The New York herald., 1873-11-09
PENNSYLVANIA INDUSTRY.
Bad Outlook for the Winter-Thc
Situation Mt Altoona-Railroad In
tercsts AGccted-Tom Scott Gloomy.


terests AGccted-Tom Scott Gloomy.
ALTOONA, Nov. 8. 1873
This central manufacturing place and station OF
the Pennsylvania Railroad feels the financial DIFF
fcultles OF the country as well as other places
nearer the seabord, but not so much as where
manufactures are Independent OF a great and
wealthy corporation and can be dispensed with
The average force employed before the panic In the
foundres and various machine shops, all connected
with the Pennsylvania Railroad was about 2, 5Oo
Since the panic 400 men have been
discharged. For the rest the working
time has been reduced from ten to eight
hours day. Wages have not been cut down
except in proportion to the reduction or time All
the workmen discharged were single men, re-
gardess OF their skill, from the humane considera-
tion OF saving families from distress To show how
the men appreciate this and how kindly they feel
toward each other ! may mention the fact that
single man, who was retained account OF his
superior Skill voluntarily gave up his work in
order to give place to another workman who has
family.
THE REDUCED LABOR BY DISCHARGE
amounts TO about seventeen per cent, and by less
hours OF work to twenty per cent-in ALL thirty
seven per cent. There are rumors OF further re-
ducon OF force, as well as OF wages being reduced.
But from conversations with the managing
men and best informed people here there Is
reason TO believe no other changes will be
made. The freight business or the railroad
requires more locomotives IL never was larger.
II SO large particularly in the transportation OF
grain and other produce OF the West to the Allan
tic seaDoard The amount OF this freight Is unpre-
cedented, while the coal and other products or
dinariy transported not less. This fact OF such
unusual quantities OF Western freight coming over
the Pennsylvania Railroad promises well for our
tion OF our commerce. The company has been
compelled TO take the locomotives OF passenger
trains for freight trains in consequence OF the
GREAT INCREASE OF FREIGHTISG BUSINESS
eastward. Although the work OF building new
locomotives has been suspended comparatively the
impression IL that IL VIII soon have TO be
resumed. Then there thirty more To-
omotives now resting here for extensive
repairs, besides the other WORK that is
needed on cars. or course the railroad must
he kept at WORK, and cannot get along without the
needed rolling stock. Happily then, there is little
reason To lear any further serious interruption of
the manufacturing works at this place or OF the
distress to working people that results therefrom.
and depends upon the Pennsylvania Railroad and
its works chiefly. In fact the town has been built
diately around But there is a shopkeepng, trad
ing and banking business connected with the rail-
road aud its WORKS Consequently all this has suf-
4
! worst blow that has struck this industrious and
growing place, except the partial suspension OF
! labor spoken oil is the
COLLAPSE or THE LLOYD BANKING HOUSE
! here connected with the house OF Lloyd Ham,
iIton Co.. OF New York, and number OF ami
lated banking establishments throughout Pennsyl-
vana, the failure OF the New York house brought
/ IL down. The Pennsylvania Railroad banking BUS
mess here was done al Loyd's; but II does not
appear that the company has sustained any loss or,
| al least, any serious loss. The Lloyd house had,
however, great number OF deposits from the
i
though they cannot pc turned INTO money just
now. The depositors, not being able to get their
money, cannot pay their debts nor carry on their
| business as usual. Building which was very active
before the financial trouble, is suspended. One
humble working builder, standing idle and In
gloomy mood in store, telling his sorrowul
that out OF the $4,000 or 81 600 owing him he could
not collect cent Lloyd. IL appears, has invested
! largely INTO bankruptcy real estate and II he be
forced py hs creditors into bankruptcy his assumed
assets OF houses and lots would be offered i0r sale
10 a community that has no money.
THE OUTLOOK
seems TO be poor one both for him and the de-
positors. The real estate has been held probably,
at highly inflated value, ike railroad stocks and
other things, and II sold when there Is no money
| with which 10 purchase IL must come down very
| low This at present, then, Is great troupie ior
The protesting OF Tom scotts Texas Pacific Hail.
road paper, IL IL said ana believed, VIII nov hFc.
the business OF the Pennsylvania Railroad, thoueh
! u caused the stock to decline. TINS Is true, no
doubt, as far AZ the earnings OF the road GO lts
| intrinsic material wealth WIN remain noweve, ,
| much the stock tumbles, or II Tom Scott should
never be heard or any more. so 1t is with all the
great internal improvements OF ,nc County; County;
nns trouble ana lies sOconaors N e having asa
stocks above their real valuc. ana nav.
ing upoA the fictitious means tnus erected
| engaged in new works and made contracts whlch
they cannot now carry out. The crisis IL bringing
| ihnys 10 n proper level. The worth or thns VIII
Ge BY wnt yea larry n1S' er" @ Il " NAV m bc
wen 10 remark thn " - currently reported that