The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1873-10-30
The Financia, Condition of,he sprnzues.

PROVIDENCE, r. l., Oct 29.-Relative to the.
IN Hnancial embarrassments of A. w. Sprague 81
20 The journal of tomorrow morning will
iurhlSo the following information:
ou MONDAY last summons was sent to a
small number of leading bankers and business
I ~ n, requesting them to meet at the Merchants
nanK TO consider the position CT the Spragues
anu the Delaine Company. Mr.. Green, the
cSonndential clerk of the house, Major Doyle, a
Drother-in-law of the Spragues, and Hon.
benjamin f. Thurston their legal adviser, APP
peared in behalf of the concern. 1t was stated
Una .hat ~, 900 was needed for the payments OF
lne next three weeks; that half that sum
could he obtaired in New York, conditional
upon the raising of the other million here, and
iarther conditional that it would carry them
through, for the whole of which the Spragues
were ready to give satisfactory security. A
COMMITTEE consisting of Ralph g. Taft James
I. Smith and Stephen Harris were appointed
TO enquire into the condition of the concern and
10 report at an adjourned meeting at 10 o'clock
on on Thursday morning Of course there was
httle time for the verifcation of the statements
anu tne statements were not made in much de-
TAI. The committee reported that the A. &
w. Sprague Manufacturing Co. estimated their
assets at S14 600 600, among which wese reck-
oned VI zoo, 900 from A. & w. A. Sgrague; ST.
IooooO from various corporations which they
controlled, and 100000 from VIM. Sprague,
administrator This estimate puts their manu-
1rcturing property at $15 a spindle, and their
PRINT works at ST. 100000. The debts were es-
tluated by the house at 100000 in addition
70 winch was the Indebtedness of the Atlantic
~ G Co., which is understood to be about
So-oU0, 900 or 81, 100000. From this indebted
ness OF the Delaine Co., is to be deducted its
assets, varlously estimated at from third to
the whole OF its liabilities. On this statement
tne committee made no recommendation. Con-
siderable discussion followed and various pro-
Positions were made, but the meeting adjourned
"lthout coming to any conclusion.
:. In the evening meeting of the representa-
yves OF the bank was held to consider some
pan Tor the protection of the deposltors of
"n ma are generally known as the Sprague Banks,
-Ihe First National, the Second National and
the Globe National.
g. These banks are uuder the control of the
Hpragues. Their Presidents are VIM. Spragne,
Amasa Sprague and Thos. Doyle, Mayor of the
city, and a brother-in-aw of the two. A very
large proportion of the assets of these banks it
is understood are loaned to the Spragues or to
the corporations connected with them. 1t was
natural that their position in the clearing house
should lie questioned.
Mr. Mygatt the bank examiner, who enjoys
the confidence of the community in an emil
nent degree, was present by request, aud par.
ticipated in the deliberations. After pro-
longed session resolutions were adopted that
the banks be recommended to guarantee on sat
sfactory security the deposits of the three
banks to the extent Of three per cent. on their
capitals. Yesterday, on the ground of favora-
BILE advices from the New York houses of Howl
Sprague & Co., the representatives of the bank
were again requested to meet, and they accord
ingly commenced at half-past three o'clock at
the same place. 1t was represented that
with tae 81, 100000 raised in Providence the
Spragues could be carried through their pres
ent difficulties. A committee consisting of
Seth Padelford, James Y. Smith, Rufus Water
man and Geo. +. Witham was appointed to
make further examination of the condition Of
the house and to report if the sum named would
with the other means provided, accomplish tine
required end. The Committee will report to-
dow