New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-11-09
LETTER FROM NEW YORK.
NEW YORK, November 4, 1873.

1 AAC OAoiACSo dAu AAdACAdA OAliOOA
assumes better shape to-day. The true
| spirit of accommodation was made manifest
in the relief awarded yesterday to the great
| dry goods house of H. B. Clahin & Co. BY
| their friends and creditors, who unanimous
| ~ rendered them an extension averaging
tour and a half months, maturing in month
| ~ payments. Mr.. Clafin, on behalf of the
firm, promptly accepted it. The help OF
the associated banks, which had been con-
templated. was not then needed, and the
banks that are now holding out partially
on the endorsed paper of Clafin s. Co :, will
not be disturbed. Investigation of the at
fairs OF the above named house, submitted
to meeting of their creditors, including
their largest creditors, proved the following
splendid showing:
Total Indebtedness domestic and foreign Is 900
Surplus. ST, 924 900
Those who saw the little Quaker dressed
man, the chief of the firm which bears his
name, running down Wall street. into
Broad, and through Exchange streets. yes
terday, and who then supposed them selves
standing upon brink. were surprised and
delighted to hear the news that "Claflin s.
Go. are all right
One OF the most creditable features of
thls transaction is the fact that the
wealthiest and most reliable merchants of
Boston and New York were among the
creditors of H. B. Clahin & Co., and that
they came to the relief of that house volun
terily and literally. The failure of Hoyt.
opragne d Co.. was the chief agency which
tended to weaken and damage Clafiin g. Co.
A few days before the former house sus-
pended C'afin & Co., bought of them an
enormous bill of prints at lowrate and paid
cash. Claflin & Co., then notified
all their patrons in the South and
West, who came to New York on the eve.
or in the midst of the recent crash to buy
goods, and were prevented from doing 80 be.
cause their money or their securities were
locked up by the banks, that they could
now fill their orders for the class of goods
mentioned above at rates two and b alf
per cent yard less than the market pri ce.
Sprague Il Co. to relieve them, and to their
customers to supply aud assure them, espe-
cia!lv in the midst of a finacial pauic affect
ing not only the business of our own cou n
try, but the great mercantile markets of
the civilized world, has not only been fol-
lowed In other branches of business in a
smaller way with good effect but the
general confidence which the noble conduct
OF Clatlln d Go. has inspired is every where
felt and is manifest among the solid men as
we'll as spectators and stock gamblers.
The general activity in the spacious estab-
lishment OF Clahin & Co., on the occasion
OF the wholesale receipt of the goods, re-
terred to, from the manufacturers, and the
execution of the orders of their pa,rons.
South and West, in distributing them in
smaller quotas to the different railroad and
steamboat lines for transportation to their
customers, equaled any of the scenes when
the fall trade opened so brisk few weeks
before the crash.
The suspension of the Spragues in Rhode
Island is not only great calamity to the
business of the country, but it affects, disas-
trousiy. whole communities The system
upon which the Spragues invested their
capital, and sought TO increase it, comprised
a wealth OF humanity The inventive genius
OF William Sprague, the founder of the for
tunes OF A. & W. Sprague, has new er been
lost to the heirs. The practice of that great
manufacturing company has always been,
when erecting buildings upon sites for manu-
featuring purposes, for cotton, iron or print
works, to guard carefully the in terests of
the operatives, mechanics and lahore rs who
were to be employed. The decision of the
spragues to erect mills upon any stream, or
to construct steam works at any point, for
manufacturing purposes, was in each case
warrant for the establishment of vii
lage or town. Upon this principle there
stand in Maine, in Massachusetts, Rhode
Island, Connecticut and other States mum
erous compact and beautiful thriving vii
lagos. The Spragues lay out the streets,
erect the convenient and modest dwellings,
provide all the sanitary and other conven.
fences supply the necessities for the table
in every respect and at rates very economi-
cal and below the market prices It is es.
that they have employed about
$4,000 heads of families, directly or indi-
rectly supporting, through this industrial
army, their families, amounting in numbers
to not less than $4,000 men and women and
children. These people average above the |
ordinary class of inha bitants in such vii |
lagos. There are none of the very rich |
among them, nor none of the very poor. |
Neither ignorance nor vagraney can be |
found in any OF those places. Neatness and |
and industry are the chief charac- |
all the evidences of happiness
browning their existence. Schools and |
churches. lyceums and libraries, and gale.
les of art, and places for healthy and |
instructive amusements are among
he treasures of those villages. They
ire among the corporate places of the
State government, and exercise severally
heir proportionate share of authority and
benefit. Suddenly these model places of
have been specially and severely
stricken by the financial calamity which
las just paralyzed 80 seriously great part
If the entire country. 1t is but an act of
ustice 10 add here that the populations re-
erred to in the Sprague villages manifest
zeal in behalf of their late
Employers, and are ready to make any sac
ice within their means to secure the con.
mutation of the business of their conn paw.
1he negotiations now going ON to enable A.
I W. Sprague to resume and set in motion
heir works, it is hoped and believed, will
rove successful. Few men have proved
reater benefactors to their race than they.