Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1873-11-08
THE STATE OF BUSINESS.
A Gloomy Prospect for Working
Men-Effects OF the Panic ON
Industry. ~

From the New York Bulletin, Oct. 81
The hnpe that the panic would be
limited to the merely speculative inter-
ests, and would pass off without any
thing worse than a temporary embar-
rassment to the commerce and industry
of the country, must now be abandon
ed. The monetary stringency, which
might have been ayerted six weeks ago
by the timely disbursement of very
small portion of the scores of millions
of dollars locked up in the Federal
Treasury, has now extended all over
the United States, and there is scarce
ly an industry or individual that is not
more or less deeply interested in the
results. Employers are everywhere
discharging their hands, reducing wages
and limiting operations in various
ways, and it now looks as if the work
men who can obtain employment dur
ing the winter at almost any wages
sufficient to procure himself and family
the neeessaries of life must be regard
ed as fortunate indeed As the days
shorten the distress is likely to increase,
and unless the prospects brighten con-
siderably, the number of idle men will
soon be swelled from scores to hun
dreds of thousands.
The process of industrial contrac-
ton continues with painful rapidity.
On Wednesday night the manufactur-
ers of Fall River, Mass, held another
meeting, and it was voted bya majority
present that the half-time movement
agreed upon last week should com
mence on Monday next. Some manu-
facturers present refused to be bound
by the action of the majority, and ex-
pressed their intention to run their
mills or shut them up entirely, accord
ing to their individual interests. As
Fall River is now the largest textile
manufacturing centre in the United
States, the number of mills and the
aggregate of production being larger
than at Lowell, this curtailment of
operations shows how deeply the wooden
and cotton interests have been affected
by the panic
The embarrassment of the great
Sprague firm, of Providence, Rhode
Island, and their dependent houses,
afford fair illustration of the condi-
ton Of affairs. Here we see power
full and undoubtedly solvent concern,
with assets over liabilities to the
amount of seven millions, and includ-
ing real-estate, stocks on hand, etc., to
fifteen millions of dollars, hampered
by their inability to realize ON assets
greatly in excess of their real value.
Our banking system, as managed by
the paternal Government to which the
people have foolishly entrusted that
duty, is such that wealth no longer
consists in houses, lands, factories,
provisions, or other things which are
indispensable to mankind, but in a
currency which is intrinsically worth
less, and which is only useful as a me-
dunn of exchange for valuable COM
modities. If the Spragues, with their
vast resources and wealth, find them
selves forced into temporary suspenion
for want of banking accommodations
for which they can give ample security,
how can similar firms hope to es-
cape?
There are now very few cotton or
wooden mills in any part of the country
that have not contracted or entirely
suspended their operations. In addi-
ton to the cotton and wooden factories
already announced as having contract
ed operations, we now have to report
that the great Shawl and Iron Works
of james Roy & Co., of Fort Schuyler,
n. Y, have been placed on short time,
with prospect of an entire stOppage
unless trade takes a more favorable
turn.
The great iron interests at Albany,
Troy, Paterson, Pittsburg and other
places are also forced to contract oper-
atoms. The famous sewing machine
factories in Bridgeport are discharging
hands, and one has stopped work en-
tirely. In New Haven the carriage
factories have also contracted. In the
thriving manufacturing towns along
the Naugatuck river, Connecticut,
there are over 10000 men out of work.
and as many more are on short time.
In fact, turn where we will, we still
find the same sad story of men thrown
out of work and factories stopping
wholly or partially.
When they will resume it is impos-
sible to anticipate. Probably resump-
ton will not be general until the move
ments for the spring trade induce a
renewal of activity.
There is, however, this highly favor
able feature. The manufacturers re-
tire, as it were, before the panic in.
good order and condition. When the
blow struck them, they were, as rule,
doing a large and practicable trade,
and from no quarter are there any
complaints of over production. Stocks
are generally very light, and the credit
and resources of employers are COM
paratively unimpaired. They are all,
or nearly all, in excellent condition to
start up again at any moment, when
the restoration of confidence or an
improvement in business should war
rant them in doing so. In this very
essential and important respect there
is then abundant ground for favorable
hopes of the future.
TAVVSUANA