New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-28


England That feeling IL by no means detected as has
been supposed Manufacturing here was III -"
unusually healthy condition just Deiore 'no
financial panic. The thrifty mill0wners OF khooe
Island are proyerbiay cautious class, ana hosO W
them bad foreseen storm gathering. and had IN souo
Sort provided for IT, Sales generally close UP ~
the beginning OF Autumn, and such contracts as hao
been entered into had been carefully guarded. Conse
quentlv mCst OF the mills are well prepared TO 80
through the present storm and there Il very little lack
Of confidence aud hope among the owners win the
difficulty of making collections and OF raising money III
any way because the unsettled market and the aI'
Ing prices for materials they hesitate 10 Keep prOOuc
ton up TO It's former Hence those mills which
have not large f are either closed tempo
rarily or arc running on reduced time are TO cut
down the hours in a few days SO long as rctrenehment
If confined 10 these limits there will not be much suffer
ing among operatives
The census OF 1870 gives Rhode Island population OF
2735s, 494I7 OF whom employed in manufactures.
Tue most liberal estimate here puts the proportion OF
persons thus of work reduced time, on ac-
panic less than 2 per cent wages have
been high in Rhode Isand-t0o high, the managers as
sertand the workers in the mills have generally Deen
able to put bY considerable sums IN the savings banks
The great strike OF last May when several thousand
operatives abandoned work for fortnight, DIRE"
hat these savings, but by no means exhausted
them. Most Rhode Island operatives 1--we in houses
ing them. II the present troubles should increase
and the mills be forced still further to cur
toll operations the companies would undoubtedly re-
luce these rents to rate nearly nominal, or even allow
their occupy them rent Free as was DONE TO
considerable extent during the panic OF 1851 Ana III
the coming Winter then, If there be need, the compa
MES will sell groceries and provisions TO the operators at
cost prices not adding the expense Of tranporta
ton Moreover there large room for increased econ
omy rugality the way OF life of the greater part
Of these ml-wOrkers. Many OF them have been nyihg
somewhat too generously and the amount OF their saw
ings with liberal course shows the general excel
lence OF their wages. The women have been largely IN
the habit dressing in expensive styles, and in higher
ranks life the fashions have often been less eagerly
observed and scrupulousy followed than among the mill
girls Frequent visits the city with theatergoing and
other Injuries have taken time and money and the too
frequent holidays demanded by the operatives have
caused general complaint among the managers ln the
families millworkers the cosles breadsuis and
groceries we're generally used and fancy brands OF flour
were the only kinds that found sale at the stores
patronzed by them or there have been frequent
instances O, large families OF young children getting but
scanty subsistence the toll of their father ana
mother but If the heads OF the household nave Oeen
temperate and prudent their own Efforts supplemented
by the early usefulness OF their children, have almost
invariably kept them from utter poverty aud distress
For workInen then. the outlook is not altogether
gloomy.
How is It with the employers Most Of the mill stock
is in the hands very wealthy and men who have
always zone q sound basis Their abundant
aud the general trust in their strength would
enable them weather much heavier storm than they
now look for OF them admit that the regulation
of wages has much do with the partial suspension OF
their mills They say that the operatives all along have
dictated TO employers with threatenings of strikes,
what should be paid them. Under present
circumstances the manufacturers cannot afford
to pay the which have been prevailing ana
they should cut down wages, with corresponding re-
Iuctiou time, there would be strike. Ihey expect
that brisk demand for manufactured goods will spring
I'D soon after OF January OF by the beginning oil
next Spring the farthest They say the country must
have the goods there plenty OF money In to pay
for em for the time il is kept back on account OF
the general dsrust aud the uncertainty in the price OF
materials. They might 80 on and pile up great stocks Of
goods for the future demand but the waverng pnces OF
material and the difficulty in raising money except
at ruIn0us rates.
II il universally admitted that the Rhode Island
hanks have pursued liberal policy far lay in their
mower They have discounted fully for all kinds OF trade
AT per cent aud have tried TO relieve the financial
stringency TO the extent OF their ability Some cautious
men express fear that part Of them have been little
TOO ca ger IN giving help for their own good But as In
NewYork and elsewhere they have naturally favored
most their constant customers, and have done the bulk
az their business m renewing old discounts, helping
those whom they have already helped 70 largely that 1t
would not be safe to refuse them further assistance For
this reason many OF undoubted solveney have been
forced 10 resort the street, where notes OF first
class firm are selling discount OF If and 20 per cent
This depreciation Of good paper Is largely DUE IN the
opinion OF many. to local cause that IS the amount
now out OF the paper of A. n W. sprague The rates
al which this sold have carried down all other
notes 10 the market. The extent and variety OF the
business OF this great manufacturing rm aud the rapid
way in which, OF late years, IL has been added TO IN
various parts Of the country. have brought vast
ouantity of Their obligations INTO the market. Rumor
exaggerated the sum and deprecated the charac-
ter OF these obligations, and people have made haste
to forget the extent Of the OF the Company
in their hasty differences OF embarrassed position.
From this has come the Misrepresentation which
have obtained currency In Newf0rk as wea III Rhode
AT "A per cent of s25OOO0 by the old Providence ln
stitution Savings TO the Messrs sprague on the
security Of certain stocks deposed-has been distorted
into a specal assistance given by Messrs Brown &
Ives TO save the rival house from rain, and was
asserted only given at the desparng solicitation OF the
nnior partner In the rival This story from
the that the controlling influence OF the Board OF
Directors Of the bank which loaned the money Dy
Messrs Brown & Ives. The house OF A. q W. Sprague
with It's connections operates cotton mills In Maine
Rhode Island, and Connecticut, running over 10000
pndes beside the largest PRINT works In the country
TAT Cranston r. IL immense delaine and WOODEN nllls
in Oueyve adjoining Providence together Win street
and steam railroads, locomotive mills, a horseshoe
mandatory, and other works Those duaneo 70 SPEAK
there mortgages Oh proper
cs aud that value OF the possessions at low est
mate outnumbers Ave six times the amount OF the
abes of this firm. SO many and impOrta Mt their
Industries this State that its prosperity Is bound up In
their success aud Rhode Island capitalists declare that
they would unite II necessary TO sustain the fortunes
of that house but among them there Is no recognition
of any such necessity now.
Despite All assertions the contrary IL may be posi-
lively stated on best authority, that Rhode Island
manufacturers have formed combination, either In
the matter OF partially suspending their mills in the
wsy OF giving aid to commission houses nor DO they
unite IN asking interference by the General Government
70 relieve the ringency There a marked division OF
on this last point Many OF the largest and
soundest of manufacturers think the Government
shontd hold OF unless In OF taking