New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-03
IRON MANUFACTURES IN TROY.

A GENERAL REDUCTION OF FORCE IN TIE foUN-
pERIEs-THE ANNUAL CLOSING ANTICIPATED BY
SIX or EIGHT wEEKs-THE MOLDERs con-
PLANNING OF A REDUCTION OF WAGES.
IFRoM SPECIAL CORRESPONDENT or THE TRIBUNE.l
Troy, Nov. 1.-The general business of Troy
and its neighbOring cities and counties at the time OF
the first failure in Walst. compared fayoraby with
that of former years Among the manufacturers sales
were large and orders increasing In the country the
crops il on the whole a little below the average were
still considered fair. On all sides money was compare
lively easy, and healthy feeling pervaded both the
farming and mercantile classes. When, therefore, the
crash among the bankers and brokers came. its imme
diate effect this section was simply TO make money
stringent without destroying the courage or disturbing
the confidence OF the people II thought 10 be the
bursting of a bubble in which the spectators and
iobbcrs were alone concerned. But here, elsewhere
it. was soon discovered that dealers stocks though
they be Clancy" and great capitalists, even If they
engage in reckless speculation, are still vitality con
nected with the industries and fortunes OF the whole
country In this city, the iron manufactures first
importance extent aud Of these the stove founderes
aggregate larger business In this line than any
other city. There n fOunderios. TIE est-
mated capital employed is s5,OOoOOO, which
gives employment TO 1900 or $500 men
and annually produced stoves .How this industry
is affected by the panic may he from the statements
of some Of the larger Dnns Several have already
stopped work. few employing half their usual
number Of men, and others are working half time.
Fuller Warren & Co. the largest manufacturers,
employing ordinarily, nearly 800 hands. They dis
charged half Of this number four weeks ago. and
present working the remainder on full time. They
have however. given their mOders DO;icetthat wages
win be reduced IS per cent the 10th inst. In
6ase the InOlders shOuld be unwilling TO
submit TO such reduction, wOrka will he
discontinued altogether They have little expectation
OF working their force longer than will be necessary
III present orders Their sales during October compare
favoraby with those Of the month last year. and
they claim TO have experienced little difficulty making
collections
A PERMANENT PAIL ~ IRON EXPECIED.
Bussey Mcleod q Go. have (, large trade Western
NewYOTk and Michigan, principal owners in large
Chicago fouDdoTy, and employ In their establishment
here They have recently discharged half OF
this number and viii continue work 10 the end OF tho
year with rs men. Up TO the present time collections
with them have been easy ana sales equal 10 the
age at this time OF the year
The senior partner OF Eddy, Course Co has been in
the business 1856, and before, this
son OF the year. been able 10 keep up with orders.
Ninety-.hree on the payroll Of this firm, aud
are WORKING only on half tlrne This firm determ-
med not 10 oyerstock They think that prices have
been greatly inflated, aud that must have per
mansnt fall For this IL Is not sound policy for
manufacturers 10 increase their stocks The ultimate
effect OF the panic upon {he business Will certainly be
wholesome the light sales this Fall will be followed
by heavy ones next Summer. Hicks Wolfe who en-
poy l25 meD stopped work last night, with little proba
bility OF resumng this G.. II. Phillips 4 Co.
have 100 in their employ have been curtaing in
every direction for several weeks. and intend 10 dis
charge their by the hrs OF next week They
OF the opinion that the trade has been affected 80 per
cent throughout the city by the panic.
From these statements may be obtained fair under
standing Of the present condition OF the mann
facture some nave experienced greater depression
Of business the past month Than others, hat all are
agreed that when the orders are met i s beet ~ dismiss
ibc nolders o. 81 least greatly reducs the WORKING