USA > Rhode Island > Providence County > History of Providence County, Rhode Island, Volume I > Part 69
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The Rhode Island Mutual Fire Insurance Company was incorpor- ated and commenced business in 1848. The early directors of this company were: Edward Walcott. Zachariah Allen, Stephen Harris, Robert H. Ives, Orrin A. Ballou, William Viall, James Y. Smith, Wil- liam Foster, George C. Nightingale, Phillip Allen, Jr., George H. Hoppin, Byron Sprague and Thomas J. Stead. Its office was at 9 Market Square, then at 48 Broad street, later at 17 South Main and then at 21, same street, and at 2 Market Square, which is its present location. Its presidents have been: Edward Walcott, Edward E. Manton, James Y. Smith and George C. Nightingale. John H. Hughes Edward E. Manton and Addison H. White have served it as secretaries, the latter serving from 1856 to the present time. The gross assets of the company are $292,617, and its liabilities $106,175. The net insurance in force is about $23.000,CC0.
The Roger Williams Insurance Company was incorporated in 1848, with a capital of $100,000. Its location was at 13 Westminster street. The following were its early directors: Thomas Harkness, Earl P. Mason, William Sprague, Truman Beckwith, Seth Padelford, A. N. Beckwith, Henry L. Kendall. Benjamin Dyer, William J. C. Cross, Josiah Carpenter, William A. Robinson. Thomas J. Stead, Edward Pearce, George C. Arnold, William J. King, Daniel Day, William Whitaker. A. B. Dike, Billings Barstow, C. B. Manchester, Cyrus Taft, C. H. Dabney, Orray Taft. Isaac P. Hazard, and John Nichols. Subsequent locations were 16 Market Square, and 17
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Market Square, and 5 Equitable Building. Its presidents were: Thomas Harkness, to 1853; A. C. Mauran, 1853 to 1858; Z. R. Tucker, 1858 to 1861; R. W. Jackson, 1861 to 1867; A. A. Williams, 1867 to 1874; J. W. Davenport, 1874 to 1879. The office of secretary was filled by George C. Arnold, to 1850: R. W. Jackson, to 1861; H. C. Baker, 1861; B. W. Comstock, 1862; Chris. T. Keith, to 1865; J. W. Davenport, to 1879. About the latter date the company having suf- fered heavy losses by the great fire of Chicago in 1871 and that of Boston in 1872, closed up its business and retired.
The Merchants' Insurance Company was incorporated in May, and organized in July, 1851, with a capital of $150.000. Its location was at 20 Market Square. The first board of directors consisted of William Comstock, Byron Sprague, Samuel B. Wheaton, Robert W. Watson, Moses B. Lockwood, George W. Hallett, Edward A. Greene. Peleg A. Rhodes, William Foster, Robert L. Lippitt, Jabez C. Knight, Amos D. Smith, Walter Manton, William Viall and William French. The first president was William Comstock, who filled the office for a number of years. He was followed by Walter Paine, and he by William T. Barton, the present incumbent, about 1879. The secre- taries have been: Walter Paine, Jr., from the beginning a number of years; Charles Foster, and William P. Goodwin, the present secre- tary. The office is now at the original number, 20 Market Square. though it has for short periods occupied other quarters. The busi- ness transacted is distributed over the entire United States, except- ing the Southern states, and the company is represented by about 250 agencies. Its capital stock, actually paid up. is $200,000; its total assets, $469,829.66; its liabilities $160.468.64. The total amount of premiums received by this company since its organization is about six million dollars; and the total losses paid in the mean time amount to about four million dollars; while the total of cash dividends in the same period was $648,000.
The Atlantic Fire and Marine Insurance Company was incorpor- ated in May, 1852. It was first located at 12 South Main street, then at 10 North Main, and about 1870 was moved into the Atlantic Build- ing at 45 Westminster street. Its capital was at first $150,000; about 1872 it reached $300,000, and soon after was reduced to $200,000. The first directors were Suchet Mauran, Edward Seagrave. David Sisson, William H. Reynolds, Hosea Ballou, Jr., James Y. Smith, Preston Bennett. Jabez M. Fisher. John A. Taft, Henry W. Gardiner. John D. Burgess, F. H. Richmond, James S. Phetteplace, B. Stevens and Henry P. Knight. The first president was S. Manton, who was followed by Suchet Mauran in 1855. He was succeeded about 1872. by J. S. Parish, who continues in office. The first secretary, B. Stevens, was followed by J. S. Parish, in 1860, and by T. W. Hay- ward, Jr., in 1872, who continues at the present time. The aggre- gate assets are $250,818: the total liabilities, $40.949. The company.
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since its organization, has received premiums to the amount of three and a half million dollars; and has paid losses exceeding two and a half million dollars. It has declared dividends to the aggre- gate amount of nearly half a million dollars. The present directors are F. II. Richmond, James S. Phetteplace, Bailey W. Evans. William W. Hoppin, George L. Clarke, Henry Lippitt, J. S. Parish, Frank Mauran, James C. Goff. John J. Reynolds and Elisha S. Aldrich.
The Commercial Mutual Insurance Company, with a capital of $100,000, was chartered in 1852. Its first board of directors consisted of Thomas Harkness, Orray Taft, Truman Beckwith, Thomas J. .Stead, William A. Robinson, James Y. Smith. A. B. Dike, Billings Barstow, Charles H. Dabney, Charles L. Fisher, Cyrus Taft. Cyrus B. Manchester, Amos N. Beckwith, Henry Lippitt, Hosea Ballou, Jr., Henry C. Mathewson, James G. Anthony, John N. Mason, Daniel Day, Edward Pearce, George W. Chapin, William J. King, Joseph Carpenter, Seth Padelford and Earl P. Mason. The offices of the company were at 27 Market Square, until about 1866, when they were changed to 33 Market Square. The office of president was succes- sively filled by Thomas Harkness, George C. Arnold, Cyrus Taft and J. A. Budlong. The office of secretary was filled successively by George C. Arnold. J. A. Budlong and Stephen H. Arnold. About the year 1867 the company, which had become a purely stock company, closed up its affairs and retired from business.
The Franklin Mutual Fire Insurance Company was incorporated in May, 1854. Its office was at No. 4 Market Square. Its original directors were William Foster, Amos D. Smith, William G. Weeden, Joseph F. Gilmore, David Sisson, A. B. Dike, Earl P. Mason, Amos C. Barstow, William M. Bailey, Daniel E. Carpenter, Thomas J. Stead, William A. Williams, John F. Chapin. Albert S. Gallup, Thomas J. Hill, Edward A. Greene, Lucius Weaver, George C. Nightingale, B. B. Adams, George A. Howard and Enoch Steere. The first president, William Foster, served till 1862, being then suc- ceeded by William M. Rodman, to 1865; William H. Chandler, to 1866; Charles F. Ladd, to 1869; Amos M. Bowen, to the present time. The office of secretary has been filled by Joseph Adams, to 1858; John F. Driscol, to 1863; Asa Lyman, to 1865; C. H. Ladd, to 1866; John R. Wheaton, to the present time. The office of the company was moved to 12 South Main street about 1869, where it has since remained. Its gross assets are $69,773; its liabilities, $43.938. Its outstanding risks amount to about seven million dollars.
The Firemen's Mutual Insurance Company was incorporated May 1st, 1854. It commeneed business August 1st of the same year. Its first president was John F. Phillips: secretary and treasurer. John Eddy. The office was at No. 2 Market Square, up stairs. About 1860 the . office was changed to 3 Washington Row. The first directors were William Viall, Thomas J. Stead, Thomas J. Hill. Welcome B. Sayles,
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HISTORY OF PROVIDENCE COUNTY.
Lyman B. Frieze, A. B. A. Whitaker, Amasa Sprague, George B. Holmes, David Sisson, Stephen Harris, Jr., Albert Dailey, David S. Carr, Horatio N. Slater, Pardon M. Stone and John O. Waterman. The office of the company was removed to its present location at 11 Westminster street about 1880. The gross assets amount to more than a half million dollars, while the liabilities are little more than $200.000. The outstanding risks are about $45,000,000.
The State Mutual Fire Insurance Company was incorporated in January, 1855. Its location was at No. 3 Canal street. It commenced business immediately on its incorporation. February 26th. 1855. Its first board of directors was composed of Wanton Vaughan, Cyrus Fisher, David Ballou, Almoran Harris, Philip B. Stiness, H. G. Tucker, Hiram Hill, L. D. Littlefield. Josiah Simmons, Harvey F. Payton, James Fisher, Peter H. Brown and Silas R. Kenyon. Suc- cessive presidents have been: Wanton Vaughan, Cyrus Fisher. Jo- siah F. Crooker, James Y. Smith, Rhodes B. Chapman and Robert B. Chapman, the present head. The secretaries have been S. R. Kenyon, R. B. Chapman. Charles H. Wildman and Charles H. Chapman. About 1867 the location of the company was changed to 21 South Main street. and about 1875 to the Equitable Building, at No. 1 Cus- tom House street, where it now remains. Its gross assets are $518,- 299: liabilities, $232.528. Risks in force amount to about fifty million dollars. The amount of assessment authorized by charter to pay losses is about two and a quarter million dollars.
The Equitable Fire and Marine Insurance Company was incor- porated in May, 1859, and commenced business in September, 1860. Its office was then at No. 1 Market Square. Early directors were Thomas.G. Turner, James Y. Smith. Edwin J. Nightingale, William Foster, Henry C. Cranston, Earl P. Mason, George W. Hallett, John «O). Waterman, A. Nicholas Brown. Francis M. Smith, Joseph O. Clarke, William M. Bailey, William Sprague, Thomas J. Hill. Lyman B. Frieze, Augustus M. Tower and Cornelius Barrows. Thomas G. Turner was the first president. and he was succeeded about 1875 by Frederick W. Arnold, who remains in office to the present time. The first secretary, A. M. Tower, was succeeded in 1862 by Frederick W. Arnold, who, on his promotion in 1875, was followed by James E. Tillinghast, the present secretary. The company has a capital of -$300,000 actually paid up. Its assets amount to $568.000; its liabili- · ties are $165.000. Over three million dollars have been received in premiums since its organization, and losses of more than two and a · quarter millions have been paid and dividends of $449.000 have been declared. The directors at the present time are Henry C. Cranston, Thomas J. Hill, Parley M. Mathewson. Fred. W. Arnold, John A. Adams, John S. Palmer, Henry J. Steere, Josiah W. Crooker, O. J. Rathbun. C. B. Arnold, Jr., Robert E. Northam. Nelson W. Aldrich, Andrew G. Weeks, John Waterman, Orlando H. Davenport. Julius
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HISTORY OF PROVIDENCE COUNTY.
Palmer, Hammond Vinton, Herbert F. Hinckley and Henry Peaice ..
The Slater Mutual Fire Insurance Company began business in 1857, with officers as follows: James H. Read, president; Immanuel Searle, secretary and treasurer; and William S. Goodell, assistant secretary. The following were directors: H. N. Slater, Christopher S. Rhodes, Edward W. Lawton, John W. Lyman, James H. Chase, James S. Cook, T. A. Doyle, Benjamin F. Thurston, Royal Chapin, James H. Read, H. N. Campbell, George C. Ballou, Samuel James, L. P. Mead, Earl P. Mason, Immanuel Searle, Robert Rodman, Charles Anthony, Daniel E. Carpenter, William Grosvenor and J. Saunders. Charles H. Anthony was president from 1858 to 1862, and Daniel Hall held the office in the latter year. William S. Goodell was secretary in 1859, and forward to the close. In 1863 the affairs of the company were placed in the hands of Caleb Farnum, as receiver, under whose skillful management the business was successfully closed. The company in 1875, under an amended charter, again entered the business field as the Hope Mutual Fire Insurance Company. The office of the Slater Company was at 16 Weybosset street.
The Butler Mutual Fire Insurance Company began business in 1857, with the following directors: Zelotes W. Holden, Chester Pratt, Edward P. Knowles, Samuel Havens, Noel Freeborn, John Congdon, John O. Waterman, William H. Gale, Ansell E. Bradley, John H. Eddy, Albert Sanford, Oliver Johnson, Sylvester J. Watson, Samuel A. Winsor, Abner H. Angell, Benjamin N. Lapham, William Hicks, Daniel E. Remington, Albert G. Sprague, Joseph B. Mathew- son, Thomas W. Sprague, William B. Rider, Charles Burlingame, Joseph C. Hartshorn and A. C. Barstow. The office of the company was at 32 Westminster street. In 1865 it was moved to 36 Westmins- ter, and in 1871 to 4 Weybosset street. The first president, Zelotes WV. Holden, was followed by Albert Sanford, in 1860, and he by Ed- ward P. Knowles, in 1862. The first secretary was Albert Sanford, followed in 1860, by Varnum J. Bates. In 1879 the company failed and abandoned business.
The Gaspee Fire and Marine Insurance Company was located at 10 Westminster street, and began business in 1857. Its first presi- dent was William P. Blodget, followed in 1866 by George L. Clarke. The first secretary, Edwin Turner, was followed in 1865, by Asa Ly- man. The first board of directors was composed of William P. Blodget, Jabez C. Knight, John N. Francis, Isaac Brown, Jr., Russel M. Larned, Walter S. Burges. James B. Ames, George H. Hoppin, Henry A. Hidden, Benjamin B. Adams, William H. Bowen, George W. Butts, Samuel Foster, Arthur M. Potter, William V. Davol, Ste- phen C. Arnold, Isaac H. Southwick, George A. Seagrave, Edwin Turner and Albert S. Gallup. The office was removed to 12 West- minster street, in 1862, and in 1866 to 47 of the same street. The company gave up business in 1867.
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HISTORY OF PROVIDENCE COUNTY.
The Trident Mutual Insurance Company was chartered in 1855, but did not get fairly into business until 1858. Ward Cowing was its president, and O. W. Mckinney its secretary. It had the follow- ing board of directors: Ward Cowing, W. A. Bradford, S. B. Darling. E. B. Perry, Philip Rider, G. W. Hall, F. C. Gardner, G. E. Cleveland, O. W. Mckinney and R. G. Place. Its office was at 37 Dorrance street. It had a nominal capital of $500,000, but its assets only reached, by the most favorable showing. $173,000. Its affairs in 1859 were placed in the hands of a receiver and closed up.
The National Mutual Fire Insurance Company was incorporated in 1858. It was located at 34 Westminster street. Its officers and di- rectors were: George L. Clarke, president: Silas R. Kenyon, score- tary and treasurer; Rowland G. Hazard, Lewis P. Mead, Thomas Davis, Eli Pond, R. R. IIazard, Jr., Francis Sheffield, Oliver Johnson, Jonathan Pike, William H. Arnold, Samuel Warner, Benedict Lap- ham, David L. Aldrich, and Stephen Cornell, directors. Horace A. Wilcox was treasurer for a time. In 1864, after being in the hands of a trustee for about two years, it took a new departure as the City Insurance Company, a stock company with a capital of $50,000. Under the latter style it did but a small business, and in 1880 retired from business, its outstanding risks being re-insured in the Imperial and Northern Insurance Company.
The Hope Insurance Company began business about 1859. Its first directors were James Y. Smith, A. C. Mauran, Royal C. Taft, Caleb Seagrave, Henry A. Hidden, James S. Phetteplace. John L. Ross, William D. Davis, William S. Slater, Elijah Kenyon, Samuel Shove, Joseph Martin and Joseph B. Stone. Successive presidents were Samuel Shove, Amos M. Warner, and William T. Barton. The first secretary, Joseph Martin, served for a number of years. The stock capital of the company was $150,000. Its office was at first at 18 Weybosset street, and about 1876, it was changed to 9 Butler Ex- change. This company sustained heavy losses by the great Chicago fire of 1871, from which it never fully recovered, and in or about 1880 it closed up business.
The Providence Fire and Marine Insurance Company was organ- ized and chartered in 1857. It did but a very limited amount of business, and in 1863 was in the hands of a receiver. Two or three years later it retired from business. During its term its president was John B. Peirce; secretary, Charles G. Taft; and assistant secre- tary, E. Augustus Taft. Its office was at 83 Weybosset street.
The City Fire and Marine Insurance Company, succeeding the National, began its career under the new name and style in 1864. Its officers were: William R. Watson, president; S. R. Kenyon, sec- retary. George L. Clarke succeeded in the former office, and was followed about 1877 by William L. Beckwith. Edward S. Babbitt was secretary from 1866 to the close of its career. It had a capital of
31
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HISTORY OF PROVIDENCE COUNTY.
$100,000, and claimed assets amounting to about $150,000, but about 1880 it closed up its affairs and retired from business.
The Narragansett Fire and Marine Insurance Company was in- corporated in 1857, with a capital of $500,000. This was one of the largest amounts ever possessed by an insurance company in Rhode Island. With good name and officers, large capital and fair pros- pects, it seemed destined to become one of the leading companies of the country. Its directors were William H. Reynolds, Samuel M. Noyes. William S. Slater, George R. Drowne, Cyrus Taft, Samuel Foster, Isaac Hartshorn. Daniel Remington, Allen (). Peck. Lyman B. Frieze, Alexander Farnum, Josiah Whitaker, Robert Manton, Daniel Day, Collin C. Baker, Henry Lippitt, George H. Hoppin, Shu- bael H. Cady and Jacob Dunnell, Jr. Its office was at different times in the Merchants' Bank Building, at 16 and 18 Westminster street, and at 41 Westminster. A. O. Peck and Henry Harris were presi- dents, and E. Turner, Henry Harris and Ira A. Foster successive sec- retaries. The great fires of Chicago and Boston caused heavy losses to this company, and in 1874 it reinsured its risks in the Commercial Union Assurance Company, of London, and gave up business.
The Union Mutual Fire Insurance Company was incorporated May 1st, 1863. and began business on the first of the following Sep- tember. The charter was granted to Josiah Chapin, William Binney, Walter S. Burges, Tully D. Bowen, Seth Adams, Jr., William J. King, Seth Padelford, Sydney Williams and others, for the exclusive pur- pose of insuring dwelling houses and their contents. The office of this company was at first at 3 Washington Row, but about 1880 it was moved to 11 Westminster street, where it is now located. The career of this company has been a remarkably successful one. The amount of losses has been very light, amounting on the average to only about $1,300 a year. There have been three years in which it had no losses at all. It now carries risks aggregating about eleven million dollars. Its gross assets are $166,000; its liabilities being $69,000. Its first president was Sydney Williams, who served in that office for many years. He was followed by Edwin Barrows, the present in- cumbent. The successive secretaries have been: John Eddy. Edwin Barrows and Joseph T. A. Eddy, who remains at the present time. The directors are Henry A. Hidden, Christopher Lippitt, Thomas J. Hill. Amos C. Barstow, Henry Lippitt, Stephen Harris, Isaac H. Southwick, Edward P. Taft, Rowland Hazard, Royal C. Taft, Wil- liam Binney, Charles H. Smith, Francis W. Carpenter, John W. Dan- ielson, Edwin Barrows, James H. Chace, John W. Slater and Fred. B. Evans.
The Blackstone Mutual Fire Insurance Company was incorporated in August, 1863, and began business during the same month. Its lo- eation was at 41 Weybosset street. About 1872 its office was removed to 26 Westminster street, where it remained until about 1880. It was
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HISTORY OF PROVIDENCE COUNTY.
then removed to its present location at 41 Westminster street. Its president is John Eddy and its secretary William F. Worch. The assets of the company amount to $294,000; its liabilities, except sur- plus. $111,000. The cash premiums for the year reported were $215,- 645. The outstanding risks in force amounted to $23,314,590. Losses during the year amounted to about $41,000.
The Newport Fire and Marine Insurance Company, for which a charter had been granted in 1859, but never used, was organized in November. 1871, with a capital of $200,000. It was located at 20 Market Square. Its officers were: J. H. De Wolf, president; Resolved Waterman, secretary, and W. U. Arnold, assistant secretary. After a short business life this company, or more properly its business, was merged in the Providence Washington Company, in 1875.
The Mechanics' Mutual Fire Insurance Company was incorpor- ated in 1871, and commenced business August 1st of that year. It was first located at 45 Westminster street, but is now domiciled in the Board of Trade building on Market Square. The losses during the year of report were $4,883; gross assets, $105,000; liabilities, $50,000. Its officers are: Amos C. Barstow, president; Henry H. Ormsbee, secretary.
The What Cheer Mutual Fire Insurance Company was incorpor- ated in May, 1873, and commenced business January 1st, 1874. Its office was at 10 Butler Exchange. Its officers were: Elisha Harris. president; Lewis T. Downes, secretary and treasurer. It is now lo- cated at 45 Westminster street. Its assets are $189,000 and its lia- bilities $106,000. It carries risks to the amount of about $20,000.000; and its losses for the year of report amounted to $33,792. The pres- ent officers are: Lewis T. Downes, president; Joseph T. Day, secre- tary.
The Enterprise Mutual Fire Insurance Company was incorporated June 2d, 1874. It commenced business on the 14th of July, 1874. It occupied offices at 9 and 10 in the Equitable Building. Its gross assets amount to $145,000; liabilities, $95,000; annual gross income, about $160,000; losses, about $59,000; outstanding risks, $15,000,000. The officers are: Scott W. Mowry, president: Robert B. Chapman, secre- tarv. The office is at No. 1 Custom House street.
The Merchants' Mutual Insurance Company was incorporated Oc- tober 12th, 1874, and commenced business on the first of November following. It was located first at 26 Westminster street, but about 1878 was removed to its present location at 41 Westminster. It car- ries risks to the amount of about twelve million dollars, and is author- ized by charter to make assessments to pay losses to the amount of $576.000. Its yearly losses range about $20,000. Its gross assets are $150,000, and its liabilities about $60,000. Its officers are: John Eddy, president; William F. Worch, secretary.
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HISTORY OF PROVIDENCE COUNTY.
The American Mutual Fire Insurance Company was incorporated June 1st, 1877, and began business on the same day. Its officers are: James S. Phetteplace, president; Robert B. Chapman, secretary. Its office is at No. 1 Custom House street. Its gross assets are $150.000; liabilities, $92,000. Its losses for the report year were $48,000. Its risks in force amounted to about fifteen million dollars.
Besides these companies there have been a number of others. which did business for a short time, and still others which existed only in name and died in process of being developed. Since 1869 a number of charters have been granted to prospective companies that have never been organized. The names of some of these are: Eureka. Globe, Phenix, Westminster, Weybosset, Mutual Boiler, Live Oak. Manton, and New England Mutual Reservoir. Several attempts at organizing life insurance companies have been made, but without meeting with any permanent success. Some of these have been: The Enterprise Loan and Insurance Company, chartered in 1836; the Life and Trust Company, in 1837; the American Mutual Life Insurance Company, in 1847, and the Rhode Island Mutual Life Insurance Company, in 1849. The Economical Mutual Life Insurance Company commenced business in 1866, having an office at No. 2 Market Square, and was organized with a capital of $200.000. After a career of about ten years it transferred its business, by re-insurance, to the Republic Life Insurance Company of Chicago. The Travelers' Insur- ance Company. an accident company, was chartered in 1865, and com- menced business, but in the following year it re-insured its risks in the Travelers', of Hartford, and gave up business. The Providence Mutual Steam Boiler Insurance Company was organized in Septem- ber, 1874, and commenced business July 1st, 1875. It was first located at 10 Butler Exchange, but is now at 45 Westminster street. It shows assets amounting to $13,216, and liabilities of $4,700. It carries risks amounting to about $900,000. William Corliss is president and Lewis T. Downes secretary.
CHAPTER XX.
MANUFACTURING IN PROVIDENCE.
Early History of Manufacturing .- Statistics Soon After the Revolution .- Beginnings of the Jewelry Manufacture .- Hat Making .- Card Making .- Saddlery .- Beginnings of Various Other Manufactures .- Leather and Paper Making .- Manufacturers in 1824 .- Progress of a Quarter Century Succeeding 1820 .- Establishments in Operation About 1840 .- Progress of Manufactures. 1855. 1875, 1880 .- Providence Association of Me- chanics and Manufacturers .- Men Who Were Prominent in Its History.
T 7 HE great industrial enterprise of Providence is manufacturing. As the maritime and commercial prowess of the town began to decline the growth of manufacturing interests increased. Indeed they had begun to grow long before; and their continued and rapid growth have furnished the means of wealth of which the city may to-day boast. Providence is conspicuous among the great manu- facturing cities of America, and in the lines of jewelry and cotton goods at least, is ahead of all others. We shall now undertake to give a brief outline review of the rise and growth of manufactures in the city.
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