Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-10-31

FAILURE OF THE NEW YORK House.
Hoyt, Sprague & Co. have failed.
THIRD DESPATCH.
The suspension of Hoyt, Sprague & Co. to-
day occasioned much surprise to the general
public, but in financial circles there was not
SO great a shock as might have been expect
ed, owing to the belief that their assets will
ultimately carry them through their present
pressure.
The Express says "There are grave fears
that this event will lead to the closing of i'm
portant mills at the East, and thus insure
further privations and suffering against OPP
eratives. Viewed in this light the suspension
is said to contemplate, and should it involve
embarrassment amongst the banks at the
East and drag down other firms, then it may
produce financial complications likely to dis
turb confidence in the future.
We trust that its effects may be more cir
cumscribed then generally anticipated.
Considerable paper of that firm is held in
this city, it being estimated that 3d. 900, 900 of
their notes have been discounted by banks,
bankers and individuals.
Capitalists here, and some of the foreign
banking firms were mentioned as sufferers by
the failure, probably in the way of cotton OPP
Grafton for the mills. 1t will take some days
for the full development OF the effects of the
suspension of Hoyt, Sprague & Co.
There is no doubt that the antagonistic of
rival concerns, the suspension and the public
action of this embarrassments of the Spragues
is accounted for in this way. Arrangements
were perfected which would have carried
the concern through, but for these publica.
tons
The telegram says "Mr. Hoyt is said to
have at least 81 .OOO, 900 assets in excess of
his liabilities, although a great part of this
sum is said to be now tied up in merchandise
of different descriptions.
Great sympathy is expressed for the firm,
and q gentleman whose name Is well known
in Wall street, said to-day that he thought
the creditors of the house in Providence had
adopted q very short sighted policy in refus-
ing assistance to the house upon which thou
sands of persons depended for employment,
and whose embarraasments were, so far as he
could judge, only temporary.
The Evening Post says: The firm of Hoyt,
Sprague & Co, of Franklin street, sent mes
sage to the Manhattan bunk this msrning to
stop the payment of their paper.
Beyond the mere fact of their suspension,
however, little trustworthy information con-
corning the affairs of the firm could be ascer-
tanned. aM -t
One of the partners said information could
not be given. to the public, but that state
ment would be prepared as soon as possible.
messenger from Providence arrived in
this city to-day, and was closeted with the
members OF the firm.
1t is understood that his accounts of the
financial condition of the Providence house
was such as left to the alienation to Hoyt,
Sprague & Co. but the suspension. There
seems, however, to be a general impression
that the firm will be enabled to resume bust
ness at no distant period if their creditors
will assist them by an extension of time. 1t
is reported that If the New York house could
have obtained all the money they wanted to
keep them afloat through their present trouble
sometime, both from friends and creditors,
If q similar forbearance had been shown to the
Providence firm. 1t WAS however impossible