The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-08-02
GLOOM IN LAFAYETTE
The Standard Watch Com
pany Shuts Down
Indefinitely. :,
HUNDREDS THROWN OUT OF WORK.
The Concern Had Plenty of Orders,
But Could Net Get Notes
Discounted.

1t will be news OF a surprising ehaPac-
ter to many to know that the strin9sncy
OF the money market and the general
depression of business in this city and
New York has caused one Of the largest
manufacturing concerns in the city to
shut down its works aud close its doors
for An indefinite period.
The concern in question is the New
York Standard Watch Company doing
business in the Lafayette section Of the
city. about 100 feet south of Communi-
paw avenue.
The order was issued yesterday by
President Roberts of the company, whose
main offices are at No. IL John street.
New York. The order becomes operative
this evening
When the tact became known at the
works yesterday lt caused CONSERVATION
amongst the three hundred hands. the
majority OF whom are married me q. hav-
Ing families ana residing III the LAT favette
section.
The order so close was necessary ana
was precipitatsd by the failure Of TIE
company to negotiate Its paper
The Standard Watch Company is an
organization incorporated under the
l1oeral laws or this State. 1t was organ
lied six years ago, and during it's exist
ence mas conducted an exceedingly large
ana prosperous business.
AN EXTENSIVE ESTABLISHMENT.
Its works are In TWO three-sUory brick
structures 80 feet wide by $50 feet In
leBgtn. Every floor of beth buildings fs
ntted up with expensive machinery, and
the latest devised meohanisms for tue
speedy production of watches and watch
movements. The compRny's goods were
OF q high standard.
When the tightness OF the money mar
ket begsu to make itself felt In New
York the company, whose principal
business Is In that city. became punched.
It's WORKING force was Immediately re-
| ducsd In hope that general suspension
OF business would not be necessary. De-
| preston became prevalent aud the works
were shut down for three wesks, during
which time the machinery and buildings
were overhauled and put 1a first class
condition.
AS the money market did net get
ons1er the compsny tiually decided that
for the best interests of the stock holders.
business should be suspened fndetiniteIy.
The COMPANY has been doing a business
OF about $500. 600 year, and even now In
| the midst OF such depression it has large
| orders on its books, but the difficulty
| Is not in the demand but in the manner
OF payment. Ninety day notes are given
by big dealers but the company found II,
| 1t is said, impossible TO discount paper At
any reasonable rate.
DIFFICULT TO DISCOUNT PAPER.
The banking institutions of This city
are rather chary about discountiuR
| paper no matter how ironclad ths suretls 3
| offered are. This Is due, it is said. to the
| fact that one of the banks was bitten to
the tuus of $50, 600 on overdue paper 4
few days ago.
| Money in Jersey City is scarce. and
| the principal reason for this fact IL that
investors and spectators, rather than
trust TO the banking institutions. have
placed what cash they have and neeoti-
| able securities in storage vaults intend-
| lug Co keep them there until the present
| pRnicky condition of the money MARKET
| has passed.
Another Indication of the tightness of
| the money market is the Inability of
the Board OF Finance to float the $3.50 600
worth OF City Hall bonds authorized by
law. 1t Is fact that the bonds cannot
| be floated at par and it is wall known
that Jersey City bonds are considered
high class Investment in the financial
| world.
Unless an easement in the market is
effected there Is every likelihood of lively
times anead for real estate holders.
Real estate dealers have already
begun 10 complain of their
Inability to make collections, and 1t is
highly probable that aispessss suits Will
be the order of the day in short time,
particularly in the Lafayette section of
the CITY,