Wausau pilot. [volume] (Wausau, Wis.) 1896-1940, 1907-11-19
CUT DOWN PAY ROLLS
BUSINESS CONCERNS ALL OVER
COUNTRY RSTRENcH.
Large Numbers of Men Are Be-
Ing Laid on In All Lines of
Industry Because of Financial
sfrfngency.

SFr1u&ency.
Reports flow into New York from all
parts of the country indicating the exc
cution of retrenchment plans by BUSH
ness interests. On Monday two banks
in California suspended, and depositors
Of Marion (Ohio) savings bank started
a night run on the institution. Finan-
cial unrest in United States caused
suspension of Rome (Italy) stock ex-
change. Receivership was asked for
Consolidated Smelling Company and
Arizona Smelling Company, with COM
bined capital of $17,000,O00. New York
and Chicago banks increased gold en-
gagement in London.
From the Pittsburg district, which
at present seems to be bearing the
brunt of the curtailment movement, 1t
was reported that the Jones & Laughlin
Steel Company had laid off 1000 men
Monday. This makes total of 30
fewer than $4,000 men who have been
laid off within the last three weeks.
Retrenchments announced in the Pitts
burg district during this period are as
follows:
United States Steel Corporation. 10000
Westinghouse interests ......... 10000
Jones & Iaughlin Steel Company. 1000
Pressed Steel Car Company. ..... 5000
H. G. Frick Coke Company 49,. $500
Pittsburg Coal Company (mines). $500
Various railroads ............. 1000
Small oils footoriaS aud dnnart
ment stores ................. 5000
Total ............-. ...... 4o,oVU
These figures show the returench-
ment made in the district, which in
cludes a radius of fifty miles from the
center of the city. Some of these con-
Germs have laid off men at other plants,
which are not included in the above
figures.
Among the Pittsburg concerns which
have laid off large numbers of men
outside of that district is the American
Sheet and Tin Plate Company, which is
operating not more than % per cent
OF its full capacity The Shenango,
Greer, Sharon, American, and several
other plants have shut down entirely,
while some of the others are operating
with a greatly reduced capacity.
From Amsterdam, n. Y, came the
announcement that the knitting mills
there have shut down, and that 1880
men are out of employment. The fac
tories which closed are A. B. Norris &
Son, Yunds, Kennedy & Yunds, and
Gardiner, Waring & Co. The suspen-
sion is ordered, the dispatch says, be-
cause statesmen who have been out on
the road for four weeks have been UNI
able to make sales. More than 600 men
employed by the Peter Cooper glue
works in Williamsburg, n. Y, have
been laid off. The plant has not been
closed down, but the working force has
been reduced nearly So per cent.
The effect of the crisis has reached
the lumber business, according to
dispatch from Washburn, Wis, which
says that the large mill of the Edward
Hines Lumber Company has been
closed down, and operations in the
woods contributory to the mill have
been stopped. More than 1900 men
are out of employment.
The 1920 employees of the three shoe
| factories of Rice & Hutchins, of MARI
boro, Mass, were notified at closing
time tonight that a half-time working
schedule will be inaugurated to-mor
row, and will continue for an indefinite
time. Charles W. Curtis, manager of
the company, said that the reduction
is made necessary by market condi-
tions and uncertainty regarding the
future.
The General Electric Company of
Schenectady, n. Y, is planning extern
sive retrenchments. At the present time
the company employs between 24,000
and $4,000 men, or about 5000 fewer
than were employed at the high point
in 1906. BY the 1st of January the
number of employees will be cut down
by another 5,000--a reduction of 30 per
cent from 1906. This reduction In the
pay roll is being maze because the
officials of the company do not expect
as large a business next year by 500
100000 as it has had this year. Gross
business for 1907 viii not fall far be-
low $70,000,000 while the officials do
not believe it will exceed S50,000,0OO
for 1905
From Chicago was received the an
nouncement that the Griffin Car Wheel
Company will close four Of it's plants
for one week. The Illinois Central Rail
road Company at Chicago announced
that 1920 men had been laid off at the
Burnside shops. Officials of the COM
pany declare that this number Is not
greatly in excess of the number usually
discharged at this season Of the year.
At the New York municipal offices
1t was announced that in all probability
800 men will be laid off city work this
week because of the shortage of funds.
A new issue of bonds has been author
lied, but cannot be sold under the pres
ent market conditions.