The New York herald., 1873-10-31
SUSPENSION OF nOYT, SPRAGUE 4 co.
What Mr.. Hoyt Has to Say on the Sub
ject and What ''the Street. Says.
Other Events in the Current Course
Of Trade.

Hprague, came upon the street yesterday with
peculiar chill. The embarrassment OF these two
concerns has been known for some time and fears
OF their suspension very currently reported. The
extensive business OF the houses. their wide
spread connections and the enormous capital en-
ployed In their business all, OF course. gave the
slightest hint Of their difficulty gravity exceed
ing that OF any event since this unfortunate period
Of financial distress first set In. Many rumors are
anOat respecting the immediate cause OF yester-
DAYS action, winch Is in some quarters attributed
TO influences other than those directly belonging
70 the existing panicky condition OF affairs. Ru-
mOrs OF this kind are OF course to be
TAKEN WITH LARGE UNCERTAINTY;
but where they point to the mitigation Of evils
likely to now as results from q magni6ed cause
they deserve due consideration. The firm here are
yet unprcpared to make any statement OF their
condition at this time further than that which has
already appeared, that the joint assets OF the two
hOuses-that here and the Providence house-ex-
ceed their joint liabilities by $11, 100000. fuller
statement Is promised in the course Of few days.
There s that in the present condition Of the money
market and the prevailing distrust to account for
this suspension purely upon legitimate grounds,
as o natural result OF recent abnormal movements
In respect to currency that interrupted COL
iectiOns and SO disarranged the whole
machinery OF trade. But it Is likewise
remembered in this connection OF an ancient
rivalry in the fair Providence plantations between
two great houses there-the one representing the
aristOcrattc sentiment Of the State and the other
lts democratic progressive instincts. without
going into the merits OF this antagonism it may
bo pointed out that while the Spragues repre-
sented the manufacturing interests OF the State
their opponents controlled the banking interests.
II was certainly the opportunity or the latter just
at this time, but how or whether that opportunity
has been used has yet TO appear.
Mr. H0YT, WHO WAS VISITED YESTERDAY BY
HERALD REPORTER,
made no reference to this phase OF their difficult
ties, although 'the street'' had quickly employed
Its enforced leisure in gossip OF this kind.
detailed explanation OF their existing EN-
inquiry, said he he attributed the 'S Suspension ms
Of hoyt, SpraRue 4 CO. TO the general derange-
ment OF trade. He further said that statement OF
the condition OF the suspended firm was in prepara-
t0n, and would be published In lew days. The
amount Of their paper held in this city Is estimated
at $2o0OO0o but this cannot be told certainly until
their statement appears. Their paper IT stated,
has sold freely because Of the reputation OF the
sfgners, but recently at a large discount in conse-
QOenCe OF the amount offered. The following infOr-
nation comes from Providence in tnis connecticut
1t is understood that A. 4 w. Sprague
Notwithstanding the failure OF the New York
house. Upon application at the ofice OF Messrs.
Sprague. tne Information is furnished that
fairs Of the A. b W. sprague Mannfacturing
Company, appointed by representatives OF the city
banks, VIII be prepared at meeting to be held
this morning to make report which, it is thought,
will be highly satisfactory to the creditors OF A.
W. Sprague ana Hoyt, Sprague Co. The sur
plus OF available property, at low valuation
ai outstanding liabilities, upon the acceptance Of
Hoyt, sprague Co., it is stated, will be not less
than $1l 100000. A plan win be presented at the
meeting, accompanied with detailed report Of
the situation OF the rm, which will, il is believed,
II carried out render the embarrassment OF A. h
W. sprague and Hoyt, Sprague Co., OF temporary
yesterday, outside OF the regular market move
ments was Of minor Importance, wiz
The Suspension or Lloyd, Hamilton & Co.
. banking house. doing business at No. 4s Exchange
place. The same reason that has produced suspen-
SION elsewhere, was given here on inquiry-viz..
the inability OF the house to realize on collatcrals
with sufficient rapldity to meet current demands.
Their statement Is also promised in the course OF a
DAY or two.
The Suspension of Mailman, schmfd &
Co..
Q produce commission house, No. So Water street.
was announced yesterday. Mr. Schmidt stated
that this suspension was but temporary, and con-
pected with operations on the other side, which
Mr. Schmidt explained involved a question OF con-
tract as between shippers here and receivers
there. He expected to resume in few days.
The Union Trust Company.
The officers OF the Union Trust Company furnish
the following report from minutes OF their meet
ing, held yesterday
At meeting OF the Board OF Trustees OF the
Union Trust Company, held at their Office in the
city OF New York, october 80, 1873, the following
resolutions were adopted
Itappearing from further examination of the affairs
unimpaired with considerable surplus; therefore,
company and resume business. s""'-' "''
On motion OF Mr.. A. A. Low,
Resolved That the Judgment of this board the nress
Of our city is charged with vast responsibility II
s9s s %s aa s
cheer and aid efforts that are made TO lost conan san
and henc IN the 20 a. ana hs Ss s
Journals Of this city will command the degree Of
respect and gratitude on the part of suffering com.
sustain and not TO pull down and destroy.
The present officers and committees OF .he COM
pany then rendered their resignation, with a view
TO reorganization Of the company; alter which
the following resolutions were adopted
ae By se S amd a +
Chch additional capital shall be divided into shares 81
Resolved THAT the additional capital provided for in
the preceding resolution be offered until the 18th day Of
psny in such manner that each Of the present
srs o. the company shall be offered much OF said
ihs present stock Of the company. "0''' q
eapis stock provided Tor in the precedns resonan
Ss oq on Ss $ "a Ss
Ing nifty per cent shall be payable the call of the
trustees after December 1873 upon thirty days notice
Resolved, That In any portion OF the addi-
uonai capital stock shall not be taken by the present
eockhoders on the 18th day Of November, 1873 that the
same shall be offered Dc of
uon be opened therefor.
NesoIved That this company will its ordinary
susness on or before the LIST day OF December, R13
a committee OF three, consisting OF Messrs
Wmtewrlgnt, Mclean and Forsyth was appointed
70 take measures to Oil up the increased capital
gt0Ck OF the company.
A committee OF three, consisting OF Messrs Chit
tenden, Low ana williams was s;so Amounted on
$he reorganization OF the COMPANY
JAMES FORSYTH, Secretary.
Silver Resumption.
The Assistant Treasurer paid ont So6o IN s,,vor
coin yesterday. The following table shovs the re,