The New York herald., 1873-11-08
MASSACHUSETTS.

ton-Th0usSn nds OF Men and Women
without Work-several Casos or Suicide
by tho UnemplOycd-A General BUS
pension Threatened In the Manufao-
turing Citics-A Grave and Alarming
Aspect OF Affairs.
BOSTON. Nov S, 1873.
The business and financial situation in Boston,
and. In fact all through New England, Is begin
ming to assume grave and serious aspect Where
there were hope and confidence week or ten
days ago there are now alarm and distrust, and
the merchants, manufacturers and capitalists
share alike with the poor and laboring classes in
lamenting the depl0rable and threatening condi-
tion Of affairs. When the crisis was first precipi-
tated in New York it was confidently hoped that
the Ill consequences would be confined TO the
cir cies who were mainly responsible for It; but
those happy anticipatons have, unfortunately, not
been realized. On the other hand, with winter
directly before us, and alter partially recovering
from = fire which in single night destroyed =
hundred million dollars worth OF property md
ourselves upon the brink OF terrible financial
crisis, OF which no one can foresee the conse-
quences or the end. 1t is now just year since the
terrible conhagrauon, and although very many OF
the elegant and costly structures then destroyed
have been and are rapidly being rebuilt. 1t will yet
be many years before the community fully RECEIVERS
memorable night OF the 9th OF November. This
would have inevitably been the case, even in the
absence OF any unusual financial embarrassments,
but with the presence of panic OF the proportions
OF the present the precariousness OF the situation
is indeed deplorable to contemplate. Although 1t
is impossible to arrive ut any definite estimate, IL
is nevertheless in Keeping with truth to say that
there are
THOUSANDS AND THOUSANDS oUT OF EMPLOYMENT
right here in Boston, and hundreds are being daily
added to the list. The rebuilding OF the burned
district has afforded employment to large armies
OF laborers and mechanics, but there great
many more who came here after the fire III the
hope OF getting work than it was possible to en-
ploy In fact within month after the con-
Migration the supply of labor exceeded the de-
mand and the excess has been on the increase
ever since Now that the work of rebuilding is
rapidly approaching completion great many are
thrown out of employment in consequence and
the panic, besides, IS forcing their employers to
discharge large numbers of mechanics. operatives,
clerks and working girls. The idlers the wharves,
on the Common and the stragglers who flock to the
sta ton houses Tor a shelter and place 10 lay
their heads, tell plainly that winter OF unusual
hardship and suffering Is at hand. The police say
there was nothing like 1t ever known here before.
Soup houses, which have been features In Boston
during the last lew winters, will be established
several weeks earlier than usual this winter, and
preparations will be made for issuing quadrupe
the quantities heretofore dispensed. The Young
Mems Christian Association which has made itself
useful since the fre as sort OF labor bureau,
lnds itself burdened with applications OF the
needy, and only lew days ago IL sent through
the associated press a statement that Boston does
not afford remunerative employment Tor
ONE OUT OF FIFTY OF ITS IDLE THOUSANDS,
and that 1t Is worse than useless Tor others to
come here Tor work. This warning Mr.. Fay, the
manager desires me to repeat through the columns
OF the HERALD. Last week there were three sad
and tragic illustrations by OF the despera
ton TO which some OF the unfortunate unemployed
have been driven. One was a case where young
man had been discharged from q store on account
a suspicion that he was dishonest HIS integrity
was subsequently established; but on account OF
He tried in various places to get work but failed
everywhere. Finally he went over to the Navy
Yard TO enlist In the marine corps, but there was
no vacancy In the ranks Discouraged and despon-
dent beyond endurance he shot himself dead in
the street.
The hard times will probably stimulate crime In
many respects, and 1t Is anticipated that by
spring the reiormatory institutions will be filed TO
their utmost capacity. This was notably the case
in Massachusetts during the panic oi 1857, as well
as during the depression in business occasloned by
the war. Disgrace and the prison walls are some.
times preferable to starvation, and this crisis Will
probably crowd the prisons as well as the aims
houses.
THE PANIC AMONG THE DRY GOODS HOUSES
II the decline OF business among the wholesale
and retail dry goods dealers is any indication 1t is
pretty certain tnat retrenchment and economy have
commenced In earnest. Both in foreign and do
mestlc fabrics the demand has suddenly ceased,
Notwithstanding there has been very gen
eral reduction in prices. Generally the deal
ers have large stocks on hand ana as the
manufacturers are also well supplied with goods
for which there IS no immediate or prospective
demand, their partial or total suspension OF opera
tIons Is inevitable. One OF the Boston Custom
House officials informs Inc that few days since
$4,000 worth OF silks, recently imported by Bos-
ton merchants, were sent back to Europe, there
peing no market here at present for such goods
and no money TO be had TO pay the duties; also
that the manifest OF the steamer olympus, which
reached here last week. large. but few of
the invoices have as yet been taken out.
THE AFFAIRS OF THE LATE CYRUS WAKEFIELD.
The business affairs OF the late Cyrus Wakefield
VINO died so suddenly week ago sunday, were in
a more precarlous condition than Is generally
known ana there Is little doubt but his death was
fastened In consequence OF his embarrassments
lie was extensively engaged In the manufacture Of
rattan goods and his profits from TIL. line OF busi-
ness were IN the neignborhood or half million q
year. He was also extensively engaged IN East
India importing and largely Interested In the
Boston and Maine and Fitchburg railroads.
vestments but the deceased had a weakness Tor
real estate and had lately been buying largely IN
anu around Boston, and at the time or his death
mad nearly completed negotiations Tor the pur-
chase OF the Boston Music Hall property. He had
been borrowing at enormous rates of interest, his
paper was everywhere, and nually failure followed
as the natural result. He carried great deal oil
his business In his head and settlement Will there
fore be attended with many difficulties His init
mate friends claim that the assets are likely to
exceed tine Liabilities by about $1,000, 600. The ex-
tenslve rattan works Suspended operations I'M
mediately after his death, but they started up again
yesterday thus furnishing needed employment 10
about 100 men.
PARTIAL SUSPENSION OF THE wooLLES AND COT
TON MILLS.
Most OF the woollen aud cotton manufacturing
corporations have agencies mere, in Boston, and
through them have been able TO learn some thing
OF the prospects and condition OF AFFAIRS Fan
River Is, PROBABLY, the most extensive manniac-
turing centre IN the United states and there work
has been partially suspended. OF about forty mills
In the city only two-the Border city and the
American Print Works-are running on luh time
These nave contracts which Will Keep them fully
employed until ABOUT the lst OF January aud then
tney will come down to half time The way the
hall time Is secured Is total suspension two days in
the week and running only eight hours per uay
each OF the other four days.
In Lawrence there IL the same general inter-
ruption OF Industry IN consequence OF the panic
III other manufacturing cities, but there yet
been no definite plan OF action decided upon. The
agents OF the Pacific corporation INFORM me that
theirs VIII probably be about the only mills that
Will run ul time and pay 1ull wages. Some styles
OF their goods are always sold ahead and the policy
OF the company has always been 10 continue work
no matter what trouble there might be in the
...AI. .fAAlA AkN4.