New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-04

panys receipts bearing intercst Tho rolling mills ore
suffering from the scarcity OF money than other
iron manufacturers owing to the fact that their pus
lie largely connected with railroads. which are
charged with being the main as well as the first
victims of the panic. The other branches OF iron manu-
acture in Cleveland very extensive, and Include 90
mills and factories making rails steel screws Ia new
articcl stoves boerpates, springs. &C. These are all
running on the usual time and with very nearly the
usual force though most OF them are talking OF reduc-
ton soon unless business improves. Their trade is
largely with the West where currency is either pentier
boarded less than in the East as they all Represent
That their collections far more easy and prompt from
that quarter.
TIE OIL REFINING AND LUMBER INTEREST
Next 70 the iron manufactures oil refining is the
largest interest in Cleveland. Most Of this business Is
done by the " The Standard" Oh Company winch mas
tho largest establishment in the country Their est-
mated product for 1873 is 100000 barrels ana 'hey CHI
ploy in their business including eoopeTage' iCV men
and with payroll o. $4,000 week 1sey nave inaue
reduction yet, bdt intend TO DO so aHas eonnue
much logger as they now arr i" demsnd wb,eb Il
at present very hght owing 10 large PIT PIT
condition OF foreign exchange also embarrasses
me business, and they nave had good deal OF dmculy
Der trade OF this is very extensive. although EN-
ployinE oomparatye,s few hands. Toe trade is very
Albany and West Troy. Cleveland has large manufae-
tory OF agricultural implements which 1ssil running as
by the " White Manufacturing Company" which gives
employment TO large number OF men, ana hhs thus iar
made no reduction in time or wages.
Cleveland capitalists are largely Interested IN tne
Lake Superior iron mines, which supply nearly all
the ore for this city, Pittsburgh the MahOnlng Ohol and
ChenaDgo QcnnJ Valleys and, IN fact, furnaces al
through this State aud Pennsylvania TINS has been
fortunate year Tor the Lake Superior mines the price Oh
aud the production having been larger bhan ever D.
fore. The shipments OF orc from the Lake superior
region between the mid lie Of May ana the 2d OF Oclo
ber this year. have been 10300O gross tons. OWING 10
the panic, however. ana partly perhaps TO over
production. the price OF pg iron mas iaHeh 50
low that 1t cannot be manufactured except at
loss, aud The consequence Is inc stoppage
OF blast furnaces IN every direction. Ihere are
about blast the MauOu1ng ana SuelanSo
Valleys ON the borders OHIO and Pennsylvania, three
quarters OF which viii be forced 10 sop IN lew weeks
Gentlemen interested IN the Lake Superior mines INFORM
me that there 30 charcoal furnaces III Northern
Michigan employed reducing Lake superior ore,
large number OF which viii GLOW out soon the 40
preston In the iron business cOnnues ana prOD1oy
1900 men in that region, including miners, VIII DC
thrown out OF empOyment. =, A., hi
The banks in Cleveland are represented by the Dus
ness men as having done all that could he eXpeteu or
them during the pane. and are anN0usly Wdtchls w
curse OF the NeW-YOrk banks as guide 10 IutuIS
seton The two savings banks here have deposit VI
ibOut $iOOOO0J. There has been no run on them put
large uumOcr OF operators should DO tArOMn Out OI
work this Winter gradual drain on tne banks is ntci
pated the coming Winter which viii Obhge them 10 can
their loans and Will. tue END. very seriously ahect
estate which has gone up 400 per cent III te suburbs
within the last three OF four years.
All sorts OF notions are entertained here as elsewhere
~ 40 the causes Of panic and tS probable duratOn
but most people are bOpS that II viii be OF short dura
on aud that by early spring, II not sooner, all kinds OF
business. except RAILROAD 0ddihg VIII regain l's IoEer
condition.