New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-31


tee of Four are working their hardest to make up
detailed and complete exhibit for tomorrows meet
ing No statement fit for publicity could now be
given. The partial exhibit made to Wednesdays
meeting of bank officers. which claimed assets of
SI3 100000 against liabilities for $7,400000 was cor
rect 80 far as il went, but was only q hasty memo
randum 10 pencil from the books, and too fragment
airy to 90 before the public
Air. ThuTstOn declined to Indicate the causes
which had led to the embarrassment, but no prudent
business man in Rhode Island questions that too eX
tensive and over-ambitious enterprises, multiplied
and involved business relations and reckless Dor
rowing at extravagant interest to keep up the vol
nme of business which should have been gradually
contracted, have been the causes which nave weak
ened the Spragues, and taken away their power
to withstand the stress of the Crisis IL
was generally feared in this city that tho
suspension of Hoyt Spragues 81 Co. must bring
down A. &. w. Sprague, and apprehension ana dls-
NAV ruled in business circles, and indeed, through
ont aIl classes. Every source of information was
eagerly snatched at, and the streets were thronged
with restless anxious crowds. Hardly i've minutes
after the coming of the NewYork papers TINS al'er
noon not one could be bought in the city. rev,
except among those acquainted with the position Oh
the firm. know TO this hour that the firm admits
that snspensiou is at hand except in the event of
relief tomorrow, but vague fears trouble all
The Franklin Institution for Savings and the
Cranston Savings Bank, which are controlled by the
Spragues have been put in the hands OF COMMISSION
ers by Gov. Howard. The Commissioners 1or
the Franklin are Cyrus Harris Jesse Metcalf, and
VIM. y. Greene; for the CranstOn, Edward Pearce,
j. NJ. Whitaker, and Alexander Farnum. These
are merchants of the highest Tespectability,
and entire confidence is felt in their conclusions
There are considerable assets beside the obhea-
tions of the Spragnes but the amount TO be realized
by depostOrs will depend considerably on the result
of the adjustment of A. IL W. Sprague's business.
Gov Howard told your correspondent that ne mas
the fullest confidence in the soundDessO the savings
banks Of the State generally. The Spragnes
have no connection with any saving banks
beside the CranstOn and the Franklin. No deposits
are now received at the Cranston or the franklin
Both are still open, and notices for withdrawal OF
deposits after GO days received, but the Cranston
to-day wholly stopped payments to depositors' and
the Franklin will do so tomorrow. The report OF
the commission on the Franklin states that the total
liabilities to depositors are sees 345 90. There is
surplus of S4s,65s 90. The total resources are
So 72S so, of which Sl6SOOO in the stock of
the Providence banks, $4,000 in the Jersey City
Water Loan. $4,000 in the Elizabeth (N j. City
bonds. 100000 in New-York City bonds, and
Ss 900 in the State of Iowa bonds. The loans OH
real estate mortgages are S1,561,249 o.; loans
on good coll9terals $S17OO; OF A. d.
w. Sprague's drafts on Hoyt, Spragues d.
Co., S67OOOO; A. g. w. Sprague ~ Co. and Horse
shoe Company, $4,000; notes considered good'
S675OO the cash in hand is S252SO Al. Arba D.
Dixie one of the bank officers, says that even II the
Spragues should pay nothing on their obligations
the losses to depososs could not exceed 20 per cent
at most Consequently the prospect for the insutu-
ton is excellent.
The vast interests involved in the endorsements
of A. g. w. Sprague aud Hoyt, Spragues & Co. APP
near from the list of their mills. works and mani
fold enterprises Good judges say, however, that
their suspension would not cause the suspension of
n single bank in the State. Only three national
banks-the Globe First National aud Second Ma
tiopal-and two savings banks held very largely OF
their paper Many merchants might go under
and distressful times would certainly ensue IN
Rhode Island from the complete failure OF A. ~ W.
Snrapue. They run near $4,000 spindes and %
printing machines in mills and print works, aud en-
plov over 10000 operatives Their great print works
at CTanson employ 200 persons, and can turn out
10000 pieces week. At Natick, K. L. they
run 10000 spindles, aud have COO hands; at Arctic,
r. L. they run % 900 spindles, and have 5000 hands,
al Quidnick, X. l., they have $1,000 spindies and
900 hapds at Baltic, Conn., 5000 spindles, and 100
near 500 hands: at Augusta Me- $4,000 spindles and
700 hands. These cotton mills supply their PRINT
works, with most of the print cloths usedIby them,
making about 35 600 pieces a week when running on
fnll time All are now on half time Beside their
mills and print works they run other great enter
prises both within and without the State. In Maine
they have vast timber mills, saw mills, and Ike
property, in which are employed great numbers OF
men during acknowledgement In New-Hampshlre
is more similar property Of theirs. At Columbia, s.
c. they own valuable wster-pOwer, and have great
stock forward. They also own much land in Kansas
and in Texas. In this city and CraDston, their real
estate improved and unimproved is great in extent
and value. They control in this city the Union
Railroad, owning all street railways, em-
Moving 300 men, 500 horses, and 100 cars,
with capital stock of 100000, and valuation
of property about 100000. VIM Sprague is Presi-
dent of the Providence and New-York Steamship
Company, which has eight steamers, employs 500
hands, and owns property valued at 81 100000 This
Company it is claimed, will not be embarrassed be-
! cause of the Spragues' elnbarrassnients. Though
they are the largest stockh9deTs hey own Tnn, a
f fTon Company rf0' and the Rhode Island
| Horse Shoe Company, having 500 hands when full:
now running with one-half their usual force on half
| time; the Pbenix Iron Foundry, Elm-st. Machine
Shop, sprague Moving Machine him COMPANY G0m,
| Nail Company They also own one-third of the
stock of the we'll known Rhode Island Locomotive
| Works, which employ over 100 men, and
| of the Nicholson File Company Their mill
| nronertv at low valuation, is estimated at
"a Zoo 900 and their print works at 81 00O0o. Their
pay-roll at times has approached So 900 day. Be-
side all this property of A. d ". Sprague. Hoyt,
Snrague a. Co own most of the stock of tho Atlantic
Deaine Co. whose mills in Olneyville, employ oVer
1900 hands. On this property Is an indebtedness
near 81, 100000.
NONE OF THE FALL RIVER INTERESTS INVOLVED
FALL RIVER, Mass, Oct 30.-The impression