New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-05
PRICE FOUR CENTS.
THE STATE OF BUSINESS
Az rNCOIrPAGrNG PROSPECT.

AN ENCOURAGING PROSPECI.
PREVIOUS REPORTS TOO s0MBER-coMPRoMisE
MEASURES ADOPTED IN MOST FACr0RifS-IHB
LtBoRErs AND EMPLOYERS COOPERATE TO
PREVENT DIsTREss-TEMPoRARY REDUCTIONS
GENERAL THROUGHOUT THE COUNTY,
survey of the field Of business throughout sew
eral of the Northern States shows n more hopcf
picture than was presented two days ago. loe great
Lawrence Mass, cotton mills withstand the imam
cial crisis stoutly; and the reduction Of force and
production is moderate. In Rhode Island and some
other parts Of New-Engand. notwithstanding the
CONSERVATION which the embauassmcuts Of the
Spragues occasioned, there has been no actla busi
ness distress. Everything yet depends however, on
the disposition 80 be finally made Of tie Affairs 81
the great house whose troubles have already brought
dismay upon the manufacturers generally. In the
Mahoning Valley, Ohio there is considerable emb3f-
rassment among the iron mills, scarcity Of cur
rcncy deranging business which had outgr0wn the
banking facilities Of TIE region. In NewIerscy, the
aspect Of affairs Is less cheerful than elsewhere. Pat
erson manufacturers Of fabrics and chemicals have
largely reduced their working force, and the number
Of persons thus thrown out Of employment in that
locality is estimated as high as 1900.
A BETTER PROSPECT FOR THE SPRAGUES.
THE TRUST PLAN or SETTLEMENT GROWING ~ FAVOR
lBr TELEGRAPH 10 tue TRIBUNE.
Providence. Nov. 4-What may be the
action OF the creditors Of A. W. sprague at the meet
Ing on THURSDAY and the apparent advantages and dsad
vantages OF the proposed plan OF settlement are sim
the main subjects OF talk all over Rhode Island. "A
there have been objections advanced to two
trustees named Rufus Waterman and cx-Gov
james Y. Smith. the latter being generally
considered too closely identified with sprague
interests as feeling appears among the credi;0rtAai
N.FAg lHrr In thor
cretion the firm has not yentured suggest trustee
in place Of Gov Howard nor is s now expected that
his successor will be selected before tie meeting
OF creditors. The names OF those already proposed
Messrs. Waterman and smith may also be withdraw,
and the matter left wholly with the creditors Both
Senator sprague and Anasa spTaguo to-day asserted
positively their inclination TO surrender absolutely
the direction OF affairs into the hands Of the
creditors. Representatives, OF the New-York house
OF Hoyt, spragues & Co. are in this city
to-day, and recommend such course. Tue impression
that II decided spare effort 10 meet the lust
expectations Of the creditor has been gaining
ground In tue city to-day, and has pro-
duoed more favorable feeling Iniiuen'
tial men, who have hitherto favored forcing, the
house into bankruptcy finding that the creditors VIII be
left no ground Of complaint and coming TO full sense
Of the vast damage and suffering which closing the
Spragle mills and breaking up their industries could
produce are now urgent that the trust scheme be car
rled out
Senator spraeue to-day resigned the presidency o. tho
Globe National Bank, and bis brotherin-aw Thomas =
DOYLE Mayor Of Providence has offered his resignation
as director Of the Second National OF which ne is Pre
dent Doyes resignation not yet accepted but new
directors OF the second National Bank hNe Deeh
elected There is commonly expressed cOnYiGl0n tDat
tle three Sprague lankstEe First, the tecnLd i tne
GlObe National with the CranstOl and Iriukn savings
Banks should have wholly directors TO represent
thcm in the meeting creditors, otherwise the cpfague
lrtv will directly control the voice OF those INSTITUTIONS
winch hOd 80 much Sprague paper and there can DC no
unbiased action frOl hem The s3ylugs banks are SUI
under tie supervision OF the Commissioners appointed
by the Governor. Their directors are slow 10 oDy th9
ueope'5 call 20 relnquish their trusts, ana tty VIII
hardIv be nusfcd III aILer tho creditors meel.