The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-10-31
FAILURES.
Failure of Hoyt, sprasue & Co.

!,
Failure of Hoyt, Sprague & Co.
New YORK, Oct. 3O.-Hoyt, Sprague {
Co. say they have no statement Of theil
affairs to make public just yet. Credito1
and friends are In council and i Is expect
led the extension necessary will be given
It Is reported that the New York houst
of Hoyt, Sprague & Co. could have OBJ
tanned all the assistance necessary TO heiE
them float through the present trouble
for some time, both from friends and cred
itors, II similar iorbarance had beer
shown TO Providence. Great sympathy
| Is expressed for the firm, and gentleman
well known in Wall street said to-day he
though, the creditors OF the house ID
Providence had adopted very short
sighted policy in refusing assistance to 9
house upon which thousands OF persons
depended for employment, and whose EN-
barrassment was, so far as he could judge
only temporary. This important failure
causes great talk In financial circles, and
the immediate effect is heavy decline ol
stocks In the Stock Exchange and de-
preston outside. Considerable paper ol
the firm Is held In this city, It being esti-
mated that $3, 100000 Of their notes have
been discounted by banks and individ-
uals. Capitalists here, some OF whom
are connected with foreign banking firms
are mentioned as sufferers, probably in
the way Of cotton for their mills.
FURTHER PARTICULARS.
NEW YORK, Oct. SO.-The Krpress
says: 1.-THE suspension Of Hoyt, Sprague
s. Go. Is one OF the worst records Of the
panic. No statement Is out Of the amour,
OF their acceptances, but 1t is several mil
lions. Two millions Of 1t, 1t Is said, is held
by New York banks, bankers and private
buyers. Their paper has always been at.
tractive to buyers There Is no doubt that
the antagonism Of rival concerns in Rhode
Island had much to do with their suspen-
sion, and the publication Of the embar-
rassments Of the Sprague's are accounted
for in this way. Arrangements were per.
tected which would have carried the con-
cern through but for these publications.
THE HOUSE OF A. & W. sPRAGUE NOT CAR.
RIRD DOWN BY HoYT, sPRAGuE & co.
EXAMINATION GOING ON AS TO THEIR
AFFAIRS.
PROVIDENCE, Oct. 30.-There is no
change in the condition OF A. s. W.
Sprague i Cos affairs tonight. Their
maturing obligations to-day were small,
and were paid. The committee Of banks
is hard at work with the counsel and
members OF the firm preparing On ex.
hibit, and proposition Is to be submitted
to the bank meeting tomorrow. No init.
nation Is given as TO what the proposition
will be, but the statement of affairs is
pronounced to be favorable. The failure
OF the New York house having been an
ticipated, did not cause any great sensa-
tion, although canvassed with interest In
It's bearings upon the tate OF the Spragues.
The ability and disposition Of the city
banks to help them through, II the report
OF the committee is satisfactory, are un-
doubted. We hear Of no house that
Is likely to 60 down with this dis
aster. Spragne's paper Is held largely by
banks, and except three Sprague banks,
| in lines that are safely within the means
OF the institution and their cotton and
other supplies have been generally bought
from strong houses and their paper has
been bought by brokers and Is largely in
the hands oil speculative men, who,
tempted by high rate took risks and can
meet the loss, which in many cases Is GOV.
cred by previous profits on the same
risks
EXAMINATION As TO THE EFFECT OF THE
spRAaUE DIFFICULTIES ON VARIOUS
BANKS.
PROVIDENCE, Oct. 30.-The Commits
sioners appointed by the Governor to
make an examination Of the Franklin 10.
slitutiou for savings report the whole
amount of its liabilities TO be $28l9, ,723.
It's resources are Bank stock, $l63, 1000;
bonds, $20s000: mortgages on real
estate, $l,561 ,243; loans on good col
laterals, $4,000; cash, $s52s0; loans
on personal security, 1894, poo. Of
which the Spragues' have $4,000.
Even II the Spragues should prove to be
worthless, the bank would still be able to
pay 10 per cent. The bank will neither
receive nor pay deposits for the present.
The bank will probably resume business
under q new management. The in
yestigation into the Cranston Savings
Bank Is not yet completed, but It
is understood to result In less
satisfactory exhibit. 1t Is understood
that all banks have come into an arrange.
ment for a guarantee to the extent Of
three per cent upon their capital on the
deposits OF the First National, Second
National and Globe National banks.
IMPORTANT FAILURE IN PHILADELPHIA
PHILADELPHIA, October 30.-The dry
goods house OF Morgan, Young, Altemul
& Co. have suspended liabilities, $600,-
600. They will be able to pay from 70 {
80 cents on the dollar. The house sole
upwards Of two millions worth Of goods
annually.
FAILURE OF AN ALLENTOWN BANKER
PHILADELPHIA, Oct. S0-The suspen
sion Of VIM. Lloyd. q banker OF Allen
town, is reported here. Although Mr.
Lloyd has some half dozen offices through
out the State, his failure isnot very heavy