The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-11-03
Failure Of Hoyt, Sprague d Co. and
A. & w. Sprague Manufacturing

the report OF the committee to examir
the affairs OF A. & w. Sprague was pre-
sented. The committee say they conside
.. the assets Of the A. 6 W. Sprague Manr
, featuring Company to be SO. .405, PAT; lii
bilities $11 ,475i i443. surplus $S,019s sO4.
detailed statement Of the property &C
companies the report. The committe
say In their report that the unsettled con
dition of financial affairs and Of bushes
at the present time, and the large amour
oil obligations oil the company maturing
during the next ninety days precludes th
possibility Of reporting that one millioI
dolls would enable the company to NEE
its engagements regularly in the future
The committee recommend that the a
& ". Sprague Manufacturing Compan,
and the individuals comprising the corpo
ration mortgage all the property to thre,
Trustees, who shall practically have al
control and management of the entir,
property. These Trustees are to issui
notes to an amount which shall fully COW
er the amount OF the present indebted
ness, their obligations having 8 years L
run, and drawing semiannual interest a
the rate Of z and $40 per cent per annum
with right reserved to pay five per cent ol
the debt as often as In their Judgment Il
shall be practicable. The Report Of The
Committee Is being considered.
PROVIDENCE, Nov. 1.-The counsel o.
Sprague's corporation announced at the
meeting that trust deeds were being made
TO Gov. Henry Howard, Rufus Waterman
and Ex-Governor James II. Smith, and
these deeds would be submitted TO the
meeting Of the creditors, the alternative
would be to go into bankruptcy.
Senator Sprsgue has retired from the
Presidency of the company, and Amos
Spraguc has been designated to fill the
place, A mortgage deed has been pre-
pared tor the purpose oi securing all
property, private and corporate, for the
benefit Of their creditors. Agreeable to
the principles suggested In the report, a
meeting OF the creditors will be called
at an carly day. The creditors are very
numerous, and represent every possible
interest and feeling, It would not therefore
be strange II serious and insurmountable
objections should be raised to individual
trustees, or the terms Of the trust mort
gage, under which they are expected to
act. The general features Of the plan,
however, by some, will be met with prop
er approval.
AUdTsrA, Me, Nov. 1.-The troubles
OF A. & w. Sprague s. Co., it is believed,
will not seriously affect business in this
city with which they arc identified, with
the exception OF two cotton mills, which
manufacture print cloths for their Grams
ton mills. Their factories give employ
mcnt 10 four hundred and fifty operators,
with pay rolls Of $4,000 monthly. 1t is
not unlikely that they will temporarily
suspend operations. Next Monday is
payday, and efforts are making to raise
means to pay of the employees.
New York, Nov. 1.-The failure Of
Hoyt, Sprague s. Co., and the free use
made by q rumor Of the house of 81. B.
Claflin s. Co. has called attention TO the
dry goods trade, and inquiry shows the
transactions arc slight, and are confined
to the want Of current trade. This dearth,
1t Is thought, will continue until 1t can be
definitely ascertained that the difficulties
will be overcome. In this event bust.
ness will take fresh start Immediately.
"The course of Messrs. Clatlin in sending
word 10 the Clearing House that they
need not deliberate In their case any
longer, and that their own banks
and mercantile friends were suffi-
cient for their necessities has done q
great deal towards clearing away the ex.
isting difficulties and reassuring the busl-
ness community that merchants have
faith in one another, and are ready to
give assistance. Mr.. Robinson, OF the
tirm Of Il. B. Claflin s. Co., stopped in his
sales Of goods today TO say "that this
house will not stop, It cannot fail, 1t is as
solvent as any house In the United
States" while another member Of the
firm said, "our assets are far beyond our
liabilities, and for one TO believe that we
can fail Is TO stamp the person
an idiot" Early in tho day some
person said, at is true we are
suffering a little embarrassment and
have allowed some accounts to mature,
but as regards. notes, they have all been
promptly met. We do not sell our paper,
but VIC do sell that Of other houses with
our endorsement. Perhaps one OF the
principal causes that have led TO our EN-.
barrassment was that we over reached
ourselves In our endeavors to assist Hoyt,
Sprague & Co. ! do not care to say that
we purchased oi them to the amount oil q
million dollars this week, but we bought
very heavily. We are now negotiating
Car oantatonoa NJ anpaa Govt frnn1 thu ha nka
and other corporations. II we succeed
in our effort everything will run along in
regular grooves. II we fail TO get assis-
lance we will be compelled to ask an ex-
tension upon our open accounts, not notes,
for our current receipts are ample to meet
calls, now don't understand me to say o
failure Is at all probable, 1t Is not possible,
1t Is simply absurd to think such q
thing possible.
Tie Express says: "Amid the general
gloom of the week the improved situation
IN the bank circles was o bright spot du-
ring the week." The banks gained large
ly In legal tenders and now hold more
than at almost anytime since the pooling
arrangement started. The associated
banks were precipitated In the pawn.
broking business by the weak condition
of q few institutions allowing interest on
deposits, and as soon as the pawn brokers'
tickets are cancelled the clearing house
should be reerganized on basis that will
prevent New York banks from again be.
Ing forced into a suspension Of currency
payments. In this reorganization, all
banks allowing interest on deposits should
be excluded, or some check should be
placed upon reckless certifcation, and
above ali, daily statement Of the
actual condition OF the banks should be
given to thepublic. Tho day for reckless
banking Is passed and we hope
that clear-headed bank presidents
in clearing houses will give this subject
Of reorganization their early attention..