The New York herald., 1873-11-01
THE MONETARY SITUATION.
Reported Failure Of H. B. Clafin & Go.
AuthOritatively Denied.
Further Concerning the Sprague
Difficulties.
Promised Default Of Interest on the Chesa.
peake and Ohio Railroad Bonds.

The general monetary situation was further dis.
turbed yesterday morning early by the rumored
failure OF II. b. Claim Co. After the failure OF
Hoyt, spragues Co., with the still hourly antici-
patton OF the suspension Of A. w. Sprague, 1t Is
not surprising that such a report gained rapid
credence, while the fact that it was promptly un-
equivocaly denied, on the authority OF the head
OF the frm, was happy in checking stM furtner
disaster. The business OF the great Sprague con-
Germ and that OF Claim 4 Co. are not unlike in
their relations to the great minor business inter-
ests OF the country. The one Is probably the
largest manufacturing establishment in prints and
cotton cloths in the country, and the other
PERHAPS THE LARGEST JoBBING HOUSE
lat least with only one possible exception) in do.
mestc dry goods. Thus the positive knowledge
OF tie failure Of Hoyt Spragues b Co., and the
growing fear OF the stoppage OF A. & w. Sprague,
particularly when 1t was announced that the paper
OF the latter had gone to protest yesterday, served
to temper the effect Of the positive denial on the
part OF II. B. Claim 4 Co. earlier as to their re-
ported suspension, in so far as such denial might
have worked restoration OF confidence. The same
gloomy feeling that has been noticed before pre-
vailed on .'tne street, throughout the day, prices
on the stock Exchange even, at intervals, going
below panic prices, and TINS feeling was not helped
when it was announced by telegraph that the
meeting of the bank officers to consider the AFFAIRS
OF A. W. Sprague, held at noon by adjournment,
was further adjourned until tomorrow (this day)
noon The committee were not ready with their
statement and no plan for the future conduct OF
the business has yet been agreed upon There Is
no material change in the grave aspect of affairs.
The report OF the State Examiners into
THE CONDITION OF THE CRANsroN SAVINGS BANK,
PROVIDENCE,
reports the total liabilities o. that institution
go oee Q2S , dua
Their assets are stated as follows, over ss72 900
being connected with the Sprague COM
plications LOANED on mortgage Of real
estate, Ss5S,sS5; mortgage on personal
property, $4,000; loaned on personal Sc
curIty including $4e5,OO0 in acceptances of Hoyt,
Spragues 4 Co., and s27,50o in notesof the A. & w
sprague Manufacturing Company, Ip, ss1l, 500; loans
4 w. Sprague Manufacturing Company, S375, 900;
stock in the three Sprague banks 500 $50; stock In
Deposit Company, $4,000 other certificates Of in
debtedness, S4, ,o5O. The statement shows a worse
condition than was anticipated.
SILENCE is GOLDEN,
reporter makes the following 7idire report OF o
further attempt at an interview with Hoyt,
Spragues Co. yesterday A formal call was made
upon the nrm, but they had nothing to communi-
cate. 1--WE have no statement ready, nor will we
And another thing. What interest is 1t to
us 70 furnish you gentlemen with state
do not propose to pander. Our creditors are the
only persons interested and they are in direct
'.All OF which is true ventured the reporter
''but you must be aware, sir, that statements Of
It is certainly wiser to have correct version given
than one composed OF hearsay and supposititous
matter.n
.Well, sir, we have nothing to say; print what
you please" was the curt reply OF the gentleman,
and the reporter withdrew -. .,,.
the result OF his endeavor to get at the
facts in this case from headquarters:-
One OF the partners said that it was i'm
possible for them at present to impart the
information which was SO earnestly demanded
from them. The affairs OF the Providence house,
with which they were so intimately connected, are
in SUCH
DOUBTFUL CONDITION
that it is impossible Tor any one to posi-
lively foretell the result. The result, what
ever It might be, remained entirely in
OF the suspension OF the one house and the en-
barrassment OF the other were pretty nearly as
thought, would exceed the liabilities by at least
81, l,ooo,0 ,00o But, OF course, time was necessary,
a was in the Of the creditors 70 I
creditors had exhibited w most mos. kind nd and nd
looked towards q resumption. and payment
in full OF all demands. AT the present time they
were actively engaged in preparing full state
ment Tor the beueft of their creditors. and until
that statement was completed little or nothing
could be said In addition TO whathad already been
news item states :-Hoyt, Spragues & Co.'s
woolen mills at 0swego Falls will close tomorrow
until iurther notice. Some 500 operatives will be
thrown out OF employment.
In respect to the reported failure OF II. B. Claim
a co. there were various rumors anoat, which are
not repeated here in deerence to the firms posi-
tive and prompt denial of their serious emparrass
ment. 1t may be said, however, in connection
with these rumors that one OF them states that
this concern give very little paper, generally sell
ing their bills receivable, while most of their in
debtedness to importers and commission mer-
chants is in open book accounts
THE CHESAPEAKE AND OHIO RAILROAD INTEREST.
At meeting of the directors OF the Chesapeake
and Ohio Railroad Company held yesterday, prop
osltion that the directors should meet the accru-
ing interest on bonds due November was not
well received, and 1t voted that an address be
shortly published, asking the bondholders TO fund
the first four next maturing coupons into seven
per cent income bond.
NO MORE ''PooLISG."
Pursuant to the resolution OF the Clearing House,
the ''poonngr system by the banks VIII be aDol-
shed to lay. Loan certificates VIII yet be con-
tinued however, but without expansion.
UNITED STATES SUPREME COURT,