New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-06
BUSINESS ~ PROJIDENCE.


COTTON MILL, CLOSING DoWN -RUN oN \ BNNK
To CELEBRATE INroG LAY.
Providence r. l.. Aug ; CSpcci1D-The indus
trial situation in Rhode Island is gradually growing
worse aul beginning with this week very large
number ~ people will be out Of employment tenn
r7rarily The q, - Print Works in Warwick shut
down several days ago THIS is the largest print
works in the country and employed large num-
hcr Of people Tho great cotton mills of
T. f. q r. Knight located in various villages in
the town of Warwick shut down tonight and will
not mp again until the business prospects are
brighter These mills employ thousands OF pco-
lio and there is consequently considerable I'M
casncss .clt among them to tn. future.
The banks Of Providence are generally supposed
To- b., ON q firm foundation. Their property is in
vested largely in real estate mortgages on Rhode
Island property. and in hrst-class bond. and secu-
rifles. The fact that many people are out of work
added to the fear that III" epidemic of bank fail
ures will extend to this section, has induced many
people to withdraw their deposits from savings
banks The result has been that all the larger
banks with one exception. are enforcing the
ninctv-day rule In cases Of extreme necessity de-
positors are allowed To draw sums not exceeding
800 without notice. In this they are Obliged
10 take checks instead Of currency. The cxcep-
ton noted above Is the Providence Institution FOR
Savings. That IS the largest and strongest bank
i'm the state having at the last report M,O1S de-
uostors Many Of it's depositors are Poles Ital-
inns and other Foreigners who are easily Irght,,
,urd i'm times like this These people have started
a run OF considerable proportions upon InlS panh,
ma their money IS being paid to theni as ias' rs
thev call for it, The run Is "A senseless one ana
vim result in the bank declining to take deposits
from PERSONS closing their accounts az inns tNe
m" STAT. Bank failed Friday This is one OF
me- Nor hanks OF the city. being chartered In
May 1880. 1t is a small institution; IT'S entire re.
rrnort OF the bank commissioner. 1t held at that
tImc about S30D0i0 in deposits
The descendants OF Joseph Williams. who was a
am of Roger Williams. the founder of Rhode
leland held "A reunion at Roger Williams Park on
Thursday The occasion was made very informal
The only business OF importance being the APP
r.tInions ON this committee are Professor Alonzo
WiiiiaIns ~ Brown University. and Bowen X.
Church leader OF the American Band. The Cen
tr,l Labor Union have mad" arrangements for a
ahor Day demonstration at Rocky Point Sep
,n,nber 4 II IL proposed 20 have large street
paradc in Providence in the morning, with speak
in,s and sports At Rocky Point
The new electric railway. running from Market
s,,usre through East Providence to Crescent ,I2rk
vac orcned this week. and has been carrying large
numbers OF passengers The Continental Steam
hnrt company. which has hitherto had the mo-
rouolv of the Crescent Park business. has reduced
is farcs. SO that the trip costs only ten cents
cl,rtrc road the fare IS twenty \ lively
.nr,prtiti0n - promised. The city IT, to erect
milling at Roger Williams Park. to be used rs II
museum. AT the expense Of 10000. The motive for
ms building was given by the fact that John
Strere. a wealthy Californian and former resi-
dcnt OF this city. bcQueathed to the city OF Provi-
animals. upon condition that "A suitable museum
should be ersc' e ior them in Roger Williams,
park b. - X knight who are the owners OF
Tho village OF River Point located the Paw
, ,mxet River. have begun the construction OF .
system OF sewers, To take care OF sewage from
he tenements and factories In that village, 30
IN, The Pawtuxet water which is used BY the
nennle OF Providence for drinking purposes VIII
no LONGER be contaminated from that source.