New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-27
EFFECTS OF THE PANIC IN THE MIDDLE
STATES.

GENERAL DEPRESSION AT C0HoEs-CIosING OF THE
HARMONY MLIs-ALL THE TROY IRON WORKS
EXCEPT ONE. IDLE--THE ALBANY MANUFACTo-
RES STILL HOPEFUL.
lFRoM An OCCASIONAL CORRESPONDENT OF THE TRIBUSE
ALBANY, Oct. 25.-The manufacturing indus
tries of the upper Hudson, comprising the cities OF
Albany, Troy, and Cohoes, aud embracing population
OF l5OO beginning TO feel the effects OF the recent
panic very seriously. Toe correspondent Of THE TRIB
ryE has visited the leading manufactures Of these
cities during the last two days. aud the following will
he found to be correct report Of their condition and
prospects AZ the present date.
At Cohoes which claims population OF 10000 the re-
ports favorable up to the present time than
was be anticipated 1t is estimated that 1900 Of the
population OF COhoes employed way or another
in her various manufacturing establishments aud Of this
number about three fourths women and children.
The pay-rolls OF all the manufacturing establishments
I'm COhoes foot up about 100000 monthly and dis
trbuted follows: The Harmony mills coton), $4,000
knitting mills (wOolen shirts and drawers $4,000 iron
manufactures SS7OO cotton thread mills, $780, build
iag and planning factories $500 manufactures OF bed
steads s7OC pin factory, SLIGO; bobbns $500; furn
ture factories, $1,000; cement and plaster works,
q 800; Cohoes S. Is. manufactures, 1850 None
OF the establishments have yet discharged
any OF tGe.c employees reduced their wages
ia consequence OF the panic but all OF them expect TO
be Obliged TO 10 very unless affairs improve.
their force by the LIST of November and of them
will probably stop altogether. The knitting companies
have hitherto consigned their goods to commission mer
chants and have been In the habit Of receiving large
advances thereon but they longer get advances
The sales by the commission merchants this Fall have
also been very light and there no demand for more
goods Unless there is a speedy Improvement in bust
ness there is other but for the factories to stop
E1speaker Younglove who is superintendent of the
Cohoes Water Power Company, says 1t Is not true as
reported in some OF the newspapers that any OF the
knitting companies OF Cohoes have given their employees
the prviegeof working for so cents day oreavng Most
OF the in the knitting factories is done by the piece
There has been attempt to reduce wages as yet In
any Of factories and all the employees have been paid
regularly, although in two instances the EN-
ployers have been compelled 70 pay premium Tor
greenbacks. There is not likely to be great amount OF
suffering among the operatives OF Cohoes even II some
Of the mills should stop unless the suspension is OF ng
duration, wages have been high there for several
years past and large proportion OF the operatives have
money deposited in the savings banks OF which there
are TIVE In the city In the knitting mills which employ
American girls TO large extent, some OF the operatives
have earning go and 500 per month Under ali the
present circumstances Cohoes Is probably in as goodn
not better condition TO stand the hard times than any
manufacturing town in the United States The chief
hardship and loss likely the manufacturers
and capitalists who puzzled to account Tor the pres
ent panic Ia commercial circles and IKE ther brethren
in New York can see no other for 1t than lack
OF confidence"
This morning order came from NewYork directing
the immediate stoppage Of the Harmony Mile the only
establishments in the town that were supposed TO be
able 10 weather the storm through No ono could be
Asonshed than the people OF Cohoes 81 ths order
from those representing tho Harmony Mills Company
AZ no one yesterday slightest suspicion Of such
thing The result win be TO throw over 5000 opera.
tyes out OF employment Immediately and the example
must be disastrous the other Industries there which
were able TO stand the pressure than the Harmony
Company and inevitably cease operations Mt no
ds,ant day. later report says Harmony Mills
TO open again In full force week from Monday next.
As q bystsnder suggests, those shifting orders from
New-York fair sample Of the unsettled condition
OF business
THE IRON WORKS AT TROY CLOSED.
The leading manufactures Of Troy the iron works.
which unt quite recently ssve employ ment about