Evening star. [volume] (Washington, D.C.) 1854-1972, 1873-11-04
THE CURRENCY FAMINE.



The depression in financial and m.reantiIe
the working classes The banks in Nes York.
however, show some signs of restored public
confidence, and yesterday gained two and ii I
million dollars in legal tenders.
A GRouNDLEss RUNoR.
There was q rumor yesterday affecting 0 ne OF
the national hanks Of New York city. bat the
president Of the clearing house states that he
personally examined the books OF the bank In
question, and there was no reason for anxiety
as TO its meeting It's liabilities. The banks will
sustain one another, and not allow any new
causes for trouble 70 exercise q bad effect so far
as any OF their number IL concerned.
TIE DkFAULrISG RAILROADS.
The treasurer Of the Chesapeake and Ohio
railroad company has issued a circular 70 the
bondholders, In which he says the only way ,
Tetstabish the credit of the company is 10 fand
Its entire floating debt i'm income bonds, 20 be
paid out of the net earnings of the road. The
company has authorized the issue of per cent.
twenty-yesr income bonds to the amount OF
twelve million dollars, 20 be used in retiring the
floating debt, and in funding the interest th at
may accrue on its six per cent. bonds.
TIE RUNoRs ABOUT cLAPLIN AND CO.
The statement of the affairs OF II. q. Claim
& &c. as submitted to a meeting of the friends
Of the firm, which included their largest cree d.
Good assets Of all kinds, go sos 600. Total in-
debtedness, domestic and foreign, SIS, 5Si, 600.
surplus, $6,s2 900. Ii was agreed that no as
sstance should be asked of the associated banks
or clearing house, and their friends and credit
tors at the meeting unanimously rendered 20 II
ID. Clahin & Co. an extension averaging four
and a half months, maturing in monthly pay
business Of the firm will proceed as usual. In
this state ment is not included the personal as
sets of any member of the firm. IL merely en-
braces the amount employed In their business.
THE sPRAGpK FAILURE.
A meeting of the creditors Of the A. Il W.
Sprague manufacturing company and of A. &
W. Sprague will be held on thursday, Novem-
Der 6, in the Horse Guards Armory In Provi-
dence Until then all further movements In the
Sprague affairs will be held in abeyance, so
that full expression of the views OF the cred
itors may be obtained as a basis for action.
The New York Herald says: The arrange
ment which is proposed in reference to the af-
fairs OF Messrs. Sprague " Co. ought TO be sat
isfactory to the creditors, and will undoubtedly
be accepted by all who carefully consult their
own interests. The members OF the house give
up all that they possess. and twenty millions of
property is mortgaged to satisfy eleven millions
OF indebtedness Bonds will be issued bearing
interest, and IL cannot be doubted that these
tonds will very soon be negotiable, SO that none
OF the creditors will be put To more than very
temporary Inconvenience. Moreover, the bust :
ness OF the firm will at once be placed under
thoroughly capable management.
EPFECTs OF THE PRESSURE ON TIE WORKING
CLASSES.
The hat factories in Reading, Pa. sixteen in
number, nearly all closed on Saturday. Thew
employed from 500 10 900 hands, and the
monthly wages amounted TO s25 600 or $50 900.
The factories will not, probably, be able to re-
sumo for several months Otherwise Reading
has not yet suffered severely from the panic.
The Morgan Envelope company, at Spring
held, Mass, will run only eight hours a day In
all its departments during the present month
IL claims that il could supply all demands for
postal cards by running only half time. The
wason car works have largely reduced their
number Of workmen, and will henceforth run
but eight hours day. The papier mache
company IN Springfield is employing only one
fourth its usual number of men, and must soon
close entirely unless new orders are received.
The Merrimsck woollen mills, at Dracut
Mass, will shut down as soon as the present
several weeks.
A majority of the mills at Fan River, Mass
are working on half time. The Taunton car
company has reduced wages % per cent. The
carpenters of the company are on a strike.
The Delaware, Lackawanna and Western
railroad company reduced the working time
OF mechanics and laborers to eight hours per
day. The Domestic Sewing Machine Company.
at Newark, New jersey, discharged 225 EN-.
ployes. OF eight Thousand jewellers in Newark
over six thousand are idle
The strike in progress among the laborers in
New York in consequence of lthe reduction OF
wages by the master masons IL very general
nearly all OF those who were at work SATURDAY.
having suspended work by order of the union.
1t is estimated some five thousand men struck
Yesterday, and they will stand out till success
ful. The employers appear equally determined
thousand men are out of work in the city. The
strike among the masons and bricklayers, how
ever, is not 80 extensive as the above, the ma
sons scceding to the reduction without murmur-
Ing
The trouble between the employees and the
East Tennessee, Virginia and Georgia railroad
company is unadjusted. The men obstruct the
running Of freight trains, but there is no inter-
ference with the passenger or mail trains.
RFFEcT on THE COAL TRADE.
The efect upon the Pennsylvania coal trade
Of the money stringeRcy has not been so great
as was expected, but unless the manufacturing
establishments and IRON foundries soon resume
their full trade this important branch of Penn
sylvania industry must suffer very considerably
Prices are already beginning to decline, espe-
cially for anthracite, and further reduction is
expected.
THE SITUATION IN CINCINNATI.
The distress caused by the tightness OF the
money market Is being felt by Learly every
class OF people, the moneyed class included
The approach of winter heightens the distress
for many kinds Of manufacture are red uced one
half during the cold season.
PROVIDENCE CLOTH MARKET.
There has been scarcely anything doing in
printing cloths during the past week. The nom
mai price is 5.a5A. A few small sales are re-
ported at 5a5s cash, but not enough to justify