New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-04
THE STATE OF BUSINESS.
BETTER FEELING AMONG MANUFAc.

BETTER FtEBiNO ANO>' ''''-'''
TURERS.
rr,p r-rrfyr M TIE PANIC or vARroUs TNTHREaIs
IN THIS AND OrIER cITrFs-EMfLoYEt~ HoFh
rr-L or A BETTER sriTE or AFFAIRS.
Reports of suspensions are less frequent now than
few days ago. although some viii con
time to take place. pcrhops for qaitc a
while. At Schenectady and in this city me
expected reduction Of time and employees has
been made in james, Roy & Co.'S shawl factory; ana
at Fall River, Mass. a majority Of the mills began
on Saturday TO carry out tho agreement mace
few days since TO reduce their running tEne
and tue wages OF their employs. INC
supervision OF large machine manufacturing es-
tablismnent is also reported at Mansfield Ohio. Re-
porters of THE TRIBUNE have made inquiries
among leading business men in this ciH, aud
find that tho effects of the panic are not 10 area
rs many have supposed. The elect upon the
real estate market has been depressing,
causing prices and rents TO fat greatly.
The tobacco manufacturing interest seems 70 be es'
affected than almost any other; salc5 ere
not reduced, and many OF tho manufacturers
continue to employ their fan force Of men.
The labor unions have caused the masOns TO refuse
to accept the reduction in their wages,
and a partial suspension on new build
ings is the consequence. Tine employers
however, are not disposed TO make con@*-
sions. The wholesale dry goods TRADE - gcnofaliy
good The provision market is suffering f0m decline
in the prices of expensive meats tho market having
been overstocked before the panic. Reports from
Cleveland Troy, Newark and Patterson show gcn-
eral stagnatioD in the iron and Jewery business bat
manufacturers arc generally hopeful.
A. & W. SPRAGUES AFFAIRS UNCHANGED.
THE PROPOSED SETTLEMENT FAvoRABLY re-
CEIyED-Gov. uowARD DECLINES A TRUSTEE
SUPPLEMENTARY PROCEEDINGS IMPROBABLE
A MEETING OF CREDITORS CALLED FoR
THURsDAY-cONDITIoN OF THE FRANKLIN AID
CRANSTON SAVINGS BANKS.
fBY TELEGRAPH TO THE TBlBUSE.i
Providence, Nov. 3-The statement Of the 4. %
w. Sprague Manufacturing Company, and The plan
of settlement proposed by the Committee OF four,
have been thoroughly canyassed in this city since
their presentation on Saturday. The general impress
sion is that the valuation of property 10 reasonably
low and that the scheme OF settlement, If not alto
gether satisfactory would be far more advantageous
to creditors than forced bankruptcy. 1t is'eX-
pected that go large majority VIII taYor 10
that resort to the bankruptcy court VIII
be out of the question: The feeling IN the city mas
been more quiet to-day than before. Gov. Howard
has declined TO of the trustees VINO are
if confirmed by the meeting Of the creditors. 10
for declining the engrOssng nature OF ms 0llical
duties and business relations. No one has yet pen
named to fill the vacancy, but the firm has dec'Gvl
10 call a meeting of creditors for II n. m Thursday
next at the Horse Guards Armory in this city
There are no new developments in the AFFAIRS or
the embarrassed house to-day, nor have any addi-
tional steps for settlement been taken. Inc deed,
conveying in trust for the benefit OF the creditors
the management Of the entire property, and eN2cu-
ting a mortgage has not yet been filed w several OF
| the towns where Sprague property hes. Ihus
far the mills and works of the Com
| pany are running as last week. Prcmmrnt
manufacturers assert that Rhode Island industries
viii receive 10 serious shock Spragues Affairs arc
managed under the proposed plan; bat u bank
ruptcy proceedings are forced immense deranGe-
ment and loss would follow.
The two SpragIle savings banks, the Franklin and
Cranston are at sandstili and tilero - call Tor
the directors Of the Franklin o. resign.
If under a new direction, the institution
would be continued without going into
receivers hands. but the directors show themselves
reluctant, and this hesitation may Drng the bank
into the courts. In the CranstOn bank nittors are
so involved that total Oyerturliug can hardly no
escaped. The Bank Commissioners say 'hy are
only waiting a day or two for dCvc.ppicRts IN
Spragues affairs. which may guide their action
before appealing to the Supreme Court 10 app"in' a