The New York herald., 1873-11-04
CHICAGO PREPARED.

No Present Distress In the City-Business
Active and Unh ampered, but tho VIM
ter Dreadcd-A Table OF Receipts and
Shipments.
CHICAGO Nov. 8, 1873.
Less, perhaps, than any large city on the Conti-
nent has Chicago been affected by the panic which
commenced with the suspension OF the Buchu
banker OF Philadelphia and continues with the
failures and rumors Of failures in Rhode Island.
The panic among our banks was short and sharp.
but all have weathered the storm save the Second
National and Manufacturers National both OF
which have gone into private liquidation and the
Franklin, small institution, which has been
declared bankrupt. The hquidating banks
win pay dollar ior dollar, as Chicago never
adopted the plan OF issuing Clearing House
certificates. Each bank stood from the outset on
its bottom, and the result is that all other
banking institutions are in excellent condition,
doing business as usual, save that discounts are
not granted as readily as OF old. The savings
banks having decided to stand by time rule, are
all intact, and as their line OF deposits was very
their customers viii have q resource in case OF
distress There has not been q single failure OF
note in mercantile circles, and
BUSINESS is ACTIVE AND CNHAMPERED,
except by the difficulty OF making collections.
Take, ior example, the dry goods line:-
Mr.. Letter, OF the firm OF Field, Letter & Co., the
heaviest house here declares that we are better
prepared for hard times than any other section of
the country Business is nour,snlng and our orders
average 100 day. The past week was the best we
have ever seen In the way Of filling orders II is
our largest week on record. Our banks are in
superb condition; they were never better. Not
single manufacturing house has thus far shut down.
THE PORK PACKING SEASON
has not, however, fairly opened, and the prospect
is at present that general scarcity OF money will
prevent anything like the business Of former
seasons. AS this IS our principal industry In winter,
it is greatly feared that much distress will pre-
vail among a large class dependent upon it
for their winters sustenance. No building
operations have been suspended. The city goes on
with It's improvements, employing thousands OF
men, but the season Tor this kind OF labor Will
close about the lst OF December, and II the packing
houses are not in iull blast men VINO usually work
at ANYTHING In summer, and In the packing houses
in wint ter, will suffer In the cold. AS rule the
railways having shops In the city, or anywhere In
the Northwest, have made no considerable, IL any,
reduction In their 1orce; but the Chicago, Burlng
ton and Quincy, Northwestern and LakeShore lines
have cut down the wages OF all their operatives
IRON seven to ten per cent. hear that
THE WHOLESALE CLOTHIERs
will not employ large number Of tailors this win
ter and the manufacture OF clothing was car
red on largely here 1t is likely that there will be
much suffering among those dependeO upon this
line OF industry. Business upon 'Change Is lively,
though there Is not so much speculation as usual,
To indicate how little trade In grain has been af-
fected, 1 send O statement OF receipts aud ship
ments OF breadstuffs and live stock at this point
during the past week, comparing them with those
OF the corresponding week OF last year.