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BUSINESS IN PROVIDENCE. COTTON MILLS CLOSING DOWN-RUN ON A BANK -TO CELEBRATE LABOR DAY. Providence, R. I., Aug. 5 (Special).-The industrial situation in Rhode Island is gradually growing worse. and beginning with this week a very large number of people will be out of employment temporarily. The Clyde Print Works in Warwick shut down several days ago. This is the largest print works in the country and employed a large number of people. The great cotton mills of B. B. & R. Knight. located in various villages in the town of Warwick, shut down to-night and will not start up again until the business prospects are brighter. These mills employ thousands of people, and there is consequently considerable uneasiness Zelt among them as to the future. The banks of Providence are generally supposed to be on a firm foundation. Their property is invested largely in real estate mortgages on Rhode Island property, and in first-class bonds and securitles. The fact that many people are out of work, added to the fear that the epidemic of bank failures 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 ninety-day rule. In cases of extreme necessity, depositors are allowed to draw sums not exceeding $100 without notice. In this case they are obliged to take checks instead of currency. The exception noted above is the Providence Institution for Savings. That is the largest and strongest bank in the State, having at the last report 31,053 depositors. Many of its depositors are Poles, Itallans and other foreigners, who are easily frightened in times like this. These people have started a run of considerable proportions upon this bank, and their money is being paid to them as fast as they call for it. The run is a senseless one, and will result in the bank declining to take deposits from persons closing their accounts at this time. The State Bank failed on Friday. This is one of er banks of the city, being chartered in May, the 1850. It is a small institution, its entire resources amounting to $336,794. according to the last report of the bank commissioner. It held at that time about $200,000 in deposits. The descendants of Joseph Williams, who was a son of Roger Williams, the founder of Rhode Island. held a reunion at Roger Williams Park on Thursday. The occasion was made very informal, the only business of importance being the appointment of the committee to arrange for future reunions. On this committee are Professor Alonzo Williams. of Brown University, and Bowen R. Church, leader of the American Band. The Central Labor Union have made arrangements 'for a Labor Day demonstration at Rocky Point on September 4. It is proposed to have a large street parade in Providence in the morning, with speaking and sports at Rocky Point. The new electric railway, running from Market Square through East Providence to Crescent, Park, was opened this week, and has been carrying large numbers of passengers. The Continental Steamboat Company, which has hitherto had the monopoly of the Crescent Park business. has reduced its fares, so that the trip costs only ten cents where package tickets are purchased. By the electric road the fare is twenty cents. A lively competition is promised. The city is to erect a building at Roger Williams Park, to be used as a museum, at the expense of $40,000. The motive for this building was given by the fact that John Steere, a wealthy Californian and a former resident of this city, bequeathed to the city of Providence a very fine collection of stuffed birds and animals, upon condition that a suitable museum should be erected for them in Roger Williams Park B. B. & R. Knight, who are the owners of the village of River Point. located on the Pawtuxet River, have begun the construction of a system of sewers, to take care of sewage from the tenements and factories in that village, so that the Pawtuxet water, which is used by the people of Providence for drinking purposes. win no longer be contaminated from that source.
