Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-10-18
LETTER FROM PHILADELPHIA.
PHILADELPHIA october IA. 1879

PHILADELPHIA OCtODeT 1p'"'
To the Editor Of tie journal:
First and foremost, of interest, IN this CITY,
is the universal cry of hard times. In the
midst of the great prosperity of the country,
in the shape of heavy crops and exports and
the busy industry glowingly set forth in all
the papers, and above all, in the face of the
prophecy of the Herald, that currency will be
abundant in thirty days, we find ourselves
here in Philadelphia, doing the largest manu-
featuring business Of any city in the country,
compelled for the want Of money to discharge
many hundreds of men from the factories,
and to place on half pay, or reduced wages
those not discharged. The Southwark Foun-
dry cut down the wages of six hundred men
about twenty per cent, and the result was the
stoppage of work, which has not yet been
resumed. One cotton mill has shut down,
and thrown eight hundred men out of work.
The Baldwin Locomotive works, whose pro-
duction has been ten locomotives per week,
has discharged from one hundred and fifty to
two hundred men week for the past month.
This concern has had pay roll of thirty
thousand dollars per week. The Disston
Saw Works, turning out annually a millisn
and halt dollars worth of saws, is running
on half time. These works are the largest in
the country, and their saws are noted the
world over. Beside these large works, a
great many others whose movements do not
attract so much attention, by themselves, are
doing the same, and the result is, that pay
mir howls most doleful requiem over the
buried panic. Philadelphia is particularly a
manufacturing city, and if this condition of
things does not ease up soon, there will be
harp times indeed, this winter.
Those names that were painfully prominent
during the recent panic, have been very freely
discussed since, and while exception has been
taken to the manner in which Jay Cooke &
Co. threw all their money and their deposit
tors into Northern Pacific's, and other bank
ers into other roads, the feeling~is one of
hearty sympathy for them. Their statement
showed assets of sixteen million dollars,
which included over four million in bonds OF
the Northern Pacific, while their liabilities
were but eight million. This. exhibit of liabil-
tiles is exclusive of seventeen hundred thou
sand dollars loaned to the firm, which are
secured by collaterals. The excess of collat-
erals, upon these loans, has been estimated
and included in the assets. Clark & Co. es-
estimate their assets four hundred thousand
dollars above their liabilities. The third
heavy failure of which spoke in my last let
ter, was the Union Banking Co. which SUBJ
mits the following, to enable them to resume
business The creditors shall take fifty per
cent of their claims in the stock of the bank,
with the other fifty per cent to the depositors
credit.
The feeling seems to be that Jay Cooke
& Co. will figure as prominent bankers again,
but without the prestige they have had hereto
fnrn En's ,h,fin 70 aLo
Philadelphia the bond market2of the country,
second only to Frankfort, in the world, but
his first great venture swamped him. Had
he succeeded, he would have made millions.
In the fifty page book in which he describes
this Eldorado of the North West, he says:
"This superb estate-the land grants
larger by ten thousand square miles, than the
six New England States, twas decidedly too
much for him.
In public way we are doing some pretty
big business. For several days, recently,
the masons took possession of our city, and
with much parade and music dedicated their
new temple, constructed at a cost of million
and half dollars, and has taken five years to
build. In size, cost, and beauty, it equals
two of Boston's, and is a third larger than
New York's. Then the contract for the
erection of the long talked Of public buildings
| has been awarded to marble firm here for
five million three hundred thousand dollars,
the largest contract ever awarded here One
wing only is promised to be ready for the
Centennial"
Then Mr.. Mullett, the Architect of the
Treasury Department has been here several
days, engaged in completing arrangements to
give us Post Office, equal in every respect
to the new ones in Boston and New York
This is also expected for the Centennial"
The progress of this Centennial business
l will reserve till some future time, as it is
deserving of special mention and somewhat
extended notice.
| "PHILADELPHIA."