Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-04
THE STATE OF BUSINESS.
A Gloomy Prospect for working Men
Effects of the Panic ON Industry.

EuectS OF the f'an1c on INDUSTRY.
From the New York Bulletin, Oct. 81.
The hope that the panic would be
limited to the merely speculative inter-
! ests, and would pass off without any
thing worse than a temporary embar-
rassment to the commerce and industry
OF the country, must now be abandoned.
The monetary stringency, which might
have been averted six weeks ago by the
timely disbursement of very small
portion of the scores of millions of dol
lars locked up in the Federal Treasury,
has now extended all over the United
States, and there is scarcely an indus
| try or individual that is not more or
less deeply interested in the results.
Employers are everywhere discharging
their hands, reducing wages and limit
ing operations in various ways, and it
now looks as if the workmen who can
obtain employment during the winter
at almost any wages sufficient to pro-
cure himself and family the necessaries
of life must be regarded as fortunate
indeed. AS the days shorten the dis
tress is likely to increase, and unless
the prospects brighten considerably,
the number of idle men will soon be
swelled from scores to hundreds of
thousands.
The process of industrial contraction
continues with painful rapidity. On
Wednesday night the manufacturers of
Fall River, Mass, held another meet
ing, and it was voted by a majority
present that the half time movement
agreed Upon last week should commence
on Monday next. Some manufacturers
present refused to be bound by the ac-
ton of the majority, and expressed their
intention to run their mills or shut
them up entirely, according to their in
dividual interests. AS Fall River is
now the largest textile manufacturing
centre in the United States, the num-
Der of mills and the aggregate of pro-
duction being larger than at Lowell,
this curtailment of operations shows
how deeply the wooden and cotton in
terests have been affected by the panic.
The embarrassments of the great
Sprague firm, of Providence, Rhode
Island, and their dependent houses, af-
ford fair illustration of the condition
of affairs. Here we see powerful and
undoubtedly solvent concern, with as
sets over liabilities to the amount of
seven millions, and including real es-
tate, stocks on hand, ETC., to fifteen mil
lions of dollars, hampered by their ina
bihty to realize on assets greatly in ex-
cess of their real value. Our banking
system, as managed by the paternal
10 oh 4lo ,Nnn,1la 1,or,n
foolishly entrusted that duty, is such
that wealth no longer consists in houses,
lands, factories, provisions, or other
things which are indispensable to man
kind, but in currency which is in
trinsically worthless, and which is only
useful as a medium Of exchange for
valuable commodities. If the Spragues,
with their vast resources and wealth,
find themselves forced into temporary
suspension for want of banking accom-
modations for which they can give am
pie security, how can similar firms hope
to escape?
There are now very few cotton or
wooden mills In any part of the country
that have not contracted or entirely
suspended their operations. In addi-
ton to the cotton and wooden factories
already announced as having contracted
operations. we now have to report that
the great Shawl and Iron Works of
James Roy & Co., of Fort Schuyler, N.
Y, have been placed on short time,
with prospect of an entire stoppage
unless trade takes a more favorable |
turn.
The great iron interests at Albany, |
Troy, Paterson, Pittsburg and other |
places are also forced to contract ope-
rations. The famous sewing machine |
factories in Bridgeport are discharging
hands, and one has stopped work en-
tirely. In New Haven the carriage |
factories have also contracted. In the |
thriving manufacturing towns along |
the Naugatuck river, Connecticut, |
there are over 10000 men ont of work, |
and as many more are on short time. |
In fact, turn where we will, we still find |
the same sad story of men thrown out |
of work and factories stopping wholly |
or partially.
When they viii resume it is impos-
sible to anticipate. Probably resump- |
ton will not be general until the move
ments for the spring trade induce re-
newal of activity.
There is, however, this highly favor
able feature. The manufacturers retire,
as it were, before the panic in good or
der and condition. When the blow
struck them, they were, as a rule, doing
a large and profitable trade, and from
no quarter are there any complaints of
over-production. Stocks are generally
very light, and the credit and resources
of employers are comparatively unim-
paired. They are all, or nearly all, in
excellent condition to start up again at
any moment, when the restoration Of
confidence or an improvement in bust
ness should warrant them in doing so.
In this very essential and important
respect there is then abundant ground
for favorable hopes of the future.