The New York herald., 1873-11-12

places not having these advantages. STILL the un-
certainty as to what may happen or how long the
crisis may last creates general uneasinesor ana
checks all enterprise.
It is dncult to ascertain precisely and In detail
the amount OF labor absolutely ana partially sus-
pended, and the production consequently cut on.
The manufactures are too numerous for that, and
In some cases there Is disinclination to reveal
the facts. However,. from my conversations with
proprietors, managers and w0rkmen, and COM
pairing one statement with another, learn what
the situation is generally. There are probably
FIFTY THOUSAND LABORERs
connected, moro or less. with the manufacturing
interests in and Immediately around Pittsburg In
cluding Allegheny and other parts. out OF popu-
lation OF 100000. There are, perhaps, sixty manu-
factories, which, taken one with the other. employ
500 hands or $4,000 Some Of the largest employ
from 2 900 to 1000. Jones Laugnn, Iron manu-
iscturers in general for example, had working
force OF about 5000 and now $500. BY lar the
Thers are 81 ounsres 20 iron ms steel nils
malleable iron ioundres 30 machine shops,
locomotive works, spring factories, besides
there are II brass foundrles. copper mills, 10
glass factories 81 renneres, n tanneries and q
capital invested is over $3.50 OoO 500 900 OF
which is in the various iron manufactures, and the
product last year exclusive OF coal was estimated
Fiji Fifty PER CENT OF PRODUCTION STOPPED.
The interesting question just now is as TO the
trouble OF the time. After careful examination,
and as far as have been able to get at facts,
an not
been reduced to the same extent because the
worsmsn tossthsr n and on nsnd have Kept many
employed making repairs and putting their estab-
lishments In order In fact not great many
lab0rers comparatively have been discharged abb
employed, % work on on shorter time BY the day Or
rom ten to fifteen per cent. II the manufacturers
suffer through such greatly reduced production and
their capital being unpr0ntabe the workmen suffer
also. Considering reduction in the rate of wages
and time OF labor, the aggregate income OF those
tSs s sss oa Ss
class, but Tor the unemployed much harder. AS Q
large portion OF the laborers in the factories are
skilled w0rkmen, men whose places could not be
greatest greatest eaorts 70 To- keep them together while
bridging over the existing trouble
THE LABORING CLASS
here has q great advantage during the severe
s
for coal-which is such necessity OF ife-is only
S2 to 81 80 ton, while along or near the seaboara
it Is 50 or more. Besides, provisions generally are
| somewhat cheaper. | estimated tnat the COST OF
living at Johnstown, including coal and rent, was
great cities east OF the mountains. At Pittsburg
the diference may not be as great but the cost OF
Conversing with some OF the most intelligent
working men-ieading men OF the trade unions-l
find there Is disposition generally TO acqulesce
for the time, at least in the reduction OF wages
and hours OF labor They 40 not like having their
wages lowered and say employers take advantage
OF the times to cut down the rate-that capital, IN
fact seizes every opportunity to increase its profit
and compete in business by bringing wages down
necessity OF yielding under existing circumstances
The times nave struck against them and 1t would
be madness for them to strike.
WHAT THE FUTURE MAY BRING FORTH
remains to be seen. 1t may be that the decline In
the price OF gold and tae lowering OF values ge-
degree. Then, many OF the workmen here, such
as the puddlers, for instance, work upon the CO.
wages vary with the price OF iron. They work by
the piece or ton and get more or less Tor their
70 ne e lrVn m 1ne he most
intelligent, are not likely to be so disposed to
strike those who earn less or are not on such an
nna,s1S's miners around % pittsourr had had been on .
strike for some time for higher wages,
ing the futity OF standing out they returned to
work last week. It is evident, however, that the
trade unions and workingmen generally yield
only as general OF an army changes his position,
from strategic considerations and will not tamely
submit to permanent reduction OF wages
| One Of the causes Of the partial suspension Of
manufacturing industry here is as everywhere
ns D
| panic, properly so called, and which really still
has pa sas5
are apprehensive. As an example, may notice
that nearly all the
In wages here formerly soon found Its way TO the
banks through trade or deposits, but since the
little comparatively. 1t has disappeared in Q
mysterious way, as II swallowed up by an earth
Saaae m, Inc a n ~ order m anu
for an uncertain future. Still money mas not been
so scarce that the manufacturers would not pay
their employees wholly or In part. Some have paid
PORTION OF wages in money and given notes f0r
the balance. The scarcity Of money has operated
in another way Manufacturers could not collect
as formerly, and. consequently have been
unwilling to sell on credit or to ex.
sr of i1sS assssd Capital SS qGn' IN s as,s ns
many solid establishments that are able to bear
yet the a1y ~ sEms
be prolonged. Sometimes even large assets viii
not save firm, II they be not Immediately avail
able, as was the case with the Spragues, and
therefore, long continued financial pressure might
shake some OF the strong establishments here. At
present, however, they bear the shock, and we can
only hope they viii stand through the crisis Not
withstanding the
which stand waiting upon the development OF
events there mere Is = a., general snd and think we
ufacturers say the supply of goods on hand is not
in excess OF the real wants OF the country; that
these wants Will increase while production IS
standing still, and that when confidence shall be
restored there must be q revival OF trade. 1t is
only question OF time--of the time when inse-
to their intrinsic worth and the currency be un-
locked and afl0at again.
Business men and the people generally through
out this part or Pennsylvania begin to look into
our banking and currency system. While admit
ting the value Of national currency that passes
everywhere without discount and that Is based on
the credit OF the government they that 1t does
not prevent panics or stringent money market
They acknowledge 1t is infinitely superior the
old wildcat bank notes, which changed In value
every fifty miles ana which became vaueless in .
great crisis, but realize the fact that 1t does not
prevent bank failures, the pundering OF ofdepostors
locking up OF money or the establishment OF private
buchu banking houses.
ON THE FARO BANK PRINCIPLE
ofraking In all the money possible preparatory 10
collapse. The Lloyd banking houses throughout the
western part OF this state, some fifteen or so In
number, under variety OF Co.'s, but the name OF
Lloyd always connected with the Co. in some way
another, after raking In ell the cash and hard
earnings OF the poor Pennsylvanians they could
get hold OF, burst up. These were not national
banks, but shaving shops yet the simple people
trusted them. OF course, the Old story Ii told that