19638. Cranston Savings Bank (Cranston, RI)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: October 29, 1873
Location: Cranston, Rhode Island (41.780, -71.437)

Metadata

Model: gpt-5-mini
Short Digest: b6617e3f

Response Measures

Full suspension, Books examined

Other: Receiver appointed after suspension; 60-day notice rule for savings withdrawals mentioned.

Description

Newspaper evidence from Oct–Nov 1873 documents runs/large withdrawal notices tied to the Sprague firms' collapse; the bank was later declared insolvent and a receiver appointed on Dec 6, 1873. OCR corrected minor typos (e.g., Globo -> Globe references). Sequence: depositor runs in late Oct 1873 followed by suspension/receivership in early Dec 1873.

Events (3)

1. October 29, 1873 Run

Cause: Bank Specific Adverse Info
Cause Details: Deposit withdrawals triggered by the financial embarrassments of A. & W. Sprague and large holdings of Sprague acceptances/notes on the bank's books; over half the assets loaned to one corporation (Sprague interests).
Measures: Savings banks require 60 days' notice for withdrawals over $25; no successful emergency recapitalization for Cranston reported.
Newspaper Excerpt: Notices of withdrawal at sixty days are pouring in upon both the Sprague savings banks-Franklin and Cranston
Source: newspapers

2. December 6, 1873 Receivership

Newspaper Excerpt: The State officials of Rhode Island have asked for an injunction against the Cranston Savings Bank, and a receiver has been appointed.
Source: newspapers

3. December 6, 1873 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank declared insolvent due to heavy exposure to Sprague acceptances and notes and other unsatisfactory assets; state officials sought injunction and a receiver was appointed.
Newspaper Excerpt: The Cranston Savings Bank has been declared insolvent and a Receiver appointed.
Source: newspapers

Newspaper Articles (11)

1. October 30, 1873 New-York Tribune New York, NY

Article from New-York Tribune, October 30, 1873

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FINANCIAL DISTRUST. THE FINANCIAL EMBARRASSMENTS OF A. & W. SPRAGUE. A STATEMENT OF THE POSITION OF THE FIRM ARKED BY THE PROVIDENCE BANKS-$1,000,000 NEEDED BY A. & .SPRAGUE, AND $1,000,000 BY HOYT, SPRAGUE & CO.-THE LIABILITIES AND ASSETS OF EACH FIRM-ALL EXCEPT FOUR BANKS DECIDED TO AID THEM-T CONDITION OF THE 'SPRAGUE BANKS "--THE PROSPECT IMPROVING. LBY TELEGRAPH TO THE TRIBUNE. PROVIDENCE, Oct. 29.-The mystery which in Providence has been thrown about every detail of the position of the house of A. & W. Sprague Co. and of the New-York house of Hoyt, Sprague Co. wrought its natural result in much lying ru mors, which have shaken the city to its center, and have been dispersed over the country as to the management of the firm. Capitalists of Providence and journals here keep ominous silence, increase distrust, and cause tenfold alarm. The embarrassments caused by the panic have been magnified into death blows, and hourly the majority of people, left to ignorant conjecture and !direful hints of sensation seekers, have expected the announcement of suspension. Garbled and exaggerated reports printed in Boston and New-York remained uncontradicted by proper authority, thus exaggerating popular fears. While A. & W. Spragne claim they can show an encouraging exhibit, they carefully keep it from the public. Of an immense amount of liabilities of the A. & W. Sprague Manufacturing Company there can be no question. They themselves have $7,400,000. The enormous amount of their resources is equally unquestionable. It includes real estate, manufacturing property of many kinds, goods, stocks. etc. The aggregate they put at $13,400,000. They control 80 large a part of Rhode Island industries, are interested in 80 many banks, corporations, and business enterprises of all kinds that their failure would be a terrible blow to Rhode Island and New-England. But Rhode Island capialista say they will not allow them to fail. The bank officers of this city, alarmed by the quantity of obligations of A. & W. Sprague, asked for a statement of their position. The answer made was that A. & W. Sprague must have a loan of $1,000,000 to weather the storm, and that Hoyt, Sprague & Co. of New-York must raise another million in New-York. The Presidents of the Providence banks have held several meetings to consider the matter. On Tues day evening they met and resolved that A. & W. Sprague must furnish fuller information of the position of Hoyt, Sprague & Co., that they might be assured that the desired loan of $1,000,000 would be sufficient and would not be consumed for Hoyt, Sprague & Co., without relieving A. & W. Sprague. In answer a statement of Hoyt, Sprague & Co. was submitted to the bank Presidents, in session yesterday afternoon, showing that the resources of that firm exceed its liabilities by at least $4 000,000. and that its liabilities outside of the acceptances of the Atlantic Delaine Company in this city (most of the stock of which is owned by Hoyt, Sprague & Co.), and of the acceptances of the drafts of A. & W. Sprague, do not exceed $9,000,000, and are all protected by the sales of goods or notes for goods sold. A dispatch from Hoyt, Sprague & Co. announced that $800,000 of the $1,000,000 loan that firm in New-York of A. & W. Sprague quired The exhibit by had showed been $3,400,000. that raised. at their resources are mills are valuedd at their cost, less low Their valuation than while $3,000,000 there The mortgages or claims on their property. of securities made of stock of the Rhode Island are the only placing no hypothecation by Locomotive own them one- was Works (of whose stock they third) as collateral for a loan of $250,000 for from the Providence Institution Savings one month ago. On this showing banks the meeting resolved that the several sustain A. & W. Sprague to the extent should of $1,000,000 by a distribution of their the loan among them pro rata, according to capital. provided that a committee of four, appointed for the purpose, should report after exam- that ination that no more would be necessary, and sufficient unexceptionable security could be given. exEx-Gov. Seth Padelford, Rufus Waterman, James S. Smith, and George F. Wilson Gov. appointed as that Committee, and are to report were noon to-morrow. James Y. Smith, President of at the Union Bank, offered in the meeting $100,000 cent of the loan, and the Rhode Island National, 6 per on its capital, $360,000. The general sentiment among capitalista is in favor of the loan. During to-day the expectation of the failure of A. & W. Sprague has cansed great excitement in this city, which might have been allayed by an authorized statement. Unfounded stories that a meeting of creditors had been held and that Providence capitalists and business men had met in large numbers to consider the necessity of assistance were eagerly caught up. There have been no meetings except of bank officers, some of which were informal. A run the made upon the Franklin Savings Bank and with Cranston Savings Bank, which are connected National, the Globe, National, and First which, together with the Second National, are controlled by the Spragues. Savings banks require 60 days' notice for the withdrawal of sums over $25. Three hundred dollars in small sums was drawn from the Franklin, which obtained $15,000 from another bank. The three Sprague banks-Globe, First National-have been under cause were known to hold so Mygatt, United States paper. and Second they A.B. examined Bank much suspicion Examiner Sprague them, beRhode Island, has and for a committee appointed by the Assoeiated Bank Presidente also investigated and condition. From Mr. Mygatt from their James Y. Smith of that committee an encourstatement was obtained. The associated aging banks have agreed to sustain the Sprague banks and meet their liabilities to depositors. Mr. Mygatt said: An arrangement is perfected by which the Globe, First National, and Second National will be sustained and their depositors fully protected by other banks, which pledge themselves to furnish required the amounts as necessary." Only four banks remain to take action and are expected to unite with the others to-morrow. William Sprague is President of the Globe, its $600,000; Amasa Sprague of the First Nacapital $600,000; and Thomas A. Doyle, of Providence, of Second The aggregate Mayor capital tional, capital $500,000. surplus National, Globe of banks is about $400,000, the these West National 0105 000 the

2. 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.

3. November 1, 1873 New-York Tribune New York, NY

Article from New-York Tribune, November 1, 1873

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trustees, who shall liquidate the indebtedness as fast as is prudent. It is understood that A. & W. Sprague will retire from all the numerous other companies and enterprises in which they are interested, 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 presidente to make such arrangements as shall aid the Messrs. Sprague in regulating their aflairs, and to cooperate with them in every step. The Commissioners appointed by Gov. Howard to investigate the condition of the Cranston Savings Bank in this city-Edward Pearce, J. M. Whitaker, and Alexander Farnum-reported to-day, showing the bank to be in a wretched condition. The total liabilities are $2,366,935, including liabilities to depositors, $218,807 30; overdrafts on the First National Bank, of which Amasa Sprague is President,$54,18208 and advances by some bank on a deposit of $100,000 in New-York city bonds, currency sixes, $90,000. The assets include loans secured by mortgages on real estate and personal property to the amount of $860,935. Among the personal secu ri ies for loans are acceptances of Hoyt, Spragues & Co. for $495,000, and $275,000 in notes of the A. & W. Sprague Manufacturing Company. Among collaterals for loans are $360,000 in notes of the A. & W. Sprague Manufacturing Company. The stock in the three 'Sprague" banks-the Globe National, First National and Second Nationalmakes up $83,350 of the assets. It appears that what is recognized as "Sprague paper," in some form or other, and stock in "Sprague" banks, reach the remarkable amount of $1,213,350, while the character of some of the mortgages TH generally understood to be not altogethersatisfactory, although that point is not to be acted upon by the Commissioners. The following are the names of the officers of the institution: Amasa Sprague, President; A. B. Dike, VicePresident; Wm. Sprague, Albert Dailey, Geo. B. Holmes, Albert 8. Gallup, and Thomas A. Doyle, Directors. This mismanaged savings bank was instituted one year ago. It 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 a million from the latter in about five years. High rates of interest were offered at the new savings bank, and every lure thrown out to depositors. Operatives in the Sprague Print Works at Cranston, and in the Atlantic Delaine Mills at Olneyville, made up a large part of the depositors. These are very sore over the total suspension of payments. Notices of withdrawal at sixty days are pouring in upon both the "Sprague" savings banks-Franklin and Cranston-in clouds. The feeling in the city this evening is adverse to the Spragues. The public is disturbed by the many postponements of explanations, is fearful by reason of the ill-boding secrecy 80 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 embarrassment and obseurity in which the Spragues affairs are entargled, is an exposure which calls out general denunciation. CLOSING OF HOYT, SPRAGUE & co.'s WOOLEN MILLS AT OSWEGO. [GENERAL PRESS DISPATCH.] OSWEGO, N. Y., Oct. 31.-Hoyt, Sprague & Company's woolen mills at Oswego Falls will close tomorrow until further notice. Some 500 operatives will be thrown out of employment.

4. November 1, 1873 Nashville Union and American Nashville, TN

Article from Nashville Union and American, November 1, 1873

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Their Final Fate Reserved till To-day The Chesapeake and Ohio Defaults. The Greenback Pool Dissolved, But Unknown Amounts of Loan Certificates Still Swim. First Blood of the Day. NEW YORK, Oct. 31.-J. T. & W. H. Daly, 49 New street, in the Southern ship ping trade, are among the failures announced. Senator Morgan to Succeed Treasurer Richardson A Washington special says Mr. Richardson will soon give place to Gov. Morgan or some one else if he is not eligible in the office of Secretary of the Treasury. The change, it is stated, will be agreeable to both the President and the present Secretary. Still Waters Run Deep. The feeling in Wall street this morning was not good, although there was notjany apparent inclination towards a panic. The prices of stock were lower and good deal of uneasiness was expressed. The firm of Hoyt, Sprague & Co. promise a full state. ment of their affairs as soon as it can be prepared. One of the partners said this morning the affairs of the Providence house with which they were so intimately connected, are in such a condition that it is impossible to foretell the result. The result, whatever it may be, remained entirely in the hands of the creditors. The assets of the concerns he thought would exceed their liabilities by at least $4,000,000, but of course time was necessary and it was in the power of the creditors to say whether an extension should or should not be granted. Up to the present time all the creditors had exhibited the most kind and forbearing spirit, and hopes of the firm looked towards resumption and the payment in full of all demands. They had fought as long as they could and had succumbed to the force of circumstances. The Erie Discharging Employes. The Feather Factory in West Hoboken closed on account of the scarcity of money. Two hundred hands are thrown out of employment. The Erie railroad is reducing the force in the different shops along the line of the road, and the workmen retained will be put on three-quarter time, commencing to-morrow. The Scene Changes to Providence. PROVIDENCE, Oct. 31.-The meeting of bank officers to consider the affairs of A. & W. Sprague further adjourned until temorrow. The Committee is not ready with statement and no pian for the future conduct of the business has been agreed upon. There no material change in the grave aspect of affairs. LATER.-Notes of A. & W. Sprague went to protest this afternoon. & Savings Bank Swamped. The Commissioners appointed by the Governor to examine into the condition of Cranston Savings Bank report the total liabilities of that institution at $2,366,935 including $2,143,505 due to depositors on bank account; assets at $2,388,235 including $495,000 in acceptances of Hoyt, Sprague & Co., $387,500 in notes of A. & W. Sprague, manufacturing company, and a hundred thousand in the stock of three Sprague banks. 'The Situation Unchanged.' There is no notable change in the financial situation to-night. Maturing notes of Sprague, mounting to $45,000. went to protest this afternoon. Senator William Sprague, President of the A. & W. Sprague Manufacturing Company, arrived this af ternoon. and it is expected that his presence will aid the committee in maturing propositions to be submitted to meeting which is to be held to-morrow at noon. Nothing is known positively of the proposition to be submitted, but the plan talked of involves the appoint of trustees to take general charge of the settlement of the vast and varied interests, on terms most advantageous for owners and creditors. A Woolen Mill Gone. OSWEGO, Oct. 31 -Hoyt, Sprague & Co.'s Woolen Mills, at Oswego Falls, close to-morrow until further notice, throwing 5,000 operatives out of employment. Pooling Played. NEW YORK, Oct. -According to a resolution of the Clearing House, the pooling operations of the associated banks stopped to-day. Different bankers express the opinion that the cessation of pooling will not affect very seriously any bank nor interfere in the slightest degree with any legitimate business. An Unknown and Unlimited QuantiLy that Needs Eliminating The President of a prominent bank said to-day that the issue of loan certiffcates will continue. These could have been largely reduced he thought, but is was deemed advisable to keep a large number out to aid business interests. LATER.-To-morrow each bank commences business with its own proper per centage of greenbacks when every bank will have to lookout for itself. The loan certificates are continued without limit as to time or amount, but the banks generally are not in favor of increasing them. Confidence Getting no Better Fast. The biggest and best houses are recklessly talked of and endangered. The senior partner of one of the largest jobbing houses in the city was stopped in Wail street to day and asked to deny that his firm had failed. The standing of no firm saves it A now from the trifl rs with reputations. large stock house was attacked in the same way. The Chesapeake and Ohio Fails to Meet its Interest. At a meeting of the Directors of the Chesapeake and Ohio Raiiroad to-day, no provision was made for paying the coupons due to-morrow, but it was instead decided that the bondholders be asked to fund the four coupons next maturity into per cent income bonds. The company will make a statement to creditors and bondholders to morrow, or very soon. It is stated that C. P. Huntingdon, President of the Company, offers $100,000 of the $450,000 gold, required for this purpose, provided other wealthy directors will furnish the remainder The Express says: The default of the Chesapeake and Ohio road is a matter for general regret, end will no doubt damage American railroad credit in Europe, while here will result in serious inconvenience to many small investers. There were rumors of other defaults to -morrow, but prefer to wait for an official announcement the of fact. 3.65 Per Cent Convertibl Bonds. The Cincinnati Board of Trade to-day referred to committee a resolution, look ing to the expediency of the government issuing 3.65 per cent bonds, convert on demand into greenbacks. It was also referred to its Finance and Manufacturer's and

5. November 1, 1873 New-York Tribune New York, NY

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New-York Daily Cribune FOUNDED BY HORACE GREELEY. SATURDAY, NOVEMBER 1, 1873. The French Monarchists have abandoned all hope of a monarchical restoration; the press generally advises the prolongation of MacMahon's term of office. - The German Crown Prince is to pay a visit of condolence to the royal family of In the Bazaine trial, contradictory evi==== Saxony. dence was given respecting the time when the Marshal was informed of MacMahon's march toward Metz. ===== Several Jesuits from Rome are coming to America. A. & W. Sprague of Providence suspended payment yesterday. their paper went to protest, and the Cranston Savings Bank, of which Amasa Sprague is Presideut, was found to be in wretched condition. I It 18 proposed to issue Government securities of small denominations at a low rate of interest as depositories for savings. Accountant Warren has made two reports to Gov. Dix, one showing that the Canal Trust Fund account is correct, and the other that the free school fund accounts are accurately kept though not always promptly posted. = The prosecution in the Udderzook trial introduced further evidence to prove that Udderzook's alleged victim was Winfield C. Goss. Gordon, the Thorndike The yelmurderer, was arraigned at Belfast, Me. low fever is decreasing very rapidly at Memphis, but still spreading at Bainbridge, Ga. - The Senate Transportation Committee took evidence at St. Louis concerning the navigation of Western rivers, and then adjourned to meet again at Washington, Nov. 15. The report that Secretary Richardson was about to resign is denied. H. B. Claflin & Co. contradicted the rumors of their = Several railroad companies were said suspension. to have defaulted in the payment of their coupons. === Theodore Tilton's name was stricken from the roil of the Plymouth Church, after an exciting discussion, in which Mr. Beecher refused to make charges against him. The increase in the municipal budget over that of the last fiscal year exceeds $8,000,000. - The Kings County People's Reform Association serenaded THE TRIBUNE editor who was recently imprisoned for contempt of court. Many hundred passengers narrowly escaped death from the collision of two Pavonia ferry-boats. = Gold, 108, 108g, 1081. Thermometer, 41°, 53°, 460.

6. November 4, 1873 The Sun New York, NY

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William Spragne's Health-The Democratic Party Disorganized-Who will sacceed Henntor spraumef-City Politics. Correspondence of The Sun. PROVIDENCE. Nov. 2.-The Legislature to be chosen next spring will elect a United States Senator to succeed William Sprague. The canva-s will probably not begin for a month or two, nor will It be as exciting as that of 1870, when Henry B. Anthony WAR reflected. Senator Sprague may be counted out of the coming contest for two reasous. each one of them sufficient. The first is that be is afflicted with a cancer in the side. and his health otherwise is very feeble. It is extremely doubt 11 whether he will appe r in his eat this winter. The second reason is the financial embarrase+ ment of the corporation of when be was lately President. It is understood that some weeks before this embarra sinent was published to the world Senator Sprazue had determined not to be a candidate for reflection, and recent developments are. of course, notlikely to change this determination. The Democratic party of the State is disorganIzed. For years past their nominations have been merely formal. and it was with difficulty that they secured candidates for the State contest of last April. The Reputlican nominee for Senator is certain therefore, to be chosen almost without opposition Who will be the man The name most prominent 14 Ambrose E. Burnside. He is popular, especially with the old soldiers. and if he should signify is desire to go to the Senate it in likely that his wish would be gratified. Mv optation is that if Burnside is willing to accept. other candidates must be counted out. Gov. Henry Howard is mentioned. He is a pleasant man, liked by everybody, and has kept aloof from the personal poltites of the past four years. William Goddard of Lonsdale, a leading manufacturer. may be the choice of the Legislature. He belongs to one of the F. F. P. Ps., and is influential in business. in the social circle, and in politics. The day when Newport had a right to he satiated with a Senator or Governor has passed away. and the men of Newport who run for flice must run on their personal merits. Mr. Wm. P. Sheffield formerly an M. C. and an old foe to corruption in State and nation. 18 able to be a candidate on his own merita. Three year- ago he introduced into the Assembly a measure which would have gone far toward purfiying our State politics. of course it was defeated. Mr. Miner of Cranston did not ap: prove of it. Mr. Sheffi Id 18 taked of for Sellator. The State could have no more honest representative. I would add that Mr. Shefloid, like the others of whom I have proken. has a betteri ome than the salary of Congressment fore-plv grab and all. Nathan Dixon of Westerly may also possibly be sent to a higher seat than that which he recently vacat d in the House of Representatives at Washington He has won the good will of the hard-working rurai community Our city politics must be greatly affected by the troubles of certain savings institutions, The Mayor. Thomas A. Doyle, is a director of the Cranston Savings Bank. over half the assets of which were loaned without security to one corporation. and which also invested some of its funds in District of Columbia certificates of indebtedness The institution must 20 into bankruptcy, and it is not probable that the Mayor will again present himself to its depositore as a candidate for their suffrages.

7. November 6, 1873 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, November 6, 1873

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that the creditors may deem necessary for their security, and all parties appear disposed to labor for this end, laboring not alone for the house, but for the crowd of employes as well, who unless some arrangement is made to continue the business, must spend the coming hard Winter in idleness, and at a severe and to many overwhelming loss. The savings banks are taking no deposits and paying none, but are not closed. No action has been taken relative to them, and probably none will be until the determination of the pending negotiations concerning the future of the firm. It is thought, probably, that the Franklin Institution for Savings will resume business under a new direction, which will insure the confidence of the people, but the prospect of the Cranston Savings Bank is not quite so hopeful. Its resumption and value of deposits depend upon the result in the Sprague affairs. The Associated Bank agreement to sustain the First, Second, and Globe National Banks is very fortunate, for in the First the city largely keeps its deposits. The result of the creditors' meeting will be simply this: "If the plan proposed is adopted, the bonds will come out well and the mills here continue to run, but should they be rejected, bankruptcy will follow, with a failure of the banks and loss to depositors, the shutting down of the mills and throwing out of employment 12,000 persons." Senator Sprague is lying ill at his residence in this city, but not seriously. - New York Times.

8. December 7, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, December 7, 1873

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Providence Savings Ennk Suspended. PROVIDENCE, R, I.. Doc. 0.-Tho Cranston Savings Bank has been declared insolvent and a Recoiver appointed.

9. December 8, 1873 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, December 8, 1873

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MINOR TELEGRAMS. The fire continues by the Spanish troops on Cartagena. Bartholdi has been appointed French minister to the United States. The State officials of Rhode Island have asked for an injunction against the Cranston Savings Bank, and a receiver has been appointed. Gov. Booth of California, in his annual message, favors a revision of the treaty with China which shall restrict Chinese immigration to this coast. He also favors legislation to enforce the system of uniform freight and passenger rates on railroads in this State. Kate Brown has been sentenced to seven years at Sing Sing for stealing a six year old child of Mrs. Susan Brown,a nurse in LeGrand Lockwood's family in New York, Robert N. Woodworth, President of the New Brunswick Carpet Co., has been araested upon a requisition from the Governor of New Jersey on Gov. Dix, charging him with conspiracy with Appleton to defraud the Bank of New Brunswick our of $70,000. Zenas Stickney, a deaf mute was run over and instantly killed by a passenger train Friday night near Lisbon village, N. H. A despatch from Audenrid, Pa., says that on Saturday as fifteen miners were descending No. 3 slope of the Honey Coal Co.'s mine in a car, the staple ring broke and the car descended 175 yards. All the men were thrown out. Two * were killed and one fatally injured. An Italian known as Antoinio Corighino, is under arrest in Boston, charged with swindling his countrymen by promising them work and good wages in railroad building in New York State, for which he assessed them $2.50 each, agreeing to meet them at the depot and pay their fares. Experimental firing of heavy ordnance, at Nut Island, Saturday, at long range, determined the superiority of the Wiard rifle gun over the smooth bore, the difference being about one-seventh in favor of the rifle. There are 1375 men at work in the Philadelphia navy yard. Edward Blake, President of the Council of the Dominion Cabinet has been re-elected to Parliament. The monitors Terror and Ajxe will be ready for sea this week. Jay Cooke & Co.'s bankruptcy in again postponed. The Postmaster General calls upon all the Atlantic steamship lines for proposals to carry the mails to Europe for two years from January 1st. A Halifax despatch says that advices of a burning vessel near Prince Edwards Island leads to the conclusion that it must have been the missing steamer Pictou, with all her crew. The Pictou was bound to Newfoundland. The only postal change in Maine last week was the appointment of I. Emmons to be postmaster at Greenwood, Oxford Co. John Ross, Secretary of the Pittsburg, Pa., Water Board, has been arrested for stealing water bonds. The President and Directors of the National Trust Co., have also been arrested for a conspiracy to rob the city. There is no prospect that the Comanche Indians will give up the murderers as they promised, and the military will punish them. The boiler of the steamer Royal George exploded Saturday night, on the Mississippi, between Jefferson and Shreveport, killing four of the crew and seriously injuring five others. The wreck burned.

10. December 8, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, December 8, 1873

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The Sprague Trust-Deed. WASHINGTON, Doc. G.-A copy of the trustmortgage of the Sprague Manufacturing Company, of Rhode Island, has been filed with the Recorder of Doods of this city, Providence Savings Bank Suspended. PROVIDENCE, R, I.. Dec. G.-The Cranston Savings Bank has boon declared insolvent and a Recoiver appointed.

11. December 1, 1878 The New York Herald New York, NY

Article from The New York Herald, December 1, 1878

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A. & W. SPRAGUE'S ESTATE. SUIT IN BEHALF OF A SUSPENDED BANK. [BY TELEGEAPH TO THE HERALD. 1 NEWPORT, R. I., Nov. 30, 1878. There was a reminder of the troubles of the house of A. & W. Sprague in the Supreme Court to-day, when the case of Winthrop Dewolf, as receiver of the Cranston Savings Bank, was called. It was an action to recover the amount due the bank upon a note and sundry drafts made by the Spragues before their failure, in 1873. The principal of the entire set amounted to $727,000. This crippled the bank to such an extent that it was obliged to close its doors. There is no dispute regarding the amount, but the case was before the court, jury trial having previously been waived, upon several questions-viz., first, whether the drafts should draw six per cent interest. the legal rate in the State, or seven per cent. the legal rate in New York, where the acceptors of the notes live; second, whether each of the sheriff's of the three counties in which the original writ was served is entitled to full poundage fees, or whether these fees are to be taxed but once and be divided among them: third. whether certain mortgage notes of the defendant, left as collateral but not sued on, should be left on the files of the court with the original notes which were sued on. The case was held for advisement, and the decision. which will affect prospective litigation, will be awaited with interest.