New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-27

FINANCIAL DEPRESSION IN MASSACHUSETTS.
HOW TRADE BECAME DULL-DOUBTFUL PROSPECT FOR
THE wINTER-PARTIAL SUSPENSION OF WORK IN
LARGE Mills
lBY TELEGRAPH TO THE TRIBUNE
BosToN, Oct. 26.-The financial disturbances
which have been severely felt all over the country have
but just reached the large New England manufactures
and now 1t seems the pressure there
must come reaction at Great that had
pay out every one two or four weeks thousands OF
dollars to hundreds OF employees found It difficult then
TO get the money with which TO cancel their payrols
but most OF them, in one way another, did it.
This embarrassment was not concealed from the em-
ployes, and the who depended upon his earnings
for the subsistence Of himself and his family began to
economic The shopkeepers discovered this, their
stocks remained on their shelves, and they had no
20 buy OF the jobbere So the iobbers being unable
10 sell, TOOK nothing or next 10 nothing OF the
manufacturers. But the production went on, and
the products were piled up. The manufacturers
keep on hand one two months stock in advance OF
orders But when this product grew to three four
months and much OF 1t at that began
the reduction OF products and the consequent shutting
down OF the manufactures from day to day. For the
past two or three weeks these suspensions
ported and have looked dscouraging for tho Winter.
The tmid have grown frightened and tho bold have
grown cautious. But the cheerful of broad views
sees no real cause for alarm He only that the
italist and the aboriug will begin of pros
penty which will be the better on account Of the
troubles which preceded 1t. go far money goes
are not so badly of now, and there is e prospect Of
the situation being worse. II needs only little start
very little start 10 set the wheels OF business going
again and to right things all around. At all
events, the natural consequence of the worst which
can occur Is very early beginning Of very heavy
Spring trade January s generally the beginning OF IT,
but should these times continue the demand Is 20
start In December This ie especially true OF the cotton
and wooden interests.
The shutting down movement began In Fall River
when the manufacturers recommended running only
eight hours day four days in the week This proposal
did not meet with favor it il not certain that IL
will be adopted. The extensive print works OF
Garner Co. WILL however. stop this week. The Amer
lean Print Works will certainly stop for said the Pres
ident to reporter we produce more 10 two days
than sell in a week"
The depression in the paper trade IL due not much
TO the panic as to production which has been IN
creasing the breaking out of the war, when the
duties cut off the supply OF French and English goods
New mills have been built, and there has been too
much paper made. There many small mills
which have been making inferior article, and
undertaking honest manufacturers These Will be
crushed out. The demand for book paper has fallen of
almost completely aud magazine publishers are
the only consumers OF this class OF paper.
Although the holiday trade is yet 10 come, several
manufacturers preparing TO cut down,
and are already shortening the time. or printing
paper other than book, however, there has never
been more brisk demand. The leading houses In this
city report that during the month OF September the
sales larger than during any month IN the year or
the corresponding month Of last year. and that there
never were such heavy orders for newspaper. This
gives strength to the whole business, and
brightens the entire prospect. The prosperity OF
the paper trade IL one OF no little Importance to New
England for IL forms very important feature OF her
manufacturing industries Probably seven-elghts OF all
the paper made Ia the United states is made in New
England and a very large proportion IN Massachusetts
There is little more than tho usual stagnaton In the
iron trade. The Huxley Locomotive Works have, how
ever,s discharged 400 men and reduced wages 20 per
cent being obliged t. cancel large order from the Gu
cage aud Canada Southern road. -