The New York herald., 1873-11-01

tomorrow win practically determine the question.
Winnie nothing has transpired at TINS al willing 20
,sns what sse the may Se
is generally understood that they WIN
conserve the safety and security Of both the house
and various, as its capital has been made to de-
velop nearly every industry OF the state. The
course or Industrial development having become
In measure crippled by the loss OF credit, 1t is
Wiii embrace return OF the rm to the strictly
legitimate business by which its fortune has been
made. II this be so. 1t VIII take time to realize
upon those outlying interests at fair valuation or
without serious sacrifice, and iJ Is time that the
house now needs more than increased assets.
THE POLITICAL VIEW.
Apparently realizing that there is an unjust
spirit manifested by many old political enemies
toward the house, the same paper In another arJi-
Gle thus speaks:-
In times or severe financial embarrassment like
the present it is exceedingly unsavory TO allow
personal social prejudice to to the surface,
and especially should they not be allowed to point
a sentence or convey taunt OF humiliation, sting
OF freproach a boast OF financial superiority.
The paper admits that the industries OF the State
and the country are receiving heavy blow, and
the outlook is not the most favorable which could
be desired, and says, as all industries
have interests in common, all persons and firms
should be ready to administer to each other In q
spirit Of kindness, no matter what the personal,
social political or other relations may have been
while prosperity reigned. The paper, evidently
hitting at some hostile house. further vents itself
as follows:-
II 1t is unmanly and does violence to every
instinct OF true Rhode Islanders to crowd the
unfortunate or strike at the crippled and help
less, 1t is alike contrary to all the better
instincts OF human nature. to taunt or to
o Snylock's bond when even vast resources
ana supernuity OF assets are unavang IN times
BILE and ungenerous. That field win yield nothing
but thOrns to the reapers There Is future as
IKE IN to
1T. Generosity Is ennobng, pittiness OF spirit IS
born of the day, and only survives to plague its
possessOr.
GOVERNOR HOWARD WISELY SILENT.
After my interview with Ex-Governor smyth l
saw Governor Howard, but learned from him moth
ing new, other than the information that the Bank
Commissioners had reported about the Cranston
Bank. In marked contrast with some high feeling
officials he received me very kindly, and assured
me OF his desire to afford all possible facility to
ascertain all desired Information. He had had, he
said, some experience with the press himself and
realizes the newspaper wants and reasonableness
OF all repOrtorial requests for news Not feeling
that there was any immediate danger of anything
serious happening this afternoon urgent need OF
his official scrutiny of any proceedings the Gov
left him.
THE PROTESTED PAPER IN NEW YORK.
About the same time learned that Senator will
liam Sprague, the junior Of the Sprague house,
who has been absent some little time, was ex-
pected from New York this afternoon and, sure
enough, he did come on the four O'Clock train He
went directly to the Office OF the firm and busted
himself with the affairs. HIS arrival naturally
caused considerable Of STIR" and led to the ex.
pectation that some new features would be
disclosed and some decided steps taken. This con-
viction was proved to have been taken upon good
ground, for abou: four O'Clock the startling news
was given out that the paper OF the Messrs
sprague had gone to protest. learned that the
Merchants' National Bank held two notes, one
upon the spragues and the other upon the River.
side Mills, large woollen manufacturing iDstitu
tion at Olneyville, connected with the Atlantic
deaine mill at the same place. and these two
notes reaching their maturity produced the above
mentioned event-the protestation Of the Sprague
paper.
THESE WERE THE CLOSING PROCEEDINGS
OF the day. and naturally enough produced much ad-
ditonal excitement, the treasurer OF the Riverside
Mills, Mr.. George W. Chaplin, declining TO make any
statement OF the liabilities othat or give
any information or its condition. All facts thus
far developed prove how utterly groundless were
the hopes OF preserving the credit OF the house OF
A. & W. Sprague. When the report OF that Invest-
eating Committee is made known there will doubt
less be some surprising facts and figures given,
and the financial policy Of this great house set
forth.
Upon making a visit to Pawtucket this afternoon
learned that two OF the prominent banks OF tnat
town were affected by the criss-vz., the First
National and Slater bank-sthe former especially
having, it Is said, taken considerable OF the
Sprague paper at the tempting offer Of twenty
per cent. All appear here now to be anxiousy
awaiting the report Of the Investigating Com
mlttee.n
1t is thought, in addition to the remarkably large
amount of Sprague interest in the Cranston Saw
ings Bank, that the nature of the mortgages gen.
orally is not wholly satisfactory. The officers or
the institution are az follows:-
PTesident-Amasa Sprague.
Vice PresideRt--A. b. Dixie,
Directors William Sprague, Albert Daley G. B.
Holmes, Albert S. Gallup and Thomas A. Doyle.
The capital OF the First National Bank or Paw
tucket is 100000; surplus, $4,000. Appleton
Park is President. The capita; Of the slator Bank,
also OF Pawtucket, is $780, OF which Lewis
Farbrother is President. In the First National
Bank-one of the sprague banks-tne city OF Provl-
dence has large money interest The authorized
capital OF the bank is s5oooOoO, but the spragues
are immensely wound up in it.
Mills Belonging to Hoyt, Spra CUES s. Co.
mt Oswcgo To BE Closed.
OswEGo, N. Y, Oct. 81, 1879.
Hoyt. Spragues Co.'s woolen mills at Oswego
Falls will close tomorrow until further notice.
Some 500 operatives will be thrown out of employ.
ment.