davidaulloa/AmericanStories huggingface dataset:
The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-26
Accountants.

The business Of accounting Is promi.
nent one, engaged in by several we'll
known in men Providence and vicinity as
public accountants of the highest stand
ing.
Experts 10 accounting readily find
their services In demand on account Of
the extensive manufacturing interests
located in this city and vicinity, where
the services of the regular bookkeepers
employed are often taxed to dc the regu-
lar work required of them. In auditing
and unraveIling disputed accounts,
balancing booksisnd giving expert testi-
mony in the trisl OF legal cases, the work
OF EXPERTS In this line of business has be-
come a necessity and far reaching In Its
extent and results.
The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-26

or the banks. practice vhlch VIII
doub soon be followed by others
banks as its advantage becomes apparent.
The main features of the clearing house
system are similar TO those of other bank
ing centers, clerks meeting for transfer
of checks at IL O'Clock in the morning.
The somewhat inefficient system Of pay
ing balances in checks or reserve agents
is the present rule. Providence being per-
haps the only large city where balances
are not settled directly in legal tender
money.
With ell these excellent facilities for
business and opportunities for the custo'
mer, the :stock holders, as has been inti-
mated above, bave certainly not so great
returns on their money invested as in
other cities. This necessarily results from
the keen competition ana the payment of
interest on deposits subject to demand.
Certainly, not elsewhere is this custom so
prevalent. The practice was begcn by the
trust institutions some years ago and grew
out OF the hahit of paying interest on the
trust funds snd time deposits. With their
more liberal charters ana lack of necessity
for such large reserve funds, state inGtitu-
lions could more readily sfford to cater to
interest bearing deposits than national
banks, but the theory once started all
banks were compelled to follow. Hence,
there is to be seen here be curious condi-
tion of some of the smaller banks earning
with small deposits lore money in proper
tion 10 their capital than some o: the lsrger
institutions. Indeed 10 is rue that in
some cases business is actually done at a
loss, and the rates of interest on deposits
ore carried 70 high, that nearly every
good account can exact from the bank
not only an equitable line OF discounts
but a high rate of interest on its unused
balances. Expense account is there
fore q great item and a careful scrutiny
of the surplus and undivided profit, ac-
counts OF the National Bank shows sur
The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-26
BANKING.
Providence Makes a No
table Showing.
She Has a Large Number of
Solid Institutions.
Has Credit OF Being One Of Best
Banked Cities in Country.

1t has long been the claim OF Provi-
dence, that 1t is the best banked city In
the country and the claim is true. In
fact, IL may be said that 80 many banks
and such extensive facilities cause a de-
gree OF competition for deposits that the
profits to the stock FOLDERS are conpara-
lively limited and the greatest advantage
is offered to depositors and borrowers. The
prevalence OF advertisements in general
newspapers illustrates this keen competi-
fion for business, and this is means OF
solicitation followed in few other cities
ia the country. Although this feet may
act to disadvantage of the stock holders
and the prices Of bank securities, on tho
contrary il is q benefit to the business OF
the community because Of the accomm o.
dstion ii offers to business interests.
There are now in active operation In
Provinencs "a national banks, 2 state
banks, trust companies and savings
banks. Thus 81 banking institutions,
(omitting the private banks which handle
deposils) carrying deposits subject TO
demand and furnishing discounts and
loans to customers the total cspscity em-
ployed is 81, 7,622, 800, of which sl4, 62l, 800
IL distributed among the national banks,
and $3.50, coo between the state banks and
81, ,6s1, 500 among the trust companies.
A list Of .these institutions, with their
surplus and rate OF dividend last year
1885, is as follows:
The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-26
Loom Pickers.

Everything connected with manufacturing
has genuine interest for residents Of IL
city. Mill machinery is an important elemee
in our manufacturing and an important part
of the mill is the picker, even II it Is not as
large as some other things that go TO mako
up those lines of profitable industry. The
pickers are nearly all made OF raw hides and
a North End concern in this city has made
such reputation for itself that its goods are
known everywhere. The raw hide picker is
of all sizes and shapes. there being hundreds
OF shapes and their use in wooden, gingham
and carpet mills 10 drive the shuttles ON tho
looms from one side of the loom TO the other
Is an exclusive one. The dressed hide is used
for many mechanical purposes and tho buffalo
hide that comes here from Siam in Asia NAV,
after being treated In the powerful presses
and unique machinery Of the concern named,
do its first servics in the motor of the
electric car. IL makes less noise there ani
gives better service than anything olse Then
there are hammers made so delicate that
they arc among the chosen tool OF tho watch
maker and the bicycle maker, and othcr big
and heavy enough for brewers use. Tho fine
machinery provides that thore is co waste
and the scraps are al mado into gTue tina,
looks almost as good rs the blanc maugo kind
OF gelatine. The work Of preparing tho hides
for other purposes than pickers, only n few
Of which are here mentioned, calls for con-
slant additions 10 the machinery Of tho
plant. Nowhere else is there such cxco len,
machinery and nowhere are the ideas Of
progress and making the best things possible
in line better attended 10 than ct the pickles
leather works In this city.
The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-26

the establishment be running to their full
capacity and on full time 10 meet new or
ders. Machine building which is very i'm
portant local industry, is one that gives en-
ployment TO "A large force of skilled, mechsn-
les and is usually one of the first to feel the
influence of better times and improved busi-
ness. In speaking OF trade conditions large
machine builder said that he thought within
the next three months every machine shop in
the city would have all the work that could
be attended to, and orders ahead as well.
1T has been unusually dull with us n rule
for many months" no continued, ''but we
can now see daylight ahead Everything
points to substantial and permanent revival
in all lines and machine builders are certain
to get thoir fair share of the benefits that will
rasult -
The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-26

Tho immense amount of wealth ac-
cumulated in the hands Of the banks is
shown by the amounts of individual aud
other deposits. The latest available re-
ports set these at s35, 212, 900 divided az
follows: National banks Sl4,544, 900, state
banks and trust compsn les $40, 66s, 900;
while the combined capital surplus and
deposits OF the banks reach the total
OF over s5s,0O0 900. Add to this the
amount OF deposits and profits on hand
in the savings banks which reach the
figure of SIS, 200, 900, and the sum is over
$4,000, ,0cO. Great as this sum IA and i'm
possible as II is To understand it's msgni-
tude, IL is nevertheless true that this
500, ZOO, 900 is available for active uses in
Providence business or can be made avail
aule IL there is demand for 1t In lsrili-
mate trade. II therefore there is anything
lacking TO make our city greater and
more prosperous than II Is, that lack Is
no; in its banking facilities.
The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-26

aged 5000. but the commissioners expect to
double that sum In . very short tune and TO
treble IL In less than three years.
Davis park is TO be further improved this
year. The renovated Davis mansion will be
converted TO public use. and II Is said that the
people Of that section are also to have q mu-
scum.
At Hopkins park which contains the bones
Of Essex Hopkins. the first admiral OF the
United States, the commissioners will this
spring put up statue OF the admiral. which
is already completed and Is stored at Davis
park. II is the work Of woman, Mrs. Kitson
OF Boston.
Blackstone park will be made still more Mt
tractive this year, as the commissioners will
have $4,000 available for tn at purpose.
The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-26
Brokers'.

The past year has seen many changes
ceased 10 exist and new houses have come
to take their places, but the number of
houses On the street today is much larger
than it was year ago. Nearly ell have
good New York and Chicago connections,
and are well regarded by the business
community.
Business during the pkst year, however,
has been very much depressed. Weeks
have passed without a sale having been
recorded on the local stock exchange and
private sales of local securities have been
extremely rare. This condition of affairs
was not surprising, however. ihe same
conditions ruled on Wall street aud busi-
comparatively as dull. OF late there
has been change. The interest In the
local stocks has Kept pace IL ii has not led
the speculation In outside securities and
within the past two weeks the inquiry
for local issues mas been greater than at
any time for months, and at the closing
OF the market last week there were few
stocks that could be purchased at the
bidding price, although there were large
buying orders in the hands of the various
brokers.
The buying orders that have been re-
ceived by the brokerage houses have been
largely for investment purposes. The
speculative trade has been and is still
somewhat dull but the low prices at which
the good securities have been issued have
proved very tempting to the people who
have bad money to invest, especially as
they believe that the change in the condi-
tion Of things has come and that the
Hnanicsl improvement that has been so
long anticipated will become reality
when Mckinley has been inaugurated and
Congress has settled the tariff and the
financial questions. 1t is for this reason
that the stocks, not only the local issues
bat the good securities on the New York
stock board, have been quite freely pur-
chased OF late, and it is believed that this
investment buying will lead the way to
the speculative trading which will mean
a prosperous season for the brokers.
Among the local securities that are now
in demand are the various bank and
illuminating stocks Providence and
Pawtucket gas find rendy purchasers,
Narrags susett Electric has taken a new
spurt. on the recent opinion of the city
solicitor in relation to the strength Of its
contract with ths city of Providence, and
the new bonds of the Pawtucket electric
have a wide market.
The recent drop In Consolidated stock,
about fifteen points in all, created tenn
porary furry, but the wise course taken
by the local brokers in advising their
clients that it woul1 be simple folly to
sell such stock at such low prices pre-
vented any great Local selling movement
and the securities have now recovered
their value.
The Union Traction bonds and the
stock of the Providence Telephone Com
pany hsvo been absorbed as freely as they
have teen offered, and are likely TO find
purchasers easily as tie Traction COM
p9ny reports increased earnings and tho
telephone company earnings OF nearly y
per cent. for the year. In fact there is
scarcely n stock on the Providence ex-
cnsngo that IL friendIess and at the rras-
ent low prices all the securities that are
offered Will probably be freely taken.
The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-26

increased their lines OF credit. 1t is prob
ably due to this fact that this community
while suffering with others has had so
few large failures during the past few
years.
The curtailment of western loans was
one factor that helped the banks to give
so efficient aid to the In cal business.
Their experience in western securities
has, however, been q salutary lesson to
them. Severe losses were sustained by
many OF the tanks, in one csss resc hing
$780, in one institution alone, while
almost every one suffered some. And
now much paper even west of New York
Is thrown out as not worthy of con-
sideration and when it is considered 1t is
subjected to most searching examination.
The local market therefore has assumed
. healthier tone than for many years, and
it is to be said to tho credit of these in
stitutions that as the business conditions
become more and more improved they
will be in position to give material i'm
putus to that Improvement.
The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-26

The dealing in commercial paper has
also improved during the past few
months. There vase time, snd not 90
very long sgc, when II was almost i'm
possible TO place local paper, no matter
how good II might be. with the banks
at anything like roas enable interest.
Today everything IL different snd gooi
paper never ecvs begging. Under such
q change In conditions the brokers are
looking forward with the belief that the
The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-26
Fire ExtinguIshers.

Manufacturers OF fire extinguishers, In
the state are in q cheerful mood from the
fact that they think that there - will
be q large amount Of building In the mill
line ana no builder today thinks Of put
ting up building without protecting 1t
with automatic sprinslers sof some sort.
aud they must come TO Providence for the
best In tie msrget. which ore made here.
Mills and factories In ell parts Of the
world csn bear testimony to thu fact.
The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-26
Providence County Court House.

prisipgly small additions. Then the
National Banks in the autumn OF 1896
hsd surplus undivided profits OF -,
759, 600 in 1895. The. same bankshad g, ,69s
600, while in tho spring Of 1898 they
had si.sOl, OoO- showing n decline from
1898 OF 10000, snd this the rssuli Of
three yea rs business after paying small
dividends, expenses ana interest on de-
posits. The results OF this state OF affairs
can best DO STUDIED, howsver,in In the prices
The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-26
Young Mems Christian Association.

autumn Of last year they amounted to
sSs, 93y, 2i6.
Hence, Notwithstanding the serious
contraction in commerce the curtsilment
of busines:sthe tremendous fall OF prices.
which have ensued since 1893 throug hout
have not cut down their loans and forced
their customers into embarrassing posi-
tions but on the contrary have slightly
The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-26

OF the internal working on local banks
there Is much to commend aud little to
condemn. The force OF employees is us
uslly small, but the simpIified methods
of work make ii possibls to concentrate
much clerical labor In tho hands Of few
clerks Most OF tho banks have but two
foreign correspondents and their system of
collections Is prompt and cheap. IN matter
Of higher officers Providence differs from
other large cities in that hers very few of
the presidents receive salaries for their
services, or take direct part In the daily
management Of the banks Affairs. most
Of the presidents taxing the Office Tor the
bo1or or tecauso Of indirect interests in
large holdings Of stock. IL results from
The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-26

this fact that almost all transactions OF
moment must wait for action at the
weekly or semi-weekly meeting OF the
Board of Directors. This delay, however,
caused by deferring everything to fixed
board meetings following from the fact
that the Immediately active officers of the
banks are not directing is, being overcome
by daily meetings of the directors OF some
The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-26

being that.of the greatest depression lack
OF confidence ana widespread stagpation
IN local business, and the latter (is9S).
beingIa time just before the extraordinary
summer collapse 10 the west carried into
bankruptcy some large local houses. In
the spring OF 1893, the loans and dis
counts of Providence banking institutions
amounted to s3s, ,7S0, l54. During the
The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-26
OF the bank: stocks which will DO found
quoted In another column.

The examination OF existing conditions
therefore shows an enormous amount Of
capital Invested in banking In Provi-
dence, and Invested In such a way as to
give every possible facility for business
to the business man, while perhaps from
TO 8 per cent. is q fair return to invest
ors who seek for safety rather than large
returns.
The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-26

year OF 1897 10 to be q prosperous one
and that prosperity will follow closely
upon the heels of tho settlements OF the
financial question. /:
The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-26

IL viii % noticoo tnot tbree PAID
no dividends last year, ten psid A
per cent, three paid 8 per cent, nine
paid per cent, three paid per cent,
and three paidls per cent.
This anomalous condition of small div
hdsnds, large capitals and small surpluses,
which are unfsvorable only from the
stockholders point of view. has Its source
far back In the financial and business
history of the state.s The oldest bank, the
Providence National. dates its original
state charter in 1891, while the youngest,
the Industrial Trust Company, dates its
charter in 1856. Between these two periods
one handred land thirty three banking
institutions have been chartered by the
General Assembly Of which iifty-one
have either begun business in Providence
or moved to Providence after brst open-
ing elsewhere. Previous to the war of
1925, when the business OF the state
was almost exclusively devoted to agricul-
ture or commerce, both cosstwise and
-foreigH, there were -e#Iy feeF- -eaHks started
in Providence. But the liberal profits in
shipping had accumulated by that time
some large fortunes for that period, and
when the energies OF the state were
diverted from commerce TO manufactur-
ing there was need of banking facilities,
which this accumulated capital soon
filed. The death blow which President
Jackson's death gave to the United States
N all
great sctivitv among bank incorporators,
all anxious to reap 81 noe of the benefits OF
tho distribution of deposits which the
President forced fancy to arrange.
From that time to the present or until
featuring establishments OF Rhode Island
have gone hand In hand. The last few
years have, however, witnessed a marked
change in the management OF banks.
During the esrlier years Of tho century,
IL wss customary fer few men to get
charter. get subscriptions to the stock,
get themselves elected directors,and then
monopolize the available funns for their
own personal loans. This practice abused
ss II frequently was, and as the freq uent
examinations and censuring reports made
by committees Of the General Assembly
show, has now almost entirely ceased.
Liberal and equitable arrange ments with
depositors and borrowers have been the
rule for many years, suo the instances
where directors borrowed more than ives
legally allowable, or borrowed ct one rate
from bank and losned at a higher rate to
others form now only interesting and
curious reading for the student who
searches the. records lof the General As
sembly.
Perhaps no bsttfr proof can be afforded
OF the now prevailing liberal spirit of
bank mspasements towards bcrorrowers
than to note the comparative amounts OF
loans on personsl security held by the
tanks at tbs enc OF lsst yepr and in the
sorIng Of lses-ibe former mentioned time
The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-26

or the deposits Of over $50. 900. 600, four
banks and three trust companies hold
about s27, 600, 900, these seven institutions
doing the greater part Of the local busi-
ness.
The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-26

1t will pe noticed that three paid
no dividends last year, ten psid
per cent, three paid per cent, nine
paid per cent, three paid per cent,
and three paidls per cent.
The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-26

OF the banks. A practice which will
dou ubtless soon be followed by others
banks as its advantage becomes apparent.
The Londonderry sifter. (South Londonderry, Vt.) 1883-19??, 1897-08-20

deck. The child's head must have been
either against this or very near to it.
The bolt struck the rod, causing instant
death to the child. The stroke that
killed the child stunned the mother.
Near by, Mrs. Anna Lee. of No. 116
Tenth avenue, was also Frustrated, and
when the physician aboard the boat
baby boy to look after.
The lightning left "a broad. dark. red
mark on the neck of the dead child. 1t
was said similar mark was made on
the body of the newborn babe, but
there was no truth in the story. Mother
and child were removed to Bellevue hos
pital as soon as the boat reached this
city. Late in the evening they were re-
ported as getting along finely.
Mrs. Ackerley, weeping Historically
over the dead infant in her arms, stag
gered to her poverty-stricken ard DESC
late home. Late that night the body of
the little girl was examined by DR.
Charles A. Leale, of No. GOA Madison
avenue, consulting physician of ST.
Johns Guild.
"The lightning" said DR.. Leale,
STRUCK the child on the top of the
head, leaving dark red mark on the
back of the head and on both ears. 1t
passed down the spinal cord, leaving a
dark red mark two inches wide and Is
inches long on one side of the spine.
The skin on the opposite side of the
spine was not discolored. Extending
from the mark on the spine toward the
abdomen was a plaque the size OF an
orange. also of dark red color.
branched somewhat like tree.
THE lightning went to the extreme
tip of the spine, leaving circle the size
of an orange. but much darker in color.
The tongue was clnched between the
gums. and the thumbs were drawn into
the palms of the hands. The muscles
of the legs were contracted. drawing
the knees upward. Death was instan-
| fsne0uS'
The Londonderry sifter. (South Londonderry, Vt.) 1883-19??, 1897-08-20

either side returned, but Griggs came
not. After waiting nearly ten years for
her husband, Mrs. Griggs gave him up
for dead, accepted the attentions of
Riley Riffelo, a prosperous bachelor
farmer near Wilton, and married him.
OF this union five children were born.
A stranger came recently to the Wilton
neighborhood. No one knew him,
though he said he was born and reared
near by. He asked for Mrs. Griggs, and
an old farmer told him of her marriage
to Riffelo.
The stranger said he had known her
when girl and would call on her. He
invited to dinner. Then he announced
his identity. He said he was Rowland
Griggs, and that Mrs. Riffelo was his
wife. He told his story and proved it
by documents and other evidence. He
had been wounded on the battle field
of Murfreesboro, and captured by the
Union army. Remaining in the hospital
and prison until the close of the war, he
heard his wife and child were dead.
He did not return, therefore, to Mis-
souri,. but went to Iowa, where he has
been engaged in farming. A longing
to look on the scenes of his earlier days
seized him and he came back back to
Boone county. After mutual recogni-
tions followed problem-would he
claim his wife? She seemed happy and
content in her new relations, and the
first husband would not disturb her.
Accordingly, after visit to his baby
Margaret, now married for the second
time, Griggs left for his home in Iowa.