Evening star. [volume] (Washington, D.C.) 1854-1972, 1873-10-31
THE SPRAGUE SUSPENSION.
Favorable Report for Creditors Ex,
nRffed.


THE CONDITION or rms sPRAeUEs-THEIR RE-
LATIoNs AND THEIR RIVALS.
A telegram from New York in yesterdays
STAR announced the failure Of Hoyt, Sprague
* Co., the New York house of the Sprsgues;
and another from Providence, X. l., Indicates
the embarrassment of the great house OF A. n
W. Sprague, in that city; the difficulties Of the
one involving the other, though It is stated on
the authority OF Mr.. Hoyt that the two firms
are distinct concerns. The Hoyt, Sprsgue \
as the New York house OF the great msnnfsc-
turers, A. X W. Sprague, and i the largest drv
goods commission house IN New York. The in
telhgence OF the failure was received here with
general regret. Senator Sprsgue, who Is
member OF the firm, married one daughter of
Chief Justice Chase, and Mr.. Hoyt married the
other. They and their families have many
warm friends here. The failure has naturally
had depressing effect In New York and else
where, but il Is hoped that the prospect held out
by the dispatches that the trouble may be OF
temporary duration only will be speedily real
lied. Last nights kilograms hold out
STRONG HOPES OF A SPEEDY RESUMPTION.
They may be briefly summed up a. fol-
lows--It is reported that A 4 W. Sprague, Of
Providence, Il. l., do not suspend notwith-
standing the failure OF the New York house OF
Hoyt, Sprague X Co. The committeapot inyes-
tigation into the affairs OF the A. X W. Sprague
Manufacturing Company appointed by the
representatives OF the New York city banks
vii be prepared at the meeting TO be held to
day 10 make a report, which. IL is thought will
he highly satisfactory TO the creditors of A. \
". Sprague aid Hoyt, Sprague & Co The
surplus or available property at low valuation,
over all outstanding liabilities upon accent
ances of Hoyt, Sprague X Co, IL is stated. will
not be less than $1,000 600 A plan will be
presented at the meeting to-day, accompanied
with detailed report OF the situation of the
firm, which will il is believed, if carried ont
render the embarrassment of A. 4 w. Sprague
and Hoyt, Spragne & Go; Of temporary dirI-
ton. The New York Tribune of to-day. com
menting on the failure of Hoyt, Sprsgue 4
Co, says One of the members of the firm OF
Hoyt, Sprague 4 Co. believes that the firm viii
room RRRa hrnE1 90 -.
ton will be furnished only TO creditors. Hesaid
the firm were unable TO raise a needed amount
OF money, and were consequently obliged 20
suspend. Their suspension has "A decreasing
eject on general trade, but il is not believed
that any New York bank is seriously Affected
correspondent of the New York Tribune
writing from Providence on "Wednesday when
the embarrassments referred 10 had not cul-
minated, gives the following in relation TO
A Run ON THE sPRAGUE BANKs:
run was made upon the Franklin Savings
bank and the CrauSton Savings bank. which
are connected with the Globe, National, aud
First National, which, together with the Second
National, are controlled by the Spragues. saw
ings banks require sixty days notice for the
withdrawal OF sums over So. Three hundred
dollars in small sums were drawn from the
Franklin, which obtained $1,000 from another
bank. The three Sprague banks-Globe, First
and Second National-have been under susni-
cion because they were known 70 hold 50 much
bank examiner for Rhode Island. has examined
them, and committee appointed by the asso-
ciated bank presidents also investiEatsI their
condition. From Mr.. Myga;t and from james
y. Smith, of that committee, an encouraging
statement was obtained. The asSo ,iated banks
have agreed TO sustain the Sprague banks aGa
meet their Liabilities to depOsitcrs.
TIE sPRACUEs AND THEIR RIVALS.
In connection with the reports a. ID the origin
OF the trouble and the rivalry Of the Spragues
with the Brown and Ives family, tire New York
journal Of Commerce ayS:-Nessrs. A. & W.
Sprague are manufacturers, their interests eN-
tending from Maine to the extreme south. The
panic caused with them an accumulation OF
STOCK ana difficulty in making collections. A
short time ago the Spragues needed a consider
able sum o. money, but the Rhode Island secu-
rites they held were not available in this mar
ket as collateral. 1t is well known that there
mas Tor some years been a rivalry between the
Sprague family and the Brown and Ives fam
ily, the wealthiest and most powerful hOIs 5 in
hnode Island. A gentleman who has infinite
relations with the Spragues SAYS the force of
Tepulsion between the two houses was 50 strau-
thst the banks c6ntrole1 ny Brown & Tyis
have not held note OF the Spragues fog
ten years. When, however, the SprAsucs
found that they could not borrow upOa OF
negotiate the Rhode Island securities here to
good advantage they applied to = savings bank
these for securities better known in this mar.
ket. The exchange was granted; the bank nov
holds the Sprague securities, ami the Spra CUES
have borrowed money on the banks securities
1t appears that the savings bank is one OF those
controlled by Brown & Ives. and though il is
understood that the transaction is not one that
PiS,sCs upon inc opTagues, YET IL was tDis TACT
probably that gave Use to the statement that
Brown * Ives were pressing the Spragues for
million dollars Indebtedness. The Messrs
Sprague, however, found themselves in a con
dition that caused them uneasiness in regard
to notes soon to mature, and on Tuesday they
asked the banks of Providence TO tide them
over the crisis.
The y. Y. Times says the alleged intimations
of unfriendliness of Brown 4 Ives, of Provi-
dence, against the Spragues, is unbranded, and
that the former firm a week since contributed
to the relief of the Spragues.
FALL RIVER NOT INVOLVED.
A telegram from Fall River, Mass, SAYS:
1.-The impression prevails outside this city. aud
10 some extent among our own citizens that the
suspension OF A. x W. Sprague x Co. would be
seriously felt in this place. The firm D not owe
cent here, and none Of the banks have any Of
their paper"