The New York herald., 1873-11-12

Both soon resumed and are now in operation ana,
this s the extent OF the disaster which the panic
directly entailed upon the banking interest or
Detroit Sheldon 4 Co.. at Saginaw. soon went
under $4,000, OF which they hspe to pay half;
Miller 4 Webster, OF Ann Arbor, were swamped.
owing $4,000, OF which the creditors hope to get
one quarters and these are the only ruins ctcate6
BY the panic In
THE BANKS or MICHIGAN.
To-day the banks Of Detroit, - well as through
out the state. are well supplied with currency ana
are readily dIscountIng for their customers to any
reasonable amount. The line Of savings deposits
has diminished little. and business deposits arc
not quite up to fair weather mark; the volume OF
business Is trlne less than usual; and bankers
are perhaps rather more exacting in the quality or
the paper they take tnan business men who offer
it like. Still. considering the uncertainty that In
abroad in the land, 1t may be said that the banks
and their customers are getting along very well
together.
Tne important interests OF Michigan are ner
wheat crop, her mines and her lumber and salt
products. In Detroit are several extensive manu-
featuring establishments and works dependent
upon these State interests, so that whatever
Affects the business enterprise OF Detroit Is felt
throughout the State and vtce versa. In this city
there are four car manufacturing companies
several iron works. and some OF the largest to-
bacco works in the United States. and all these
branches OF business, with one or two exceptions,
are unfavorably affected by the present disturb.
ance OF the 1nances Perhaps
THE LUMBER INTEREST
is the largest In the State. We have nearly 1000
miles OF lake shore, into which innumerable rivers
drain, bearing upon their bosoms the product Of
the plnerIes. Many thousand men are engaged
during the winter months in getting out logs for
the mills to consume through the summer Dus
curtaled more than one-naIf; first, because Of .
surplus left over from last winters logging, and,
secondly because Of the scarcity OF !, n. money
years forests have produced $780, 600 900 OF fcet
OF logs and lumber yearly. In those years chicago
small portion came from Michigan. This year she
will require l5O 600 900 less, and IL Is the opinion OF
some OF the heaviest operators that the market Is
stocked for year to come. that lumber sufficient
to meet all demands tor twevemonth is piled IN
this Is true may Ss found in the fact that the price
has been declining ever since last spring, even be-
lore panic was dreamed o. Detroi. dealers ne M SUP up
annually to New York and OHIO OF long logs. somd
OF which goes down the Hudson to meet require.
ments OF the trade IN the great CITY, These logs go
to supply the square timber to be used In the con-
structlon OF large buildings bridges, &C., and at
erty. The Tittabewassee boom has 900, 600 OF
logs and win only get 1 about hs Of yarx these or
oe the Il NOT the
mill in the world, at Bay City, has 5o.00O,0OO hung
up. Though the prices at the yards here and ONO
have dropped, until it is averred that lumber y
to-day as cheap as 1t was before the war. Ordinarily
S. sio ua and $50 ana man with pocket S iu of
greenbacks could go into q mill yard and to-day.
make fearful with these agurest the th
hands Of heavy capitalists, and these men, or un-
doubted ability, are terribly cramped to meet the
in their pineries, while the decline in prices adds
still more to their discontinue. The best judges
one.thirS the usual i amount. Intelligence rom
the mines OF the upper peninsula ls, on
iron miners. The iron ore Is not in demand ex-
cept on time and time is not money to the mining
companies. They are today crippled and a suffer.
extended to their customers. Had there been no
panic. and could the mills have disposed OF their
ws With the sGe IRON miners But A. they sell their ore
on four months time, and vast amount OF paper
home to them again. Many of the miners. con-
sequentIy, have discharged their hands, and those
twenty-five II. H per per cent m in % wages. Parties who had
contracted Tor ore refuse now to take 1t, as they
grant credit to al an indefinite intnre SHUT up. Il Is
expected that the Lake superior furnaces will be
kept perhaps al the men
THE IRON BUSINESS IS AT A DEADLOCK
The mills IN this vicinity are still running, on
month. There are no calls for new rails from par
ties acceptable to the ronmasters, and there can
the present The Chicago mills work with about
1,tO0 men; and they, too, have probably q month'S
with $50 men, are no better on; the Joliet works
are engaged wholly on steel, and the Cleveland
mills pnched like the others because OF prontless
paper, Is doing something; but not contract for
ore has been made this year. Generally, the mills,
at this season, have contracted for the ore that
contracts being thus made for next springs
supply, the prospect for an extensive revival OF
ThA is to be q hard winter among the 5000
or 10 600 miners OF the upper peninsula The mills
uas .a ae and Ses
they are closed they Will remain shut until orders
come rom some responsible source. AS their
work Is principally the rolling Of rails and as the
railroads are not branching out into any avoidable
expense the resumption OF work at Wyandotte
Will probably be an event OF months beyond
The copper companies are not affected as ser1-
ously as the iron men, because. instead OF giving
for their copper, and because, also, Of the small
production In this country compared with the con-
or bher the pe
being purer but foreign sources are obliged to fur
nish about 1000 tons q year to meet the demand in
this country. Hence, having ready market for
all their product, and cash in hand when 1t was
delivered, the panic found the copper companies,
mines which viii suffer, and win govern themselves
accordingly; but the dividend paying mines, ike
the Calumet and Heca," which Is probably the
largest copper mine In the world, keeping 600 men
at work under ground, will not reduce their force
The Saginaw Salt product, this year. Is to be ABOUT
800, 900 barrels against 100000 last year. This iu-
terest Is not seriously affected. The decline in
price is very slight and the production Is not d.
mlnished.
There are about 1000 hands employed In the
tobacco manufacture In this city, and the business
Is going along as usual. Toe 900 men employed In
the manufacture OF shoes paid full prices, but
work only three-quarter time. The 500 men OF the
stone works work full time, at o reduction OF ten
per cent. The large furniture makers work full
time and know no reason why their business will
not be like tnat OF the preceding winters. The
same holds good as to minor manufacturing enter
prises, which 1t is not important TO specify.
THE WHEAT MARKET.
This is the chief market for winter wheat in the
Northwest. The crop OF this year not as large
as that or each OF the two preceding years, and
the price at which 1t opened was not wholly salts
factory to the farmers, so that while fair move
free In their deliveries. Since the panic CON-