New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-01

trustees who shall quidate the indebtedness as fast
az is prudent. IL is understood that A. * W.
Sprague will retire from all the numerous other
companies and enterprises in which they are inter
ested convert their stock and interests INTO cash for
the benefit of creditors, and devote themselves TO
their mills and print works. The Committee Will
call upon the bank presidents TO make such arrange
ments az shall aid the Messrs Sprague in regulating
their affairs and TO cooperate with them III every
step.
The Commissioners appointed by Gov. Howard TO
investigate the condition of the Cranston savings
Bank in this city-Edward Pearce, j. NJ whitaker
and Alexander Farnum-reported to-day, showlus
the banktO be in wretched condition. The total ma
bilies are 81 1856 1856, including liabilities TO depos
ltors SCISSOR 30 overdrafts on the First Nationai
Bank of which Amasa Sprague is President 70;
and advances by some bank on deposit OF Sloo,OVo
in NewYork city bonds currency SKIES, $soOoo' Inc
assets include loans secured by mortgages ON real
estate and personal property to the amount OF
Among the personal ri les for loans are
acceptauces of Hoyt, Spragues & Co. for Sis''Ooo
and S275OO0 in notes of the A. d w. Sprague
Manufacturing Company Among collaterals for
loans are 100000 in notes OF the A.
IL W. Sprague Manufacturing Company
The stock in the three "Sprague" banks-the Giooe
National, First National and Second National
makes up $S33j0 of the assets. 1t appears that
what is recognized 'Sprague paper" In some form
or other and stock in "SpragueD banks, reach the
remarkable amount of 81 1880 while the character
of some of the mortgages II generally understood 10
be not altogether satisfactory although that point ID
not to be acted upon by the Commissioners Inc ioi-
lowing are the names of the officers OF the lnsttu
ton: Amasa Sprague, President; A b. DiKe' VICE
Presidents VIM. sprague, Albert Daley, Geo. d.
Holmes, Albert s. Gallup, and Thomas A. Doyle
Directors This mismanaged savings DanK was III
sttnted one wear ago Ii is stated that the reason
of its creation was that the Spragues were not
able to borrow enough on their paper
from the Franklin Institution for Savings although
they got near q million from the latter III
about five years. High rates OF interest were Oh
fered at the new savings bank, and every lure
thrown out to depositors Operatives III the oprague
Print Works at Crans,on, and IN the Auahtic
DeIaine Mills at Olneyvle, made up large part OF
the depositors. These are very sore over 'ae
total suspension of payments. Notices OF
withdrawal at sixty days are pouring
in upon both the "SpraQue" savings banks-trank-
lin and Cranston-in clouds. The feeling in the city
this evening is adverse the Spragues. The public
is disturbed by the many postponements oil exPana-
tions, is fearful by reason of the lu-Dodng
secrecy so persistently kept up, and
is wrathful over the Cranston BANK
disclosures. That more than fifty per cent OF the
assets of the savings bank pretending soundness
should be swallowed up in the chaos of embarrass-
ment and obscurity in which the spragues affairs
are entargled is an exposure which calls out gen.
eral denunciation.
CLOSING OF HoYT sPRAGUE 4 CO.'S WOODEN MILLS
Al OsWEOO.
IGENERAL PRESS DIsPArCHl
OswEGO. n. Y, Oct. 31.-HOyt, Sprague u
Compan,'s wooden mills at Oswego Fails will close to-
morrow until further Some 800 operatives viii
be thrown out Of employment.