New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-31

believed they would resume. The amount OF the
assets and liabilities of the firm he declined to make
public. He said that il matter that concerned
only the firm and their creditors and he aid not pro-
pose to crafty the idle curiosity of the public
statement of their liabilities and assets was being
prepared and would be submitted TO their creditors
as soon as possible. He was asked whether
OF not the Bank Committee OF Proyi-
dence had extended the desired aid TO the
house of A. & w. Sprague, and replied that he did
not know. lie was asked what had been the aver
age decline in prices of the staple goods dealt in by
the firm since Sept /. He said that some had fallen
more than Others. He professed to be unable to
give the average decline and the consequent losses
entaiIed on the firm. The immediate cause of the
suspension, he said. was the lack of money They
had been unable to raise the needed amount and
we're therefore, compelled to suspend What
would be the probable effect on the trade he could
not say.
The suspension of tho firm had very depressing
effect on the general trade. The majority of the
importers and jObbers seemed TO think that the
effect of the failure for time at least, would be to
weaken confidence in the stability of the majority
of the houses in the trade. There were various mis-
chlevous circulated dur1ng the day affecting
the standing of number Of houses whose credit has
heretofore been looked upon as good, aud some
winch have borne the reputation OF being weak.
1t was the general impression that tho firm
would resume in short time, as it was
believed that its assets largely exceeded its abli-
ties. Itsinterests so interwOven however, with
those of the Providence house. that nothing positive
is known concerning it. IL was not believed that
any New-York bank would be seriously affected by
the suspension. although the Globe, First and Sec
ond National Banks of Providence were said to be
seriously compromised.
reporter called on several Of the leading dry
goods importers and obbers for the purpose of
tanning their feeling on the subject Of the suspen-
siOn Mr. Woodward senior partner of tho firm of
Woodward, Lawrence g. Co. of No. 3l6 Broadway,
agents in this city for the sale of the
goods Of Brown, Ives d Co. of Providence,
the great rivals Of the Spragucs in the manufac-
true Of cotton goods said that he knew nothing of
the causes which led TO the suspension of Hoyt,
Sprague & Co. aside from the difficulty of raising
money at the present time. He could not say what
effect it would have on the trade. The present is
the dull season for tho dry goods trade. He did
not think it would seriously affect any of the New
York banks. but thought it likely it would the
Globe, First, and Second National Of Providence,
for the reason that they dealt largely in the paper
of the firm of H0yt, Sprague & Co.. and they were
controlled by the Spragues.
The junior member of the firm Of Anthony g.
Hall, at Church and Leonard-sts, professed TO
believe that the trade would not be seriously af-
fected by the failure of Hoyt. Sprague d Co.
At the wholesale stores of A. i. Stewart & Co..
H. b. Clafn g. Co.. Hastead, Haines q Co, Arnold.
Constable & Co.. and Lord a. Taylor, the substance
of the reply was that they had no information to
give, and did not know what effect the failure would
have on the dry goods business generally. Mr..
Hoyt of the suspended firm appeared to be the most
cheerful man among them. He said the house had
failed and that was all there was of it, The senior
member of the firm had himself been in business
here for 40 years but he could not be convinced that
there was any public interest attaching to history
Of the firm, aud declined to give all abstract OF It,