New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-06
BUSINESS IN CHENANGO VALLEY.

IRON THE SPECIAL CORRESPONDENT OF THE TRiBUSEI
SHARON, Penn, Nov. 3.--The ChenangO
Valley which this is situated, is counterpart to
the Mlhonng Valley across the border Ohio, and is
engaged 90 about the same extent in coal mining and
iron manufacturing There about 80 blast furnaces
IN the valley. of which nine at Sharpsville,
six at Sharon four at Mddesex four at Wheatand. six
at Newcastle, and at WampuD, The four at Wheat
land stopped long before the financial panic Since the
panic two have stopped at Sharon, three at New
castle ana at Sharpsyle There are eight or nine
rolling mills in the valley. all OF which are running ON
what Il called single turn" The coal mining Of the
valley employs about 1000 men, none Of whom have
been discharged although they working fewer hours
usual and Of get less wages they paid
by the ton The coal Of the CheBangO Valley Is largely
consumed in Meadyillc and vicinity and the Western
shipments are by way of Ere, while the Mahonng Val
ley ships by way Of Cleteland Owing TO larger home
consumption the interest has not suffered much as in
the Mahonng Valley, and the mines are still kept in
operation. The laborers thrown QUE of employment in
ths valley mainly belong TO the blast furnaces and
loss than thousand The people here talk very
enCOuraSEgy Of the future, ana expect return OF the
usual prosperity co days The chief difficulty thus
far has been in getting greenbacks TO pay OF the work
men Last month all the employers in the valley paid
of in notes. mostly bearing legal interest and running
months The notes printed III the style Of bank
bills in denomination from 81 to $50 AMI are attrac-
tive appearance. Those of leading firm in tins town
read as follows:
-Four months after date promi'e 20 my
Five Dollars
for received with Sharon Banking Co.
KIMBERLEY, BARSBs & Co.
When the notes were first issued they sold at a
large discount ard sharper engaged IN the grocery
business IN New-York, came on here and bought up
10000 worth OF a discount of % 80, and even 20 per
cent. When this became known their value rose, and
they cannot bought short of 90 and IS cents
the dollar All dealers take them, but do not give
rcnoy in change only due bills IL is said that the next
payment here in Sharon twill be made in green0acks
as It was last saturday at YOUNGSTOWN. AT New
castle further down the valley, the employers issued
notes running six months without interest, which
has caused great dissatisfaction among the
operatives as even the storekeepers refuse to
take them except at discount of 10 per
cent. Nor do the mOwners promise anything
better in future The rolling mills pay two weeks
and the furnaces once month The next payment is 10
be made Oh Saturday next and the wOrkmen have been
given to understand that they Will have take notes
again There has not been any reduction Of wages,
however, except what is caused by the deprecated
notes All the railroads in this vicinity have reduced
their force wherever it practicable. and there has
also been general reduction OF 10 Is per cent in
wages.
learn that the rolling mill at Hubbard, mentioned in
yesterdays letter from the MahOning Valley stopped
this morning for 90 days 1t small concern en-
ploYing only about $50 hands.