The New York herald., 1873-11-04
MONEY AND LABOR IN ALBANY.
The Lumber, Iron and Boot and Shoe
Interests-ssO, 900 Due Mechanics.

Intercsts-S60, 900 Due Mechanics.
ALBANY, Nov. 8, 1873.
The widening circle OF financial disturbance,
which had It's central origin in the Wall street
stock market, has been felt here for the past two
weeks. The first effect recognized was that OF
checking all transactions. great and small, which
possessed even a minor amount OF speculative ee-
ment. Men in trade preferred to try 10 work out
their present stock rather than buy goods, which,
owing to the aspect OF the money market, may be
had on better terms ere the storm has blown over.
This prudential policy has extended tself to almost
every branch OF trade, and has led to an almost
total cessation OF the making MP OF goods In an.
tcipation OF orders such as should be expected at
this season.
THE LUMBER INTEREST.
As the slightest check 10 the consumption OF any
article is Immediately communicated to the value
OF the raw material, the lumber interest, which in
Importance is second to none mere. has expert
enced the full force or the monetary cyclone. Down
to the end ofAugust the amount OF transactions in
lumber was In excess OF that OF 1872 fully ten per
cent Since August falling of Of trade has
resulted in belief that, at the close OF navi-
gation some four weeks hence, some twenty-five
per cent reduction in amount OF sales win be
found to have existed In the season OF this year.
Lumber is now offered At cost price. The average
prices obtanable this year we're So to s. less per
1000 feet than in 1872. The quantity on hand is
large, and though very little Is coming forward at
present. IT is expected that fully 1oo 0oo feet
win remain to be carried over untii next April.
The production has been largely in excess OF the
demand all through the season, and in conse-
uuence OF low prices prevailing here heavy stocks
remain on hand in the West. Many mills have re-
Gently smut down, all those In Michigan stopping
two weeks ago.
There are about three thousand men and two
hundred horses and carts engaged. These num-
bers will be increased about five per cent for the
balance OF the season. The failure OF White Co.'s
firms last spring has had most depressing enect
on all parties engaged IN the trade here. Dealers
with whom YOUR correspondent'has conversed have
assured him that no money has been made this
season by any firm engaged.
. BOOTS AND SHOES.
IN tne boot and shoe factories here some 200
persons hnd constant employment at remunera-
i've wages falling OF In orders generally occurs
st !his season but just now the matter mas as
sumed much more serious aspect, Though no
appreciable amount Of reduction in the number of |
nanus has been made, their time mas been short
e, anu Ia some instances the pay Tor even this
snort tme has not been gwen in iull. There
are exceptions TO this in one or two factories
where orders are coming IN as extensively az In
other seasons, ana no reduction In time hands or
pay has been resorted to- An admirable spirtt of
mutual good feeling prevails generally among the
emp,oyers SO, anu employes IN this city. No better
proof OF this need be cited than the act OF the lat
ter deferring demand for their entire earnings
Until the circulation OF money resumes its normal
AS yet very few have been discharged from
workshops where they had steady employment
but feeling exists generally that this state Of
AFFAIRS Is not TO last long. II II said that In more
than one instance men would have bee discharged
but that II this step was taken their pay TO tho
last dollar should be paid them. In two establish
ments here about 900 are said 70 be thus due TO
employees.
or even OF having bills hOnored is experienced,
and corresponding spirit OF f0rbearance towards
those unable 20 pay mp is exhibited. This latter,
no aoppL Arises from N imnrssson tDst the gtass