New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-08
RHODE ISLAND.


ovERsTOCRED WITH sCREws-scIEw FACTORIES
LHSsENING THEIR PRODUCTIoN-rHE cORIIss
ENGINE WORKS.
fYRoM A SPECIAL CORRESPONDENT or THE TRIBuNE.l
Providence, Nov. 5.--The depression which,
as has been shown in THE TRIBUNE exists In The cotton
aud wooden manufactures Of Rhode Island Is OF course
shared 10 "A certain extent, by other industries Ihe
great Inachiue-shops, seamengine works fonndenes'
and many joweryshops are heavily Affected Dy the
prevalent difficulties though generally speaking not 80
largely as the mills Working ia gold and silver, now
ever as might be expected OF art which addresses
sef solely To the taste the elegant and uXurlous
is utterly Frustrated by the universal economy compelled
by the srngency Of the In Providence, which Is
center OF the jewey trade these shops number OVerl
aud the wOrkmen between 5000 aud 1000. These men
are rapidly losing employment the shops are gen
orally closing than dozen stopped work for an
Indefinite time last Saturday, while there had been
many previous suspensions and more are expected this
week. Before the panic the manufacturers or their
agents were in the habit OF visiting New-Nork every
fortnight oener to make their trade arrange
ments Now they are no longer seen about the Grand
Central Hotel where large number made their head
quarters IN the days of their prosperity. There Is no
demand Ia York to look out for. and as Tor making
collections of them, for the time at least have
abandoned the effort in despair Patrons formerly the
promptest now ask extension and win not DO denied
The outlook is gloomy, both for masters and men, The
former Wiling to give their hands occupation, have
kept on as long as their money lasted in spite OF the en-
tire absence OF demand and now have large stocks
on baud, which there is little hope OF working OH
The holiday trade, which vet shows no signs OF Vlgor
may possibly relieve them of part Of their surplus
stock there little reason to hope that 1t Will
such demand to start again the silent shops
three of the largest establishments which employ
TWO three hundred men, are still running, but on par
tia time aud expected to close in few days The
men have been getting high wages. o. them receiy
lint larUe Of
are reckless and improvident. and the employers say
that uncommonly those getting the highest wages
are Oftener OF money those having lower pay.
Too few Of them have savings in store for the time OF
ideBess aud 10 is not unlikely that this Winter
Will see a bitter struggle among them.
TIE sILvERwARE TRADE DEPRESSED.
SO stand the manufacturers of jewery. The look OF
affairs at the works of the GOrham Manufacturing Com
pany the manufacturers Of devices, sterling
silver, and in plated metals, is not encouraging
senior partner The Company states that the works
At full capacity employ 400 men. There are now 1915
names on books, working full time, others one
half time and others less, while time OF running the
engine shortened by hour day. that the eslab
lishment is running only One-half Its capacity.
The prospect a very dull Winter" he said, 4" Is
very marked We can hardly expect that the demand
for articles OF luxury such furnish, Will revive TIL
after activity trade in things restored
We are now working for the most part ordered work.
and very lightly IT, after the holidays. there is
movement in trade, may reduce stu further
but shall not close altogether, as We cannot
afford 10 scatter our skilled wOrkmen, whom we
should ind it hard gather again. We have
had some difficulty in raising currency TO pay
wages, and at time had to pay premium but have
not ssed pay day have been in business 80 years
and never passed payday yet 1t Is difficult 20
make collections now, especially in the West Patrons
everywhere asking extension.
When asked his opinion to the probable effect OF
IoIar fudu ha
replied that it would do much less damage than had
been thought abroad although their interests branch
out into every part Of the State. "The evils which
would result throwing them into bankruptcy" he
said, are obvious and the scheme Of settlement
proposed so manfesty the advantage Of the credit
Ors that the minority OF creditors in favor OF forced
bankruptcy will certainly be so small that there seems
little reason to apprehend such a calamity. think
under this plan every dollar of the principal aui inter
est OF the sprague liabilities will be paid"
DIFFERENTIATION IN THE SCREW TRADE.
Edwin r. Angel, with whom 1 next conversed, Is
President of the American Screw Company the great
profits and large dividends Of which have Of late years
greatly enriched stockholders and raised the price
OF stock to lofty figures while immense sale OF its
patent gimet-pointed has Imade the well
known all over the country He said that the Company
now employs nearly 1900 hands, almost half OF them
being grs between l6 and 81. The Company have two
sets of mills ia this city, the upper and lower mills the
latter formerly by the New-England Screw Com
pany which was fused with the Eagle Mills into the
present Company in 1870 and works in Taunton, Mass,
which employ $50 hands The number OF hands gives no
adequate indication tho great capacity OF the works
for the automatic machines which are used at these
mills are so ingenious TO require compare
lively little supervision. The present capacity
Of the works is equal to turning out 1900 gross
OF screws per day. Immense additions have been max
ing the lower mills which, when complete, will raise
the productive capacity Of the Company 10000 gross
per day. but not proposed for time to put in
more additional machinery than will raise the produc-
ton 20 10000 daily. These mills running three
nfths tme six hours daily. "This reduction" Mr. An
yell said sis wholly due TO the panic Before that
came the screw trade langushing the country is
oyerstocked and the mills carrying enormous guam
titles OF screws The patents under which the American
Screw Company made their famous have expired
and new works have lately built going
various parts of the country. Until recently the Amer
can Company had almost monopoly OF the
market for screws, and bought out
number OF companies which made unpront-
able efforts 90 compete with It. Now there are
manufactures at Hartford and Meriden, Conn; North
amptop Mass; Dayton, Ohio. and other places, and a
very large mill Is soon TO at Cleveland There are
already, Will be ia few months, more screw ma
chimes up In tie United States than would be SUN
cent to supply double the demand the country can give
for years 70 come and there is little chance for export
The immense profits VI the American Company exagge
rated by ruuor' have done much encourage these en-
terpuses but these profits have been made under exoe
t0nal ccunstanees and with carefully perfected sys'
tem the fruit OF years o! aboTous attention There
nothing encouraging In the outlook for the screw trade
There will be tue REQUEST competition. and prices must