Evening star. [volume] (Washington, D.C.) 1854-1972, 1873-11-07
The Financial Squeeze.

serious alarm. It's worst feature is embraced IN
the suggestions of suffering and want that are
conveyed in the intelligence of general reduc-
ton of hands and curtailment OF time AMI
wages.
THE sPRAeUE DIFFICULTIES.
After our report OF the proceedings OF the
committee TO adj Just the Sprague complications
closed yesterday. an afternoon meeting was
held, at which the committee reported that
they had held long interview with the Messrs
SpTague 4 hoyt. The latter expressed every
desire TO give all power TO trustees to meet the
views of creditors. and said the deed % be gisen
the creditors should be submitted TO the legal
advisors of the creditors. The committee had
adopted resolution that the plan proposed was
the BE- st that could be devised for the CONVEX
sion OF the property and the payment OF the
debts. The committee suggested that Rufus
Waterman, Amos ID. Lockwood. and George c.
Nightingale be appointed trustees; that they
have power to employ counsel to draw up a
deed for the protection of the creditors, and
also TO fill any vacancy in the board The re-
port of the committee was adopted and the
above trustees appointed. The committee
continued and given tun powers. when the
NEE ting adjourned. The result of the meeting
is regarded as encouraging.
THE RIVAL RHODE ISLAND HOUSES.
The Providence Journal warmly reDulses the
mputations of unfriendly feeling either by
itself or the Rhode Island rivals of the Sprsgues,
saying:-"So far from preventing the extension
of aid to the Spragues, Brown & Ives are, so
far as we know, the only parties who have aided
them. The first application for aid was made
to the Providence Institution for Savings, of
which Robert H. Ives is president, and William
Goddard is vice president This institution i'm
mediately loaned them sl50,e00. The institu-
ton did not have that amount on hand, and the
necessity was represented to be immediate and
urgent. temporary exchange OF available
securities for others which could not be imme-
distely realized upon, was the mode of accom-
mediation, the securities to be reeXchanged, and
the interest TO be settled at seven per cent,
without any other payment or advantage OF any
kind whatever to the bank. At that time the
paper of the Spragues was selling at twenty
four per cent. The further aid of one million
Of dollars was not asked for from banks con
uoled by Brown x Ives, but from all the banks
in the city,"
DON'T WANT THE GOVERNMENT To BUY BONDS.
At a meeting of the New York chamber OF
commerce yesterday afternoon a number OF
tabular statements showing the amounts of
different products of the United States, and the
necessity OF increased facilities for their trans
portation, a paper on the late financial crisis
and the present stringencY and want of conf
dence in financial circles was presented by Mr.
A. A. Low, in which he srecommended that, IN
'ow, the chamber would respectfully ask Con-
sresS, when 1t next cOnvenes. if need be, TO
cause the purchase of Inited States bonds to be
stopped, and TO apply the gold reserve to the re-
demption OF Treasury notes, reseryins the power
LABOR AND THE TRADES.
The New York boss masons who have charge
Of work not to be finished within limited time,
seem determined not to pay more than 80
per day TO bricklsyers. The men recently EN-
plOyed on the Tribune building met yesterday
and refused to resume work except at 81 a day.
Last week about four hundred employees of
the Waltham Mass watch factory were dis
charged, and orders have been received to stop
entirely on Saturday next for one month
certain. The chance Of resumption this winter
looks small.
The New Orleans cigar makers on a strike
paraded the streets last night, headed by a
brass band. 4 he procession, numbering about
three hundred men, was composed mostly of
colored men, and was very orderly.
THE MASSACHUSETTS MILLS.
The Boston journal gives. an account Of the
present condition of the Lawrence Mills. The
Everett Mill has reduced the working time to
eight hours per day. The Pacific Mills are in
.ull operation, but the management have under
consideration the reduction of wages or the re-
ductiOn of hours OF labor. 1t is thought no ne
cessity will arise to cause reduction OF the
number of workmen. The Atlantic Mills are at
work on their basis for the winter-four days
each week and ten hours per day-and if any
change occurs it will probably be for increased
rather than decreased production. The Wash
ugton ana PembeTton Mills are in full opera
ion. The Duck Mills are obliged TO run four
nights each week to meet the demands Tor their
goods. The Lawrence Mill has made a slight
reduction in the hours Of labor. Wages have
been reduced in but one mill, though how soon
il may occur in other mills is not known. The
demand icT the products Of the mills is at the
present time very smam, consequently manu-
featured stock Is Accommodating.
TIE LOCOMOTIVE WORKS IN PHILADELPHIA.
The Philadelphia Ledger says that at the
Baldwin locomotive works there were two thou
sand men employed when the stringency COM
menced in September. About half OF these
have been discharged, leaving thirteen hun
bred and thirty men now working on three
quarter time, commencing work at O'Clock in
The morning and quitting at $3.50 in the evening
In the middle of September the Arm had enough
orders on hand 10 keep the m at work until De-
cember l, but there was at once a falling OFF in
home orders, and the reduction of force was
necessary in order to keep the works running
until the end of the year. During the past ten
months they have built four hundred and
iwenty engines, being considerably in excess of
asst year. The production is now reduced from
about forty engines to from sixteen to eighteen
per month. The discharges from the locomo-
tive works have been from all the shops and
include blacksmiths, iron-founders, brass
founders, carpenters, painters, boiler akers
and laborers. The men who are retained have
submitted uncomplainingly to the reduction of
hours Of labor and the Corresponding decrease
of pay. The great car wheel works OF A. Whit
ney 4 Son are still running on full time, and
have orders on hand sufficient to last for some
time to come.
THE RAILROAD TROUBLES.
The strike on the Virginia, East Tennessee and
Georgia X. X. continues. The passenger trains
make regular trips, but the freight cars are
standing on the sidingS, and transportation has
practically ceased. One train of fifteen cars
arrived at Chattanooga, having left Bristol six
lays before. The board of directors held meet
ing Yesterday. and sustained the action of their
superintendent in reducing the wages OF en-
ployes. Representatives of twenty southern
railroads, at a meeting held in Chattanooga,
tledged their respective companies to discharge
very employe who entered into a combination
% stop the running of trains or TO intimidate
UGH of the train-men as are willing TO remain
At their posts. The employees OF the Knoxville
and Ohio railroad are also on a strike. and no
rains are running.
PRICES COMING DOWN.
The New York Mail SAYS: Undoubtedly the
financial panic and the consequent stringency
n the money market will have the effect Of
bringing down the price OF most necessaries of
life. People will feel more like cheapening
Kings and getting them where they cost least,
and this will make competition sharper and
profits smaller. That there is room for shrink
age nobody in the class of purchasers will deny
The eStravagant and reckless spirit which hes
prevailed during the flush times of inflated val
ues and fictitious fortunes has enabled all sorts
of trademen to demand and obtain exorbitant
prices, and to dream of making a fortune in
stead Of merely making living.
HEAVY FAILURE IN ST. LOUIS.
The heavy commission house OF Sterling, |
Price & Co., in st. Louis, has made an assign |
ment and its affairs will be wound up by Geo.
J. Davis, the general assignee by appointment |
Of the United States court for the district.
LONDON Is NOW MOVED TO GREAT UNRAsINEss /
BY the present outflow of bullion and the rapid |
advance of the Bank of England rate of dis |
count, speedily followed by the rate in the open
market. There were rumors of failures yester- |