New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-17


numbers Some Of these Institutions have been long
established and favoraby situated for making profits
sharp rivalry sprang mp among them and with the
newer banks The dividends declared sand the interest
allowed were raised by this competition. In the
endeavor to make money enough to keep up this
ostentaton dividends and interest, there was some
departure from the proverba caution Of savings banks
in this part Of the country. For the sake OF
high interest money has been ned uncertain
rty but those competent to judge that this course
has been carried far to endanger the sol
vency OF the institutions though 1t has sometimes
stepped prudence. The tempting dividends were
efficient 10 draw depositors from distant quarters and
to allure small capitalists and who IN other places
accustomed invest their money where more lucra
tive returns are promised than from savings banks.
The bank balances OF Pawucket operatives are, how
ever, not few and in many they are not small
deduction. which is the order OF the day everywhere
Will no leave them hopeless as people OF their class
In many places. larger share OF them than common
have had constant work for many years in the same es
adjustment much their advantage Signs OF panic to
Pawtucket In the general depression that the Consnt
Thread Company the largest concern here proposes 10
keen up full work and full wages all Winter. and that
several other establishments hold stoutly back from
reduction and when forced to yield declare their ihteh
ton Of returning full production ut the earliest prac-
ticable date.
Before going into details of the condition and pros
poets Powtucket concerns something may be said OF
two large establishments in the WOonaSquatucket
Valley not previously mentioned in this correspondence
Among the largest and best known OF Rhode Island me
chanical establishments the Rhode Island Loco
motive works. Fifteen sixteen engines have been
their regular monthly production. Owing to the de-
preston in railway enterprises no new orders are com
log In while which have been given were AFTER
ward countermandea. Accordingly some reductions in
force have been made lately, and few men dropped
of at tho end of each week. Nov !, 80 men were
dropped. There has been no reduction OF hours or
wages yet but work has been saokened and fewer On
gines will be made monthly, in order not to finish the
present contracts The contracts now on hand
will occupy the works till the end OF the year when I'M
less there change for the better, there will be de-
crease both OF wages and The Great Western
Railway OF is the largest patron OF these works
at present and this road Is building with English cap
ita Its not crippled oy tho panic Al tue
X. l. Locomotive Works wages are paid iortnighty'
on the It'll and 2d OF each month As the amount to be
raised for each payment not 50 large as In otner
concerns of equal which pay monthly there has not
been much difficulty in getting currency AT one time
onequarter OF per cent premium was paid Az the
Office the opinion was expressed that retrenchment
would not generally distress mechanics, as they have
been getting very good pay aud many of them have
laid by comfortable sums.
The establishment OF the Nicholson File Company is
near the locomotive works. Here 200 employed
One month ago were reduced 10 per cent on ac-
count OF the depression. IA the men we're receiving
good nav the reduction caused trouble. No reduc-
ton In hours numbers employed have been made
here but Mr. Nicholson declares that there IS no re-
viyal OF business within 30 days all hopes OF ACTIVITY De-
fore next year must be gwen up and both running time
and force will be cut down. He not without hope
that there would be stir in the latter part OF this
month"; file trade had been IN the healthlest con
dtion before the panic. There is no stock III hand sny
where buyers have only been taking enough Tor imme'
diate needs and a renewed demand must come soon.
There had been difficulty in getting currency
enough for payday but wages had been paid whoy an
cash and promptly The monthly pay day here occurred
ON the Saturday before the panic began so that three
weeks OF the hardest stress were provided for
At Central Falls close by the track Of the Providence
and Worcester Railroad the big brick mill which bears
the name Of the United States Flax Company which was
changed into cotton mill by the Messrs sprague. and
now contains 5000 spiDdes. As already stated in THE
TRIBUNE. mandatory has been on half time for
few weeks Some below this mill the thread
factory of Greene DaUielswhO arc residents Ia THIS
yicnitywhere cotton yarns and threads are made ana
| nearly 400 hands employed The Establishments
include large and handsome brick mill on the left
bank of the Blackstone and little old structure, where
the business had It's beginning the right bank Since
Ootober a. Greene & Daniels have been running
80 hours per week, four days Of 81 hours
each day. No reduction OF wages has been
announced but 1t is thought that the mill
may be closed altogether for tule when the present
stock Of cotton worked up, which will take but few
days. II here stated that the demand had almost
vanished and that collections slow that the
companies which still running are piling up stock
which cannot be disposed Of till trade reyyes; that
some Of the smaller Pawsucket shops had closed alto
getber and that the number OF people out OF employ
mcnt daily increasing that the losses OF the opera
tiyes in the long strike last May have crippled many
and that o certain amount Of suffering in this place
inaxd that fha
facturers wish to this and will aid their hands in
partial or complete temporary relief from rent but that
they cannot afford to run under such disc0ur-
aging circumstances. Near the Greene and Dan
iels mill are the works Of the Stafford Manufao-
turing Company the Central Falls Wooden Com
pany, and the Pawtucket Hair Cloth Company.
The Stafford Company makes cotton yarns and threads
employs l hands, and has been running four days In
the week. threefourths time, for three weeks. The
Central Falls Wooden Company-the stock OF which Is
owned by Phettepiace Sesgrsves OF Providenoe-em-
poys about hands In the manufacture OF fancy cas-
simeres and running full time, with full pay and full
force and has doing since the panic began 1t
"a here expected TO full time and force all
Winter. there is a large stock OF wool on
hand 10 work up. Wages will probably 90 some
what reduced in a few days. The Pawtucket Hair
Cloth Company employs about 100 hands. Some slight
reduction OF wages has been made here, and prices
have been depressed Action toward further rerenoh
men the proprietors say, VIII depeha somewhat upon
the .teps taken by other manufacturers Full time Is
sti kept up but 1t is not improbable that tho hours
NAV soon be ourtaed 1t here stated that most OF
the small mills and shops IN which Pawtucket sbounds
hs 20 gone on half me but few or mono OF them have
stopped wholly. The receipt OF only half pay requires
p,nchine economy the operatives and dstresses
those of meager for instance those who
save up much Of their spare means during the strike
few months ago. ..
Th,e,,ourths Of mile TO the west OF this cluster OF
mills on the Blackstone 10 the extensive establishment
:. A. fonant Thread CnmnanY. This Ia a aort of