Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1873-11-12
THE OTHER SIDE.

The general depression existing through
out the country is unfortunate, and to be
greatly deplored, but we can see no reason
for exaggerating it. a prominent finan-
cier in New York, at meeting of leading
bankers, moved a resolution which was
adopted calling attention of the press to
the fact that ait is charged with vast re-
sponsbility; that it has the power to nit
igate the prevalent distrust or to intensity
the general alarm" This is
unquestionably true and we regret
to see a class Of sensational jour-
nalists doing their utmost to spread and
barrassments of the time create.
Amid the gloom that largely prevails, it
is pleasant to hear encouraging news.
While thousands of workmen are being
discharged, it is consoling to know that
there are heavy manufacturing districts
where work still goes on. The New York
Times is doing the country great service
and itself great credit by its special reports,
gathered by trusty correspondents in the
| leading industrial centres of the country.
Lewiston, Maine, has a population of
10000 depending upon its large factories. A
! feWyears ago it was mere village, now on
its water power of eighty feet fall in hori-
/ zontal distance of 200 feet, it has eighteen
manufacturing corporations, ten cotton
mills, running 100000 spindles, Shortly to
! be increased to 800, OO0O five wooden
mills, with twenty sets of wooden machin-
| cry. Thirtytive thousand bales of cotton
| are annually consumed. The working
! force of the mills is about 1900 men and
women, to whom S260O,00 is annually
disbursed for wages. There are annually
produced thirty-five millions of yards OF
cotton and wooden goods, and three mil
! lions of grain bags. The annual value of
the manufactured product of the city is
| 81 100000. The mills of Lewiston are
| chiefly owned by heavy capitalists of Bos-
ton.
The Times report says: "Your correspond
ent to-day finds every spindle of the 250,-
600 spindles in this city running as usual
| with no knowledge on the part of the
managing agents who are in almost daily
correspondence with their chiefs, that any
stoppage or curtailment is medi.ated."
Fall River, Massachusetts. has invested in
cotton mills STA ,470, 900. 1t turns out an.
nually 3lO, 625 900 yards of cotton cloth, and
1870 hands, with a monthly pay roll oi
S46l 500, are engaged in the factories
These mills have been running for few
weeks on half time, but are in excellent
financial condition, and expect to resume
work again on orders. Similar report!
come in from other manufacturing dis
tricts. In very many cases men are oil
half time, but in most cases established
works are keeping their men together, anC
though there will be hard times while
working on short time, there is not likely
to be any real suffering, This will con
tinue we hope for but few weeks. A
confidence is gradually restored, business
will resume. AS present trouble
grow more out of general distrus
than absolute losses or general bank
ruptcy our recuperation will be mere rapid
The New York Bulletin, referring TO tn
dry goods trade, says:
The prospective outlook, although no
Invested of anXiety-perhaps of danger
is not discouraging. The financial condi
ton of the trade has been subjected to
strain which shows its inherent strength
the material wealth Of the country is un
diminished, and as people must be clothed
even if more economically than usual, al
early revival Of the dry goods trade ma.
} reasonably be anticipated.
Some goods are as high in New York Ia