16006. Hoyt, Sprague & Co. (New York, NY)

Bank Information

Episode Type: Suspension → Closure
Bank Type: private
Start Date: October 30, 1873
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: a3ee0fec

Response Measures

None

Description

Multiple contemporary papers (Oct 30-31, 1873) report the official suspension of Hoyt, Sprague & Co. in New York. Coverage describes this as a suspension/failure tied to heavy acceptances, entanglement with the Sprague interests, and inability to meet demands. There is no clear report in these items of a prior depositor run, nor of a subsequent reopening; the suspension is treated as a failure in the press. Classified as suspension_closure (suspension with permanent failure).

Events (1)

1. October 30, 1873 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Heavy acceptances and entanglement with the Sprague interests (A. & W. Sprague); inability to convert assets to cash and meet maturing paper/claims led to suspension/failure; several millions of acceptances outstanding held by banks and private holders are cited as the problem. Reports say assets exceed liabilities but mostly tied up in merchandise and illiquid securities, and credit exhausted, producing suspension of payments and failure to meet notes to be paid that day; press links to Sprague embarrassments in Providence as related factor.
Newspaper Excerpt: The suspension of Hoyt, Sprague & Co., was officially announced to-day
Source: newspapers

Newspaper Articles (11)

1. October 31, 1873 The Dallas Daily Herald Dallas, TX

Article from The Dallas Daily Herald, October 31, 1873

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LATES of New York. Failure of Hoyt, sprague & Co., duce Hours of Providence Cotton Mills Work. to Re ing operations. Pennsylvania Fornaces Suspendlow Fever. Favorable Reports from the Yelin and the verdict Sentence stokes case. ana. civil War Inaugurated in Indi Stokes October in The the third NEW four year degree, verdict is and Judge the Hentened Davis "Stokes, said, the in jury rellhard labor. verdiet: more than ex- No dering * hausted, this and your case. have all mercy can in diminish affixed the appeal hauste to this the court highest degree penalty in which scitence-the the statenvioted, in the and that as is com- too with by are apparently trifling you have light you and the great crime Stokes embraced relatives, committ pared ited." was surrounded and hurried and to the Toombe by many October 30.-In the captil messeng Bazain PARIS, to day M. under Flabant, fear trial testified that he dispo to Met enemy carrying from and was depateh was at heady was cred The to the officer 29th of August, tire but unread Metz on the thrown into the swore that by Lieutemant them Noques to deliver Baza the fruitlessly intrusted tempted to him on He adm dispately August by the prevarient Empresa. that I ted of after the much bearer of dispatch 30. was also General HINGTON, Bourbaki Del. Chief October Clerk in for the Captain WIL Daugherts was bailed in $5,000 Suspen postoffice YORK, October Schmidt 30.- & Co., produces not do sions- NEW Williamson exporters, Hoyte Spragge deny but Hoyte Sprague deeline & a Co., statement about from their failure, Theodore condition. Tilton was for expelled refusing Beecher Plymouth church scandal. rail The testify the HARTFORD, in the October reduced the hours and 30.-A road shops twenty have per Ind.. cent. October poundwages RICHMOND small arms and in this coun seat location fight cennon with L progre ressing of the county records. er over the of the county Ex-Mayor ty and possession October 30. LOUISVILLE dead. heavy clear frost and Phil LITTLE Tompert ROCK, is weather October allay 30. _A all yellow the For twen fever October last d'clock MEMPHIS hours ending at 6 yellow fever officially ty-f night ur there were Board nine of Health may return deaths. The that they 30.- It is wen re notify absentees ORLEANS, October of negroes at Good landing were ported NEW that a steamer number demanding Pargoud a social driven on board the and, off by the The ne equality rich's they crew of the wengers boat. for rein an and Before they forcement boat the the by her groes with backed arms. out but mob many ou shots rived were tired at was at shore. Nobody striking with those A band of interfere dollars per tem) ted to for again less than dispersed them No working but the police Ala., October new 30.- eases day, MON ANTGOMERY, deat his and no season There are old few The yellow heaviest fever trost cases, of two the of which Mulroy serious. are LOUIS, October had Patsy mill in was the ST to have and Hogan, saloou who was with Allen of saw shoot McCool fatally McCool shot was Mulroy rested. Hame ring in front Fitzgerale Several other The Hogal Allenarrested. It is unin this fight have been is adjourned October to Canada 30.PROVIDENCE that & W. to-day Sprague, not with York derstood suspend the New standing house. Upon applemente city, do not the failure application of at informa the office jou of is W the Come of furnished the Messro that affairs paby A. & the tigation progre into Mai at a of meet city Id tube pointed banks, by the will be prepared which the be highly of make ink report toty Hoy A. Sprague curplus & Co. valual erty will be will jed not iars. eting A 10-10 plan srow, of the situali- carried in out DIE detailed report elieved il of A. & " a hich will the it and sprague render & Co., duration failure Sprague Co. of YORK, & Co. The caused the stock The NEW Hoyt, Sprague in values on outside. heavy of declice and depression previously whel go restoration exchange of received confidence a check as " public of ing on has looked upon condition their can only be in the present of the Bank rate calamity The failure ndvan here to deeline affairs. directors caused exclante of England discount today and foreign the monetary in both gold no change still in done There is call loans The legal banks in situation, per cent to-day to gained 1-32 $732,000 railroa in tenders. is fair activity The stock became mar There at lower price but unti bonds steady, to decline up car ket opened continued when an rature weak and board, declined ued list the o'clock in. The hour the real tion set cent throu ek. mar from from he to recovery per Since up to then the and to weakened per cent again. E Britton against

2. October 31, 1873 New-York Tribune New York, NY

Article from New-York Tribune, October 31, 1873

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A. & W. SPRAGUE'S PROSPECTS. THE SITUATION AT PROVIDENCE-THE COMBINATION OF BANKS TO SUPPORT THE "SPRAGUE" BANKSA SUSPENSION OF THE FIRM IMMINENT-MONEY MUST BE RAISED AT ONCE, OR THEIR PAPER WILL GO TO PROTEST-ANOTHER MEETING OF BANK OFFICERS TO BE HELD TO-DAY-THE GENERAL FEELING-CONDITION OF THE SPRAGUE INTERESTS. [BY TELEGRAPH TO THE TRTBUNE.] PROVIDENCE, Oct. 30.-The excitement in regard to the house of A. & W. Sprague & Co., which has existed here during the week, culminated this forenoon when the telegraph gave news from New York that the suspension of Hoyt, Sprague's & Co. had been announced there. Up to that time there was a decided improvement in the feeling, and the general impression was that the house would be sustained, The well informed still declare that the firm's assets largely exceed its liabilities, and, if its affairs can be kept out of the meshes of the law, that eventually full payment of all demandscan be made. There is a large amount of Sprague" paper held by banks throughout this State, but State officials assert, with authority, that DO one of them, except the three socalled 'Sprague banks," the Globe, First National, and Second National, has 80 much as to cripple it or even to cause it to pass a dividend in case of the suspension of A. & W. Sprague. These three banks are backed by a combination of the national banks of the city (whose united capital is $15,000,000), who pledge 3 per cent of their capital to secure the $450,000 due from those banks to depositors. Yesterday four banks only remained outside the combination, and Bank Examiner Mygatt stated this evening that three of those to-day came into the arrangement, making up the $15,000,000 capital necessary, 80 that the Globe, First National, and Second National are now safe. Bankers say that much of the 'Sprague" paper is held outside of the State. The suspension of the New-York house is apparently an unexpected blow to & .Sprague. It must inevitably ruin them, unless Providence banks and capitalists furnish the million dollars asked; and now it seems probable that a much larger amount will be needed to keep off the crash. notes of A. & W. Sprague fall due to-day. Some are expected to tall due to-morrow, and it is not now believed they will be met. The bank officers met again to-day at 11 o'clock, but adjourned without action, as the Committee of Fourwhich was appointed yesterday to report if the $1,000,000 asked for would suffice to carry A. & W. Sprague through, and to decide on the acceptability of the securities proffered, and to take legal advice on the validity of the mortgages, desired further time. Another meeting will be held to-day. when-so the Committee and the firm state-a complete statement of the position of A. & W. Sprague will be made, and a thorough plan of relief suggested. At noon to-day the firm stated that they had not suspended payment, notwithstanding the news of the failure of the New-York house. They declared that the Committee of Four appointed by the bank officers will be ready to-morrow with a report which will certainly be highly satisfactory to the creditors of both A. & W. Sprague, and Hoyt, Spragues & Co. The surplus of available property over all outstanding liabilities, including liabilities upon acceptances|of Hoyt, Spragues & Co., will not be less than $11,000,000. A plan will be proposed at the meeting, accompanied with a detailed report of the situation of the firm, which will. if carried out. it is believed, render the embarrassment of A. & W. Sprague, and Hoyt, Spragues & Co. of temporary duration. This evening, Benjamin F. Thurston, counsel of A. & W. Sprague, was much less hopeful. He de clared to your correspondent that the relations of the two firms-Hoyt, Spragues & Co., and A. & W. Sprague-are 80 interwoven and dependent that the failure of one must follow the failure of the other. As notes had come in to-day, he said, payments had not been refused, bat unless the banks, at to-morrow's meeting, should pledge the $1,000,000 asked for, the paper of A. & W. Sprague will go to protest in the afternoon. It is not impossible, be confessed, that payment may be suspended in the morning. The failure of Hoyt, Spragues & Co. is a great blow. When asked how A. and W. Sprague can claim a favorable exhibit of assets and liabilities if suspension is impending. he said that their assets are immensely valuable, and over $14,000,000, as asserted, but they cannot turn their resources into cash, and are at the end of their credit. They will not go into bankruptcy if they can help it, but will sell their property to pay their debts as fast as possible. They are anxious to pursue the course which shall most benefit their creditors. What they strenuously desire is to raise money enough on their unimpeachable securities to continue business when they are confident all dewould finally be paid in full. But the only

3. October 31, 1873 The Wheeling Daily Register Wheeling, WV

Article from The Wheeling Daily Register, October 31, 1873

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NEW YORK. Saspension of Hoyt, Spragne & Co. NEW YORK, October 30.-The 808pension of Hoyt, Sprague & Co., was officially announced to-day, aud caused a feeling of general regret The moral effect of the suspension was a marked feeling of depression throughout filancial circles, and it was widely discussed in Wall street. At the Stock Exchange the entire list declined, and there wasan apparent anxiety among dealers to sell Hoyt declined this afternoon to give any information as to the liabilities and a-sets of the firm, stating that a statement would be ready very soon, until that was prepared he declined to say anything The statement would contain all the particulars and be ready in a few days. It is stated that Hoyt has at least $4,000,000 of as. eets in excess of liabilities, although a great part of the sum is tied up in merchandise of different descriptions Considerable paper of the company is said to be held in this city, it being estimated that three million dollars worth of their notes have been discounted by banks and individual capitalists here. Some of the foreign banking firms were mentioned as sufferers by the failure, probably in the way of cotton opperstions for the mille. It will take some days for a full development of their suspension. other Failures. The banking house of Lloyd, Hamilton & Co., suspended this morning caused by the heavy demands made on the house and their in. ability to convert collateral wherewith to meet them Statement is being made. The extensive produce commission house of C. Mottman, Schmidt & Co., suspended yeaterday. but the fact was not announced till to-day. Schmidt save that a cable message came on Mondav from his partner in Europe to the effect that draite, &c. to the amount of bad to paper was as protested porary gone su-pension. Schmidt thirty-five protest could and Why thousand advising not state, pounds tem the house had ample collaterals abroad. He anticipates speedy adjustment of the difficulties and the resumption 01 business. Ballooa Ascention. Donaldson the aronaut made an ascention from Newark in a balloon yesterday, passing over this city and landing late in the evening at Clarence ville, Long Island. The descent was was earth and there grap. struck considerable quite force exciting the danger. and being with and nothing The attended bounded considerable to ballood with ple it, it skipped over ground for a distance of a quarter of a mile. The basket and occupa were dashed against a fence and Donaldson received a severe blow on the jaws. The balloon narrowly escaped a collision with a railroad train and was only secured after an exciting struggle. The trial of Capt Irving and Philip Farley, detectives accused of being bribed by McDonald, the Bank of England forger, was begun before the police Commissioners to-day, ex-Mayor Hall and Colonel Fellows appearing for the defence

4. October 31, 1873 The Rutland Daily Globe Rutland, VT

Article from The Rutland Daily Globe, October 31, 1873

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BY TELEGRAPH. A. & W. Sprague. PROVIDENCE, R. I., Oct. 30. We understand that A. & W. Sprague in this city do not suspend to-day notwithstanding the failure of the New York house. Upon application at the office of the Messrs. Sprague the information is furnished that a committee of investigation into the affairs of A & W Sprague manufacturing company, appointed by the representatives of the city banks will be prepared at a meeting to be held to-morrow morning, to make a report which it is thought will be highly satisfactory to the creditors of the firm, and Hoyt, Sprague & Co. The surplus of available property at low valuation over all outstanding liabilities, upon acceptances of Hoyt, Sprague & Co., it is stated will be presented at the meeting to-morrow, accompanied with a derailed report of the situation of the firm, which will, it is believed if carried out, render the embarassment of A. & W. Sprague, and Hoyt, Sprague & Co., of temporary duration. NEW YORK, Oct. 30. Foreign banking firms are mentioned as sufferers by the suspension of Hoyt, Sprague & Co.

5. October 31, 1873 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, October 31, 1873

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Financial. LONDON, Oct. 31-12:30 p. m.-The rate for money at the Stock Exchange on government securities is 61 per cent. French securities are excited and flat both here and in Paris. NEW YORK, Oct. 31.-Gold opened at 87. LONDON, Oct. 61-3:30 p. m. - -The amount of bullion gone into the Bank of England on balance to-day is $20,000. NEW YORK, Oct. 31 noon. - Affairs on the street are very unsettled. The suspension yesterday of Hoyt, Sprague & Co.,rather increased the mistrust already felt and embarrassed speculation of all kinds. Stocks opened weak and feverish, fell 12 to 3 per cent. recovering slightly. but going off again. The dealings are few and only in small amounts, business men being unable to anticipate the effect of yesterday's failures and fearing further trouble.

6. October 31, 1873 The New York Herald New York, NY

Article from The New York Herald, October 31, 1873

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TRIPLE SHEET. New York, Friday, October 31, 1873. THE NEWS OF YESTERDAY. To-Day's Contents of the Herald. "THE BUCHU SAVINGS BANK! HOW TO WIN THE EARNINGS OF THE POOR"--EDITORIAL LEADER-SIXTH PAGE. SHIPPING INTELLIGENCE BY CABLE TELEGRAM FROM EUROPE! FIRE ON BOARD AN AMERICAN SHIP-SEVENTH PAGE. CHAMBORD DEFENDS HIMSELF IN A LETTER TO A DELEGATE OF THE RIGHT! HIS "GREAT WORK" AND HIGH HOPES! MACMAHON APPEALS TO THE SOLDIERSBAZAINE'S TRIAL-SEVENTH PAGE. FRANCE FREED FROM THE GERMAN IN. VADERS: HERALD SPECIAL LETTERS DESCRIPTIVE OF THE FALLING OF THE CURTAIN UPON THE FRANCO-GERMAN WAR DRAMA! A THRILLING FINAL SCENE-THIRD PAGE. FAMINE INEVITABLE IN INDIA ! GLOOMY REPORTS OF FAILING CROPS-SEVENTH PAGE. SIXTY-SIX SOULS SUNK IN THE RECENT DISASTER TO THE FERNANDO EL CATOLICODANGEROUS ILLNESS OF THE AUSTRIAN EMPRESS-SEVENTH PAGE. FATAL DABBLING IN THE ERIE STOCK POOL A LONDON HOUSE BUYS 50,000 SHARES FROM JAY GOULD AND FAILS-SEVENTH PAGE. THE PERPLEXING CONDITION OF AMERICAN FINANCES THE HOAT, SPRAGUES & CO. SUSPENSION! OTHERSRECKS-FIFTH PAGE. THE SPRAGUES NOT YET RELIEVED, BUT CON. TINUING BUSINESS! HOYT, SPRAGUES & CO.1 CONFLICTING INTERESTS AT WORKSEVENTH PAGE. THE FINANCES OF AMERICA AND EUROPE! RULINGS AND PROSPECTS OF THE VARIOUS WALL STREET MARKETSEIGHTH PAGE. HARD TIMES ! THE DISTRESS AMONG THE LABORING CLASSES ON ACCOUNT OF THE DEARTH OF CURRENCY-GREAT FIRE AT FREEHOLD, N. J.-FIFTH PAGE. SUBSTANTIAL SYMPATHY FOR A POOR BUT HONEST ART LABORER! CONTRIBUTIONS POURING IN FOR THE NAST FUND FROM ADMIRERS AND BROTHER ARTISTS-FIFTH PAGE. SAFETY SIGNALS TO BE RIGIDLY DEMANDED FROM ALL VESSELS AT SEA-THE GOSS MURDER MYSTERY-NINTH PAGE. GENERAL BUTLER'S COURSE AT NEW ORLEANS AGAIN SUBJECTED TO LEGAL SCRUTINY! "BOSS" TWEED'S TRIAL POSTPONEDFOURTH PAGE. WHAT STOKES SAYS OF HIS CASE-TROT TING AND RACING NEWS-MEDICAL REUNION-FIFTH PAGE. TRYING THE DETECTIVES: THE McDONNELL EXPOSE-LUCETTE MYERS' HISTORY OF THE GOODRICH MURDER-ALL HALLOWE'EN-FOURTH PAGE. THE CITY BUDGET: EXPENSES OF THE VARIOUS DEPARTMENTS AND HOW THEY ARE TO BE MET-ALDERMANIC DOINGSEIGHTH PAGE.

7. October 31, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, October 31, 1873

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will probably resumo business under a now management. The invostigation into the Cranston Savings Bank is not yet completed, but is understood to result in a less antisfactory exhibit. It is understood that all the banks have como into an arrangement for guaranteeing to the oxtont of 8 por cent upon their capital the deposits of the First National, Second National, and Globo National Banks. PRESS COMMENTS. NEW YORK, Oct. 30.-The Express says the suspension of Hoyt, Sprague & Co. is one of the woret records of the panic. No statement is out of the amount of their acceptances, but it is BOVoral millions, and $2,000,000 of it, it is said, is hold by Now York banks, baukers, and privato buyora. The paper ling always been attractive to buyera. Thoro is no doubt that the antagonism of rival concerns in Rhodo Island had much to do with the suspension, and the publication of the embarrassmental of the Sprauges 18 accounted for in this way. Arrangemonts were perfected which would have carried the concorns through, but for those publications.

8. October 31, 1873 Chicago Daily Tribune Chicago, IL

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The interest of yesterday's financial nows contrea in the critical condition of tho Spragues' affairs. The facts, as sifted out of the conflicting reports, are substantially as follows: Hoyt, Spraguo & Co., the : Now York agents of the Rhode Island Spragues, have suspended, and their . suspension is one of the gloomiest features of the panic, three millions of their acceptances being afloat in New Yorkalone. The condition of the Rhode Island Spragues still remains critical, but their fato will bo docided at the bank meeting in Providence to-day. The Providence & New York Steamship line, in which they are concerned, is reported to be unembarrassed, but their banks have suffered, the Cranston Bank having made a bad failure, the Franklin having temporarily suspended, and three others in Providence being Bomowhat crippled. Another item of importance is the fact that the Trustees of the Union Trust Company find its capital unimpaired, and have passed resolution to resumo Dec. 1 with their a capital increased to $2,000,000,-doublo tho present amount.' The reports . from the manufacturing districts do not lighten up the general situation. From overy quarter coines the news of reduction of timo and wages and discharge of operatives. Thousands are now without employment in Massachusetts, Pennsylvania, and Now York.

9. November 1, 1873 The Daily Phoenix Columbia, SC

Article from The Daily Phoenix, November 1, 1873

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PROVIDENCE, R. I., October 8t. The meeting of bank officers to consider the affairs of A. & W. Sprague was held at noon, by adjournment. It was further adjourned until to-morrow noon. The committee was not ready with their statement, end plan for the insure conduct of business has yet been agreed upon. No material change in the grave depect of affairs. Oswego, N.Y., October 31.-Hoyt, Sprague & Co.'d woolen mills are closed. 500 employees have been ousted. MONTGOMERY, October 31.-Three yellow fever deaths since last reportold cases. Weather cold and people returning home. WASHINGTON, October 31.-Secretary Richardson has no intention of resigning. Probabilities-For the South Atlantic States, South-westerly winds, rising barometer and clear weather. RICHMOND, October 31.-Judge Bond decides that euits in bankruptcy must be governed by the laws existing when 3 proceedings commenced. This defents, in many cases, the large exemptions allowed by the State laws and recent amendments to the bankrupt Act. PROVIDENCE, October 31.-The commissioners appointed by the Governor, to examine into the condition of the Cranston Savings Bank, report the total liabilities of that institution at $2,361, 935, including $2,143,505 due to depositors on book account. The assets are $2,383,235. The statement shows a woree condition than was anticipated. The notes of Messrs. A. & W. Sprague went to protest this alternoon. TelegrapHic-Commercial Reports. COLUMBIA, November 1.-Sales of cut. ton yesterday, 59 bales-middling 12½@12%. PARIS, October 31.-Rentes 56f. 67c. LIVERPOOL, October 31-3 P. M.Ootton dull and unchanged; sales 10,000 bales; speculation and exports 2,000; uplands, basis of good ordinary, shipped October and November, 8 7-16; ditto, November and December, 8%; ditte, low middling, delivered November, 8½ Sales of the week 55,000; exports 5,000; speculation 3,000; stock 532,000; of which American is 98,000; receipts 63, 000; whereof American 18 2,000; additional exports 8,000; afloat 79,000, of which American is 59,000. LONDON, October 31.-Annual settlement to morrow; the Stock Exchange is closed. LIVERPOOL, October 31-Eveniug.Yarns and fabrics dull, with a downward tendency. NEW YORK, October 31-Noon.-Affairs on the street are very unsettled. The suspension yesterday of Hoyt, Sprague & Co., rather increased the mistrust already felt, and embarrassed speculation of all kinds. Stocks opened weak and feverish, and fell 1/2 to 3 per cent., recovering slightly, but going off again. The dealings are few and only in small amounts-business men being unable to anticipate the effect of yesterday's failures, and fearing further troubles. Gold opened at 83/4 but is now 8½. Cotton quiet; sales 1,196 balesuplands 15; Orleans 151/4. Futures opened: November 143/8, 14 7-16; December 14½, 143/4; January 147/8, 15; February 151/4, 15 5 16; March 15%, 153/4. Flour quiet and unchanged. Wheat quiet and very firm. Corn firm and moderately active. Pork steadynew 15 00. Lard quiet and unchanged. Freights firm. Stocks excited and feverish. Money 7. Exchange-long 6½; short 81/4. Governments dull and off. State bonds dull. 7 P. M.-Cotton-net receipts 524 bales; gross 1,413; futures closed barely steady; sales 15,500: November 14 5-16; December 17-32, 14 9-16; January 143/4, 14 25 32; February 15 5-32, 15 3-16; March 15½, 15 9 16; April 15 16. Cotton quiet; sales 1,600 bates, at 14½@15. Flour in moderate request-common to fair extra 620@ 6.95. Whiskey inactiver, at 91@91/4 Wheat irregular and unsettled. Corn closed dull and declining. Rice dull and unchanged. Pork dull. Lard, good business, at a decline-price 73-16 @7%. Freights lower. Money stringent, at %@½ commission. Sterling dull, at 6½. Gold dull, at 81/4@8% Governments dull; off for some. States dull and off; not much doing. Sr. LOUIS, October 31.-Flour dull and unchanged. Corn dull and declined. Whiskey steady, at 90. Porksmall lots at 13.00. Bacon only in small order trade. Lard-only peddling lots sold. CINCINNATI, October 31.-Flour quiet and steady, at 7.00, Corn quiet-new 40; old 42@44. Provisions dull. Pork 12.25@12.50. Lard dull. Bacon dulljobbing sales of shoulders at 7½. Whiskey steady, at 86. LOUISVILLE, October 31.-Market quiet and unchanged.

10. November 3, 1873 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, November 3, 1873

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NEW YORK. Various Matters. NEW YORK, Nov. 1. H. B. Claflin & Co., notified the associated banks, at their meeting today. through one of its members, that they were not in need of any assistance. The banks have gained $4,000,000 currency since yesterday, They now hold $18,000,000. The lowest amount ever held was $5,820,000. The suspension of Hoyt, Sprague & Co., and other rumored suspensions brought the dry goods business to a staud still. Base ball-Atlantics 1, Philadelphians 1. The Planet Carpet mills in Brooklyn discharged 300 men today, Gen. Jourdan, President of the Brooklyn polite commissioners, believes he at last has Roscoe, the alleged accomplice in the murder of Goodrich. A large meeting of working masons from New York and the adjoining districts met today and drew up a protest against the threatened reduction of wages.

11. November 6, 1873 The Democratic Press Ravenna, OH

Article from The Democratic Press, November 6, 1873

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THE PANIC NOT ENDED.-The failure of the house of Hoyt, Sprague & Co., in New York, is announced. The N. Y. Express says of this failure: 66 The suspension of the house of Hoyt, Sprague & Co. is one of the worst records of the panic. No statement is out of the amount of their acceptances, but it is several millions and $2,000,000 of it, it is said, is held by New York banks, bankers and private buyers. Their paper has always been: attractive to buyers. There is no doubt that the antagonism of rival concerns in Rhode Island had much to do with the suspension, and the publication of the embarrassment of the Spragues is accounted for in this way. Arrangements were perfected which would have carried the concerns safely through but for these publications."