Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1873-11-06
Echoes Of the Panic.

tones IN Newark, N. '.
The zinc works at Trenton have dis
charged thirty hands.
Affairs on the street are very unsettled.
The suspension yesterday Of Hoyt Sprague
e &Go. rather increased the mistrust al
eady felt, and embarrassed speculation of
llkinds. Stocks opened weak and fever
ish, and fell II ts3 per cent, recovering
slightly, but going OF again. The deal
inSs are few ana only in small amounts,
business men being unable tosantlclpate
the effect of yesterdays failures. and tear
ing further troubles. sf ,s,s :,
HARrForp. GoNN., October oi.LSo
sweeping discharge Is appuhcnded Inc
!. plan is 70 allow every employee TO earn
something.
OswEao, n. Y, October $.-Hoyt.
Sprague & Co.'s wooden mills have been
closed. Five hundred persons are elsts'.
A feather factory. in West Hoboken
closed on account Of the scarcity Of mon
ey. Two hundred hands are thrown out
Of employment.
The Erie Railway is reducing the t',rce
in different shops along the i!ne of the
road, and workmcn retained are TO be rut
on three-q quarters tine commencing TO-
morrow.
New YoEK, November l-Wall street
opened this morning in panic. so far as
speculative shares are concerned-the low
est prices on record for many years hav-
ing been reached. The street was aooded
with rumors Of mercantile failures, but
these were not verified, and when it be-.
came known that many OF the reports in
reference to Claain 6 Co. were grossly ex-
aggerated, and that the firm had informed
the associated banks that they needed no
assistance from them, there was o much
better feeling all round. and prices ad-
vanced more rapidly than they had fallen.
Consequent upon rumOrs of suspension
Of b. B. Clafin & Co.. reporter called
at their establishment this morning and
received the following information from
Mr. Dean. one of the junior partners. He
said 1--WE desire the public to know eve
rything. We do not wish to screen SIN
gle fact. 1t IS true We are suffering
a little embarrassmentby having allow
ed some accounts TO mature, but as re-
CARDS notes, they have al been promptly
met. We don't sell our own paper, but
ne do that of other houses with our en-
dorsement. Perhaps one Of the principal
causes that has led to our present embar-
rassment is that we overreached ourselves
IN our endeavors to assist Hoyt, Sprague
& Co. / don't csre to say We purchased
of them to the amount of million this
) week, but We bought very heavily. We
are now negotiating for assistance from
some banks and other corporations. If
such assistance is not obtained the firm
will ask for an extension upon open ac-
counts, notes which will be met at matu-
rity, current receipts being ample for that
purpose. Failure is simply impossible as
our assets are far in excess of our habill
ties"
"If we succeed in our efforts. every
thing will run along in regularl grooves.
If we fail to get assistance, we will be
compelled TO ask an extension upon our
open accounts, not notes, for our current
receipts are ample to meet calls Now,
don't understand me to say failure is at
ply absurd to think such thing possible.
Our assets are far beyond our liabilities,
and for one to believe that we can fail is
to stamp the person ON idiot"
LATER.-H. B. Clahin & Co. notified
the associated banks at their meeting to
day. through oneof its members. that they
were not in need of any assistance.
:, Inquiry among dry goods dealers to-
day showed that their transactions are
very light. Dealers are not encouraged te
press business, and sales are confined tc
slight wants of current trade. The fail
ure of Hoyt, Sprague & Co. has had de-
pressing effect, and the rumors set aaoat
about Claflin & Co. have suficed to bring
the dry goods trade almosta stand still
One dealer said today that slaughtering
was about the only thing taking place
This dearth of trade, It is thought, will
continue till it can be definitely ascertain
ed that difficulties will be overcome. In
this event, business will take fresh start
Immediately.
New YORK, November 3.-The state.
ment of the affairs Of b. B. Claain & Co.
as submitted to meeting of the friends
Of the firm, which included their largest
creditors, held this afternoon, was as fol-
lows: Good assets Of all kinds, $22,50S..
800; total Indebtedness, domestic and for.
eign, ST., ,5S4, 900; surplus. Sc, $4,000. II
was agreed that no assistance should be
asked of the associated banks or clearing
house, and their friends and creditors pres,
ent at the meeting unanimously rendered
to Fl. B. Clahin & Co. an extension aver.
aging four anda half months, maturing
in monthly payments. which was prompt:
ly accepted. The business Of the firm will
proceed as usual. In hisstatement is not
Included the personal assets of any mam-
Der of the firm. It merely embraces the
amounts employed in their business.
FALL RIVER, Mass, November 3.-A
majority of the mills here are working on
half time. The Taunton Car Company
has reduced wages twenty-five per cent.
The carpenters Of the company are on a
strike.
New YORK, November 2.-The rate for
the purchase of silver was. yesterday re
duced at the New York Assay Office from
120 to lis per standard ounce During
Inc uay Pll,OVU III Koiu was iecoi'So loi
coinage. The Sub b-Treasnrer has deter
mined to issue silver only to those persons
likely to circulate it. Every attempt TO
obtain silver for speculative purposes is
opposed.
Five hundred hands were discharged
from the Danforth Locomotive Works, at
Patterson, New Jersey, last night, and
nearly the entire force was discharged from
the Grant Locomotive Works. in the same
city.
The failure of Hoyt, Spragues & Co., OF
this city, and of A. & W. sprague & Co.,
of Providence, is by far the most serious
effect of the panic in commercial circles
thus Ar developed. Relying upon the
statement of the Spragues to the banks
on Tuesday, that their assets are double
the amount of their liabilities. it is to be
expected that the suspension will be only
temporary.
SueeEsrrvE.-The Washington Clron-
acle aptly says:
"The financial affairs of South Carolina
are in bad condition. If one half other
z..k g. xuopk ~, oop,o ~