Carolina Company 1922 Gold bond - Rhode Island ( Carolina Mills )

Beautifully engraved certificate from the Carolina Company issued in 1922. This historic document has an ornate border around it. This item is hand signed by the Company’s President ( John Hinchliffe, ) and Secretary and is over 81 years old. This is the first time we have seen this certificate.

The Carolina Mills, now idle, were once part of an active woolen manufacturing complex in the village of Carolina (part of both Charlestown and Richmond, Rhode Island). Carolina's industrial history began in 1802 when Joseph Nichols, attracted by the Pawcatuck River's available waterpower, constructed a grist mill. In 1834, Aaron and Sands Kenyon purchased the grist mill grounds and the surrounding 300 acres. By 1841, Rowland G. Hazard had bought most of the land on both sides of the river, and began developing the village he named Carolina (Mills) in honor of his wife, Carolina Newbold Hazard. It was Hazard who started the woolen industry spinning at the Carolina Mills site. In 1842, he was manufacturing cotton products in a stone mill, but in 1862 changed production to woolen manufacture. In 1863, Hazard sold the mill complex to the Peace Dale Manufacturing Company, which in turn sold the property rights a few months later to Theophilus Hyde. In 1868, Rowland G. Hazard assumed ownership, and in 1869 deeded the property to Messrs. Tinkham, Metcalf and Company.

From 1872 to approximately 1935, the Carolina Mills Company owned and operated the mills for the manufacture of fancy cassimeres and other woolen products. Machinery and labor existed to accomplish all aspects of woolen manufacture from preliminary processes such as carding through weaving and finishing. The 1900 Textile World Directory listed the company running 50 looms with water and steam power. The 1920 edition of the directory listed 48 looms in operation. In 1925, the Carolina Company experienced financial difficulties from slacking orders, and in 1926 ceased production. Interestingly, at the same time the mills closed, John Hinchliffe, president of Carolina Mills Company, formed a new corporation called the Caro Cloth Company with himself as president. The Carolina Company then leased its plants to the Caro Cloth to develop a patented fabric process. In 1929, the Carolina Company was still leasing its plants to Caro Company and using the resulting funds to pay interest on bonds, taxes and expenses.

By 1935, the Caro Cloth venture had dissolved, and the ACME Corporation assumed ownership of the Carolina Mills from the Empire Trust Co. in a trustee's sale. ACME never used the mills for manufacturing, but records exist from the 1940-50s that document ownership by Paul Broomfield, a seller of textile machinery. Perhaps ACME hired Broomfield to sell its assets. Most of the machinery has gone, and vandals and several fires ravaged the buildings.

History is courtesy of the University of Rhode Island.