New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-01

firm OF III. u. Clatlm d 20. woud nave upon INC phnk
he said that the bank would meet its obligations,
and perform its usual functions. He could not tell
how much money was involved in the "open" ac-
counts of Clafin & Co.. nor could he approximate
He could not name the other repositories
of Clafiin & Co., nor did he feel him.
self authorized to mpart the results of the meeting
He felt assured. however that Clafin g. Co. would
90 through all right. The reason why he did not
care to speak in detail was because Mr.. Tappen of
the Galatin National Bank, and Chairman
of the Clearinghouse Committee was alone
empowered to say anything The clearinghouse
Committee had been present at the conference be
tween the several parties interested in the house Of
II. B.. Claflin g. Co. The result had been that the
Clearing House Committee desired to refer the mat
ter to the Clearinghouse Association, and
special meeting of that body had been called
tor to-day at 12 M to consider the matter. When
asked whether this meeting was in relation TO the
affairs of Clafn & Co. The Central National Bank,
MIR. Bliss replied that il in relation to the Olaf
Inns. He concluded by Observing that Clalin d Co.
and all interested would come out all right.
gentleman, thC roughly cognizant with the affairs
of III. b. Clatlin d Co., said to a TRIBUNE reporter
last night that there was no possibility of the
pension of the house, except in the event of the
absolute withdrawal of all public confidence and
the refusal the part of the banks to give them or
binary facilities for carrying their business Their
paper he said consisted in Endorsements on the notes
of their customers and thus negotiated, although
they had open accounts of very large amounts.
Every note that had matured had been paid, and
every note as 1t matured would be paid. This gen.
tleman, who is in position to know, said that the
house had to-day $10000000 assets over and above
all liabilities irrespective of the private wealth of
the partners. In any event. even if there
was an entire withdrawal of all con-
fdeuce, the worst possible disaster that could
happen was the suspension of the house. which
meant nothing for Clatlin & Co., but would ruin
hundreds of small merchants all over the country.
In the event of suspension, which he did not deem
possible 1T would be- at the outside for only 30 days.
and they would not lose dollar while nnumer-
able smaller houses would inevitably tumble,
and the ruin of these dependencies would be
irretrievable. The injury to Claim q Co.. could
be only temporary and nothing in comparison with
the disaster Is the smaller houses where margins
small and the debt and credit nearly met each
other. If the support were thus knocked away from
these dependencies, which in the aggregate go to
make up the commercial life OF the city and coun-
try the disaster would to them be terrible, while
the larger house would in the end come out intact.
Such a termination however, he did not anc ipate,
and thought the house in question more deserving OF
confidence than ever before.
A. G. w. SPRAGUE'S PAPER PROTESTED.
NOTES FOR MORE THAN $4,000 PUT IN THE HANDS
OF NOTARIEs AT PROvIDENCE-ANoTHER MEET
ING OF BANK OFFICERS TO BE HELD-THE RE-
PORT or THE COMMITTEE OF FOUR-A DETAILED
STATEMENT OF THE AFFAIRS OF THE FIRM
MADE-wRETCHED CONDITION OF THE CHANsToN
SAVINGS BANK.
lBY TELEGRAPH TO TIE tribune
PROVIDENCE, Oct. 31.-The paper Of the A. q w.
Sprague Manufacturing Company went to protest
this afternoon. Several notes held b. Providence
banks fell due, and not being taken up they were
put in the hands of nOtaries to be protested note
Of A. & w. Spragne for $4,000 was presented
at the Globe National Bank. and az payment was re-
fused it went to protest. At the Merchants Bank
note of the A. d w, Sprague Manufacturing Com
pany and paper Of the River Side Mill were pro-
tested The River Side Mill is in Olneyville, adjoin
ing Providence and manufactures woolens. Most
of the stock is in the hands of the stock
holders of the Atlantic Delaine Company. It's
enharrassmeuts come from holding large drafts
on Hoyt. Sprague d Co. The mill has been
closed for a week because of the crisis and iUs own
financial difficulties. A. q W. sprague refused
payment on all demands to-day. Senator William
Sprague reached the city from New-York at a
o'clock, accompanied by Mr. HoYt, son of Edwin
Hoyt senior partner Of HOyt, SDrague& Co. The
Senator is unwell, ana would sec one. He stated
that he fully CONQUERED in all action thus far taken
and accepted the attitude Of the Providence banks.
At noon to-day the bank presidents met again at
the Merchants Bank. The Committee of FOur-ex-
Gov. James Y Smith, George +. Wilson, ex-Goy.
Padeford. and Rufus Watermau-appointed to re-
port fully upon the condition Of the affairs
of A. s. w Spraguc and suggest scheme
of relief reported that they had not
completed their work, and the meeting there
upon adjourned till tomorrow nool. This evening
the Committee finished detailed statement, and
copies were sent to New York to Edwin Hoyt, OF
Hoyt Spragues d Co. The majority of the Com
mittee together with the counsel OF the firm, were
willing to furnish full statement Tor publication In
New-York tomorrow morning, as Mr.. Hoyt
had expressed desire that it should be given TO the
public as soon as possible but by the promptngs of
Rufus Waterman they were finally induced to
insist on keeping up for few hours more
the stupid mystery so largely responsible for the
universal distrust and dissatisfaction which
hart the position of A. g. w. Sprague
much Mr.. Waterman said that premature publ
cation in New-YOrk might do immense injury among
Providence creditors, who might get ideas OF the
statement by private dispatches. This extrayagant
fear that Providence creditors may get an
mixing Of the position too early, Is gem
orally considered portentous, and the common
impression is that the favorable statement of
Wednesday is not justified by the detailed exhibit
Ex-Gov James Y. Smith. one of the Committee,
stated this morning that the thorough examination
made into the affairs of the firm, does not de-
tract from the encouraging exhibit which was
made in their partial statement on Wednesday;
that the snm of undOubted assets will reach the
figures there named (S13,4OO,OO0), and that the
failure of Hoyt, Spragues IL Co. has not impaired
the Integrity of that statement Since the failure