf, foot of Washington avenue, is being increased, and, at present, a large number of men are engaged in the repuilding of | the same, The increased capacity of the elevator | has been found necessary owing to the growing | demand for better accommodation in ioading ves- | sels with grain. Two new elevator legs for receiving the grain from cars are now in course of construction for | this purpose. Occasionally the steamers are juaded by means of a noating elevator, which trans- fers the grain from barges at the rate of about 1,500 bushels an hour—a very smal! rate of labor. The new galley, or conveyor, on the Railroad Whar! is built of iron, THK TEXAS AND PACIFIC CONSTRUCTION COMPANY. ‘The same gentieman also gave it as author- ity that none of the directors of the Pennsylvania Railroad Company, outside of Colonei Thomas A. Scott, bave had any interest in this concern. On the day when his paper, issued On account of the Construction Company, went to protest (on the 41h inst.) he at once tendered his resignation as Vice President of the Pennsylvania Railroad PU sot which, however, has not yet been acted upon. It is understood, from a preity good source, that ample arrangements have been made to meet the liabilities of the former corporation and push for- ward the work of construction on the Texas and Pacitic Railroad, which, if completed, would very soon become @ paying institution. This, however, #4 only a rumor and wants further authenticity. Since writing the above a telegram from Phila- delphia announces that Colonel Scott's resignation was not accepted by the Board of Directors of the Pennsylvania Railroad Company. Yesterday the street was alive with ramors affect- jag the SPANDING OP THE PARK BANK, and that there was trouble io its interior arrange- 1 This gives the bank | | $i0).0a) U.S, 5-2) bonds of 64 | Overdratts | Total assets. In th | whieh the tact that nothing official or semi-ofictal nas been given to the pubiic, Yesterday, however, Mr. Edward B, Wesley, the receiver, made the 1ol- Orrick oF tH® Recutven ov tax Uston Trust a ‘New Yorx, 7$ BroaDwa' COMPANY SO anil OF HACTOR STRE ablished and filed of the assets of (unTpust Company a misapprehension has arisen Pdesire to correct. ‘The following securities were varltob, Which its late secretary abstracted Irom it, and Nre theresore claimed as the property of the Union Trust “TVob'shares Atlantic and Pacific Railroad stock. uals ever since its failure in various ways, from lowing official statement New Yong, Nov 7, am a ‘ | Purchased with the tunds of the company by Charles T. ‘300 shares Pacific Mail Steamship stook. ) shares Union Pacific Railroad stock. 60) shares Western Union Telegraph stock. 400 shares Columbus, Chicago and Indiana Central Railroad stock ire further to state that the large amount of Mix ‘ansas and Texas (irst and second mortgage bonds I des sourh, and $150,000 Booneville Bridge mortgage tioned in said inventory. were found by me in of the Trust Company, and i claim them as securi a loan of $19,000 to the Land Grant Railway and 1 Company. I desire also to state, to correct misapprehension, that said inventory was made as of the ot Septeinber, 1873, and ot the property of which I then took posses: sion. Many changes have since been made by payment, and the receipt of othor and additional securities for the loans mentioned in said inventory. In particular the following were mentioned :— 5 mortgage bonds Michigan Lake Shore Railroad ¥, $1,000 each. amestown and Franklin Rail- any, $1,00 each 300 second Morigage bonds Jamestown and Franklin Railroad Company, $1,00) each. Leavenworth county, State of Kansas bonds, $1,000 ust n. 5s first mortgage Kalamazoo and White Pigeon Railroad bonds, $1,000 eae. 6 consolidation sinking fund bonds Toledo, Wabash and Western Railroad Company, $1,000 each. lt consolidated mortgage bonds Brie and Pittsburg | Railroad Company, $1,000 each. e 175 first mortgage bonds Pacific Hotel Company of Chi- cago, $1,000 each. f 198 second morigage bonds Pacitic Hotel! Company of Chicago, $1,000 each. : 20 sinking tund ‘ponds Lake Shore ant Michigan Southern Railroad Company, $1,000 cach. 15 gold bonds Cincinnati, Wabash ana Michigan Rail- road Company, $10.0 ea : ¢ securities were held as partial collaterals to the ue irom the Lake Shore and Michigan Southern ny Company. They have Deen withdrawn and stock of the New York and Hariem Railroad Company, at ninety, and of, the New York Central and Hudson River Ratlroad Com- seventy, to the amount of the aebt have been tuted by order of the supreme Court. my reghest three gentlemen of great experience and full ‘acquaintance with Values of stocks and donds have examined the books and securities of the Union Trust Company, in my possession as its receiver, and the following is the result, appraising the securities Neld as collateral to loans and the investments of the company at the market prices of November & 1373 :— Assets, _Nednesday morning, November 5, 1573 *investments at preseut market prices :— t 5 aoeee $107,000 400,000 Lake Shore and Michigan , uth bonds. era Railroad sinking tund . 180,000 34000 Buffalo and brie Hailroad first mortgage bonds . 29,700 1,000 Lebanon Springs Railroad first mortgage bonds ... * Shares New York, New 20 New Haven and oy Hartford Railroad stock ...... .... 310,859 Loans Less dep: Price. ....++ 3 3,391,088 Loan to Lake Shore and Michigan Southern Railway Company, with notes secured by New York and Harlem Railroad Company Stock and New York Central and Hudson River Railroad Company stock ne 1,909,979 Interest accrued, not collected a 70,000 | Comnnissions accrued, not collected 50,000 Less estiated loss on same. 36,447 Cash in office E. B. Wesley's (recei in the United § and Trust companie: Company........ j Total * Memorandam.—The “investments” as above stated | | are all that are owned by the company. LIABILITIES, Due depositors... seer eee s+ 5,229,185 - $6,327 369 5,220,185, RECAPITULATION. Due depositors... Excess of assets epWARD BOGUS BONDS. A decision of the Supreme Court of Illinois de- clares the bonds issued by the various towns and counties in aid of the Ottawa, Oswego and Fox River Valley Railroad void. The following is a liss of the towns Issuing these bonds and the amounts. All the bonds bear ten per cent interest :-— ‘ane county— Township of Aurora, om » $90,000 Ken | county. . + 5,000 fownship ot Fox ies 14,00 Township of Kendall. 2,000 Township of Oswego. S000 La Salle County— Township of Brace. 13,00 Township of Dayto 12,000 Township of Osage 20,000 Township of South Ot Township of Ottawa, Marshall county— Township ot Evans. Total..... se These bounds have been blotted out, NEW YORK, aoe More Mills Shut—Certainty of Suffering Being Near—Organization Needed. Vatatre, Columbia co., N. Y., Nov. 6, 1873. Kinderhook Lake, known to fame as the favorite resulting from a train of clreumstances completely beyond their control or ability to witustand. MASSACHUSETTS. Disastrous Effects of the Panic ton—Thousands of and Women without Work—Several Cases of Suscide by the Unemployed—A General 5us- pension Threatened in the Manufsac- turing Citles—-A Grave and Alerming Aspect of Affairs. Boston, Nov. 5, 1873. The business and financial situation in Boston, and, in fact, all through New England, is begiu- ning to assume 4 grave and serious aspect, Where there were hope and confidence a week or wn days ago there are now alarm and distrust, and the merchants, manufacturers and capttalists share alike with tne poor and laboring classes in lamenting the deplorable and threatening cond- tion of affairs. When the crisis was first precipt- tated in New York it was confidently hoped that the ill consequences would be confined to the circles who were mainly responsible for it; but those happy anticipations have, unfortunately, not been realized. On the other hand, with winter directly before us, and aiter partially recovering | from a fire which in @ single night destroyed a | hundred million dollars’ worth of property, we find | ourselves upon the brink of a terrible financial crisis, of which no one can foresee the conse quences or the end. It is now just a year since the terrible conflagrauion, and, although very many of the elegant and costly structures then destroyed have been and are rapidly being rebuilt, it will yet be many years before the community fully recovers from the commercial drawback inflicted on that memorable night of the 9th of November, This would have tnevitably been the case, even in the absence of any unusual financial embarrassments, but with the presence of a panic of the proportions of the present the precariousness of the situation is indeed deplorable to contempiate. Aithough it is impossible to arrive at any definite estimate, it is nevertheless in keeping with truth to say that there are THOUSANDS AND THOUSANDS OUT OF EMPLOYMENT rignt here in Boston, and hundreds are being daily added to the list. The rebuilding of the burned district has afforded employment to large armies of laborers and mechanics, but there were a great many more who came here after the fire in the hope of getting work than it was possible to em- ploy. In fact, within a month after the con- Hagration the supply of labor exceeded the de- mand, and the excess has been on the increase ever since. Now that the work of rebuilding is rapidly approaching completion a great many are thrown out of employment in consequence, and the panic, besides, 18 forcing their employers to discharge large numbers of mechanics, operatives, clerks and working girls. The idlers on the wharves, on the Common, and the stragglers who flock to the station houses lor a shelter and a place to lay their heads, tell plainly that a winter of unusual hardship and suffering 1s at hand. The police say Uere Was nothing like it ever Known here beiore. Soup houses, whicu have been features in Boston during the lasc ew winters, will be established severai weeks earlier than usual this winter, and preparations will be made for issuing quadruple the quantities beretolore dispensed. The Young Men's Christian Association, which has made itsel! useful since the fire as a sort of labor bureau, linds itself burdened with applications of the needy, aud only a lew days ago it sent through the associated press a statement that Boston dues not afford remunerative employment tor ONK OUT OF FIFTY OF ITS IDLE THOUSANDS, and that tt ts worse than useless for others to come here tor work, This warning Mr. pad the manager, desires me to repeat through the columns olthe HERALD. Last week there were three sad aud tragic Ulustrations by suicide ot the despera- tion to Which some of the uniortunate unemployed have been driven, One was a Case where a young man had been discharged from a store on account ol a suspicion that he wasdishonest. His integrity was subsequently established; but on account of the panic his oid empioyer had no work for him. He tried in various places to get work, but falied everywhere. Finally he went over to the Navy Yard to guilst in the marine corps, but there was ho vacancy in the ranks. Discouraged and despon- dent beyond endurance he shot himself dead in the street. S ‘The hard times will probably stimalate crime in many respects, aud it is anticipated that by spring the reformatory mstitutions will de filled to their utmost capacity, Tuis was notably the case in Massachusetts during the panic 0! 1857, a3 well as duriug the depression in business occasioned by the war. Disgrace and the prison wails are some- times preferabie to starvation, and this crisis will probably crowd the prisons as well as the alms- houses. THE PANIC AMONG THE DRY GOODS HOUSES. If the decline of business among the wholesale and retail dry goods dealers is any indication it is pretty certain that retrenchment and economy have commenced in earnest. Both in foreign and do- mestic fabrics the demand has suddenly ceased, notwithstanding there has been a very gen- eral reduction in prices. Generally the deal- ers have large stocks on hand, anda as the manufactarers are also well supplied with goods, for which there 1s no immediate or prospective demand, their partial or total suspension of opera- tions is inevitable. One of the Boston Custom House officials informs me that a few days since $275,000 worth of silks, recently imported by Bos- ton merchants, were sent back to Europe, there vetug 00 market here at present for such goods and no money to be had to pay the duties; also that the Inanuiest of the steamer Olympus, whico reached here last week, Was very large, but few of the invoices have as yet been taken out. THE AFFAIRS OF THE LATE CYRUS WAKEFIELD. The busipess affairs ol the late Cyrus Wakedeld, who died so suddenly a week ago Sunday, were in @ more precarious condition than is generally known, and there is little doubt but lis death was hastened in consequence of his embarrassments. He was extensively engaged ip the manulacture of Tattan goods, and bis provite from this line of busi- bess were in the neighborhood of half a million a year. He was also extensively engaged in East resort of societies, Sunday schools and other ex- | cursion parties at the proper season for those in- | nocent and no doubt delightful episodes in each year’s round of toil and teaching, is situated about | eighteen miles from Albany, on the Boston and Albany Railroad, The outfall from the lake being considerable power is obtained for manufacturing purposes therefrom, and thus this very prettily situated and secluded village of Valatie and its sister hamlet, Kinderhook, lower down on the | stream as it meanders towards the Hudson, have become seats of manufacturing tndustry. The never failing brook, the busy mill Anddecent church which topp'd tie neighboring bill, form prominent features in the landscape and are as yet to be found here, despite the blighting in- uence of the existing money famine, which is sweeping like a sirocco over the laud, parching up and burning vitality from the sources whence counttiesg thousands derived “their daily bread,” CLOSING UP FOR A TIME. But the octopian arms of the demoniac hydra whose lair is Wall street, New York, with that fell instinct which invariably discovers tresn victims for their grasp, have at last been felt here, for yesterday, at the cotton mill of Messrs. N. Wyldes & Co., notice was given that the mill would “ve closed for the balance of the week.’’ About 150 “bread winners’ are thereby thrown out of work. On Monday last, at the cotton miil of J, Carpenter— to the hands of which, numbering 200, two months’ pay were due—talf time was commenced; while within the previous two weeks two cotton miils, at Kinderhook and Brainard’s Bridge, closed for an indefinite period, paying off their hands, about 400 in number. A Thus about 450 workers are ‘out’ in this netgh- borhood, and a feeling is prevalent, with an unde- finable stamp of probability as to its correctness, that this number 1s certain to be largely increased betore improved prospects can be hoped tor, None of those out of work are believed to have any sav- ings or other resources to fall back on; indeed, the impression exists generally tbat consid- erable sums are due by them for provisions and other necessaries to the village storekeepers, which precludes hope for temporary aid in that quarter, One of these latter, who is, from his position, peculjarly competent to form @ correct opinion, assured your correspondent ‘‘that this | winter is likely to be the hardest to get through | which apy one living here bas yet seen.’’ No | Teason seems to exist why that gentieman, lo- | cally acquainted, should be doubted, however har- rowing the thought may be, when the nature and extent of the suffering to be expected is con- sidered on the eve of what seems by present indi- cations likely to be an unusually cold and bieak winter. No work of any kind can be found around here lor even one man @f this season, and the smallness of the community, with the suddenness of the crash, shut out all reasonable ground tor iid get any unexpected employment may be found, CAN AID BE GIVEN ¥ It seems somewhat unaccountable that no effort on the part of those who can afford it is being made to organize a society, which would receive contri- butions for seasonably re much-to-be-felt-for people. No more mistaken course, or one fraught with unfathomable evil could be entered on, than, ostrich-like, to ignore the unfortunately too certain proximi'y of want— in tuel, food and clothing—of probably 100,000 of our fellow citizens tn this State alone. Ali here speak with respect and gratitude of the ers and managers of the mills, and recognize the mea, A cull upon aod @ short ioterview will clysing uv of them a3 an inevitable Cousequence India importing, and targely interested in tue Boston and Maine and Fitcuburg railroads, All of these, however, were probably safe in- vestments; but the deceased bad a weakness for real estate and had lately been buying largely in aud around Bostua, and at the Lume of bis déath nad pearly completed negotiations lor the pur- chase of the Boston Music Hall property, He had been borrowing at enormous rates of interest, li paper was everywhere, and fluaily failure ollowe as the maturai result. He carried a great deal ot nis business In his head, and a settlement will there- fore be attended with many dificuities. His inti- | Mate friends claim that the assets are likely to ving the wants of those | exceed the labiities by about $1,000,000. The ex- sive ratiap Works suspended operations im- mediately after bis death, but they started up again yesierday, thus furnishing ueeded employment to about 1,000 wen PARTIAL SUSPENSION OF THE WOOLLEN AND COT- TON MILLS. Most of the woollen and cotton mannfacturing corporations have agencies here, in Boston, and througu them Ll have n able to learn somethin, of the prospects and condition of aifairs, Fai Kiver is, probably, the most extensive maauiac- turing centre in the Untted States, and there work has been partially suspended. Of avout forty mills in the city only two—the Border ity and the American Print Works—are runniag on fuli time. ihese bave contracts which will keep them fully eniployed until avout the Ist of January, and then they will come down to half time. Ihe way the bali time is secured is total suspension two days in the week and runuing only eigat hours per day each ol the other four days, : in Lawrence tuere is the same general inter- ruption of industry in consequence of the panic a | ip other manufacturing cities, but there nas as yet been no delinite pian of action decided upon. The agents of the Pacific corporation Iniorm me that theirs will probably be about the only milis that will run ;ull time and pay juli wages. Some styles Ol their goods are always sold ahead, and the policy of the company has always been to conunue Work, no matter what trouble there might be im the financial world. The Atlantic Mills, however, have already adopted the short time scneduie, and will ron but four days a week for the present. Otner and smaller corporations Lave also adopted this policy, ana the general feeling ms to be that better times will not be realized before spring, The agents of most of the cotton and woollen mills in New England report their establishments running on halt or two-thirds time, and in a few rare instances total suspension altogether. Among the mijls ranbing on Suort time in the western part of the State are those of Pomeroy, Barker and Russell, in Pittafield; the " Hinsdale Brothers and Viunkett Woollen Company, in Hins- dal the Arnoid and Bilackioton and Plun- kett, in North and South Adams; the Berkshire Woollen Vompany, in Great Barrington; the mills in Fitehburg, Holyoke, Warren, Coleraine, bridge, West Boylston, Oakdale, Shelburne Falls, Southoridge, Irving and Ware, Western Massachusetia are also generally reducing expenses, either by a reduction of time or wages. in Manchester, N. H., there have been some cur- tailments in tie way of time, and the woollen man- ufacturers there are seriously contemplating an enure suspension, in Which Case not less than 1,500 hands wili be thrown out of employment.” in Nashua, Salmon Falls, Peterboro, G Portsmouth there bave been eituer re ume or pay. Last week one of the Great Falis com- panies put over $40,000 in circulation by the monthly payment ol all their hands, some 200 men were discharged from the Man- hester (N. H.) Locomotive Works yesterday, and he 450 how employed are working on short time, unton Car Company have reduced wages twenty-live per cent, aud & number oi carpenters are On a strike in consequence, TUE NEW BNGLAND RAILROADS have been more or less aflected by the crisis, and in Many Of their repair shops there have been re- duciions in force, hours of labor and pay. Ths is true ol the Boston wad Alyany, Conmecyout Mvets ff The paper mils m | at Falls and | juctions in | | | Hartford, Eastern, and Vermont and Massachu- setts roads, There has also been A GREAT FALLING OFF IN THE FREIGHTING BUSI- NESS of the several railroads hereabouts, The mer- chants and manufacturers furnish the freights, and ina great measure the travelling public, which gre the roads business, and the lessening of ‘eights, just beginning to be feel noticed, rate cea nan ook She Septiing of se manufacturing. suppres- in whole or partof the Eastern m: nefactering lishments is making itself felt at a time when their shipments are usually large, and just when gratn transportation is lightened by the withdrawal ofthe boats on the lakes. The freight managers sont aghats generally anticipate a very light win- orl Nailers’ Wages Reduced. Boston, Nov. 7, 1873. Ata recent meeting of the several nail manu- facturers dothg business in Boston it was voted to reduce the salaries of all their employés, except those whose daily earnings do not average more than $1 50, by ten per cent, tne reduc- tion to commence on the Ist of December. The mills affected by this reduction are the Weymouth Iron Company, at Weymouth; tne Parker Mill, Wareham; the Providence Iron Com- pany, at Providence ; Rd. Lazell, Perkins & Co., ridewater; Somerset Iron Company, Somerset; Old Colony Iron Com: le %: Fast Bridgewater Iron Com- Company, Tremont; G pany and the Wareham Nall Company. These cor- porations conjotntly do a yearly business of up- wards of $6,000,000, and the reduction will affect a large number of men. Its cause 18 alleged to be the present low price of nails, which necessitates a vigorous retrenchment. In order that the manu- facturers may hold their own, preferring to winter all their help at a reduction ied rather than to discharge @ portion thereof to effect a similar resi the course above stated has been decided upon. Half Time—Mill Owners Attribute the Condition of Affairs to a Tight Money Marséect—No Apprehension of Distress—A Better Season Hoped For. FALL River, Mags., Nov. 5, 1873. Most of the mills here are working en halt time, which means that the hands are employed and paid for thirty-two hours’ labor in the week, in place of sixty-two, as heretofore, The town has been ex- ceptionally prosperous 80 far, anda case of this nature, where the mills have been compelled, from the stringency of the times, to run on half time, never occurred before except in the panic of '57. When this place feels the effect of hard times it is sate to conclude that few manufacturing towns will escape. Fatl River, within the past five years, has doubled its population, trebied its taxable property and more than quadrupled its mua- ufacturing capacity. It has shot ahead of Lowell, and is now anquestionably the greatest centre of cotton manufactures in the United States. Lowell has 500,000 spindles; this place has over 1,000,000, besides a vast number of looms. The capital invested in print works and manatac- tures is estimated at $27,000,000 and the number of hands employed at 15,000. The population tms year is reckoned at 40,000, so that it would appear that over a third belong to the operative class, The capital employed belongs almost wholly to Fall River, Many of the operatives have shares in the mills, and some have succeeded in becoming mill owners, As’ arule they are thrifty and sober, aud it is no unusual thing among them to build and own the houses in which they live. THE PRESENT DEPRESSION is not looked upon with any feeling of apprehen- sion by either the mill owners or the operatives. It seems there never was @ more prosperous season in cotton manufactures up to the breaking out of the panic in Wail street. Manufacturers were absolutely coining money, and in this place some of them were clearing a3 high a profit as one cent and one cent anda half per yard on their printing cloths, When the panic appeared the mills had a considerable surplus of goods on hand. It has been their policy ever since to go on trimming down to the smailest possible margin, 80 as to be prepared for any emergency. When the pregent stringency gives way they hope to have such a renewal of business as will tax every mill in the town to its utmost capacity. They argue that when the money which has gone West to move the crops Fewurns Kast to buy dry goods the stock of prints and fiusijns now in the market will be ‘goboled” up in no tine ape the gry will for more, but the more will not bé forthcomfng Immediately. The demand will have to Wait upon the supply, as few milis working on half time will bave much of a surplus, WHAT THE MAYOR SAYS. The Mayor oi the city, Mr. Davis, told me that there were little fears of the present depression bringing any embarrassment on the operative class. “Working on half time,” said he, ‘they will at least all be able to pay their board straight along through the winter, and cases of actual distress will be assisted by the city authorities. This busi- ness is different from most others. A man and his wite and his children, if not too young, may be em- pieree all together in a cotton mill and making etween them $50 or $60 a week. in an iron loundry the man alone can work, and his lamily have to de- pend on him for their support, Our operatives have considerable money in the savings banks, and many of them have invested in lots and built houses. You see, we don’t like to lose any of our work people if they are of the right kind. Now a man and his fam- ily who have been here a long time in tne mills are valuable to us. The children grow up to acquire an intimate knowledge of all that concerns the working of a mill, and their worth to us on that account Is all the greater. We shall strive to keep them here among us, even if we are compelled to help them through the dull season.” ‘rom inquiries { made among the mill owners as tothe cause of the unusual depression I found there was a unanimous concurrence in the belief that it Was attrinutable to the Jay Cooke iailure. That was THE PRIMARY CAUSE. Money suddenly grew scarce, print and cotton goods in the wholesale houses of New York and Boston had fewer and tewer pur- chasers, This reactedon the mills, AS long as the stores in the large cities remained heavily freigkted with domestic productions the factories had no inducement to continue work, and gradu- ally the effect was the shortening ot the Lours of jabor and reduction of fifty per cent of the ex- penses. ‘As the arrangement stands now the operatives in twenty-eight mulls Work tor thirty-two hours of the week. ‘ihey begin work on Tuesday and con- tinne until Friday evening, being four days at eight hours aday. It was tormeriy six days and eleven hours a day. There was ‘A COMPROMISE some time since betweeu tue mill owner? and the workers, the latter demanding ten hours as the limit of a day’s work and the lormer tusisting on eleven. It Was finally settied by yielding on both sides and making it sixiy-two hours jor the week, or ten hours and a traction per day. The thirty- two hours, or half time as it is called, brings the average maie operative at the aver- aged wages of a mili about $4 50 a week, and the average female operatives about $3 a week. These amounts can delray little else tuan board ; but thatis some consid operatives t! the saving: ration. Out of the 15,000 are 13,000 Who are depositors in banks. The Fall River Savings Bank deposits; the Citizens’ Savings v29; the Five Cent Savings Bank, $1,438,209, and the Union savings Bank, $622,544, making a grand total of $9,059,029, of which amount a trifle over $6,000,000 constitute the savings ol the operative class. Of THE MILLS RUNNING on full time are the Narragansett, which has 27,920 spindles, 675 looms, employs 475 hands and has & monthly pay roll ol $16,000; the Border City Mill with 24.928 spindles, 836 looms, employing 4: hands and having a monthly pay roll of $14,500; the Sagamore Mills, 44,928 spindies, $16 looms, em- ploys 425 hands, with a monthly pay roil of $14,000, and turns out over 9,000,000 yards of manufacture cloth per year; the Mechanics’ Mills, 58,712 spin- dies, 1,248 looms, 645 hands employed and a monthly pay roll of Manutacturing Company, 42,528 spindles, looms, 550 bands, monthly pay roll $16,250. MILLS RUNNING ON HALF TIME. Of the mi running on hal! time are the Fiint Millia, with 42,192 spindies, 992 looms, 550 hands, monthly payroll $16,000 and vurning out 12,000,000 ards Of cloth in the year; the Fall River Print 1,008 | orks, 13,024 spindles, 306 looms, 175 hands and mouthly payroll $5,260; the Granite Mills, 78,432 spindles, 1,448 10oms, 900 hands and monthly pa; roll $40,000; the King Phillip Mills, 38,656 spindie: 670 lool 375 nands and monthly payroll the Massasoit steam Miils, 16,576 spindi: looms, 175 hands, monthly payroll $5,500; erchanta’ Manwacturing Company, 84,500 spindle: 1,924 looms, 900 bands, monthly payroll $82,000 the Metacomet Mills, 23,840 spindles, 69 looms, hands, monthly payroll $8,500; the Montauk Mills, 6,600 spindles, 105 looms, 150 hands, montuly pay- roll $3,750; Mount Hope Mills, 9,024 spindies, 1y2 iooms, 160 ‘hands, monthly payroll $4,000; Osborn Mills, ' 36,000 spindles, tooms, 425 hands, monthly payroll $14,000; Pocasset Manutacturing Company, 4,248 spindles, 794 looms, 475 hands, monthly payroll $16,000; Robeson Mills, 14,400 spindies, 426 jooms, 160 hands, monthly payroil $5,500; Slade Mills, 36,928 spindies, 784 looms, 375 hands, monthly payroll $12,000; Stafford Mills, 4,028 spindles, 780 looms, 300, hands, monthly pay - roll $13,000; the Tecumsen Mulls, 40,900 spindles, 996 looms, 426 hands, montily payroll $15,000; the ‘Troy Cotton and Woollen Manuiacturing Company, 26 spindles, 888 looms, 600 hands, monthly ‘pay- roll $14,500; Union Mill Company, 44,784 spladies, 1,050 looms, 490 hands, Laporte | payroll $17,000; Wampanoag Mills, 28,000 spind “ 624 looms, 82! hands, monthly payroll, $9,000; Watuppa Cotton Mill, 11,000 spindies, 304 looms, 175 hands, monthiy payroll, $4,000; Weetaanoe Mills, 34,080 spindies, jooms, 425 hands, monthly payroll $15,500; * = s Linen Oompany, 82,512 Spindies, 1.000 handy = gouty payroll Taunton; Tremont Rail | The Manchester of America—Mills on aod the stocks of | 1,000; the Kichard Borden | KET, Anawan Le eee 4 10,016 spindles, indies, "1,060" looms,” 200 jor roll, $15,000; Crescent Mulls, looms, 55: 350 hands, monthly pay- 000; Davol Mills, 30,000 spindles, 600 monthly ‘oll, Durfee looms, Mills, The ithly payrol of the te in full ru time 1s $401,000, Mt tiapumotared conuate 8 print otha sheeting, shee emis, rtings corset jeans, The total nunmber of spindles is, umber of looms 27,154, of halen ef cotton. used in ine’ veut 136.13 and of vache jufactured am The foregoing is SAREE AN EXCELLENT SHOWING for Fall River, and as far as the pr place 18 concerned 1t 18 placed ‘sim ore the reach of panic. There is another establishment, the Fall River Tron Works, established half a century ago, wich employed 600 hands, This has reduced its working force and reduced the hours of work. Its monthly Par roll averages $30,000, There are various ma- chine shops throughout the city, all of which are working on reduced time. Thero is no distress among the Orkin people, nor do the people who understand best the depression in the manulac- Feats 3 interests eg! any. On the contrary, they hope that when t! RPPECTS OF THIS PANIC are over, which they expect will be soon, that the business of manufacturing will proceed with reater energy than before, and that the supply of jabor now at hand will be tusuificient or the de- mand, Mr. Borden, the iy See and manager of the prin- cipal works in Fall River, told me the present state ol affairs was owing wholly to the lock-up of cur- rency, and when money was easy again the mills would be tn full operation, CONNECTICUT. eet Walling off in the Express and Sewing Machine Business—Nine Hundred Men idle in Meriden. Nsw Haven, Conn., Nov. 6, 1873. One of the best channels through which to test the effect of a money panic like that now agitating the country is the express companies’ offices. They invariably indicate the weakness or strength of money resources, and the disposition of buyers, In good times, like those of the early summer, the rush of packages in every direction is something marvellous, and the capacity of lurge forces to take charge of goods is strained to the utmost, Since the present stringency the ofMfces of the Adams Express Company in Connecticut have suffered ter- ribly. The transactions have fallen off at least ilty percent, This is espectally noticeable in New Haven, where a half dozen railroad lines centre. Mr. W. D. Armstrong of the New Hayen office informed a HERALD reporter this morning that business was exceedingly dull and bad been since the panic commenced. He will hardly be abie to do more the curreat month than pay expenses. Mr. John Curtiss, the agent at Bridgeport, informed the reporter that packages had italien off more than Hiity per cent, and the outlook for better things was in no way encouraging. The Housatonic and Naugatuck railways have their respective termini in Bridgeport and usually add much to the great trade oj the company. The people on the line of those roads have little mone, manutacturing 1s at a low eb! confidence in the cash market cau ef- lect. @ change in the state of things. At South Norwalk, Mr. George Smith the agent, told a dismal story. His receipts have graduaily dwindied down, until now they are scarceiy worth mentioning. Tue Danbury and Norwalk Railroad hus its terminus at South Norwalk, and over that road in good times a very respectable business ts transacted, Mr. Root, the agent at Stamford, has the general unsettled state of affairs to report. He has been with the company many years, but never saw anything to equal these times. From all these points the same story comes. People everywhere are holding on to invest just now; FOR 4 CHANGE. They seem to anticipate that the iuture is un- certain and are unwilling to expend more than is strictly needed. vom ae BRIDGEPORT, Conn., Noy. 6, 1873. The vulnerable poiut of this city, with its 21,000 inhabitants, is reached through its sewing machine establishments, Wheeler & Wilson and Howe companies being the largest, and the Secor fast striding towards the front ranks. The Howe establishment has had something besides the present panic te contend with, and it is said the agents of the Pacific Mail Steamship Company can explain. The depression of the hour ts, however, directly affecting its in- terests. Its HANDS AND HOURS HAVE BEEN REDUCED, At least the sum of $100,000 is due to people in Bridgeport for labor. These people owe bills at the various stores tor the common necessaries of lie, They want to pay but cannot; and here may be seen a large item tending to draw the cords of dlf- Heulty tiguter, The report iscurrent this morning that the shop will be obliged to suspend work. Only 350 men out of 1,000 are now engaged, and what they will do in case of discharge it is hard to teil. The Wheeler & Wilson is running as yet on ijuil time, but the order to reduce may be given at the end of this week. The Secor, being a new con- cern, does not give indicatious of serious embar- rassment. ‘The usual number of men are at work. The carriage interest is much affected, and pro- prietors carry doleful countenances, What will be the result with them cannot be told. The Bridgeport Wood Distilling Company is established at Black Rock, which was lately an- nexed to Bridgeport. Tbeir commodities are acids distilled from hickory wood and charcoal In ordinary times they employ fifty hands; but at present this force is much cut dowa. The mate- rials to work with are readily obtaimed vom the woods of the surrounding country, but mouey must be at hand io pay. Orders have dropped of, but a stoppage of operations at present 1s not looked for, SULPHURIC ACID COMPANY. Tuts is in the town of Fairfeld, on the line of the New tluven Railroad, Vast cargoes oi copper ore from Canada and from Lake Superior, when tt can be obtained, are used to manufacture this com- modity. Only twenty men are now employed at the works, and these expect to hear ol their dis- charge dauy. Mr. b. L, Budd’s factory for the mak- ing Of carriage bodies from India rubber has been ciosed ior a long time, and it will not be possibie Uhis year to resume business, MERIDEN, Nov. 6, 1873. The effects of the money panic are plainly ob- servable in this city, which, in good times, is a place where very lively business is done. Twelve great manufacturing companies, and twice that nuniver of suai! ones, employing in the agy 4,600 Men, have been compelled to reduce (ucir re- spective Jorces twenty-ive percent. These mea are not discharged, but are simply holding ou for better things, and accommodate regular customers, but high rates of discount are asked, The dry goods merchants are prepare, with full stocks of gooas to supply customers, but there is an Inclination alt round to hedge resources. ‘The trade is ata standstill, and chere is a dark prospect for the Winter. Building operations are less by One-half than they were lust year at this e, and yet quite # number of structures, large and small, are in progress. The Britannia Co pany, with its half million capital and its 600 la in good times, bas now only 400 hands at work. I. Wilcox & Co,, manufacturers of woollen goods, have been compelled to make a similar reduction, but claim to ve able to weather the storm and a Hae ol, 5 he Meriden Cutlery Company are also ronnin short-handed, and may be compelled vo reduce the hours per diem, The Miller Brass Company, Parker & Whipple, manfactarers o1 builders’ hardware, and Wiicox Silverplate Company are each feeling “i THE EPRECTS OF THE PANK Each has a large wa 8 with the vast army of amlicted ones there, plain of stringency, orders jailing and scarcity ot money. The directors of the respective companies have held meetings to discuss the situation and prepare for emergencies. They consider the ,out- look Is brightening and the danger over. Meriden has a population of 12,000, and it is in- creasing at the rate of 700 a year. Keal estate 1s so demand and heid at high raves within the city lines. It 18 the only security just now in which is reposed real conflaence, The poor laborer, who is able to earn his bread, and hopes to save some- \uing Over and above current expenses, canuot }uat now be said to look with feelingsof encourage- Ment into the tmmediate tmture. Nearly 1,000 laboring men are waiting, trustiullyhoping. What the efect of this state of things Wul be on the gtowth of the city can readily be anticipated. The report ts renton the streeta this after- noon that Mr. Charles Parker's hardware lactory, employing 300 bands, has closed operations. NEW JERSEY. + Favorable Report froan the Staffordsh of America=Not Mere than 300 Operm- tives Unemployed. ‘The labor panic has notas yes materially eMected the manulacturing interests of Trenton, Business mon there believe that from the present aspect of affairs there is no serious cause for alarm; but they admit that if the depression con. tinued throughout the gountry, Treaion will nov and only a return of of which there are three, the | ‘The banks ure in sound condition | | — escape the contagion. The principal manafac- tories in that city are centred in pottertes. Thir- teen establishments of this kind are in existence, which give employment to about 1,200 operatives. ‘Trenton, in consequence, is often called the Stal- fordshire of America, and if a stagnation took place in this kind of business the result would cause much suffering among the laboring population of that city, A HgaLp reporter called yesterday on Mr. James Moses, one of the proprie- tors of the Glasgow Pottery Company, and ascer- tained from him that the prospects of trade in his establishment were not of a gloomy condition, He said they employed 150 handa the year round, and he thought they would be able to keep at. werk that namber during the winter, altiiough the orders were not quite 80 brisk a9 in other times, Money, he said, was very tight and hard to be obtained. A few of the pot- teries are now working on half time, but waged have not been reduced so far. ‘The rolling mill owned By Sonnet, Hewitt & Co. employs about 450 men and is now in full blast, A slight reduction tn the wages of the mechanica has been made, ‘The wire mill owned by tho same firm is also in operation with 350 hands eu- gaged. Roebling's wire mill, with about 275 em- ployee is kept busy, making wire lor the Brooklyn ridge. In Carr’s foundry 100 men are employed, and an extension is being made which, when com- pleted, wili cause an increase of the above pum- bers. The woollen mills are in full operation, but @ reduction in wages hag been made to the extent of from ten to twenty per cent. The two chain and cable factories are not disturbed. One of the proptietors stated yester- day that “orders show a falling off during the last two weeks, and the collections are on an average, but business in 4 general way is depressed. ie prenae are good enough, but they do not deem t policy to accumulate much stock. They are, however, still working on orders.’’ The American Saw Company has only about sixty-five nen working, which is a great reduction from their usual force, The Mercer Zinc Works discharged about forty hands lately on account of the poor demand in the market for the sale of oxide of zinc. The Pennsyivania Railroad Company has dis- charged about 160 laborers, mostly trom the gravel and construction trains, They nave cut down the hours of labor from ten to eight hours a day, which Will necessitate reduction in wages, as the men now employed work by the hour. Altogether it may be estimated that there are about 300 men, ont of employment in Trenton, which is a favor- able comparison with other cities im the State, The tightness of the money market is generally complained of tn all circles, but it is believed that the financiai condition of the city is on a safe and firm basis, as capitalists in this district are nos fond of investing in wild and hazardous schemes. . It has passed into a proverb throughout Jersey that a man may be as ‘“close-fisted and cautioud as a Trenton potter.” When it is considered that ‘Trenton has a population of 28,000, nologies Chambersburg, the foregoing t3 a respectable ani satisiactory showing for this season of gloom. The Crisis in Patersou—Feverish Anxiety of the Mechanics—fhe Prospect More Gloomy. The Rogers Locomotive Works, in Patterson, was the frst to feel the shock of the panic, and curtailed its force trom 1,700 to 700 men and re- duced gradually the capacities of the eatablish- ment until its production was lowered to eight locomotives @ month, At this rate it was hoped to run the place during the winter; but the times have become so bad that still greater contraction has been considered neces- Sary, and the force is to be reduced so that the productions of the establishment will not exceed five or six locomotives a month. This will, conse- quently, result im the reduction of the number of employés to some twenty-five per cent or more of its present number. ‘This bad news became noiscd about among the workmen yesterday, anu it may well be imagined that gioomy thoughts were in- duiged in by all hands, which will continue antil it is settled who the unlucky ones may be, A curious rumor pecame current in Paterson yesterday to the effect that the Danforth Loco- motive Company had failed, with liabilities exceed- ing assets to the extent of $1,000,000. All connected with the establishment, however, deny that there are the least grounds for such a rumor, and they are utterly at a loss to imagine how sucha story could have been started. On the contrary, this establishment has this week been taking back a number of the hands which it last week laid of, who are to be kept at work, temporarily at least. At the Grant Works there is no change to report, nor is there in any of the other establishments, dxeept in the Paterson Iron Works, where a $5,000 order for Spon work, on new government steamers, | has just bet received. ENNSYLVAN A. e Outlook for the Laboring Classes Gloomy—Obdservations of a Tour Through the Mills and Factorics—The Coal Strike Ended. PrrrsBurRG, Pa., Nov. 5, 1873. The ontiook for the laboring classes of this city at the neginning of a hard winter ts not by any means as cheering as could be desired; and, though the commercial depression has not beem followed by any apparent suilering or alarming in- crease in the number of inmates to the charitable institutions, yet the small army of loungers on the Streets becomes more numerons day by day, and must continue to augmentin the event of iurther crippling of the industries and business of the city. It is only the question of a lew weeks—ift the present stringency in the money market con- tinues—when each and every one of the tron mills will be obliged to suspend operations altogether, and the thousands that have earned their suste- nance, and too dearly, by working in them from eurly morn to oightfall, will be thrown on the charities of the city, The manufacturers have faced this stringency tor almost swo months and battled against SUSPENSION OF OPERATIONS most bravely, but evidently, if the banks refase or are powerless to assist them in the present emer- gency, they must close up, and this painiul fact un- fortunately is vecoming more and more mantiest as the gloom of the panic hovers about, In a con- versation to-day with a promiment iron manu- facturer your correspondeut learned that there was so little profit at the present time in the run- ning of the mills thai it certainly did not warrant any one of them continuing operations. But aa long a8 sufficient money ts realized trom the pro- ducts of the establishments to defray expenses and Keep the men employed so long would they continue, What iength of time this can be done is w matter of conjecture. In a tour througha uutmber of large milis the following items of fact were gathered :— AMONG THE TRON MILLS, The American Iron Works next to the Cambria, at Jolnstown, are the iargest in the country, They employ upwards 01 3,000 men, and since the com- mencement of the panic have been obliged to dis- charge atew, but the number is of no great mo- ment, The works are running (ull time, and this they are enabled to do through a reduction tn the wages of their workmen of ten per cent. The men readily yielded io the shrinkage, onderstanding i they did not the works would close up altogether. Brown & Bros. are ranning the full complement of hands at both turns, day and night, reduc- tion of about ten per cent has been made in the wages of skilled labor on the sliding scale basis, and a like reduction on the wages of day laborers. All workmen earning less than $2 day receive their wages in full, Those who exceed this amount are pai fifty percent. The remainder ts held in trust for them by the firm until such times as they can pay of all their obligations, which day they look lorward to with no great amount ol anxiety, Schoenberger, Blair & Co., another great irow manufacturing concern, were obliged, some time sunce, to discontinue running double turns, but continue sveadily along on single turn, The firm have every confidence in a rich yield of orders for the spring trade, when they will put on their fult force, The wages of their present employés have been reducea from ten to tweive per cent, the men receiving one-half their earnings ta cash, with which arrangement they seem periectly satisfed, Lewis, Olliver & Phillips before the present money stringency had in their employ something like 1,100 men and steady work for every one of them, with orders far into the future. However, they have been obiiged to curtail their working force, but not to any great extent, and all their establishments have been and are yet running full time. The more skilied workmen, earning high wages, recetve one-half in cash, while those em- ployed to perform the more ordinary work are pata vhree-fourths in cash of what they earn. Nimick & Co., iron and steel manaiacsurers, were, it may be said, over head and ears in work befor the finaucial crash, since which time they felt themselves obliged to reduce the number ot their employés and also to make A REDUCTION OF TEN PER C8NT in the wages of those retained. Theit present force numbers about 700 men, who work single € most of the other extensive establish- *y pay their workmen one-half cash, A member or Whe firm cold your correspondent that, orders were slacking and they coud not give assurance of continuing operations for any con siderable period, Grad, Bennett & Co., @ very large fron works, employing upwards of 1,200 nen, are now ranuing single turn, & change from double turn aking aturday last. By this curtailment of work ura quite a number of men are thrown ont rioyment, bat are promised their old post tions suqnld So increase of orders warrant te