The evening star and Newark advertiser., 1907-11-16
FACTORIES
WORKING ON
HALF TIME
Result of the Money Strin-
gency Throughout the
Country.
JEWELRY TRADE AFFECTED
Many Shops Compelled to Work
on Short Time. Tiffany EN-
plOyees to Work Half Week.
Other Lines OF Business
Suffer From Conditions.
JEWELRY TRADE AFFECTED

Suller FROM IOn0ltIOnS.
Many local manufacturers are paying
their employees partly in check and
partly in currency, and they are also
reducing their working force or putting
the employees on half time because of
the scarcity of currency in all sections
of this country.
Manufacturing jewelers. have adopted
the alf-time method of reducing ex-
penses. One of them said last night
that all the firms had laid in big
stock of gold and costly gems, expect
ing the same big business they had
last year prior to the Christmas
holidays, but now they are doing only
50 per cent. of the business they did
last season.
Therefore jewelry firms had to re-
duce expenses. by putting their en-
ployees on half time" he said. (which
is better than shutting down their
plants. But l do not think it advisable
to make this public at the present
time
The manufacturer was asked what
he would think if his family physician
who knew member of the family was
yet did not give the party warning.
He remarked that a case like that was
different from the Industrial question.
He was told that employees would
know when they were put on shorter
working hours, and that If the reason
was not clearly explained, the. news
paper men and women would be apt
to form the opinion that an Industrial
panic was near.
He then admitted that all manufac-
turers who make costly articles-lux-
uries-must reduce their working force
because the demand for their products
has fallen off so per cent. He asserted,
however, that other lines of manufac-
lures would not be much affected by
the industrial depression.
But it is fact that industrial plants
in many lines are reducing expenses,
that steam railroad corporations have
stopped nearly all construction work,
which affects contractors and builders
Of hoisting and other engines and ma
used by contractors.
H is told how one salesman from a
New York house, dealing in precious
stones, came to Newark this week to
sell to jewelry manufacturers. His
orders at this season have generally
been good in past years, but on this
trip he disposed of only ten dollars
worth of small pearls.
Tiffany & Company, in the Wood
side section of Newark, notified their
700 employees this week that they would
be put on half time. The men held
meeting and decided that $50 will work
the first three days Of each week and
10 10 Oh fhran douG
AS already stated, jewelry manufac-
turers have put their men on half time,
and it is expected that when plants
in other lines shut down for the usual
Christmas season to New Years day,
that the employees will be given
long vacation from work.
Ali the trouble in the Industrial world
is due to the scarcity Of money. Gus
toners who want goods have written
from the West and Southwest that they
cannot get money to pay bills past due
Therefore, business men in Newark
and other Eastern sections cannot keep
on paying cash for raw material and
wages to employees unless they can
give the banks good securities or collat-
eral for cash loans.
Several manufacturers who failed in
lH6 Dd1llC VI lOJo5 cbAlN % low WAO 49, -
wrecked in the 1873 crash, have in
vested a good deal of their cash capital
in municipal and county bonds paying
per cent and not taxable. The money
they paid for the bonds was deposited
in the banks by the brokers who sold
the bonds.
1t has been said in local banking
circles that no premium has been paid
in Newark for currency. But it is true
that a premium has been offered here
for currency One building and loan
association received about $1,000 at a
meeting this week from members. Al
man offered per cent premium for the
currency His offer was rejected and
the money deposited in a local bank
that has stood by the association. This
action is regarded as praiseworthy. So
is the action of the Essex Trades Coun-
Gil, which voted unanimously last night
to advise members of all labor unions
not to draw their savings out of the
banks.
While the payment of premiums for
currency has not been general, there
have been some cases of it. One today
was told of where a man who sought
to get 81 900 from a bank had to take
1t in gold. Gold was unhandy for him,
so a broker took the money to New
York and got 81, $50 for it. The check
for this was deposited in Newark
bank so that the depositor made a |
profit and had his account available to
draw against.
Several cases are known where peo-
pie have put cash into safety deposit
vaults instead of keeping it in cireula- /
tion. BY doing this they are losing
interest, depreciating circulation and
helping to add to the general stress of
the present situation.
Other people. few in number, have
taken money from banks and are keep
ing it at home The knowledge of this
by thieves may be accountable for the
great number Of burglaries recently.
Discovering writers.
The rejection of a manuscript often LETT
pang. but the acceptable manuscript,
especially from an unknown hand. brought
a glow of joy which richly compensated me
for all I suffered from the others. To feel