The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1873-11-01
NEW YORK.
Financial Matters.

NEW YORK, October 3l.-J. T. IL W.
FL. Daily were shipping merchants en-
gagged in southern shipping trade, but
the head oil the firm, it is said, became
involved with other capitalists in the
erection OF the New Windsor Hotel,
and they have been obliged to suspend
The suspension OF Hoyt. Sprsgue &
Co., has had very depressing effect
on the general dry goods trade, and will
doubtless weaken the confidence 10 the
stability OF a majority OF the houses in
the trade. 1t was reported that the
Globe and First aud Second National
Banks OF Providence were Involved by
the failure.
The excitement about the Sprague
matter had hardly subsided before
startling rumors arose that II. B Clat'
lin Il Co one OF the largest dry goods
houses in the city had failed. This.
however, was afterwards officially de-
MED. The rumor naturally precipltated
the Stock Exchange into feeling OF
despoudency, and tor a time nothing
else was talked Of, and great
havoc was made with values
After the excitement had par
ti.!ly subsided another rumor was
put ahoat that q large stock Arm Was In
trouble, but this IN turn was denied
These stories, although untrue, caused
renewed depression 10 financial cir
cles. Money was stringent throug hout
the day, exchange lower, gold weak,
Governments weak aud stocks weak
and lower. A member o. the firm OF
Hovt, Sprague & Co. said there was
nothing new regarding their affairs, and
added, "we have no statement
ready, nor will We have ons
for several days yet. Besides, what
interest it is to us to present the Press
with d statement Of our atfairs? The
reading public are moved only by idle
curiosity which we do not propose to
pauder 10 Our creditors are only persons
interested and they are in direct COM
| mInication w!tT us.
! Chesapeake and Oh!u Railroad.
A meeting CT the directors Of the
Chesa peake and Ohio Railroad, to
take action regarding the payment Of
the November coupons which tall due
Tomorrow The question was discussed
at cons derable length and resulted in
reso ution to default. 1t is said that
President C. P. Huntington offered TO
ADVANCE one huudred thousand OF the
gold required 10 pay the coupons, pro-
v,det that other directors would turn
iah the remainder This offer Was not
seconded. A statement OF the com-
pany's condition will be prepared pro-
baby tomorrow and submltted 10 the
bond holders sud they will be asked to
,und the coupon, at the meeting into
seven per cent income bonds
1t is generally regretted that
no provision was made to pay coupons
tomorrow as it will Doubtless reeult in
serious inconvenience to small Investors
here, and it 3 feared that it will prob
ably damage American railroad credit
in Europe. President Huntington says
that they MAJ be paid Monday or
Tuesday and ia the meantime q clrcu-
ar viii he Issued 10 stockholders re-
uurstng them to unite with the officers
OF the company in funding coupons
and incoming bonds.
The working SIasseV.
A Gisunion reported 10 ex5: among
the Trades Unions. Many organiSs-
liohs which several months ago num-
bered thousands are just now number
ins hundreds. From inquiries OF the
Carpen,ers and Joiners' Societies it lie
learned the only society working on the
eight hours basis is the AmalSimated
Order OF Careenters and Jolners, The
United Order o. Carpenters and Joiners
has v;r,uSllysbroken up, A committee
of con 'erance, which was appointed
some time ago to discuss the eight hour
movement. was failure. The German
carpenieIs, cabinet makers and PIANO
makers. have all been Obliged to return
TO the ten hour system. The b!lck
lsyers society, which wss one Of the
most formidable in the State, has been
dsorgauized and 10 now reported to be
without tunds.
A hard wiuter is expected for tbs
working classes. 1t has been deter>
mined to call o mass meeting OF ctl-
seus at Cooper Institute and ask them
to aid mechanics and workinsmen
through the winter.