Year: 1873

be cut down, just at time when the bleak winter
necesstates an increased outlay for even the
poorest family. Many men have already been dis
charged ana 1t is feared that still greater num-
Der will be out OF work by the 1st of December
The renners, as many OF them stated yesterday,
are generally losing money so that the present
prospects OF this branch OF trade would to be
far from encouraging.


WHAT MIR. HENRY o. HAvEMEYER SAYS.


Mr.. II. 0. Havemeyer, OF the 1rm OF Havemeyers
Elder, os Wall street, said that trade would
probably continue to be In q very unsatisfactory
condition for the next four or Ave months. and all
In consequence OF the PANIC. The decline In the
price had been Ike. per ID. On the refined article
and lkc. on the raw material. The natural result
would be tendency to cheaper the cost OF rehn-
ing and to compel the trades unions to accept q
reduction OF wages. The only question
now before the renners was how much
the reduction should amount to, and Mr..
Havemeyer thought 1t would be twenty per cent
at any rate. They (the flrm) were adverse to re-
ducng the wages OF the men because they had had
them Tor so long time and would only do so II all
the other reflners should cut down the rates and
thereby compel them, for their own protection, to
Last year, owing TO the high price OF gold, they
were able to export 5O,o 900 barrels, witch relieved
was closed owing to the low prices OF gold. The
firm would not discharge any OF their men. II they
did less work they would have TO get an advance
on their refined article to Offset the additional
cost OF refining consequent upon the reduc-
tion OF their capacity. One great dinlcuty
crate stock OF sugar bought now only what tneir
immediate necessities seemed to require, which
compelled the refners to carry the stock, They,
however, had not sufficient stOrenouses and were,
therefore, compelled to sacrifice 1t at low price.
1t was that which broke" the market.
There were about 35 refnerles in the city and
the number OF men employed in them was prob
ably 5000. The average pay OF the men was
S Sas month which orx was very mgn peU6e Se
firm employed 500 men, mostly Germans. Two
thirds or the men employed in all the redneres
were Germans. and tue other third was composed
OF Irish and Italians. Mr. Havemeyer predicted
that the reduction OF wages would probably be


per cent the the me new men, & ana from en to
men being more valuable, because they were
Injured to the great heat in refneries, which was
$50. Before the panic sugar crushed, powdered
and granuated) was l1A cents per pound. and
now now It was quoted at lOA cents, which was GER


At the close OF the interview Mr.. Havemeyer re-
peated that the firm had not DISCHARGED any OF
some OF the other rehners had reduced their force
WHAT MR.. DURANT, JR SAYS.


Mr.. Durant. Jr., OF the firm c. w. Durant said
that the panic had caused a great depression In
the trade and deprecated all the values mate
rally. Tne decline IN the price OF sugar mas
various grades The scarcity Of 81 money kept job





that the firm only did half the usual work,
and other refneries had been closed entirely. The
trouble was that the refners had always bought
the raw material or time, on four months, but now
they had to buy 1t for cash, and they had not
enough money to do this. What was the natural
consequence That they could buy but very little.
The price OF sugar was so low, however, that 1t
could not possibly be much lower-the panic had
done all the harm 1t could do. The firm had
reduced the wages fifteen per cent on November /.
M. Durant thought that there would surely be an
Improvement in the trade alter January /.


DE CASTRO AND DONNER


Messrs. De Castro and Bonner, who employ 500
men. were not in their office, but some gentlemen
connected with the firm thought there would
probably be reaction within twenty days. Wages
would be cut down from ten to fifteen per cent and
the redners would probably meet again this week
to talk the matter over. They employed 500 men,
none OF whom would be discharged.


Another prominent sugar re6ner said that there
would probably be no further decline in the price
OF sugar, because the downward tendency would
necessarily be checked by the diminished supply
He thought that at least one-f1th OF the workmen
employed in the sugar refinelies were out OF work.
Most OF the rehners were OF the opinion that the
men could not resist the proposed reduction OF
wages. They said they had hundreds OF applica-
tlonS for work every day.