New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-05

neces that have ceased operations within tho last
month would have soon stopped. panic or no panic
with the high price paid for Tor contracted TOT nhe
months beore) and the low price OF pig iron tnat pre-
vailed before as well Us sncc tho panic
blast furnaces could not be run except III
loss In the Mahonng Valley between
Warren and Lowell distance of 20 miles there are 81
furnaces ne follows: At Warren 1, Niles ., Mineral
Ridge Q Girard T. Briar Hin 4. Youngstown 8, Hubbard
Hazeton p struthers l. and Lowell l. Eleven ofthese
have stopped viz: az Mineral Ridge, one at Grard
three at Brlar Ill., three at Youngstown, one at Hub
bard, one at HazlotoD, and one Mt StrutheTs
Tho furnaces employ on an average about 50 men
oach including those employed in the furnace proper
and IN collateral work, such as getting out limestone
&C. This would make about 800 thrown out OF en-
plOyment by the stoppago Of the blast furnaces Ihere
are l9 rolling mills IN the valley employing on an aver
age 800 hands each Five fare located In Youngstown
four at Niles and one each at Warren, Girard and uo
bard Only one out Of the Is has stopped VIZ 'no
Valley Iron Company's in this town, which maze
an assignment on the 1st OF October, but Is now
recovering from its embarrassment. and experts 10
start its mill again in week two One other mlii Is
working on half tme and several on two-thirds time'
The coal mining interest OF the valley has suffered moro
than any other owing TO the stoppage OF so many oi '
furnaces and tho stagnaton In the coal traue EoucI
ally There are, have been, from 400 10 oV'o
men employed in coal mining in the valley anu
the estimated product for tho year Is l2OOOO' IONS
Abot 500 OF the miners have been thrown out OF WORK.
Altogether there have been about 5000 men, intending
those employed in the mines furnaces ana rOnlhg mus
thrown ont ~ employment I'm the MahOning valley
which has a population OF about GOOOO Two OF lhreo
more furnaces arc contemplating an early soppase ana
there has been general reduction Of wages In all the
industries of 10 or 10 per cent The banking facilities OF
the valley have not kept pace with the rapid
growth OF its industries which now show
payroll Of 100000 per month against 100000 In 1871
ana $50 900 in 1854 The result has been that employers
were unable last month TO get currency to pay on the
hands and all OF them paid IN notes or due bills bearing
Der cent interest. These passed current among all
opkeepers for purchases but the anxiety to get some
pocket-money induced many Of the holders OF notes to
sell them at discount, and tho NOTE shavers
have done thriving business IN Consequence
having bought large amount Of the claims at 20 ana 70
per cent discount. This mode of payment, however
VIII not be continued to any great extent Brown Bon
nell & Co., the largest firm IN TINS town. running wv
furnaces ana two rolling mills, paid Off all their hands
last night greenbacks, and the others VIII 10 the
same as their pay days arrive. it is possible to get the
money
The state Of feeling among the operatives IS more
cheerful than one would anticipate They seem TO an
derstand that their employers in az bad situation
as themselves and live in hopes OF better times NO
symptoms OF rioous disposition have been manifested
anywhere, not even among those who have been dis
population in tho valley have been here
for four or five years, and large
portion of them have houses Of their wholly or in
part paid for The miners mostly Welsh Scotch ana
German; those employed in furnaces mainly Irsh
aud IN the rolling mills Welsh ana English All OF them
have received good wages for years past and q large
share of them, before stated, have built or com
menccd building houses Of their own which,
however, they will not be able to com
plete. or pay for, IL wages are permanently
reduced. In this connection it may be proper 20 state
that the feeling is almost unanimous among business
men ana manufacturers with whom The TRIBUNE cor
respondent has come in contact in favor Of an eXpan
sion OF the currency, and against attempt 10 resume
specie payments. They say tho business of the country
volume OF currency larger than az the close OF the
and the circulation is spread over twice the extent
OF territory and embraces the Southern states,
from which, in 1866 10 almost entirely excluded IL
is certain that tremendous pressure Will be brought TO
bear on the next Congress for an expansion OF the cur
renew is impossible to convince the lab0rlng man
that he is as well oH with wages at 81 d1Y ana
reduced values he is with s. or q 80 day ana
high prices. lie answers you by citing his own eNpe
rence whereas under the ola rate OF wages tha pre-
vailed before the he unable 70 do more than
barely Support his family and had no thought OF eetug
ANYTHING ahead. he now enabled TO save enough from
his wages TO buy build bin homestead. Both Cdp.-
ai and abOrer appear 10 be OF the same mind on ms
question and, whether right wrong, they are bound
to make their influence felt on the next Congress.