The New York herald., 1873-11-04

laesurers ana nnancial leaders heretofore con CON
deDted extent-at least since lsS1-he
nS Sors1s express now noon In nope
business there existed, IN mis- opinion, such
an uncertainty that business could not revive
until spring. The saddlery trade was never 80
dull, and not over one-fourtn OF the men are kept
| at even eight hours day employment. MI. DAVIS
own interests they would close up their factories
at once. BY keeping open they DO not make
tuped 20 state tnat nc no. one saddery manufacturer
would DO much more than pay expenses this
The boot and shoe business likewise is duh.
though not nearly 80 much SO as the lewelry
and saddlery and clothing trades. Hating Is
OF .. good spring trade. According 10 Mr..
Henry. Sauercies, leading Mechanic street
very good plan for weathering through the storm,
so that they could keep their men at work. They
have concluded to pay their workmen 81 per week
cash until the spring trade opens creditIng them
with the balance OF their wages until that time,
when they Will pay up In lull. AssemDyman
dull for at least fifteen years. Manufacturers do
not wish to sell because they are not sure OF their
t5ss reason They W would a rather Keep QUIET FOR
while. 1t is fairy estimated that OF the entire
laborlng class OF Newark Vt least one-iourth are
now out OF employment
Tho Situation I'm Paterson.
Paterson Is the most important manufacturing
centre in New Jersey with the exception OF New
ark, and probably second to no city in the country
Of its size. 1t was born the ospring OF industry,
and 1t has been the home Of mechanics and work
ingmen since the Society for the establishment OF
Useful Manufactures started Its nrst operations
under the charter signed by Governor Paterson
rrom whom the place ts naned), In 1874. The
"Society," &c, known for short as the "S. q. NJ"
is now comparatively nothing except the revenue
OF wealthy man who lives to enjoy Its vast re-
sources), as steam power mas mostly superseded
the old water wheel, driven by the Passaic River !;
but that society was the father OF the mills and
factories and shops, hidden and crowded in every
direction in the lower portion Of the city.
Various branches Of industry have, at different
times led the van OF Paterson's productions. AT
the outbreak OF tie war cotton was king II was
the manufacture OF cotton machinery that led to
the making of other machines, until the presens
panic burst its ruinous clouds over the blocks OF
locomotive shops, the most extensive interest in
the city. In these shops were employed from
| 1900 TO $500 men. The largest was the Rogers
| shop the largest in the world except the Bald
| win works at Philadelphia. It's force had reached
,7O0 its capabilities about twenty complete loco
motives month. AZ the Danfortn works and the
tives . MONTH Al the time the panic came the
one locomotive for every working day in the year.
Owing to the peculiar nature OF this interest and
can can be easily seen seen that At there here was a. species OF Of
strong identity between the two. Railroad stocks
were at the bottom Of the frst crash. When rail-
manufactures became at once sadly affected, and
| the first intimation OF the lamentable effects was
the Rogers works, equivalent to sixty locomotives,
which necessitated the immediate discharge Of half
Its iorce, nearly 1000 men, This fell like thun-
\ {
first idea that had been entertained that the hard
times would reach hence; and from that time TO
the present there has not been wOrkingman in
\ the city who did not iee that he was likely at any
| moment to be decapitated.
| The action OF the Rogers shop was but the FORE
| runner OF the same course In the locomotive es-
tablishments. Not week has passed without an
increase in the number Of iders upon the streets,
so that the aggregate suffering from the crisis will
| probably exceed that OF any similar city in the
on S '9e Mt Guy ns hcn Dn m orr
artisan, the clatter OF machinery and the rusn OF
escaping steam, now looks quiet and deserted. On
| the corners, through the streets, in the saloons
| may be seen crowds of idle men, willing to work
yetunable to fnd employment, with breasts filled
| with those having families dependent upon them
1 for support.
| The Rogers shop is still employing 400 or 500
| Grants on tkree-quarter time Danforth's shop
ported that an "I attempt viii be made 70 run the
establishment while yet on alternate weeks
The reductions in wages at the Rogers shop this
others. from ss to 81 So day. : ' : 80
The next industry In Importance is the silk busi-
ness. The major part OF the employees OF this
branch are females. Nearly all these establish
usual force on three-quarter and half time At the
Paterson Iron Works the force has been greatly re-
has been ms made, although it is IS i impossible
to say how long this can be kept up. At the Bar :
hour hour Flax Works a partial force is at work, but
/ come All the brass and sheet iron and copper
workers, manufacturers OF smokestacks, steam
4 gauges, &C., auxiliary to and dependent upon the
locomotive establishments for their existence are
of course, materially affected by the shutting
down OF their godfather shops Every branch Of
do the different branches seem to be intertwined.
It's matter OF absolute impossiblllty to give
actual statistics but 1t Is estimated that the ag
1 gregate number OF males and females discharged
since the commencement, Of the panic cannot
| the general good wages which have been
paid, il is feared that little has been laid aside for
chanlc the little baIance on hand' win barely pro.
/ vide lor their necessities for single month. But
even with the more prudent, who nave laid a little
no cases OF actual suffering have been brought to
notice, but there must be soon unless something
A few small dealers have been compelled to sue
| cumb to the storm; but as yet no failures have
4 are runors to the effect that more than one COM
mercial house In the city is on the totter. With
heavy outstanding obligations, contracted in an
ticpatlon of good fall trade. many or them Will
| have hard time unless better times intervene
! Conversations with several OF the leading manu-
facturers OF Paterson elicit the fact that, in their
belief, there Will be no Improvement before spring.
Indeed, they believe tnat we are only on the
threshold OF q crisis, the like of which has not
been witnessed sin 1857 at least, and it is with
this view that they were so early to shut down.
We're there single break In the cloud they would
brighter day soon. But there Is still another
reason against this, and that is the depreciation
in the value ofeverything, and the general opinion
that signs indicate come down to 'hardpani-a
return TO hard specie. SO from every standpoint
there Is no ground to indulge in homes
for the better during the winter In Paterson: