New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-31

char. had been thus straltened. Ntws the genera
opoion among the manufacturers that the nrm would
null, through these troubles, although 1t undoubtedly
va. lsbOrnV under great mas OF obligations There
g., nas no declared no concerted action among manu-
either to close mills and 20 depress wages OF
90 aid any mills or houses. The statements made In
some Journals that the failure OF the great hewfork
,ommissiOn houses 10 make their usual advances OF
two thirds threeourths on the products OF the new
hepgsnd mills had caused great embarrassment among
must DO unfounded' because tho cotton
at least do not do business In that way
now Some years AGO, manufacturing might have been
kept up on such advances, but the system had been
ahandOned He himself never anticipated production In
that way and was certain that little nothing Of the
Kind is dOno among the cotton MUS
lie was equally suro that manufacturers were no'
agreed In asking aid fro the Government to rehe'e
the crisis. Most OF them. and the largest were conn
dent Of their ability to get on without outsluo a,u
There had been much discussion the snbIeo1 III W"
trade, but there was agreement thah ~ O'"S
lines OF business. He himself thought OoNei"wv 81,
s. not needed. Those who DO desire II "io -
among themselves and uncertain IN helr oPinio % y
the way IN which relief should be gwen ms W -
6ition of the operatives Gov. Ho"aru saiu oa"' 80
NOW baV ,uch NANCY IN tho savings BANKS Iheso ai
very strong I'm Rhode Island. NO large proPo' Wv" -
the deposts Of the workmen were taken ouI III ' sun
Hast NAV and The high wages oDd thrhty nao's u "0s
NJ the class had put Them IN such position lha' even
IA IN
e,a NOD mink there would be much suffering IN Ihooe
y,nd while their running half time even all hlhteE
would occasion no distress
soPEPUL VIEWS OF HENRY LmPITr AND STEPHEN hAhRis'
Henry Iippt. Treasurer Of the Social MANUFACTURING
Company Woonsocket, X. t. which runs 1900 spihdee'
and employs about hands, agent OF tho
Blsaehery aud the I1ppitt Manufacturing Companys
WOODEN Mills and who Is interested In other large manu-
featuring enterprises said that The Social Mills are YET
running on full me aud will continue 10 do so Tor the
present They very favorably situated at the De
ginning Of the panic having largo contracts TO NIL anu
no goods on hand and there is sti brisk demand TOT
some STYLES OF their manufacture. The wooden mills are
now considering the question OF going upon bali ume
ana IL In the there any reduction at the soea
Mills 1t will DO in running time, and not In wages or
workers. No Rhode Island mills have yet reduced wages
or forces but only hours they fear TO drive away
their operators whose places they eOulo hOt re"ii9
supply whom activity returns. None OF the manulac-
turers in this vicinity in danger OF failure Though
they are cramped by the difficulties of the time, they
stand on a sound basis. They take cheerful view OF
tho matter although they do not expect much improve
ment TIL january. BY that timo the present general
disrust and striDgency may Tighten. People are still
sfrad that they not havo touched tho worst aud
this fear DISCREPANCIES business The general opinion
among Rhode Island milOwners Is against any inter-
ference by tho Government IN the way Of imitation They
feel sure that In case Of initiation they will be forced to go
through their present troubles again some time
IN the future. Many Of them favor present or speedy
resumption ~ specie payments. TheY tDlhK as 40
said Mr. Lppitt that IL viii be long before more IaV
CRADLE time be found The shrinkage IN vaihes ae
tho general dsrust OF anything but cash have Drought
additional serious embarrassment The Rhode Island
banks Tor the part have done their best for manu-
many have strained their strength little. At FIRST
they discounted at 6 per cent then at 10 81 ana row
AT per cent But the time persons VINO neSOti
good paper the street are forced to pay 10 or
20 per cont As might be expected each bank has raw
I'M
facuTors have been left TO tine tender mercles OF the
street There has been much diifcpy 10 getting cur
forced at time 70 pay per cent premium Tor
premium. We have paid in fun and paid promptly.
There have been rumors that some mills have paid
partly in bank orders, and that others have put off pay
nent for some days. yet there is suffering among
mill hands nor will there be. unless the Suspension OF
work Is much more general and entire then there now
seems reason TO fear 10 reported difficulties in set
Elements between Rhode Island mills and their agents
IN NewYork, may say that have heard OF none OF
consequence and think they must have been exagger
4ted There has been no concerted action among our
mills either to help commission houses OF 10 sustain
each other Ia make arrangements for SUSPENSION OF
70 cut down wOrkmen's wages
stephen Harris who represents the Greene ManuIao-
turing GS%R91 ny q s y9h mas
well as some other companies now on IuH ume san! saIa
Of the manufacturers IN this state admit That
they afford 20 on hall time for three months,
necessary Their most serious obstacle. In they
cannot get all the money from the banks which they
their paper at rs TO 20 Der cent OH Opinion US to Gov
eminent relief divided II the Government should IN
che $A,OO0OOO reserve alone would not make money
much easier. because It would all be swallowed up in
New-YOrk The resumption Of unrestricted currency
payments by the banks would not relieve the present
embaassments except In the way Of making IL easier
get money TO pay wages But this Is not very
serious trouble now Even IL it necessary TO pay
premium for currency monthly expense--pay-day
whereabouts the amount OF the payroll would be
tring dran. The mills with which |, said Mr.. Harris,
connected, have paid promptly in full. The banks
have been liberal IN making discounts for manuiac-
nilowDers for they confident of revival OF bust
will not be crippled by the delay There is no prospect
Of suffering among the operatives. Tney are very weo-
do and many Of them have large deposits IN the savings
bankB
yHE FEELING AMONG OTHER RACTURERs AND AGENTS.
Ex-Gov James Y. Smith. leading bank president and
manufacturer representing the AshlandCompany
at Sctuate. H. l., which runs 100 lOOms the Scituate
Company in the place, which runs 200 looms; the
James Y. Smith Manufacturing Company, with 200
looms, and the Smithvlle Manufacturing Company at
wHlimantio, Conn.-mills which in the aggregate
spndles and employ about 800 handsstated
that all his mills running on full time and no day
for even partial suspension had yet been fixed upon
goods had been sold closely and there are some
contracts s In hand which do not expire till January
The duliness In trade with the difficulties in collections
and the other troubles which affect manufacturing may
compel u.s. he said, reduce the running time; but
shall stop wholly II 1t Is possible to ~ on We
wish to keep people busy and VIII strain point 10
do it. Our mills were not closed either In the crisis OF
1887 1851 Manufacturers here generally wish 10 give
their hands all the WOfk tney nOt
them away by suspension II they can help It. There
will be need for economy among operatives this Winter,
and II many Of the large mills should be shut there
might be considerable suffering There Is uDsOund
the business TO alarm OF failures. Goods
have sold close up and manufacturers are pretty
well prepared 10 20 through the crisis There has been
discussion them TO the propriety Of the Gov
eminent interfering but appeal for aid, any gen.
orally expressed desire for it, Many think that resump
ton OF specie payments Is now expedent, but for my
part said MIR. smith, fear that people would hoard
specie they keep back The main factor
the present troubles is the in which people keep
money OF circulation The banks have done their best
IN freely Tor all lines OF trade and have gwen
all Assistance their power. Their officers have felt
ihat every dollar ia their control only held for the
good OF the people and should he used for their benefit
II is deporaDe however that good notes OF manufactur
l. LLL I'm Inc LII