The New York Herald Newspaper, November 15, 1873, Page 11

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~ , NEW YORK HERALD, SATURDAY, LABOR IN TROUBLE Letters Indicating the Course of Depression. MOPE’S FLATTERING TALE. Whe Possibilities of Industry in Renewed Activily. MAINE. Shipbuilding Interests—Ratiroads and Woollen and Cotton Mills=-What Will the Operatives Dot—Cheese and Shoe Factories. Avevusta, Nov, 12, 1873, Tcannot sce how the panic can at all disarrange bee plans of our shipbui.ders tor the next season. If it affects them at all it will be quite favorably fm the lessening of workmen’s wages and most pil the material entering into the construction pf vessels, ‘The fall in tron will give the thought ful shipmaster a hint that he won't be slow to Improve. Reports irom most of the shipbuilding aiatricts show that the business has been carried on the past season with something of the old- time vim that once made our coasts and havors 0 lively, The chips and débris have been cleared way in the long desolated yarde; and there is ACTIVITY “ALL ALONG THE LINE.’ Onarough estimate, from the data at hand, I should judge that, before the close 0! the season, there will have been launched in Maine waters wome 250 vessels, quite a respectable feet. The most of these are three-masted schooners, these being louud the most profitable to the owners and better adapted to ordinary business than larger ‘vossels that used to be so universally built, Ino- tloe in the arrivals at an important commercial centre the other day that but one ship was re- ported among several scores of schooners and smaller crait. The day of iarge, cumbersome ships seems to be last passing away. Laeuppose that one reason why Maine will suffer but slightly (rom the panic is, because she has not, as @ State, risked anything in ratlroad schemes, Her bands are clear from that. No railroad corporation is backed up by the State treasury, The towns have invested quite largely in building ratlroads, but are reaping ‘the fail benefit o: their investment in the in- creased facilities for transportation, The ratl- roads that we have ou paper, that have been born ol angry dispute- in tne Legisiature, are likely to ‘remain On paper at preseut; .or, uul.ke siipbuild- * Ing, that vrimgs immediate protits, tue building of railroads in dull times seems jike bread cust upon she waters, tha: wuireturn Only aiter many, very souny duys. But wise men see that @ continuance {shipbutiding here must depenu upon opemng our vast Arovostuok country and the bringing of its abundant sup ly 0: timber by railroad to our ards. We hardly dare, though, to look for this immediately, and we muy salely Say that railroad building will be at a standstill tle next twelve- month, As hinted in my ist z THE MANUFACTURING ESTABLISHMENTS in the State have suttered but little from the panic taus jar, The cotton mils in 38.co, bid- deiord, Lewiston and Brunswick are running on tull time—that at Hailowell on extra time— With a prospect ol contr ung business through the winter, which will bridge over the cbasin uatver- Bally conceved to hard tim None o1 che cotion or Woullen mills have suspended entire.y, and put few have as yet curtailed their expenses by adopt- ing the bali time system. Lhe targe woollen s:c- tories at Nitou aud at Vassaiboro’, the wrest in the State, never had a better run o/ business, he operatives in these mills, haviug nad steady and coutinuous employment ior years, rather Ik ‘the change tu half tiine than otherwise, It gives them an opportunty to breathe the wholeso.ne atmosphere out of doors and to visit iriends and relatives, Svould every sawmill and factory in the State shut down to-morrow, fur a rest of 81x months, no distress would follow, ihe men could “shilt for themselves” in the woods; many have trades, and, wiih tue Yankee ingenuity, could turn ther hands to most anything. Tie temuie operatives would return to ‘heir ia hers’ houses, Where their Is bread enough and to spare. AS re- yards help, vaine 18 tec best state im the Union Jor the 1unning oO} a manufacturing estavlishment. Our farmers’ daughters are stiong, healthy aud ambitious, ‘hey ure glad to cut the leading strings that bind them @t bome, and have special pride in being ABLE TO “OE THEIR OWN ROW.” Should tne hard times compei a general suspen- sion o1 manuwactures—and we don't believe its coming tis Gime in sluine—the iemale operatives would resolve themselves back into the ‘amily, enjoy the winter evenings by the old hearthstoue, and come forta in the spring iresa and blovming for another cacapaign at the looms or spinuers, In tact, the operatives in taese establishments are generally in very good circumstances; as a Cliss they are not extravagant, but pru eut and saving. Such persons huve uotanmg co lear ir m the panic Aithe banks in waoich the nave deposits do not “Hust.” They have been able to put by a little for grainy day, and the records of tne numerous sav- ings banks Will speak volumes for the sudustry aad wrugality of our mill operatives, both native and foreign born, Very tew ol them are unavle to earn barely enou_h to Keep sual and body together. 16 isto bé suppose |, also, that we are better pr ared for a Palle th most States .or the reason hat “to be iovewarned is to be jorearmed.”’ the clouds have been seen floating in the atwosphere, and preparations fave im a measure been made for the storm, should it come. Shrewd business ‘men have ‘taken in sail” in season. THE MANUFACTURE OF OBESE is a new enterp.ise that has recently vecome very popula in the State. Avout wwenty-dve lactories ve been estavlisiied under special act of the last Legisiature, while associated dairying 1s curried on by communities o: iarmers, Lhese lactorics have furnished an excetient market for milk at the very dvors of the farmers. They huve turnéa Out excelent goous, that have found @ ready market ut remunerative prices. There is scarcely @ oheese iactory in Mawe but what has paid the the first year. There are some fiiteen or twenty SHOE FACTORIES in the State. The Loot and shoe trade has been excelient, and these juctories show @ good busi- Tess, with the exception Oi two or three that have been obliged to close i on account of sneer mis- Management. People have had the charge of them who kndW nothing about the business or tue wants of the market. Corn-canning establishments, to the number ol twenty-three, have been putting up Sweet corn tor the warkets of the world, This has formed a nice little revenue, and iuroishes em- ployment to a multitude o/ men and women, Better Prospects in Lewiston and a More Hopetui Feeling Prevailin, LEWISTON, Me., Nov, 12, 1873, This morning the earth is covered, for the frat time this season, with a mantle o: snow, and man- uiacturers greet it with rejoicing, hoping cold ‘Weather may prove one of the !actors of the gooa time coming very soun, they trust. They want something to move people out of @ state of stagnation, and say, “Guess the north wind will force @ new shirt.’ This city, ‘he past year, has had an era of unexam- pied financial prosperity, A rapid increase iu the number of its cotton spindles has been answered by a very large merease in population, witn a con- Bequent activity in the erection of houses and shops, and very many frugal operatives in the mills began drawing on their deposits in savings Danks several montus since, to pay ior their new cottages. The drain on the savings institutions has been increased by this cause a3 well as by the panic. THE BANKS here are discounting litle or no paper. But $6,000 was discounted at our leading bank on last discount day where ordinarily $100,000 would be passed, Yet there has uot been a single fatiure thus far in this city in any line of business, By general concession creditors decline to press their claims, not knowing how soon they may be driven to the wall themselves by a general application of Bn inflexible policy. THR COTTON MILLS here begin to-day to make their monthly payments to their help, These corporations annually circu.ate In this city $2,600,000 In iunds to labor. The total production of cloth’ per year is 34,517,000 yards and 2,766,770 grain bags, consuming 35,000 bales of cotton in the year, besides a large quantity of wool, Conversing this morning witha prominent Manufacturer, he says, “I know a gentiemen in- terested in our corporations who has $1,000,000 Mn clean cash to put into cotton any day, anal think he will make @ move shortly, “I can't tell how much lower tue staple is going, bat i beheve At is sale to buy NOW, and OU thanuiacturers gen. erally think 80 too. The only atrait now is the Gearness o1 money, Manuiacturers who have greenbacks on hatid must have a clearly defined Policy in this respect, and that is to buy cotton,” “How about the market for staple goodsy'? “Weill, last mount we only seld goods enough to Pay for our lahor, yet goods have fllen—cottons, Bhootinys, &c.—only irom one to two cents per yard—indeed, not so much as might have been expected, cousidermg the course Of Stewart aud ' CiaMin, of New York. Stewart's policy always nas been to murder the smal! manuiacturers—those who had not suiicient capital to pile up their goods, He buys heavily o1 them at ruinous rates, and then marks down his goods thirty per cont. did not expect any better Bollcy. from Stewart, but Clatin's course surprises we. But, then, | suppose he may have been driven to it to ratse funds. It 18 fortuna.e our Lewiston miils do not have to force sales in 6uch & (risis,"” * HOW :SuUT LABOR?” “There is no reducton o) hours or of pay yet, There are a good many ihings to consider in the reduction of pay, Our milis have : esired to make haste slow.y in this matter, As for help, we really are not guite ull yet, and the production oi the mills of this city has been reduced the past five Years on account of the scarcity of help. it’s hard moving belp irom One part of the conntry to another, They get in the habit of a certain circuit and stay there, I don’t see to-day that we have any more applications for places than we had a year ago. “What about our savings banks?’ “I think it greatly to our advantage here in this city to-day that all the saves go into the hands of the people. Our manuiacturi eorpora‘ions here have ho loans at our savings banks. sence, ‘ali River, money ts lar easier here than it where THE SAVINGS BANKS’ DEPOSITS are quite absorbed by the manutacturers. Our manulacturers do their banking cliefy in Boston. There the rebuilding of tue burned district has used 80 many surplus millions that the tightness of nue money warkes is azeatly increase, gat one stu rporations hav.ng a large capital have been comiortably off." os eppies At the Lewiston Bleachery and Dye Works your correspondent finds orders have ocen recetved to store goods at tne bleachery ior the present, an indivat.on that the stocks tn the hands of selllug agents in Boston are ample. IN 8400 AND BIDDEFORD there is @ partial curtaiiment of productions of cotton goods, but the situation is not serious. It is believed chat the mills will shortly be running ou full tame, but with # reduction in pay, In Auburn a new cotton mill of 20,000 spindles has Just been ordering cottun, and will probably start up for the first time ip about three weeks. In Watervile, the foundation of a new cotton ‘mill of 25,000 spindies is nuw being put in, a pie- liminary moyewent to still larger anticipated op- erations in the same town. Iudeed, there seems to be @ general conviction among Maine manuluc- turers that ‘‘it is not going to be much 01 a shower iter all,”’ The abiuty of Maine mills to manuiac- ture cotton goods mure cheaply than most milis in other States mecreases the geueral confidence here, The uprivalied water power 0! the Siate, the diminished cost ot iiving as compared with many manulacturing centres and caeap trans- poreantn are giving Maine milis an appreciable adyantage. Uniess the monetary stringency should be pro- tracted into the New Year, to tne degree now felt in altogether estopping mercantile transactions, it 18 not thoug..t that outside of the Augusta mills there willbe any great degree of cu.tatiment tn the cotton or woollen production of Maine. As for the machine shops in this city and Saco, they generally are workin’ on orders for co:ton machinery ‘or new mills now being fitted out in this city and in Auburn, aud have work ample to last them two or three months ahead, . CONNECTICUT. Depression in the Cotton and Woollen Factories=Markets Overstocked With Domestic Productions—The Class of Mill Owners Who Are Cruel and Heart- less. Norwion, Nov. 12, 1873. The safety of Connecticut in the present crisis lies in the peculiar character of her industries. As arule, there are no very large manuiacturing es- tablishments, such a3 the Cambria Iron Works, in Pennsylvania, or the Rogers Locomotive Works, tn New Jersey, and seven-teuths of the manufactures beiong to a class that find a sale at all seasous of the year—tnat people will buy despite even the panic, It is not surprising that toe carriage fac- tories of New Haven snould be forced to close, Carriages are only for the rich, and even then they are not necessities of a comiortable exist- ence. Those who have money can ride in chalses, And those who haven't must walk like blazes. The conditions expres<ed in this old couplet were accepted in & past generation as the choice for rich and poor, but we have a compromise now- adijs im the street cars, which even the ricu are d.sposed to patronige in panicky times iike these, People can afford to wait for carriages, but they must have calico, spool thread, hats, boots ana shoes, pins, clocks, paper, lamps, stuves and the like, and to these Connecticut devotes the princ pal share of her industrial energies. in regard to the COTTON AND WOOLLEN MANTTFAQTITRES, which absorb the largest part of the capital and attention of the people in the eastern part of the State, Lam satwied, trom all I have learned, that that there has been great overproduction at all the manuiacturing centres. In England a condi- tion of overproduction is reiieved by the outlet to the markets of India, China, South America ant Australin; but this couatry has no ontlet, or, hay- ing Oue, does not seek to use it and enter into competition with the productions of England, France and Germany. It would seem tnat our do- mestic Jabrics must Hind @ market at home, OVERSTOCKED MARKETS, The market tru y is very large, embracing a con- tinent, but itis now overstocked, The manulac- ture of cotton and woouen goods has made gi- gantic strides within tue past ew years. Think of Fali River, a place hardly known Hliteen years ago, having more 8) indles to-day than Manchester city proper, in tngland, and more than twice the num- er that Lowell, Mass, possesses, Cocton and factories are not now confined to they are spread all over tne land, and the aggregate production is Auead of the wants of the population. ‘This veing borne mm mind, tt must occur to one’s reflection tuat the financial panic of Wall street is not primacily responsible for the depression that prevaus in the cotton manuiacturing dis- tricts, Had nO pautc happened something like the proseut condition of things must have inevit- ably occurred. Few have any couception o1 the vast quantity of manuiactured cotton goods now in the hanas of the wuo esale dealers in all the large cities, This must be worked off to some ex- tent beiore the busiuess of the mills again spreads to its fall limits, Tar CITY OF NORWICH, with @ population of about 18,000, lives by manu- lacuures entirely, Take them away aud it would lapse into tue insignificance ot a fishing village. it is au old iashioned town, scattered over steep hills and deep howows, aud though its citizens are not ag wealthy as those o: Waterbury, they are just woollen New Bnglaud, aus pious and righteously given. The Water- bury 1olks are too mudest to claim a mo- nopoly of grace, vut tne rest of Connecticut feeis that u Waterbury bas not a io.emost repre- sentation in the Elysian bereatter, there ta uttle hoye .or the remainuer 01 the world, ‘the effect of the panic on the lines of travel is felt on the Norwica and New York ‘'ransportation line of steamers. The City of Lawrence uas oeen taken off the rouce and moored ut the wharves in Norwich, and the ands discnarged, At the Nor- wich and Worcester Railway shops, where sixty men are employed, 008 ireigut train each Way has been taken off, RUNNING ON HALF TIME are the Richmoud stove Works, aud théir month); payroll will thus be reauced trom §5,0u0 a mont 0 Phe the Falls Company. with 16,000 spindids; Winslow Williaa’ Woollen mil, av Yantic; J. Le Hubbert’s paper mill, at Greenville; the Mowry Mill and Axle Works, along wita a reduction o1 the Joree irom 150 to 80 banus; the Suetucket cotton mills, employing 400 Lands; tue Falls Cotton Mauu- facturing Vompany, emplvying 400 hands, none of whom have bee discharged, and the Norwich worsted mils. RUNNING ON THRRE-QUARTER TIME are O. B, Rogers & Uo., makers ot woodworkin| machinery, 1oree reuuced 20 men; J, P. Uolling Co., vurbine water Wheels, Wages reduced ten per cent; Huntington's organ factory, 40 tands; don ter Press Works, 75 hands; the Hopkins & ‘Allen tuotory, force reduced irum 160 to 100 men and Wages cut down. RUNNING ON FULL TIME, Of the large concern, running on fall tim the Chelsea Paper Company, with 276 hauds; the Norwich Bleaching endering Company, 200 hands; the Thamesville kolling aus, oO men; the re Cold Spring Iron Works, 63 ine! Besides these are a dozen smaller estadli ents employing from 12 to 30 men, Which are running their fall seve tb as The reduction in wages 18 pretty general and ranges trum ten to twenty-five per west of , the ut Manuactor! ' employiny 160 hands, uave shut aon Sompany, not be prepared to begin’ operations ior a wonti. Unemployed families in the meautime are given their rent tree. uvber and a paper compan, dovng in @ small way, @re running iui time at the same place, AT PUTNAM the Ballou Manufacturing Company and the Put nam Woollen Company are runing on hail time, ‘The Monobausett mills and the Powhatan milis are stopped. The Morse milis and the mills of George C. Nightingale & 5008 are running five days in the week, HARD TASKMASTERS AND CHURCH MEMBERS. As fur a8 Norwich and its v.cintty are concerned, there is no distress as yet visible, Taere are about 600 hands Of ali kinds out of Work. It must be that tue operatives are schooled to these muta. tions of jortune and accept them as they might the changes im the weather, One hears no com. Plaint arising trom them, though when the bitter days of winter come in earnest tt 18 hard to sup- pose ali of this idie and impoverished class will 3 cent. Temain in hibernation and make no sign. It 18 pleasant to find that the factory own. ers are to act kindy by. their disposed heip. e, to be sure, are oruel a Diggardly, and turn out their bands as they mint 60 many dogs, to starve by tne waysme. They are tew, however, and they are fools besides, Where you fin¢ one mean and heartess factory owner you Will mect half @ dozen who kind and generous. The singular part of it 1s that the mean mao és invariably one of those church mem- bers who lay ther claim to more of Heaven's favor than bis ni bors, and considers themselves the elect. The hypocrites of the churches may be safely put down as hard and ueartie: taskmasters, but, great @ name for tinsel, gingerbread and hum- bug as this State of Connection has earned, the hatives of it are not all hypoerites, There are some Christian gentlemen alnong them who are no counterieits, 3 NEW YORK, The Outlook in Utica di Syracuse—Mills and Manufactories at Work—A Better Prospect for the Winter. Ur10a, Nov. 12, 1872, Although a considerable reduction has been made im the general working torces of some of the lead- ing mills and factories of this city and vicinity, the indications are that the majority of the establish- ments will keep running during the winter. Nearly all of them are now running on full time with their usual force, The Utica Steam Cotton Milis, which employ 700 men, run five days in the week, and the Utica Steam Woollen Miils, belonging to A. T. Stewart, which have been closed of late for repairs, will resume operations on Monday with an undiminished force. The Globe Woollen Mills are als@ running on full time. The shoe manuiac- tories, Which employ about 600 men, are in the same happy condition as their brethren in Roches- ter, They are running night and day, and have as much as they can do to fill all their orders, GOOD PROSPROTS FOR THR WINTER. The Utica Steam Portable Engine Manufactory, Iam told, may possibly stop work soon; bat the company are determined to keep right elong should nothing worse happen than has siready occurred to them, ‘he =6100) men = who were working at the Owens shoe manufac- tory are for the present idie; but by next week they will be re-employed, The Cnad- wick Millia are running on two-third time. Other establishments are sttll wo.king on full time and with no reduction of wages or force, @nd_ the manulacturers say that they feel confident that they can keep the men at work during the winter, ‘We shall keep on working,’ said one of them to me to-day, “as long a8 We have muney enough to buy 6tamps."’ ‘This rather extravagant way of expressing his de- termination to fight the crisis ts but a single indl- cation oi the general pluck o1 the manuiacturers, ‘They one and ail say they will HOLD OUT TO THE BITTRR END, 80 long as they can get money enough to keep their macuinery to work; and what 18 bet‘er etll, they one and all believe tnat they will be abie to keep their men constantly employed. This ieeling is certainly far trom being pannicky. THE ILION FACTORIES. The Remington establishments in Ilion, Herkimer county, ure working, 1 learned to-day from a gen- tleman connected with the ‘Armory,’ on full time and witu a full jorce. About 1,000 persons are employed im the three factories, and the party I reier to states that they will be retained during the winter and that no redaction in wages is contem- plated, THE ROMB IRON WORKS. The Rome Iron Wor! which employed about 800 men, have closed. The iron men thus thrown out o: employment—at least the puddiers—made an offer to the company, ii retained, to take their pay in scrip, at three and four months; but the company reluctantly bad to tell them that they could not keep the works going. 1t 1s said that the company has about $300,000 worth 01 stock in the matter of puddied iron, &c., and that the works may, possibiy, be opened during the winter if the demand for rails Pesites such a thing, It is estimated that about 3,000 men wiibe out of em- ployment during the winier in Utica and vicinity. I may add just here, as a sort of post note, that the mills at Littie Falls are running and no reauc- tion in wages or time bas been made, at least 80 1 I have been iniormed by @ Manufacturer who came from the Falls to-day, Syracuse, Nov, 11, 1873, The crisis has spent its force in this city, and it ig now the general belief of business men that the winter Will not be so severe upon the community in a financial point of view as many were led to think it would be a few weeks ago, Con. fidence has been almost completely restored, and the general feeling is of the most en- couraging character. From all that I have been able to learn from the manufacturers it would seem that the depression tn New York city two weeks ago had more to do with the de- pression here than because of any unsoundness of the banks of Syracuse or the distrust of the busi- ness men themselves, Still, the order of the day in most all the manufactories is curtailment, not So much On account of the present money strin- gency as on account of THE UNCERTAINTIES OF THE FUTURE. The manufacturers are in good spirits und declare Their ability to get along throagh the winter with- out any serious danger of a tailure of any ol the large éstablisuments. But to make this assurance doubly sure they have come to the conciusion that ior the benedt of the workingmen generally @ little hauling in of sail is necessary. They Bay that it woul? be foolish on their part to keep piling up stock while collections are s0 slow and in the face of whgt they look upon as a bare con+ tingency only—o! worse times to come. The re- sult of this conciusion is tue same in nearly all the workshops—a reduction of force, and most cases & reduction 01 ime and wages, * there are about 1,500 men, ordinary laborers, now engaed on the city improvement work, who will be, of course, when the cold weather sets in, discharged; but this 18 only an annual occurrence with the ordinary laborers and cannot be placed ag among one of the results 0: tne crisis. also 600 men at work on the Central road, where the beds are being made for the new double tracks, Who will share the fate oi the laborers in the employ o! the city end at about the same time, ‘There are usuully about 3,000 men employed IN THR MACHINE SHOPS, including railroad shops; 600 in the cabinet ware manu.actories and 600 in the tobacco trade, which is quite large here, Apout ten per cent o: these have been discharged. Many oF the estabiish- ments have reduced the wages of the men they re- tain and reduced the working time aiso. VIRGINIA. The Prospects Business in Richmond— How the Panic Affects the Trade—Ten Thousand Men Idle. RICHMOND, Nov. 10, 1873, As was the case over the entire country, the first disastrous biow of the late financial panic came like a thander-clap upon the banks here, and 60 stagnated them that they have never yet re- covered entirely from its original effect. Beginning with the banks the paralyzing Influence of the de- pressed monetary system soon permeated every department of trade and industry, and the woole community here suffered to an extent corresponding with respective interests, industries and trade. The raid commenced on the banks on Friday, September 17, and con- tinued to seriously harass them without intermis- sion until the 2d of the same month, when it partially ceased and a momentary lull was ex- perienced by the unfortunate bankers, This was indeed bat temporary, for on the succeeding day came the disastrous news 01 the total suspension of nearly all the Petersburg banks, which con- verted the dnancial storm here itito a perfect hur- ricane, THR BANKS, Ag A means of self-preservation, adopted the plan of paying checks of $100 or under only, and, as a further supposed means of relief, the Clearing House certificates, singly or collectively, by which they were all saved from utter ruin,” AS @ natural consequence, the commercial and manuiacturing interests of the city and the agricuitural interests of the State have materially suffered. The banks having exhausted their ready means, and being deprived of their usual line of re- discounts of paper inthe Northern cities, have 80 tar been unable to afford reilef to their customers, except in causes where they have been been actnally compelled to renew paper. This action on their part affords temporary relief to the com- merctal and mechanical classes as to their past and maturing obiigations, but the general business of the city is prostrated for the lack of funds to run its manufao- turing establishments, and likewise to move the crops. This state of affairs affects the interior of the State toa great extent, and all classes feel to a greater or lesser degree the baneful effects of the panic, The question now presenting itself ts, Have the banks improved their condition aiter nearly two months’ partial paralysis ? Lam forced to conclude not to any great extent. THE RUSH TO WITHORAW DEPOSITS has ceased, but still [can observe there isa great want of confidence among small depositors, and a very unwise disposition is manifested om the part o1 many others to withdraw their deposits in small sums, as if for use, but in reality to hoard, Nor fs this great want of confidenve confined to people of smaii means, There are those now in Richmond who aro piethoric in purse, and There are | NOVEMBER 15, 1873.—TRIPLE SHEET. who, thougs in times past willing vo tena money N @ 00d vercentage, ure now, according to their own statements, as “poor as church mice.” this tends to crippie and operate aganst the bust- ness and trade o/ ali classes, To their creuit be it said, the merchants and mecuanics have nooly stood upto the Uying emer encies o! the times, and, like men, have lent each orber a helping hand, They exercise mutual forbearance with eact other, and so far they have in all instances suc- cessfully weathered the storm, them of any importance have been reported an they are now ooking auxiously forward to the dawaing of a Diignver day, Perhaps the department of trade, so essential to Prosperity in Virginia, that has suffered most by toe financial troubies is THE TOBACCO TRADE. In the first piace, out 01 about seventy factories, some 01 Which Lave entirely suspended operat ons in the last two months, iuily 5,000 persons usualy employed in the manufacture of tobacce at this season have eeu throwd out 0: employ. ment, Of course women and citidren, a great majority 01 a.1 being nezroes, are meiuded in Cis number, and it is auticipated tnat great suner- ing among them will ensue if times do nut improve, The second effect injurious to this industry and trade originat ng trom the monetary crivis, notably at the Tovaeco Excnange, 1s that the transac.ons mn tae weed during the t two montis have been reduced al least three- fourths, 1 Lot iour-liitns, while prices Lave “garupk terribly,” to use the expression oi Mr. Peyton Wise, upon whom 1 called ior iuformation. ‘The third and wost importaut effect upon toe oa- ta nal government resulting irom the pantie ts that the customary revenue 0; the United States ,ov- ernment (rom the articie of tobacco in this city has been reduced iuily two-tirds, ‘ihe results ex- hibited in these statements and most of the diil- culties under which this burdened tovacco trade labovers have been largely coutribated to by tne action of tue government itself, “his consists in the sact that tue lreasury Departmen’ at ashing- ton tas ca sed tae daily revenue collections to ve transmitted to Washington, tnstvad of beings deposited in the banks here, as was the Case deiore the pauic, Couid a wiser and more liperal course prevail, and especially could the government be induced to keep its collections here on deposit in the national banks for, say sixty days. tt is not doubted that its own revenue would be immediately increased and that certatuly vreat, if ouly purtial reliei, would thereby be extended to the mass of COLORED LAORERS who are entirely d-pendent tor daily bread upon the Ife of the tobacco trade. A similar state of atfairs with regard to the tobacco trade exists in the cities of Petersburg, Lyncnburg, Danvilie, and several towns Where tovacco 18 largely manulac- tured, Next in importance im polut oi material Prosperity is THE IRON FOUNDERY TRADE and business in Kicumond. ‘The great Tredegar iron Works Company, in consequence o1 the iadure of the various raioads, or which they have been constracuag cara and other mate- rials, tO pay tuem, have been obliged to laigely curtail operations, The effect o: the pane upon this large estaviishment, which usually employs 1,300 or 1,400 mechanics, gud laborers has been very serious, All (oid, irom 800 to 1,000 0 tuese euipoyés nave been dis- charged. The car works are entirely suspended and only & mouerate working force of about 200 men are now employed in the entire works, The wages fuve been also temporerily reduced trom ten to twenty percent, At Tanver’s lron roundery, Talbot's, aud others, neatly @ similar reduction bas taken place in proporien to the number em- loyed at each. The O.d Dominion Nati Works alone ave weathered t.e storm ana have not reauced their working jorce materially, It is-estimated that some eigut or ten thousand laborers anu me- Chanics are thrown out of employment in this city alone, among Who there will be intense suffering during tie winter mouths if some provis.on jor their sustainance is not made, Alter the iron and tobacco interests comes next in importance, 1u Kichimond, the dour trade, ‘ihe Gallego Flouring Milis stand second to none in te Unived States in the essential particulars of tne quantity manuiactured, the quauty f the articie, and the iavge export trade which is done tu it. Among its remarkable qaalities is one—tuat traus- portation. to foreign countries by sea does not euect 18 taste, flavor or condition, owing to which nearly all the four manwiactured here ts ex- ported to Brazti and vtuer south American couu- tres, Two millers with whom | bad an interview imiormed me that the price of Ricnmond flour nad been less elected than any other in the country by the lave panic, though the demand had consid- erably fauen oi, and what 18 suid isnot at the usual ;rices, The short crapsin the State hada tendency to heep up tne price o1 wheat, the re- ce.pts of which sixty days azo, 8,000 ‘to 10,000 busuels daily, were now reduced to 2,000 busneis. Until within a few weeks ago all the mills here were at work with aiulitorce, Out of the stock on hand and with the present reduced force tu the iurgest mil, there are several Vessels now beinz to ded with four tor | exportation: two sr Rio Jan . one tor Rio Grance and one for Liverpool, Tue shortuess of the supply of wheat, the lightness of the stock of flour ou hand and the usual dulness o1 the trade in tue winter mouths, taken m connection With a lurge demand for Europe, will tend to keep the prices of Richmond flour up to its usual standard, Tne combined mils do not employ more t au 200 hands, and one oi them has reduced its force over three-‘ourths. itis estimated (hat about iorty or fiity empioyés dependant «on the milis, such as Coopers, teamsters, wilers and laborers, iave been discharged, and they will have to eudure great dis- tress du.ing the winter mouths. This 1s the only sad feature ot meee here in connection with tue financial crisis. For information concerning THE BUILDING INTERESTS, All | Steamsmp Vomuany carriea quite & of cotton north lately which came over the Pied- mont Air Line Kailway. Their freizhts South are higot, and there 1s ikely to be @ sharp contest, a% fhe Loriilards have put on a rival io Oo: steamers, The Clyde line to Philadeiphia have pienty of ireivht North, but compiain o: little back freight, Coasting schooners are naving plenty of coarse freight. in the Way 0! granite, to New York, Phila- ‘The granite qu. rries are 4ull torees, employing aboub 2,000 paying Out about $125,000 per month, SOUTH CAROLINA, delphia and Washington. No jailutres amon, all worsing men, md Progress of the Panic at Charleston—the D:) Mficu'ties of the Cou ton Factors, Manufacturers and Fer- tilizing Concerns, CHARLESTON, Nov, 8, 1873, The tidal wave of financial rain which has awept with such disastrous results over the entire length and breadth of America expended some of its fury in the commercial metropolia of the Patmetto State; but the old “City by the Sea,” although of late years proverbially unlucky, tas, in & great measure, escaped the consequences of the storm. This escape was the more noteworthy and the more providegtial from the ‘act that the crisis was totally unexpected, and, consequentiy, no preparations were made to avert the consequences. When the first mutter- ings of the storm were heard in the North the great finaucial lights of Charieston wondered at the shortsighteuness which led Northern capitalists ito wild speculations tn faney stocks, but their equanimity was not in the least dusturped, On Friday, the 26th 0! September, there was an un- usual tightness in the money market, and as the news was rapidly flushed over the wires of bank suspensions in every city of the Union tho first panicky symptoms began to manifest themselves, On Saturday morning, the 27th, there was a run on the banks, wnich caused some of them to suspend currency payment. ‘These were the South Carolina Loan and Trust Company, the Pe: pte’s Bank of Sourh Uarolina and the Planters anil Mechanics’ Bank. The national banks (three fa nomber), however, faced the storm bravely, and paid out greenbacks allday. This saved the o.ty. As the hours passed by and the tellers at the national banks continued to pay all checks at their coun- ters, the people began tu recover from the effects of tue panicky feeling which had induced the rush, and at the close of banking hours a very general teellng of renewed eoafidence began to manifest itself. This was strengthened on the following Monday by the action of the national banks, who, without an arrangement of any kind among themselves, tided over the trouble and saved the community from almost complete financial destruction. In a few weeks one of the suspeaded banks—the South Varolina Loan and Trust Company—resumed business, and the financial troubies seemed to oe ior the time over- come, The total capital employed by the two sus- pended State banks 1s not more than $500,000, ‘This was the first crash of the panic in Charles- ton, Terribly rainous consequences were averted by the confidence of the pevpie and the prompt payments of the national banks, F’om that time out, however, it Was appareut that the financial screw had been turned, and despite her lucky es- cape from the first shock of the storm Charleston, like ali the other Southern cities, was doomed to suffer from the prevailing financial epidemic. For @ short time business was at a stanastill. The wholesale merchante, catculating upon a splendid fall business m consequence of the unpreceaented health o. the city during the past summer, had made heavy purchases at the North and were prepared for and expected large and remunerative saies. The crash came just at the time when the merchaits und planters from the tutertor of tie Slate were aceustomed to come to the city to make their fall and winter purcuases, aud the firt fiood 0. tue Neecy staple wad justi vegun to set in steadily, ‘ihe viow was severe, and even the staid and steady old mercnant priuces oi Charleston were ora time dismayed, As the taoney market in New York tightened the dificuities here in- creased, The difficulty in negotiating bilis oi ex- change h ndered, and for @ ume almost paralyzed the sale of cotton. For once tue standard Southern stayie was @ drug io the marset, King Cotton trembied on his throne, and the thousands of fleecy bales lying about on the wharves aud in the Warehouses became so much die capital. Aithough tne factors were provided with socks, which they were willing to dispose ot on liberal terms, the market was blocked ior the want of a circulating medium. This siate of aifairs, how. ever, could not lastiong. It must be remembered that tue business men and Capitalists of Cuarleston have pot yet come iuio the gew way Of insking money—viz., by speculation in iancy stocks, The banks were solid and the business men firm, I called upon Mr. M. J. Dimmock, architect, at his office, over Lancaster's Bank, on Main street. He imiormed me that 60 .ar the tate financial panic nad had no effect whatever on any uf the various buila- ing interests in Richmond, It was true that no new buudings were now being put under contract, but ali those in progress ot erection when the panic took place were still being built, and are bei g pushed towards complerion as rapidly as if there was no depression in the money market. He mwen- tioued the Cus 01 O1.e geutiewan Who Was erect ng | a@ viock of eight houses when the financial crisis took place. At first this gentleman thongat o1 sus- penuing operations entirely because 0, a doubt as to his ability to meet tue payments of his con- tra tors when they elldue. He did not suspend, however, but continued work with @ iull | force and happily weathered the storm, One large employer told Mr. Dimmock afew days smce he needed more carpenters than he had now employed, and so far as he kuew & single hand had not been uischarged tr+m any oi the shops in tue city. but while the mechanics employed in the varivus branches of buiding were | now ut work, it was imevitaole that as soon us the | present works on hand were compieted there would be @ total suspension in this line. This would, however, bring the mechanics to tne wiu- ter season, when building operations usually cease, and probaoly by the Cl ined Oi spring the money market would be ina more healthy condition and employment would be ample to meet the demands o ail the resident mechanics. Ao effect o1 the panic has been rather to cause an ADVANCR IN THR RRAL ESTATE BUSINESS. Peopie whoss confidence is now snakeo in banks, rauroad stocks and other investments are sinking theif sui pius funds in good real estate, city prop- erty principally. Hence there 18 a demand tor ee building lots, and city property o1 au Kinds aus mmereased, wad consequentiy prices have ad- vanced slightly, and speculators in this vranch have their hands iuil at present. In the wholesaie DRY GOODS JOBBING TRADE the season opened with the liveliest and best prospects, Alter the panic the business began to assume & decidediy gioomy appeurance, but it shoctly revived anu enubled the dealers to live at least. Since, and within tae past month, opera- tions have veen better, but the smail merevants irom the mierior are without money, and traas- actions have mosctiy to be made on binety days, Demands and orders are as active as ever, but money tuere 18 none; hence it as oeen the policy of dealers to induce the retailers to purchase us littie as possible, and to pay for What they get at tne earli st moment. Frequently consignments of wheat, tobacco and country produsze are made to | commission merchants, upou which the dry goods men are told to draw tor tunds to meet their bulls; but no sales being made of the produce, there ts no | pane forthcoming, and trave 1s necessarily stag- nated. THE RAILROADS AND TRANSPORTATION LINES centring at this point have been more or less affected by the financial troubles, and also by tue yellow sever at tne Souti, The Cuesapeake aid Utuo Railroad was tne first to feel the crash, owing to the embarrassment 61 its anancial agents in New York, and also to low water in the Uhio River, which for a watle destroyed their Western con: nections. fhe business of this road under tae present duiness of trade is only about one-hali what it ordinarily ougit to be. [he force o1 em- ployés have been reauced to the minimum, and although econom has atways been the rule, rgia economy is now enforced. The Atiantic, s18- sippi aud Ohio has suffered materially by the almost total suspension of business at Petersburg and the strike of (he empluyés on the Kast Ten- nesses, virginia and Georgia Railroad, which 1s its main Wes.ern connection at Bristol. ‘The strike is now ended anu business has partially resumed its regular cuannels. The Petersburg and Weldon or Atlantic route South is domg a jair passenger busi- hess, bat ireights are dull, because consiguees cannot be got to pay for treights and | take them way upon arrival at their | destinations. lis general traMflc has been reduced about forty per cent. dhe Richmond and York River line i8 doing a iair business, con- sidering the dulness of tie season, being chiefy | patronized by tue merchants of Baitimore and Richmond, Its _recetpts have not sallen of more than ten per cent. The R.chmond, Fredericksburg and Potomac Kailroad does a jar passenger tranic, but femuts have jaiieo ou, and they now only run tr-weekly treignt trains, The Richmond and Danville Railroad, more commonly Known as tne Piedmont Air Line Kaiway, extending from this city to Atlanta, Ga, have discharged a numvper of men, reduc! to their winter force somewhat in auvance 0. their usual time. The men in their shops are Working on reduced tine; but tue com- pany ee Ly paid the November interest on its bonded indebtedness, The business o1 this line has not een reduced in passengers—the openin, ol their new line between Vharlotte, N. C., aud Atlanta, Ga, lessening the distance between New York and ‘Nev Orieans about 100 miles. The ireights South have talien off about forty per cent: but that North, which 18 principaily coiton, shows a sligut increase latierly, STEAMBOAT LINKS, The Powhatan Steamboat line to Baltimore, by and behiud all this substuntiality§ lay | the great Southern staple. Tue pressure was great, but it was only temporary, and, although cotton bezan at once tv go down, and the planters were strongly urged oy sume to noid their cotton until a jeaction came avout, they were mo%ed by wiser and more bonorabie motives. THE SITUATION AT PRESENT JS GLOOMY enough, but yet Charleston has much to be thanktul for, As I have veiora stated, the remark. abiy ueaitny condition of the city wuring the sum- Mer months gave rise to anticipanious of an uopre- cedentedly heavy business in the fail, And these anticipations were oniy disappoin ed vy the unex: pectel stringency in the mouey market. On the Wholesale jobbing trade the effects oi the panic are provably most apvarent. The jovbing mer- vhants oad made heavy purchases in New York rior to the crisis, wuich Las caused the merchanis rom the interior of the Scate to nold or, In con- Sequence of this the trade is in @ great measure crippled. The montily sales of one o! the leading wholesale dry goods houses nave fallea off trom 3,000 to $16,000 during the montu of Uctuver. The announcement recently made that the prices of goods were to be redaced by the Spragues caused considerable ot a stir a1 ng tae dry goous men here, but the trade has remained sound, and beyond the temporary loss of business no serious eifects are linely to ensue. The retail dry goods men, With an eye to business, have mvariably sent the cash to New York to purchase go ds, claiming that they can purchase for cash at greatly reduced rates, and the trade in the city nas consequently been rather brisk. IN THE MANUFACTURING DEPARTMENT the loss has been much more serious. ihe great mManulucturing interests of Charleston are con- fined chiefly to the mining and manuiacturing of phosphates, and the business 18 voaducted by about. a dozen ex:ensive factories in the suburbs, The labor employed in this branch of business consists aimost entirely Of unsktlied negro laburers, field hands, whose Waxes average from 76 cents to $1 50 per day. About @ week belore the commencement oi the crisis a strike occurred among the workmen, who demanded $2 60 per day, it was an uulortunate tume for the strikers, There was very littie de- rge umount | nl ponded Gent sAddiea apon the Stax 40% ernor Sco!t apd bis henchman, Niles rn P Bren toe ex-State Treasurer. ‘The General Assembiy mot om the sth of r, and, being co: almost entirely of needy shysters and im- pecaaious politicians who -ha' no visible means of 8 rt other than that which isto be derived irom the small *makings” trom the public Treasury, the main questioa—vu.,. the scaiing of the public deot—was abandoned, and our statesmen first addressed themselves to the ques. tron of raising the wind. Various plans were sug- gested, the most feasible being ti yd oe $202,000 eceivabe by the State. The situa. tion was pressing. The taxes were not due anté Janoary next, the Treasury was empty and the ps had the Assembly were financially banke rup' GLORGIA, Accommodation—Suggestions Local Currency. Auausta, Nov. 7, 1873, The commercial and financial situation in Geor, gia ts not very encouraging. The local press ea- Geavor to Keep up the courage of the people by assertions of better times and @n easier money Market; but no one believes them, because every business man in the cities and every Planter tm the country knows to the contrary. Since the 20tm Of last September Georgia has experienced & fear ul financial stringency, and affairs seem to grow worse aaily, instead of better. It is true thas the banks and banking houses which suspended, after a slight resistance, under the influence of the run made upon them during the panic week, have resumed to a crrtain extent, but these re sumptions have afforded put lttle perceptivle relief. The banks pay aepositors, but they are un- able and upw lling to extend the usual accommoda- tion to the business public and bence every branch of trade is budly cramped. To add to the troubles 8 depressed cotton market has loHowed the panto, andthe stayle is to-day bringing on an ayerage throughout the State eleven and a half .to thirteea and a quarter cents. Ag the very lowest estimate made by planters and factors when the crop was “pitched” wag fifteen cents, it is easy to see what.the loss on the present crop will be. To an derstand why’ the South has been so serioubly affected one must also understand how business ts generally conducted im tnis section. Since the war the cotton planters have beem running their plantations almost entirely upon credit. At the beginning of every year the planter procures from his factor @ sum of money sufficient to pay for his corn, bacon and supplies generally; his stock, his wages and his commercial tertilizers, which last item has grown to be @ very heavy one in the planter’s annual expense: To secure him- self the Jactor takes amount advanced, payable on November or December, with interest at the rate of from eighteen to twenty-four per cent per an nom. This note is secared by @ mortage upon all the stock, farming implements and otuer personal peppery owned by the debtor, and also by what ts nuwn &s a crop lien. By the terms of the lien the planter obligates himseii to send al! the cottor whieh he may make to hig creditor tor the purpose f paying his indebtedness, and upon a failure to comply with this contract, the factor may foreclose tus liea in 4 summary manner and enter upon © plantation and take possession o1 tne cotton. factors obtam the money which they lead to the Planters at THE HIGHEST RATES OF INTEREST from the banks, either upon their own paper upon drafts which they have accepted. ‘ihus will be seen how completely the planters are in the power of the factors and, also, how completely the factors are in the hands of she bankers. Stimu- lated by the high prices whion cotton brought last fall and winter the planters prepared for an ang- sually large crop. ‘The average was largely ta- creased Large or is as wed ag the expenses of cuitivatiun, were purchases made of guano, phosphates — of description. bacoa, corn, &c., and neces iiade by factors were proportionately heavy. It ts no exaggeration to say that imlly tweive cents per pound were ad- vanced upon the crop of Middie and Southwest Georgia, and the guano and other hens were usually made payab'e in cotton at diieen cents pet pound. Upon the ist day of September the pros- pect for the autumn and Winter was as brillant as one could have desired, Cotcon was worth eiga- teen cents, and t..e indication seemed gvod iof aa adrance to twenty. ‘Tne merchants brought out heavy stocks of goods to anticipation o/ a heavy business, and flush times seemed close at han ‘Two weeks alterwards Jay Cooke & Co. failed, the money troubles in New York commenced and BUSINESS COLLAPSED AS BUDVENLY and as completely as a cholera patient. Since the 15th of September nothing has beendone, The Merchants brought out large stocks of a they remain upon their hands unsold. The coua- try trade, always the most lucrative, ts this sea s0n vaine.ess, The planters have no money and can make oo purchases. The factories are running upon half time, but there 18 no market for the goods manuractured, aud they will soon be com- elled to stop work alrogether, Coilections ave ceased almost entirely, aud mand for fertiizers at that season Of the year, and all the factories liad accumulated stocks on hand, The mull owners re‘useu to pay the advance de- manded and closed their milis, preferring to he for the tg on the stock on hand, ‘then 1ol- jowed the crash ana the consequent tightness in the money market, which placed {tt out of the Borst of the mils to resume, and lett a large num- pr Or coiored men out vi work. fhe pressure was ieit in ali the machine shops and factories in the city, Who found it impossible to make collection. ihe most exten-tve of these are now bering only arty per cent fu cash o1 tueir weekly pay rolls, The large printing estabish- meut o1 Walser, Evans & Cogsweil, where several hundred men and women are employed, 18 work- on three-quatter time, The extensive mach.ne shops © Of the south Curotina Rafiroad are working on iil time and at full wages, but @ revuction of Wages 1s ineviiable; and showd the shrinkage in vaiues conutimue there must be @ general reduction of Wages ali through the city. ‘The reai truubie at present in this section or the country is tie want of currency, [hia is where the shoe pine We are starving for currency, and unless relief comes irom some quarter ver; shortly, our sufferings threaten to be prolonged, Various effurts have been made to relieve tue stringency, but, as usuai in pauicky times, money seenis to absorb itsell. The News and vourier tne leading paper in the State, has boldly advanced the idea Of an increase oO; the amount o} tie cir- culating m dium, be South Caroliaa Railroad, whicu has au annual freight business of abuut $100,000 or more, has issued @ limited amount of “gure tickets” with Which it pays its operatives and which are generally taken at par "y the dealers in the city. In Co:umbia, o. C., and Savannan, G: city mouey has been issued, and in most cases a very imgenious device has been adopted. rhe issue has been made to resemble as Closely as possidie the ordinary greenbacks, in oruer if insure its circulation. Uf course inteliigent people will under .tand that the tare ticaets of the South Caro- lina Railroad are good, dolar tor dollar, ior the reason that the business of the road warrants its issue, and all {nteiligeut people will, in times like the present, receive 1t, But the trouble ig with the old mammas in the market, and with the negro hucksters, among whom it would certainiy not pass current for its similarity to greenbacks, THE PUbLIC FUNDS, In this State the panic has Operated with pecu- liar severity upon, the State government. There never has been @ time in South Carolina since Teconstruction that money remained in tue pubic treasury thirty days alter it was paid tu, A tax of over $1,500,000 18 levied anuually to run the expen- Sive machinery, and ts generally promptly paid. Yet tuere ha’ never been a single year ir Wluch there has not been a large deficiency. fue taxes @re generally collected ta January and February, during the session of the Legislature and by the Ist of April it is generally exhausted, leaving & large debit balance to be met out o/ next year's ap- ropriation, This year the dusky Solos of the the James River and Che.peake Bay, complain of Jalling of in their ireigutg, The Old Sominton and have been called together in extra session tor fhe purpose af sea tue enormvus irauduieat the wealthiest men find it almust an impossibility to pay the smallest bills. Literally tuere 1 20 money in the State, and unless the pressure is soon lifted or else materially ligntened a mosé disastrous commercial crash must inevitably en- sue. The cottou receipts are heavy and sales are proportionately iarge, but the price realized is 80 low that the pianters will be utterly unable to liquidate tae indevtedness, Some effort has been made to afford relief by the issue of local currency, but litdle of good has been accomplished in this way. The people have lost faith im everg- thing like @ paper promise to pay, and it is only hard money which will restore public confidence, The state 13 realy, wiiliug and anxious lor the ree sumption of specie payments, and are totally Opposed to any measure Which squints even @t ex- pansion. THE PANIC ELSEWHERE; RETURN OF GOOD TIMES, The New England journals are rejvicing over the Prospect of a speedy retarn of good times. OHRAP COAL, Not over half the quantity of coal that has here- tofore been used by the mills will ve consumed cas winter, and it 1s thought that in consequence coal Must come down materially in price. A PRINTING ASSOCIATION GONE UNDER, The Meriden (N. H.) Printing Association has Collapsed for the want of funds, RESUMPTION OF WORK. The New Bedford (Masa.) Standard of November 11 says:—Work has been resumed by Mr. Ourntst, the contractor, on the Westport pvuition of the new road from Smith Mills to Watuppa Narrows, THE BOOT AND SHOR BUSINESS IN AUBURN, MB, Two and a hal! million dollars ts the capital tn. vested in Auburn, Me. in the manutaciuring of boots and shoes, BURDEN'S MILLS, AT TROY, N. ¥. One train of rolls 18 running this week at Bur. den’s water mi] for the purpose of making rivet iron, All otner departments or the works, exceps one or two rivet machines, are still idle. NOT MUCH LIKE HARD T:MES. The Delaware and Hudson Canal Company, Rent sclaer and Saratoga division, are doing a heavy business over their road this fai. Six freight trains are run daily from Schenectady to the Norta and jour datiy irom Trey, MATTERS IN ORANGE, N. J, Although there ure a number of men out of em- ployment in Urange at present, the aumoer t¢ not much larger than Wouid ofdioarily be the case tris season of the year, as Most ol the men that are {dic are eitueT hatters or street laborers. Hut ting is geuerally dull this munth, and work om the sireeta usually ceases about tne lat of Le- cember, LACK OF BUSINESS AND LOW WAGES ON THE OHIO RIVER, t The Wheeling (W. Va.) of November Ii says :—Busiue: on the levee {s very dul am eamboatmen are discouraged, There is very little doing and wages are getting very low. OUTTON ITEMS. The incoming cotton crop wilt be of the best marketabie quality, as the season for gathering 16 has veen without a precedent Jor miauy years. ‘The greater portion hus been picked without suille cient rain to discolor the staple. On the 1st day of Septemocr New Orleans mid- dling cottou was firm in New York at twenty-one cents per pound. [tis now aull and droopiga at 1434 ceats per pound, a deciiue of 64 ceuls per ound, or $29 26 per baie, averaging 450 pounds, Hstunat.ng the cotton crop wt 3,900,00 aera Awerican, for 1873 and 1874, now the most popular peers, the Southern states have lost by this de- 12375, 000. nie MaNoracron HS OF NEW HAMPSHIRE, oe ‘Tne Norway Plains MaowactOring Company Rochester have reduced L-| be ig of the opera i sir mills fiteen per cent. Hye aperatives employed by the Waumbek Manu- facturing Company, at Miton Mills, have beem nouved that their wages wil be reduced fiteem Per eres Falls Manufacturing Company is runs ning on three-lourths time. Tue Littiecon Woollen Mill will run fall time for the present, but the pay of the operatives bas been reduced fiteen per cent. The bxeter Mauuiacturing Company have ree duced the time oi runniog their cotton mill to eight hours a day and tive days & week, in conse- quence of the times and alterations im their mill, necessitated by the erection of tue new mill the past seasou, ‘The same reduction in the hours of labor hag been made at the mii in Pittsield, whick 1 Owaed substantially by the same stock tulders, ‘dhe Mancuester Print Works will dono more

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