Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-02
FINANCIAL.
N. Y. Banks Claim $1S,OOO,OOO
GreenbackS.
How Many do the Safe Deposit
Companies Hold?
The Spragues Making Deeds of
Trust.
HEB. CIafIin Gets Embarrassed,
But Blufiy Weathers the Storm.
Dry Goods and Railroads Idle

currency till noon to-day. They now hold
| S1S000.000. The lowest amount ever held
was S5,S20000,
CIahiIs Equal to the Emergency.
II. b. Clatiin & Co. notified the associa-
ted banks to-day that they were not in need
Of any assistance.
The Union Trust Company was called
in the United States District Court to-day,
in the bankruptcy calendar, and Nov. II
fixed for hearing,
The Grain Trade.
The export trade was never in a better
condition than at present. At least, all
the steamers leaving are loaded to their ut
most capacity, and rates were never higher
than now. The import trade has fallen
away to almost nothing. and the steamers
arriving are often but half full. This fall
ing of is especially noticeable in the
amount of dry goods imported.
The Spragues.
PROVIDENCE, Nov. AT the adjourned
meeting of the bank representatives to-day
the report of the committee to examine the
affairs Of A. & w. Sprague was presented.
The committee say they consider the assets
Of A. & W. Sprague Manufacturing Com
pany, to be SO, 1895, 247 and liabilities, Sill
AIS, 443; surplus SS,019,S04. A detailed
statement Of the property accompanies the
report.
Deeds of Trust Proposed
The committee say in their report: The
unsettled condition of financial affairs ard
of business at the present time and large
amount Of obligations of the company ma
turing during the next 90 days, preclude
the possibility of reporting that one million
dollars would enable the company to meet
its engagements regularly in the future
The committee recommend that the A. &
w. Sprague Manufacturing Company and
the individuals comprising the corporation
mortgage, all their property to these trus-
ees who shall practically have all control
and management of the entire property.
These trustees are to issue notes to an
amount which shall fully cover the amount
of the present Indebtedness, these Obliga-
cations having three years to run and
drawing semi-annual interest at the rate of
seven and three tenths per cent. per annum,
with the right reserved to pay five per cent,
of the debt as often as in their judgment it
shall be practicable.
The report of the committee is being
considered.
Later.
Counsel of SpragueS' corporation an
nOunced at the meeting that trust deeds
were being made to Gov. Henry Howard,
Rufus Waterman & Co.. and Gov. James
I. Smith. These deeds would be submit
ted to a meeting Of creditors and if not
approved the alternative would be to 90
into bankruptcy.
senator Sprague.
Senator SpIague has retired from the
presidency of the company, and Amasa
Sprague has been designated to fill the
place. A mortgage deed has been prepared
for the purpose of securing all the property
and assets, both private and corporate, for
the benefit Of the creditors agreeable to the
principle suggested in the report.
A meeting of creditors will be called at
an early day. The creditors are very nu-
merOuS and represented every possible in
tereSt and feeling. 1t would not therefore.
be strange, if serious, and perhaps unsur-
mOmtable objection should be raised to the
individual trustees or TO the terms of the
trust mortgage under which they are ex-
pected to act. The general features of the
plan, however, seem to meet with the pop
ular approval.
AUGUSTA, Nov. 1.-The troubles of A.
& W. Sprague 81 Co. it is believed will not
seriously affect business in this city. with
which they are identified, with the excep-
ton Of two cotton mills whose manufac-
turerS print clothes for their Cranston mills.
Their factories give employment to 1000
operatives and pay q roll of $l25, 900 per
month. 1t is not unlikely they will tenn
porarily suspend operations. Next Monday
is pay day and efforts are being made to
raise the means to pay off the employees.
The Day in Wall street.
New YORK, Nov. 1.-The day has closed
better than was expected. Soon after the
was no immediate danger of the suspension
Of Clafiin 81 Co., and when it became
known that the banks were in no trouble
on the greenback question the feeling in
the Stock Exchange improved and the rise
in the entire market was characterized by a
sudden activity in speculative stocks. The
news from Rhode Island was of partly re-
assuring character touching the interest of
the house of 4. d. w. Sprague, and it was
that in the plan proposed by the
special committee who had examined the
affairs OF the house, that the proper way to
make a settlement of their affairs would
be to accept such proposition as was de-
vised by the appointment of Trustees.
The Chesapeake and Ohio railroad de-
faulted ON their interest. Fisk & Hatch
have issued a circular to the bondhOlders
in explanation of their position, and the
will make statement Monday.
\ number of other new roads also de-
faulted, but the old roads were prompt in
meeting engagements.
The banks to-day gained S4,000,000 in
geenbackS and now hold S14,000,000. A
number of banks have heretofore secreted
their greenbackS in order to prevent equal
izatiOn, and this increase is the result of
the discontinuance of the pooling system.
The Barometer of Commerce Low.
The failure of Hoyt, Sprague & Co., and
the free use made by TumOr of the house of
II. b Clafiin d Co., have called attention
to the dry goods trade, and inquiry shows
the transactions are light, and are confined
10 the wants of current trade. This dearth
it is thought will continue till it can be
ascertained that the difficulties
will be overcome. In this event business
will take a fresh start Immediately.
CIahin.
lne course OF claim III Sendlng WORD 10
the Clearing House that they need not de-
liberate on their case longer; that their
own banks and mercantile friends were
for their necessities, did a great
deal toward clearing away difficulties, re-
assuring the business community that mer-
chants have faith in one another and are
ready to give assistance.
Mr.. Robinson, of II. B. Clatlin Il Co.,
stopped in his sales of goods to-day to say
'this house will not stop-it cannot fail.
Its as solvent as any house in the United
States while another member of the firm
said 'our assets are far beyond our liabili-
ties, and for one to believe that we can fail
is to stamp him an idiot"
How He Did Get Embarrassed Some.
what.
Early in the day Mr.. Claflin said q II is
true we are suffering a little embarrassment:
have allowed some accounts to mature.
As regards notes they have all been proper
ly met. We do not sell our own paper, but
we do sell that of other houses with our
Perhaps one of the princi-
pal causes that have led to our embarrass-
ment was that we oveTeached ourselves in
cndeayors to assist Hoyt, Sprague q Co. l
do not care to say that we purchased of
them to the amount of million this week,
but be bought heavily. We are now ne
gOtiating for assistance Of some sort from the
kanlrS or az bar q.yr.Iy,atsc,,z I no c,,aaaol