The New York herald., 1873-10-31
and goes 20 confirm the statement made BY Mr.

sttutons controlled by A. a w. Sprague elected |
the following facts:-The Messrs. sprague control |
the PERKINS Street Iron Company, Comstock |
Foundry Union Railroad Company Rhode Island |
Horse Shoe Company, Sprague Moving Machine |
Company, Union Flax Company, besides having a |
large interest In the Providence and New YORK |
Steamship Company. From Official statement |
by the latter company which Is the Sound trans |
portation line, 1t Is shown that the Spragues, |
though large stockholders in the company hold |
but minority OF the shares, ana the company is |
not embarrassed by the crisis. The company have
eight steamers, the total property being valued at
81, ,000, 900, and 500 persons are employed. The
company's statement proves false the report tele
grapned to Boston this morning, that the Spragues
are embarrassed. Mr.. William Sprague Is presi-
dent dent Of the company by y.rngs y,ptue con.ny OF his
OF which Amasa Sprague IS President, and which
is also controlled by the Messrs. Spragues, have
monopoly OF the streets. and run about one hun
dred cars, have 500 horses and employ 800
men. The company have 5000 ooo o capital
ana the amount Invested Is $500, 600. Be
sides having controlling interest In the fore
going companies. the Spragues have large In
terests at Augusta, Me-, and Columbia, s. G. They
the two houses in New York and Providence
have been in constant communication with eacn
other but matters are kept secret and to-morrow's
proceedings only will disclose the real state OF
aiiars.
William Sprague was the conleree with Senator
Sherman OF Ohio regarding the financial situation.
not Governor Howard, as Inadvertently stated yes
terday.
Colonel Amasa sprague is stated to have been
obliged to remove to his house in Cranston to-day,
on account or Illness produced by his being over
worh ed and the excitement OF the times His i'll
ness Is not serious, however, and temporary re-
Taxation will soon restore him.
The feeling in the neighboring towns is one OF
excitement and great anxiety, especially in the
that the failure OF A. Il W. Sprague would parayze
the industries OF Rhode Island In Pawtucket
however the banks are reported all safe.
emDOVed
Sprague S about 10000, and the pay roll about
s25,Ooo day. Nearly all the mills run BY the firm
pany only shut down Saturday for two weeks, and
upon resuming will run on short time.
Another View OF the situation-The Ex-
tent OF the Sprague Enterprise.
PROVIDENCE r l.. Oct. 90, 1873.
The all-absorbtng topic OF conversation here now
Is the Sprague financial situation, the facts OF
which were telegrapned especially to the NEW
YORK HERALD yesterday. and the excitement In
creases rather than dlmini5hes. No event has ever
caused such CONSERVATION and widespread alarm
in our community as this which now agitates
financial circles, for 1t is matter OF deep interest
and concern to all Rhode Island. The Spragues
1t Is well known, have been the
main stay and active support Of the
manufacturing and money institutions OF the
State, and such has been their enormous wealth
and immense resources that they were generally
believed to be secure against any financial convul-
sion; but the events which have just transpired
dispel this belief and, with utter destruction and
ruin hanging over the great firm, there can be
nothing but disaster and wreck to Rhode Islands
business interests generally. All day yesterday
our community was In q state OF feverish excite
ment and the situation was discussed until aiter
rnin nread ne ranG and e captast nankers
merchants and traders generally Hooked TO
the business resorts with looks or lear and dlsnay
vtanti I'M hat N
held in the Merchants Bank rooms IN the even
| ing which was attended by about $50 OF our wealth.
lest citizens, largely including the presidents and
directors OF our banking institutions. At this
/ A. 4 W. Sprague showing the absolute necessity
OF meeting at once two or three millions at the
lowest caicuiation' p.prn MONEY
/ It was found that tue firm had great amount
money became due, with pressing demands Tor
| payment, the firm found that the money was I'M
available. the banks already being sorey pressed
by the prior events IN the great money panic
which stirred the principal financial centres OF the
country, and hence the fearful situation OF the
Spragues. Such being the situation OF the banks,
relief was utterly impossible, and after pro-
tracted meeting, an adjournment not being made
to admit their Inability to extend the sorely
needed assistance. A unanimous VOTE however,
and Second National and Globe Banks few OF the
institutions which are very seriously affected BY
| The State Will be convulsed from one end to the
other; business house after house VIII 60 down
shut down, and probably, worst OF all, thousands
OF operations Will be thrown out OF employment
@ 0a ser1 ay 00 waem IN
quence. The Spragues have been running
no less than dozen zen, mls IN various
| Oneyville, ana factories In Nattick, Baltic, Gran
ston Qudnick and other localities, besides run
ming manufacturing establishments IN other parts
OF the country, even way up In Maine and as far
South as Georgia So 1t will be easily seen that
suspension Of the firm will scatter ruin Tar and
near.
The business affairs OF the firm Of late have been
apparently managed indlscreetly, without much
! regard to the crippled financial condition OF the
country, money, as soon as obtained being iaid
| Spraguel being all absorbed in manufacturing in
terests and spreading the establishments Of the
pressure has arrived at last, and the great house
must ieel grateful II eventually able 70 meet the
Even the bitterest political enemies OF the
Spragues feel the situation sharply, and would fam
support the tottering mouse were t 10 sner power.
as close this letter the relief does not appear to
be forthcoming and suspension, with It's conse-
i Quent ruin, Is made the more certain.
Political Animosities Between Rival
| Banking Concerns-An Attempt at
Soft Sawder.''
PROVIDENCE, Oct. 30. 1879.
The financial fever is gradually subsiding the
| favorable reports OF yesterday making our
bankers and capitalists more cheerful and restor
ing in . great measure the confidence in business
circles. 1t is now fully realized that 1t is for the
common interest that the great house OF A. d w.
Sprague should be sustained, however hostile in
political principles-and there is notorious
opposition on that score-the two great houses OF
the state, A. d w. Sprague and Brown Ives,
| and their dependent concerns may be, yet the
business relations are such as to imreranveiy call
| for the mutual protection and general sustenance
OF each other as It is the settled conviction that
| no greater calamity could result to the business
interests Of Rhode Island, and the shock would be
suspension or failure OF the spragues.