The New York herald., 1873-10-30


pressed o willingness to raise Sl500 Oo0
II such an amount would be sufficient and
III the New York bankers and capitalists would also
come to their assistance. 1t was reported at this
evenings meeting that matters thus stood
when news was received that the liabilities
OF Hoyt, Sprague Co., outside Of accept
ances and the Atlantic Delaine Mills inter-
ESQ, also drafts Of A. 4 w. Sprague 4 Co., would
not exceed 5000 900, which amount is already pro-
tected BY goods sold and bills OF sale. In view of
this state OF AFFAIRS the meeting expressed itself
unanimously in favor OF sustaining A. & w.
SpraRue, by distribution of. loans by the banks
pro rata and according to the capital of each pro-
viding, however, a special committee report the
amount offered sufficient for the purposes, aud
adequate security can be given.
THE SPECIAL COMMITTEE.
The following persons were appointed as such
committee :-Ex Governor Padelford, Rufus Water
man, James Y. Smyth and George +. Wilson, with
instructions to make the investigation tonight
and report tomorrow. The meeting then ad-
journed until Thursday. The committee are now
diligently investigating, but nothing will be made
known until tomorrow
Your correspondent had an interview to day
with J. w. Vernon, cashier OF the Merchants
Bank; Mayor Doyle, Ex-Governor Smyth and 3. F.
Thurston.
Mr. Vernon takes hopeful view of the situation,
and reports that the banks have agreed to sustain
the First, Second and Globe National banks and
the liabilities Of the Messrs. Sprague at those
banks are to depositors only being little less than
half q million. He says the banks will not be
affected by the condition OF the house OF sprague
having pursued liberal policy hitherto by paying
all demands and holding no loaned certificates.
The banks. in his opinion, perfectly safe.
Mayor Doyle feels confident that the Spragues
will get all the required aid, and that they in
no danger OF SUSPENSION as both the Providence
and New York houses have combined surplus Of
$11,O000OO.
Ex-Governor snyth agrees to do what lies in his
power to assist the firm in their financial diff
Guilty He says the business men have a common
interest in the matter.
Mr. Thurston, the lawyer, thinks the diflculty
will be safely met, and the house preserved.
ADyIcEs FROM THE NEW YORK FIRM.
kilograms received from the New York House
to-day state that Hoyt, Sprague Co. are able to
take care of themselves and the President Of the
Manhattan Bank certifes to the fact far as the
acceptances go. 1t is stated on reliable authority
that A. & W. Sprague require s4,ooo,ooo before
the 1st of January, $1,50O,oo0 Of which must
be had at once They are indebted to lead
ing cotton firm 100000 and to another firm
S100, 900 for mason's materials
1t has been learned by your correspondent that
Governor Howard, Of this State, has recently been
In conference with Senator Sherman, of Ohio, IN
regard to the financial situation, and has made
several visits to Washington.
The run upon the savings banks continued all
day. The final result will be reached tomorrow.
A. B. Mygatt Bank Examiner for Rhode Island
is in the city, and has made examination of the
sprague banks. He reports the banks in a good
condition, and says the general banks have agreed
to support the sprague banks-Frst Second and
Globe National.
A Resume Of the Matter-Thc Assets and
Liabilities.
PROVIDENCE, r. l., Oct. 90, 1873.
Relative to the financial embarrassments or A. h
W. Sprague & Co., the Journal Of tomorrow morn
ing will furnish the following information:-
On Monday last 8 summons was sent to a small
number OF leading bankers and business men re-
se POSITION Of the nS
the Atlantic Delane Company. Mr.. Greene,
the clerk Of the house, Mayer
and Mr.. Benjamin F. Thurston. their legal
adviser, appeared on behalf Of tile concern. 1t was
of the next three weeks; that half that sum could
be obtained in New York. conditional upon the
raising OF the other million here and further con-
ditoned that it would carry them through, for the
whole OF which the Spragues were ready to give
The committee reported that the A. 4 W.
sprague Manufacturing Company estimated their
assets at $14,0ooo0o, among which were reck-
s,l00 900 from various corporations which they con-
trolled, and 100000 from William Sprague, admin
istrator. This estimate puts their manufacturing
property at SIS spindle and their print works at
81 0o0 900 The debts were estimated by the house
at 81 600 GOO in addition to which was the indept-
edness Of the Atlantic Deaine Company, which fs
understood to be about three or lour mliIlons OF
dollars. from this Indebtedness OF tne Delaine yi,,
COMPANY is to be deducted lts assets, varlousy
estimated at from third to the whole OF Its iabll-
tiles. . -, ..,.... ,,.,.
ommendation Considerable discussion followed
and various propositions were made, but the
meeting adjourned without coming to any con-
In the evening meeting Of the representatives
OF the banks was held TO consider some plans OF
protection for the depositors OF what are generally
tional, the Second National and the Globe Ma.
tional. These banks are under the control
OF the spragues. Their presidents are
Mam h Amasa sprague ana A.
ton OF the assets OF these banks, It is understood
is loaned to the Spragues or to the corporations
connected with them. 1t was natural that their
position In the Clearing House should be ,qucs-
toned. Mr.. Mygatt, the Bank Exam
liner. was present by, request and par
tcipated in the deliberations After Q
prolonged session q resolution was adopted that
the banks be recommended to guarantee on sats-
factory security the deposits OF the three banks to
the extent OF three per cent on their capitals. A
majority OF the banks sent favorable responses to
this resolution. In some cases notifications were
suggested and conditions were mace. The whole
subject remains for consideration to-day. Oi the
deposits in these banks very considerable sum IS
Yesterday, on the ground of favorable advices
from the New iork house, Hoyt spragme 20. .:
half.past three O'Clock .x the same place. 1t was
represented that witt, $1,Oo0,0OO, raised in Provi
dence, the spragufss could be carried through
| sstlnR OF Seth Paddiciord. James II. Smith.