Evening star. [volume] (Washington, D.C.) 1854-1972, 1873-11-03
FINANCE AND BUSINESS.
The situatiou Ut she Close OF Last week


aging, is still sufficiently 80 to make IL possible
| for the country to tide over q very dangerous
crisis without lasting injury. The New York
Herald OF yesterday, in editorial review OF
| the situation, says" The well-known dry
| goods house of II. Is. Clafiin & Co. is reported
as on the verge Of failure, but its assets are
greatly in excess of its liabilities, and if the
worst comes to the worst an extension on the
part Of the creditors is all that will be required
Sprsgues; but unfortunately in their case they
| are said 70 be pressed by rival combination
which seeks their ruin st whatever expense 70
| the operatives in their mills and the mills OF
other manufacturers. The clearing house state
ment yesterday was favorable % the banks,
which is worth something at an unfsvorable
Enthusiastically the Kansas Pacific, Bur
lington and Cedar Rapids and Chesapeake and
Ohio-failed TO pay their November interest
yesterday and they, and others like them, are
likely to fall to the level to which Buchu always
| falls in the end. This was practically the stu
alton at the close OF the week. But the danger
is not past, and even with the succor of the
houses of Clafiin & Co. and A. Il W. Sprague
the danger will not be past. What is required
more than anything else is spirit OF mutual
helpfulness."
THE DRY GOODS TRADE
| Inquiry among dry goods dealers shows that
their transact tons are very light. Dealers are
not encourag ed to press business, and sales are
confined to the slight wants Of the current trade
The failure of Hoyt, Sprague & Co. has had n
depressing effect, and the rumors about ClafIn
& Co. have sufficed 70 bring the dry goods trade
almost TO q stand-stIll One dealer said thai
slaughtering was about the only thing now TAX
ing place. This dearth of trade, it is thought
tanned that the difficulties will be overcome. In
THIS event business will take a fresh start imme
diately.
THE HOUSE OF II. b. CLAFLIN & co.
| MIR. Dunn, of this firm, in an interview with
reporter of New York paper, said as far A.
their house was concerned they desired the pub
lie to know everything. cit Is true" said he
THAT We are suffering a little embarrassment
| by having allowed some accounts TO mature
but as regards notes, they have all been
| promptly met. We do not sell our own paper
| but we do that of other houses with our In
dorsement. Perhaps one of the principal causes
| that have led TO our present embarrassment IL
| that we overreached ourselves in our endeavor-
to assist Hoyt, SpragHe s. Co. L do not care t.
say we purchased OF them to the amount OF =
million this week, but We bought very heavily.
we are now negotiating for assistance from
some banks and other corporations. III sue
assistance is not obtained the firm will ask fog
an extension upon accounts. Notes will be me
at maturity, the current receipts being ample
for that purpose, and failure is simply impossi
bic. Our assets are far in excess of our liabil-
ties"
H. B. Clafiin & Co. notified the ASSOCIATED
banks at their meeting Saturday, through on
OF It's members, that they were not in need o.
any assistance. III succeed IN orr effort
everything will run along in the regular grooves.
Ii We fail to get assistance We will be compelled
to ask an extension; an extension upon our open
accounts. not notes, tor our current receipts
ample to meet calls. Now, don't understand
me to say a failure is at all probable IL is sim
ply absurd to think such thing possible. OuT
assets are far beyond our liabilities and for on,
to believe that we can fail is TO stamp the per
son an idiot.
ADDITIONAL DEFAULTS IN THE PAYMENT OF
INTEREST.
The bankers OF the Kansas and Pacific rail
road stated that they had not yet received any
funds to pay the November interest and did
not know when any would be forthcoming. The
same was said for the Burlington and Cedar
Rapids railroad company. At the office of the
bankers of the st. Louis and Southeastern rail
road 1t was asceIt ained that that company would
not be able to pay off the interest until next
Monday, when, however, it is proposed to do So
without doubt.
THE FAILURE OF THE sPRAGuEs
At the meeting of the bank representatives
in Providence, X. l., after the report of the
committee printed in Saturdays SrAR) was
presented, b. f. Thurston, counsel for A. IL ".
Sprague, stated in behalf of the members OF
that firm that they are in full accord with tn
committee who have made this recommenia
ton, and propose to adopt in full the recon
mendations of the committee. Senator Sprsgu-
mas retired by voluntary consent from the pies
idency OF the company, and Amasa Sprsgue has
been designated to iii the place. A mortgagr
deed has been prepared for the purpose OF Sc
curing all the property and assets, private and
corporate. for the benefit of the creditors of the
company, agreeably to the principles suggested
in the report. A meeting Of creditors will be
called at an early day, and it is hoped they will
sec that the plan which has been proposed and
the execution of 1t is the best possible thing
under the circumstances, that can be done for
THE sPRAGUR DEED OF TRUST.
The Providence Journal to-day saws the pro-
posed mortgage deed of trust covers the entire
amount of property, not only of the A. & w.
Sprague Manufacturing Company, but also
the private property of the individual members,
and that the whole is pledged for the payment
present indebtedness, which notes the creditors
are asked to accept in place of the obligations
that they hold. These notes are to run for three
years, at g. 10 per cent. interest.
THE OWNERS OF STOCK IN THE sPRAaUE CON-
Germ.
Amasa and William Sprague own each 1850
shares in the concern; their mother owns 500
shares; Mrs. Sprague, the widow Of William
Sprague, their uncle, 800 shares; the children
Of the late Mrs. Hoyt,. who was a daughter of
Doyle, the wife Of the Mayor Of Providence
both ladies being sisters Of Amasa and william
Sprague, own the balance.
EFFECT OF THE sPRAGUKs' FAILURE.
The Franklin and Cranston savings banks are
doing no business. The former will probably
resume business under q new board of directors.
The depositors will in time get their money IL
the Spragues pay in full. A dispatch from
Augusta: Maine, says:-The financial troubles
not seriously effect business in this city, with
which they are identified, with the exception OF
the two cotton mills which manufacture cloth
for their Cranston mills. Their factories give
employment to $50 operatives, with payroll of
s12, 800 per month. 1t is not unlikely that they
will temporarily suspend operations. Monday
to raise the means to pay of the employees.
kFFkCTe OF THE TROUBLE ON THE WORKING
PEOPLE.
Five hundred hands were discharged from
the Danforth locomotive works, at Paterson,
N. j., Saturday night. Nearly the entire force
was discharged from the Grant locomotive
works, In the same city. The salaries Of the
men at Noyes' works were reduced ffty-eight
cents per day, 80 to make Ii eq uivalent 10 the
proposed reduction. The Paterson manu-
facturers consider there 10 little prospect Of i'm
provement during the winter. It Is thought the
city authorities VIII take measurers to give en-
ployment TO the unemployed during the winter
The secretary Of the Employer Association,
men were ct work Saturday - before ct tho re-
duced wages. and he has no doubt those absent
viii soon return. He says II the society men
do not submit TO the reduced pay their places
can be 6lled b. out.idsrs.. Nearly three hun
dred men were thrown out Of employment BY
the partial suspension Of the PlSnee CARPET
weaving mills IN south Brooklyn Saturday.
A number Of workmen employed In the iron
works In Bangor, No, were discharged on Sat-
urday ON acoount q the slAoking M Of work.
II b said that over threa hundred Engiisk me-
chanics, Of Paterson, n. J., bought tickets from
European steamships agents. N that city last
weeh, there Being no prsapsct Of work this win