New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-23

20 much and there is 20 great Cisuust tnat
people are not engaging in new enterprises
nor making additions 70 their mills and shops,
90 that there IL little call machinery. Many founder
les and iron works are running than from
half 10 threequsrters OF their full force. The West
Point Works employ In busy time from COO TO 700 men,
Not twothirds ss many are working now, and unless
there change for the better there must be still fur
Their reductions Some discharged recently and
larger number will probably 20 soon There appears no
hope OF revival OF activity before Spring The trouble
seems 10 mainly from the panic II there are other
they not easy to understand. Last year
prices for iron ruled hgb manufactures were profitable
and great many blast mills were started. Now
those blast furnaces are idle.
President Galloway Of the Atlantic Dock Iron Works
the office Of which is at No IS Lberys confirmed the
statement Of gloomy prospect for the Fall and Winter
There will be hard times for the workmen, large pro-
portion OF whom will be thrown out OF employment.
His Company now has come $50 men ct work. much
smaller nun Der than was common In the past and will
probably be obliged 10 discharge about 100 of these by
the Of November The panic rs plainly the cause OF
the depression. Every 10 rereDchine and all the
usual buyers holding back In apprehension Money
s tightening daily and will be very stringent before
long The banks accommodate dry goods houses and
that class Of business with renewals Of discounts be-
their bills at six months and nine months, cold In
Spring falling due and they discounted for these
then they forced 20 keep them up now by fur
ther aid. II is very hard even for strong hrms
10 get discounts Few contracts are now making,
because contractors hesitate TO involve themselves IN
engagements the present unsettled state OF affairs
and the manufacturers shrink from accepting
contracts unless they are certain they can
get ready money on their compeuon'
The company has just had opportunity to take con-
for building gas works, which In ordinary times
would have been considered acceptable but would not
take IT, There has considerable difficulty in getting
tho rLmau IA Ia rat
checks certified but hard to get currency This will be
hard Winter for workmen but they do not deserve 40
much sympathy as II they did not always show them
selves eager take advantage Of their employers and 10
strike whenever they think they can force their own
terms.
A dnll trade, light demand. and dscouraging pros
poets for several months TO come summed up by
MI Reed agent Of the j. L. Mott Iron Works. Office at
No. 90 Beehman-st. He was confident, however. that
there would be renewed activity in the Spring and he
looked for remarkable profitable season In 1874 II cont
dence fully restored AS machinery and other manu-
features of iron must be had in the expectation OF
brisk demand In the Spring the Mott Works would CON
tinue fun time and with full force, II possible,
carrying consequently very large stock although they
had heard OF great many establishments which nave
reduced their running time and cut down the Of
their men. If matters should become much their
works will be forced 10 follow the example OF others.
There have been few failures consequence in the iron
trade vet but companies OF limited means which are
sustained wholly by remittances, are IN dangerous
position Many OF their best customers asking for
an extension OF time will undoubtedly pay In the
end. The Company nave not found much difculty IN
getting currency to pay their The banks naturally
favor most those who have the largest balances The
trouble in the trade f0reboded by the uphill Work
the beginning Of the year, the slack demand ana
the necessity sell low prices. The Mott Works
employ about 100 men and Will Try to give them WORK
through the Winter.
Al the Ftna Iron Works No 100 Goerckst, the story
Of ieess business for the present aud little prospect
Of amendment in the near future was repeated. Tue
Spring 1t stated, is generally looked 10 for change
for the better The pane has frightened people from
making contracts The Ktna Works employ nearly 700
hight of their activity now there some
800 at the works. and this number must be decreased TO
100 OF $780, There has been little trouble IN getting cur
reucy 10 pay wages. The banks have been Impressed
with the declaration that 1t must he had for the pay
ment OF labor
IL was said at the Office OF the Architectural Iron
Works, IN East Fourteenthstp that the contracts
made before the panic numerous and extensive
that there Is work ahead for two or three months Their
customers OF the weather. class and the Govern
ment Is also patron; consequently collections are e1-
cepuOnay ready with this company but even in this
difficulty found in the early part Of the
troubles. There VIII undoubtedly be many disasters
Tins Winter among establishments OF small resources
aud many wOIkmen Will be thrown out OF employment
But there heavy contracts in the market which
The Architectural works secures and thus be able 10
give work 10 their very large iOrGe-now not lar from
lOOO men-thrOugh the Winter There was some trouble
IN getting currency for their wages Few weeks Ae6 but
now the banks recognize the necessity Of supplying the
employers.
Mr. Murphy, Of Murphy d Co., at the ountard Iron
Works in East EleveutG-st thought the panic a 0nan.
cal complication which affected the street" princ-
pay, and would probably not have lasting effect
the IRON trade. IL had not nterfered with his
business seriously, but perhaps his works not
a criterion OF the state OF the trade as their
principal work was repairing, and vessel may
come IN at any time for repairs. In his opinion
tho present complications VIII be only tran
sent, money will he plentiful this Winter and the
trade very active III the Spring. lie expected 10
make unusual reduction his this Fan. but
the number Of his wOr6men always is iucuating-when
vessel comes m Tor repairs forty fifty extra men
he hired and afterward discharged when they are
longer needed The fun force here is about men
rency TO ray them Tie banks meet all demands OF inn
pcratiye necessity.