The Republican journal. [volume] (Belfast, Me.) 1829-current, 1873-11-06
Business Prospects.

other suspensions will be caused, though it
is said there is great deal of Sprague's
paper afioat, which has been current at a
discount of II to 25 per cent, and those
best informed. express confidence that
even the failure Of the Spragues would not
occasion great panic. Thursday it being
that an amount of money had
been obtained from unexpected sources,
meeting Of bank representatives was held,
when a second application for million
OF dollars was made. The result was the
appointment of committee to make fur
Their investigation and also consider the
question whether the action taken to
secure the money would be valid under
the bankrupt law. The greatest fear in
Providence is check 10 the industry of
the State
PROVIDENCE, X. l.. Oct 81 No report
Of the Spragues' condition has as yet been
made by the committee appointed by the
combined banks. The committee worked
all last night at the books, but this noon
they appeared at the bank meeting and
asked for further time to make the inves-
LEGATION, which was given them. 1t is I'M
derstood their report will certainly be
made at noon tomorrow There is a
feeling that the assistance wanted will be
given the Sprague, but many seem to
think that the delay of the committee in
making 4 report is very suspicious.
The rumor is that on account of the sus-
pension Of the house in New York more
money will be required than was first
stated. We understand also that the plan
to be presented will ask for an extension
by the creditors Of the house If this
plan meets the acceptance of the banks
and the Messrs. Sprague, then an early
meeting of the creditors will be held to
get their assent 1t is supposed that the
plan to be proposed will embrace return
of the firm to the strictly legitimate bust
ness of manufacturing, by which their
large fortune was accumulated, and the
other enterprises in which they have
been engaged will be disposed of as
soon a they can be without large sacri-
fees
Senator Spraguc is now on his way
home and VIII arrive here at 4 o'clock
New YORK. 4.
X despatch from Philadelphia says that al
though no failures are announced, the want of
confidence on all sides makes anything like
bushes, beyond the smallest limit, almost an
impo>>ibility. Many of the largest houses are
dismssing their employed, and others are Civ
ing holidays 10 their statesmen. No improve
menf is looked for before the turn of the year.
AT Germantown, kensington. Frankfort and
Monanumk. nearly all the mills are closed and
the few that are still working are finishing
orders and running halt-time at that. Every
disposition is manifested by owners to continue
work until the latest moment and thus give re-
lief to their hands and keep them together.
Both of the iron works in lMorrstown are
stopped and SIX hundred men are thrown out
OF employ. The cotton mills there are also
closed. The iron works at PhoeniXville, are
still going on full time. They employ 1900 men,
and seven or eight hundred in the mines. The
slight reduction of wages has been cheerfullv
submitted to by the men and work will be fur
nished all winter. The men at work at the
Pencoyd iron works are on half-time with re-
ductlon Of 81 per cent. i'll wages. Ten of thirty
furnaces in lehish valley have been blown out.
All the car shops, rail mills, car wheel foundries
Ill the State have either stopped or are running
on hal-time. Only 500 men are at work in the
Pliladelphia navy yard Half this number
will probably be dismissed this week The
Diamond state Iron Company has stopped the
rolling mills NJ " Wilmington. Del. for want of
orders.
NEW Y ORR, NOV. /. \ despatch from
Wilmington, Del, says the business CON
dition OF that city is fiat and lifeless. The
failure Of John McLear Il Son is q bad
one. No terms of settlement will be ar
ranged, and il is thought they will be
forced into bankruptcy. The prospects in
the shipbuilding yards are discouraging.
The wages have been reduced and the dis
charge OF hands commenced Operations
have greatly slackened in the cotton and
wooden factories
AUGUSTA, Me, Oct 81. The reports
regarding the Spragues have very de-
pressing effect upon the business interests
Of this city. The factories here owned BY
them will probably be closed. and all en-
ployes discharged. They are large owners
in the Coburn Land Company and the
kcnnebec Land and Lumber Company,
but it is believed that their failure will
not seriously interfere with the extensive
numbering operations carried on by these
companies
New YORK, Nov. /. \ Piltsburg des-
patch says that some Of the leading bar
and sheet iron manufacturers have firmly
determined, iii the event OF general dis
satisfaction among the men, to fill what
orders arc now On the books and to shut
down until there is improvement in bust
ness The wages have been cut down and
manly Nb1hlutll ulSCilalS geo ne plttSS
business is dead. The men refuse to work
at reduced wage
Ii the fish nov ll ing III butts on our
wharyes could be exchanged for green
back, ii would make quite a perceptible
difference iii business, hcreabouts. At
present, however, orders come along slow
y. and the prospect now is that many of
the fish will have 10 b. kept over winter.
Gloucester ADV.
\ despatch from Lewiston gives The
gratifying intelligence that all the mills
in that city and the shoe factories in Au-
burn are still running on full time. Thus
far the depression of business in the large
centres OF trade and manufactures has not
seriously affected the industrial interests
Of Maine
The Erie railroad is reducing its force
in different shops along the line of the
road, and the workmen retained will be
put on three -fouTthg time commencing to-
morrow.
lloyt, Sprague Il CO. s wooden mills at
Oswego Falls, n. y, We're reported to
close Saturday. Some five hundred oper-
atlyeS viii be thrown ont of employment.
An Albany special says the decline in
iron has not yet affected business there
but ii is expected that furnaces will soon
stop.
1t Is reported that the wages OF all the
employees of the Delaware and Hudson
canal will be reduced ten per cent. to-
morrow
The operatives Of the Alexandria, Va,
cotton factory submitted to the reduction
OF % per cent. rather than the factory
be closed
NEW YORK, 8. 1t is estimated the 6 900
out of the 5000 jewelers. in New York.
and New Jersey, and are now idle.
The Planet carpet mills in Brooklyn dis
charged 800 men to-day.
A Sharp Thrust.
We find the following in the New York
World of Thursday
GA leading manufa curing company in
Augusta, Me, has been forced to discharge
most of its wolkmen on account of inabil-