19702. Cranston Savings Bank (Providence, RI)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: savings bank
Start Date: October 30, 1873
Location: Providence, Rhode Island (41.824, -71.413)

Metadata

Model: gpt-5-mini
Short Digest: 080bc502

Response Measures

Partial suspension, Books examined

Other: Receiver appointed by court (injunction) after commissioners declared insolvency.

Description

Newspapers report an initial run/withdrawal pressure on the Cranston Savings Bank tied to the collapse/embarrassment of A. & W. Sprague and their New York agents. The bank first required notice/paid nothing and invoked 60-day notices (stopped payment), then was doing no business in early November, and finally was declared insolvent and a receiver appointed by court on 1873-12-06. Cause is bank-specific exposure to Sprague acceptances and paper.

Events (4)

1. October 30, 1873 Run

Cause: Bank Specific Adverse Info
Cause Details: Withdrawals triggered by the reported failure/embarrassment of A. & W. Sprague and their New York agents (Hoyt, Sprague & Co.); large Sprague paper and acceptances held by the bank.
Measures: Required notice for withdrawals and paid out nothing; later stopped payment except on sixty days' notices.
Newspaper Excerpt: The run on the two savings banks continue The Cranston Savings bank requires notice in all cases and pays out nothing to-day.
Source: newspapers

2. October 31, 1873 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Suspension followed disclosure that large portion of assets were Sprague notes/acceptances and resulting loss of confidence after Sprague failures/protests of paper.
Newspaper Excerpt: Both the Franklin and Cranston savings banks, as might be expected with such a showing, are under suspension.
Source: newspapers

3. November 2, 1873 Other

Newspaper Excerpt: The Franklin and Cranston Savings Banks are doing no business. The former will probably resume business under a new board of directors. The Cranston will doubtless wind up.
Source: newspapers

4. December 6, 1873 Receivership

Newspaper Excerpt: The commissioners ... made formal complaint to the Supreme Court that in their opinion the bank is insolvent, whereupon the court directed an injunction to be issued and appointed Alexander Farnum receiver.
Source: newspapers

Newspaper Articles (17)

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

Article from The Wheeling Daily Register, October 31, 1873

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RHODE ISLAND. --The Run on the Spragnes. PROVIDENCE October 30 - A. and W. Sprague & Co. have not suspended. The house it is understood will be taken care of in any event in some WAV. The run on the two savings banks continue The Cranston Pavings bank requires notiee in all cases and pays out nothing to-dav. There 18 great excitement in the city over the reported failure of Hoyt, Sprague & Co., of New York Governor Howard has appointed a committee to examine the two savings banks on which the run is made. It is ascertained from the best authority that s committee to investigate the affairs of the A & W Sprague manufacturing company will be prepared at the meeting to-morrow 10 make a report, which cannot fiail to be highly satisfactory to the creditors of A. and W. Sprague & Co., and Hoyt, Sprague & Co The surplus of avails. ble property will not be less than $11.000,000. A plea will be proposed at a meeting to*morrow, accompanied with detailed report of the situation of the firm which will be carrted out. It is believed that it will render the embarrassment of A. & W Sprague and of Hovt, Sprague & Co., of temporary duration. LATER. The excitement here in reference to A. & W Sprague's difficulties is tempered with moderation to night and, deepite the fact of the exapension of the New York house everything is hopeful for the house here. A committee are working on a plan to-night the report of which will, it is hoped. avoid another trouble. Rumors are plentiful but desirable business facts are scarce, and not before to-morrow can any reliable advices of the situation be forbished.

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

Article from Chicago Daily Tribune, October 31, 1873

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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.

3. November 1, 1873 The New York Herald New York, NY

Article from The New York Herald, November 1, 1873

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A. & W. SPRAGUE. The Committee of Investigation Defer Their Report. RELIEF STILL HOPED FOR. William Sprague Announces the Protest of Notes in New York. PROVIDENCE, R. I., Oct. 31, 1873. Another day of painful suspense has been experienced by our community. Bright hopes, like the rays of the moon on a swampy marsh, have apparently only led us deeper into the mire. A whole State-though ours is but a small one-with all its industrial interests, depends upon the resources of two banking houses, both of which have left their legitimate business to enter the fields of manufacture and general production. Ten thousand operatives and mechanics await the result of an investigation into the affairs of one firm with much anxlety, but nothing definite has yet been ascertained. Yesterday relief was promised for to-day; but now the relief is delayed till to-morrow. A. & W. Sprague are declared to be perfectly solvent, yet two of their monetary institutions have been suspended, and their own paper has, it IS stated, been protested to-day in the city of New York. At first the reports concerning the difficulties of this great financial house of A. & W. Sprague were treated with suspicion, many declaring the rumors to have been started by political and financial rivals; but the unpleasant and alarming evidence of weakness of the institutions investigated by order of Governor Howard, as published, tend to prove that the firm was really embarrassed, and the unpalatable developments of to-day still further corroborate the first announcements The local journals, after maintaining silence for two days, are forced at last to comment on the situation. THE REPEATED POSTPONEMENT by the committees in reporting the official figures and actual state of affairs, the continued silence of the firm itself and the apparently colored reports in the local papers, all look decidedly ominous and suspicious, and have only had the effect of largely increasing the existing doubts in the minds of the people, distrust in financial circles generally and precipitating the threatened crisis. Knowing full weil, as the bankers and merchants here did, to what a very great extent the business interests of Rhode Island particularly depended upon the house of Sprague & Co., it was extremely unwise and injudicious to keep from aiding the house in this trying and threatening emergency, and to-day the failure in New York can only be attributed to this lack of confidence manifested by our merchants, to the tardiness of their movements and the questionable policy of allowing local animostties to govern them in their business relations. These are .substantially the views of some of our leading and shrewdest business men, and I but reflect their opinion. The house of Brown & Ives alone could lift the Spragues out of their difficulty if they had the will to help a sorely stricken neighbor, and encourage by such a high-minded example the rest of the business community to lend its confidence and assistance. But there is, it is feared, too selfish and narrow-minded a policy among our capitalists and traders, and they appear to realize these lamentable truths now when it is too late. I was informed from the most trustworthy source that such was the near-sightedness of the bankers here regarding their home interests that one great reason for refusing to promptly lend the desired amount was because the money was asked to MEET THE LIABILITIES IN NEW YORK to pay out standing debts, and not for circulation at home, unmindful as they thus show themselves of the fact that, by enabling the firm to meet its outstanding obligations they would thereby be protecting it at home, with its immense business interests, and at the same time protecting themselves. The policy pursued being such as have described, it 18 not surprising that failure should ensue, and no threats or excuses will now answer for the failure to realize the great responsibility. THE CRANSTON SAVINGS BANK. The first development of to-day was another blow to all confidence in the Sprague house and its institutions, and furnishes fresh proof of the statement of your correspondent that there is every reason for alarm. What I allude to is the report of the Commissioners appointed by Governor Howard to examine into the affairs of the Cranston Savings Bank, one of the largest and heaviest or the Sprague banks, which I obtained from the Commissioners this afternoon. The report is as follows:LIABILITIES. $2,143,505 To depositors' book account 37,301 To depositors' certificates of deposit Interest. 41,986 Overdrafts on First National Bank 54,132 Advanced by First National Bank on deposits 100,000 90.000 In New York city bonds, currency sixes. Total $2,366,935 ASSETS. Loans secured by mortgage on real estate. $858,935 Loans secured by mortgage on personal estates. 2,000 Loans on personal security, including $495,000, in acceptances of Hoyt, Sprague

4. November 1, 1873 The New York Herald New York, NY

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It shows that of the $2,366,935 represented as liabilities the notes and securities of the Messrs. Sprague, direct and indirect, amount to $1,172,100. By this it is seen that the Sprague hold nearly sixty per cent. This report makes a very unfavorable exhibit, and gives rise to the belief that other institutions are similarly disastrously affected. Both the Franklin and Cranston savings banks, as might be expected with such a showing, are under suspension. To show how erroneous, in view of the New York failures, were the expectations given out yesterday that the Committee on Investigation into the affairs of A. & W. Sprague would to-day be able to make a highly satisfactory report of the concern, is the further development made known at the adjourned meeting of the bankers and merchants held at noon to-day, that the committee were not able to report, and asked for a still further continuance of the timeuntil to-morrow noon-which the meeting granted, and then adjourned until that hour. Of this meeting great anticipations were held by many: but the knowing ones had no hope that any satisfactory plan of relief would be afforded, or the house saved from the impending ruin. Thus the anxious public has been disappointed and misled by false impressions circulated by over-confident agents. The local papers dismiss the matter lightly; but, as the facts became known and were carefully studied by the people, loud expressions of dissatisfaction were made on nearly all sides. EX-GOVERNOR SMYTH STILL CONFIDENT. At noon I had a brief interview withex-Governor Smyth, who still persisted in giving assurance that all was encouraging, and stating that to-morrow the committee would report satisfactorily for the firm. Bnt I then believed that his hopeful "to-morrow" would never give any such satisfaction, and later events have proved how well founded was my belief. Though the Investigating Committee failed to report, the organ of the Spragues, in an article this evening on the situation, still clings to the tond hope that the recommendations of the committee will insure the safety of the house and creditors. The paper speaks as follows:It is understood that a plan in general features has been agreed upon which involves practically an extension by the creditors of the house. If the plan meets with favor and is accepted by both the banks and the house then another meeting, composed of its creditors, must be called at as early a time as is possible for their consideration of the plan. The action of the banks at their meeting

5. November 1, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, November 1, 1873

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THE SPRAGUES. Special Dispatch to The Chicago Tribune. THE FEELING IN PROVIDENCE PROVIDENCE, R. I., Oct. 31. To-day was marked by an intense, but quiet feeling The publication of the liabilities and assets of the Franklin and Cranstan Savings Banks had 2 favorable effect, ospecially in the caso of the former. The latter stopped payment, except on sixty days' notices. Little business has been transacted in financial circles. The condition of the Spragues is the all important topic. The Providence house met their obligations yosterday, which wore but small. It is reported their paper wont to protest this afternoon. No Providence house will go down by this disaster, the Sprague paper boing largely hold by*the banks, and, with the exception of the two mentioned and the Globo National, in safe lines of investment. The rumor that Brown & Ives are pressing the Spragues to tho extent of $1,000,000 is without foundation. The Committee appointed to investigate the affairs of the Spragues WAS busy all day, buthas made no report. The general opinion provails that some plan of trusteeship will be proposed. The reported failure of Claflin & Co. if true, will increase the embarraesment of the Spragues. Gen. William Spraguo, Preuldent of the Company, arrived from Washing this afternoon. He has not boon here before during the trouble. The excitement is not marked by any political feeling, a common interest bringing all to the same level. (To the Associated Press.] PAPER PROTESTED. PROVIDENCE, R. I., Oct. 31.-The notes of A. & W. Sprague went to protest this af ternoon. BANK INVESTIGATION. The Commisalonersappointed by the Governor to examine into the condition of the Cranston Savings Bank report the total liabilities of that institution at 82.866.935, including $2,148,505 due to depositors on book account, The assets are $2,383,235, including $495,000 in acceptances of Hoyt, Sprague & Co., $887,500 in notes of the A. & W Sprague Manufacturing Company, and $100,000 in the Btocks of three Sprague banks. BANK MEETING ADJOURNED. The meeting of the bank officers to consider adthe affairs of A. & W. Sprague has further journed until to-morrow. The Committee for is not ready with its statement, and no plan the future conduct of business has been agreed upon, There is no material change in the grave aspect of affairs. LATEST. There is no notable change in the financial situation to-night. Maturing Sprague paper, amounting to $47,500, went to protest this afternoon. Gen. William Sprague, President of the A. & W. Spragne Manufacturing Company arrived this afternoon, and it is ox pected that his presence will aid the committee in maturing propositions to be submitted to the mooting which is to be hold to-morrow at noon. Nothing is known positively of the proposition to be submitted, but the plan talked of involves the appointment of Trustees to take the general charge of the settlement of the vast and varied interests on terms most advantageous for owners and creditors. Special Disputch to The Chicago Tribune. THE NEWS IN BOSTON BOSTON, Oct. 81 The day has been an insctive one in financial circles, for the failure of the New York house of the Spragues, and numerous iumora of the embarrassment of other firms, with the still unsettled and desporate condition of the Providence house of the Spragues, tend weaken confidence. The news that the notes to of A. & W. Sprague in Providence went to protest this afternoon was not received until late, and its cifect will not be developed before to-morrow, but there is a degree of gloom in all manufacturing and mercantile circles greater the than at any time since the precipitation of stock panic in Now York. The continued failure of THE COMMITTEE OF CAPITALISTS appointed to investigate the Sprague report, the has dono as much as anything to confirm that the downfall wasinovitable. Their auspicion business was known as vast, various, and extended but it was believed in financial circles fact that if its condition had been sound the could have been shown very much sooner. A NEWSPAPER OPINION. The Providence Journal of this morning doubtless voices thelopinion of the business world, when it says If the Spragues had held their accounts in a condi- manition to show their true situation and could have $2,000.fested their ability to go ou with $1 000,000, or $4,000,000. the capitalists of this rich and pros000, or have taken them up and carried perous them through city would without asking any aid from Wall street. The Journal is the organ of the rival house been of Brown & Ives, but during the crisis has exceedingly forbearing and audicious in its commonth on the situation. The truth probably basis is Committee could discover no safe for that extending the help, nor any defluite limit to the the amount that would be needed to carry Spragues through YESTERDAY'S MEETING OF THE COMMITTEE At the meeting to-day noon they were for nearer ready than two days ago, no anything that appears and after the report was received that report had been made, everyprepared for the suspension of paybody ments was this afternoon. The Commissions that examined the condition of THE SAVINGS BANKS made public their statement, which 'contributed make certain the conviction that recovery impossible. to That of the Franklin Institution of telegraphed last night. The condition was the Cranston Savinge Bank is still more unfavorthan the Franklin, the liabilities being, ac able to the report, $2,366,095, including $2,143,505 cording due to depositors on bank account The assets are as follows: $858,935 Loaned on mortgage of real estato 2,000 on personal property Mortgage personal security, including $495,000 Loaned ou of Hoyt, Sprague & Co., and $275,000 in acceptance in notes of the A. & W. Sprague 071,300 Manufacturing Company Loans on collaterals, including $300,000 in notes $75,000 of & W. Sprague Co 99,650 Stock in the Sprague banks 62,300 Stock in the Bank of Commerce Stock in the Rhode Island Safe Deposit Com10,000 4,030 Other pany certificates of indebtedness will not get It is reported that depositors more than 25 cents on the dollar. EFFECT UPON THE BANKS OF PROVIDENCE A dispatch received in this city at noon from to day, from A. B. Mygatt, Bank-Examiner that Washington, now in Providence, Bays 800 that the capital of any of the Providence he cannot banks will be at all impaired by the Sec. First, Sprague failure, unless, perhaps, the all and Globe, and they will pull through oud, right, being sustained by the other banks. APRAGUE INSTITUTIONS. The following are some of the institutions managed by the Spragues Perkins Sheet Iron Company. Comstock Foundry. Union Flax Company. Rhode Island Locomotir Works. Oranston Print Works. Narragansett Trotting Park. Union Street Hailroad Company. They have bosides & largo interest in the inProvidence Steamship Company, and largo S. The Cranston Print Works have O. torests in Augusta, Mo., and Columbia,

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

Article from New-York Tribune, November 3, 1873

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GENERAL PROSPECTS. WHAT CREDITORS OF THE BROKEN BANKS IN WASH INGTON MAY EXPECT'- FURTHER ALLEGED FAILURES. WASHINGTON, Nov. 2.-From the best information that can be obtained, it is thought the First National Bank of Washington will pay its creditors from its present assets about 50 per cent in all. The payment of a larger dividend will depend on the business capacity of Jay Cooke & Co. The receiver of the Washington City Savings Bank has informed depositors that they will receive ultimately 75 cents on the dollar. The time of payment may be long distant, as, owing to the effects of the panic, money cannot be realized at present on some of the collaterals. It is said that the Commissioners selected by all the banks which adopted the device of certifying checks instead of paying out currency held a meeting last night for the purpose of closing up their affairs, as the time has passed within which it was arranged that checks would be certified. The duty of these Commissioners was to give a sort of clearance to these banks after examining their securities. The arrangement expired yesterday and it is expected that such banks will resame payment to-morrow, and the necessity of requiring their debtors to at once redeem their obligations is said to be the moving cause of further alleged failures here. WAGES REDUCED IN THE ALEXANDRIA COTTON MILL. WASHINGTON, Nov. 1.-The operatives of the Alexandria cotton factory have submitted to a reduetion of 25 per cent rather than have the factory closed. REPORTED PENNSYLVANIA FAILURES DENIED. PHILADELPHIA, Nov. 1.-The report that Chadler, Hart & Co. of this city hadfalled is WILLIAMSPORT. Nov. 1.-The banking house of Rowell & Co., published as a branch house of Lloyd, Hamilton & Co., is not connected with them, has no money in their hands, and is in no way affected by the suspension of Lloyd, Hamilton & Co. CONDITION OF PROVIDENCE BANKS. PROVIDENCE, Nov. 2.-The Franklin and Cranston Savings Bauks are doing no business. The former will probably resume business under a new board of directors. The Cranston will doubtless wind up. Depositors will in time get their money if the Spragues pay in full. The Sprague mortgage deed of trust is not yet ready for publication, and cannot yet be considered in its detail by creditors. Perhaps some modification of its terms may be desired, and one or two changes of trustees be made, but the general feeling of leading creditors here seems to be in favor of a trusteeship. WASHINGTON, Nov. 2.-The Controller of the Currency received a dispatch last night from Bank Examiner Mygatt, who has been looking into the condition of the banks in Rhode Island. The Bank Commission in Providence have reported upon the affairs of A. & W. Sprague, and Mr. Mygatt considers the report very favorable, as showing a surplus of eleven millions of dollars in their favor. He reports that the banks are in good condition and working smoothly. TIME REDUCED IN MASSACHUSETTS MILLS. LOWELL, Nov. 1.-The Eagle Mills at West Cheinsford are to begin on three-quarters time next week, and the largest mill of Graniteville on half time. IRON WORKERS DISCHARGED AT BANGOR. BANGOR, Nov. 1.-To-night a number of workmen in the iron works of this city will be discharged on account of the lack of work. Various mannfacturers also intend to reduce the working forces of their establishments. STRIKE OF RAILROAD EMPLOYES. KNOXVILLE, Nov. 2.-On account of a general reduction of the wages of the employés of the East Tennessee, Virginia and Georgia Railroad Company, the engineers, firemen, machinists, and blacksmiths quit work. Some delay in the running of trains resulted. but the Company has succeeded in supplying the places of the engineers and fremen so as not to interfere with the passenger service. The Company ordered a reduction of 20 per cent to be made. The employés are willing to work on short time, but object to a decrease of wages and not of time. The Company will not recede. No demonstrations have been made by the employés. WAGES CUT DOWN AT LOUISVILLE-DISCHARGED LABORERS GOING TO MEMPHIS. LOUISVILLE, Nov. 1.-The woolen mills around the Falls have reduced the wages of employés 15 to 20 per cent, beginning on this day, for the season. Several iron manufacturers have reduced wages on skilled labor 10, and on common, 20 per cent. Many discharged workmen of the railroad companies have gone to Memphis for work, now that the fever has abated.

7. November 3, 1873 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, November 3, 1873

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BANKING INTERESTS. Special Dispatch to The Chicago Tribune. THE NATIONAL BANKING SYSTEM. WASHINGTON, D. C., Nov. 2.-The opinion obtains hero that the National Banking system is daily growing in disfavor throughout the country ; that the banking associations will not be able to resume payment ; that the whole system is badly shattered ; and that the shrinkage in values of the socurities hold by these banks can nover be remedied by inflation. The experts in finance say that every hour of suspension makes resumption more difficult, since a new channel of trade is meantime being established by a class of men whose interests will be hostile to the suspended banks, and who will shortly control the money business of the country. It is bell- red that the banking associations intend to postpone resumption until Jan. 1, in the hope that they will be relieved by Congressional legislation. Nevertheless the opinion gains strength here that a free banking system will be popular, and, with the recommendation of a plan of that sort in the annual message of the President, this scheme will assume a formidable shape. special Dispatch to The Chtcago Tridune. INCREASE OF LEGAL-TENDERS IN THE BANKS. NEW Yonx, Nov. 2.-In addition to other encouraging features, it Was discovered on Saturday that there was an increase in legal-tenders held by banks of $4,000,000. This 18 doubtless due to the fact that some banks did not put all their lega-ltenders in the pool, but concealed them as special deposits or otherwise. [To the Associated Press.] BROKEN BANKS. WASHINGTON, Nov. 2.-From the best data that can be obtained, the First National Bank of Washington will pay its creditors from its present assetts about 50 per cent in all. The payment of a larger dividend will depend on the businoss capacity of Jay Cooks & Co. The Receiver of the Washington City Savings Bank has informed the depositors that they will receive ultimately 75 cents on the dollar. The time of settlement may be long distant, as, owing to the effects of the panic, money caunot be realized at present on some of the collaterals held by the institution. THE PROVIDENCE BANKS. PROVIDENCE, R. I., Nov. 2.-The Franklin and Cranston Savings Banks are doing DO business. The former will probably resume business under a new Board of Directors. The Crauston will doubtless pay up, in time, and depositors will get their money if the Spragues pay in full. Special Dispatch to The Chicago Tribune. WASHINGTON, D. C., Nov. 2,-The Federal officers who examined the several banks affected by the suspension of the Spragues report that these concerns will be able to bridge over and avoid serious embarrassments, if they can get assistance from other banks.

8. November 7, 1873 The True Northerner Paw Paw, MI

Article from The True Northerner, November 7, 1873

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# NEWS OF THE WEEK. The East. The serious results of the panic still continue. The extensive print works of Garner & Co., at Little Falls, Cohoes, Rochester, Pleasant Valley, Newburg, and Haverstraw, have shut down, discharging 10,000 men. The pay-roll of this firm amounted to $500,000 monthly. Other extensive factories, of various kinds, have suspended work, or have reduced wages and time. The prospect looks gloomy for the winter. The third trial of Edward S. Stokes for the murder of James Fisk, Jr., has been concluded at New York, and resulted in a verdict of manslaughter in the third degree. The prisoner was sentenced to four years' hard labor in the Penitentiary. Three persons—a man and two women—were recently run over by a train of cars at Frankfort, N. J., while attempting to cross the track in a wagon. They were horribly mangled, and lived but a short time. The Beecher-Bowen-Tilton scandal is again stinking in the nostrils of the Boooklynites. Tilton has been summoned to appear before a committee of Plymouth church and tell what he knows about the matter, but refuses on the ground that he is not a member of that church. A number of New York firms have failed, including Lloyd, Hamilton & Co.; J. T. & W. H. Daley, C. Mattman, Schmid & Co.; and Hoyt, Sprague & Co. The latter are the agents of the Rhode Island Spragues, the extensive manufacturers, and their suspension is one of the gloomiest features of the panic, $3,000,000 of their acceptances being afloat in New York alone. The failure is also announced of Morgan, Young, Altemus & Co., one of the heaviest Philadelphia dry goods houses. The reports from the Eastern manufacturing districts do not lighten up the general situation. From every quarter comes the news of reduction of time and wages and discharge of operatives. Thousands are now out of employment in Massachusetts, Pennsylvania and New York. The Cranston and Franklin Banks, of Providence, in which the Spragues are largely interested, have suspended. The deposits, amounting in the aggregate to $3,500,000, were made chiefly by working people, who will suffer great privation if they lose their savings. Twenty thousand working girls in Newark, N. J., have been thrown out of employment by the stopping of manufactories. Thirty-seven mills in Fall River are now running on half time. The Merrimac Woolen Mills, of Lowell, will close up in a few days. Over 25,000 working women are reported idle in Philadelphia. It is evident that this will be a hard winter for the classes dependent on daily earnings. There has been another serious fall in stocks in Wall street. Northwestern common touched 30, the lowest price it ever sold for, being five cents lower than when Henry Keep picked it up, seven years ago. Vanderbilt shares suffered an alarming decline, and it is said the venerable cormorant was taxed to his utmost resources to keep his head above water. Western Union went down to 45¾, New York Central to 80¾, Lake Shore to 58½, and Union to 15. A New York dispatch states that the great dry goods house of H. B. Claflin & Co. is seriously embarrassed. The Chesapeake and Ohio railroad has defaulted on its interest. The reported failure of the great New York dry goods house of H. B. Claflin & Co. was a canard. The firm is perfectly solvent. The committee of Providence bank representatives appointed to examine the condition of the affairs of the A. & W. Sprague Manufacturing Company report the assets of the corporation to be $19,495,247, and their liabilities $11,475,443. They recommend that the members of the firm mortgage all their property to three trustees, who shall have entire control of it until their affairs are settled, their obligations to run three years. One of the Stokes jurors is in trouble, being under arrest and indictment for disregarding the obligations of a juror. During the three months ending Sept. 30 there arrived at New York 68,588 emigrants, of whom 24,381 were Germans. Jay Cooke & Co. have again issued circulars to their creditors requesting their assent to the proposed agreement. One of their heaviest creditors says if the firm is forced into bankruptcy they cannot pay over 25 cents on the dollar, but if allowed to settle themselves they will pay every dollar, and have a nice sum left. The gold coinage at the United States Mint in October amounted to $11,010,000 in double eagles. The gold weighed 38 tons. The freight business of the Eastern railroads is suffering severely from the financial disturbance. Stokes has entered upon his four years' residence in Sing Sing Prison. It is believed that the Sprague Manufacturing Company will be able to discharge their obligations and continue business uninterruptedly if their creditors are not too pressing. Between $700,000 and $800,000 in silver of various denominations will be coined at the Philadelphia Mint this month. Steps have been taken for the formation in New York of a bank devoted entirely to the grain interests of the interior. That bale of cotton donated for the benefit of the Memphis sufferers has been again sold in New York for $2,875, or more than $6 a pound. The consumers of beer in New York having for a long time complained of the quality of their favorite beverage, the brewers have resolved to raise the price from $9 to $10 per barrel, as they claim that it is impossible to make good beer at the former price. The firm of H. B. Claflin & Co., of New York, has made a statement to its creditors, showing their assets of all kinds to amount to $22,508,000, and their indebtedness, both domestic and foreign, $15,584,000, leaving a surplus of $6,924,000, not counting the personal assets of the members of the firm. Upon this t

9. November 8, 1873 Ashtabula Weekly Telegraph Ashtabula, OH

Article from Ashtabula Weekly Telegraph, November 8, 1873

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. Stocks touched 11 pretty low figure on Friday last, showing that monetary affairs are far from reaching a settlement. The particular stocks affected are those known as the Vanderbils stocks. Western Union went down to 451, New York Central to 80g Lake Shore to 581/2. and Union Pacific to 15. North Western common touched 30, the lowest price it ever sold for. Hoyt, Sprague & Co., the New York agents of the Phode Island Spragues, suspended and their suspension is one of the gloomiest features of the panic, three millions of their acceptance being afloat in New York alone. The condition of the Rhode Island Spragues still remain critical. 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 branklin having temporarily suspended. and three others in Providence being some. what crippled. Another its iii of importance is the fact that the Trustees of the Union Trust Company find us capital unimpaired, and have passed a resolution to resume Dec. 1, with their capital increased to $2,000,000,double the present amount. The reports from the manufacturing districts do not lighten up the general situation. From every quarter comes the news of reduction. of time and wages and discharge of operatives. Thousands are c now without employment in Massachusetts, r. Pennsylvanaa, and New York. The notes of A. & W. Sprague went to protest on Friday alternoon. e The most astounding rumor of Friday, was that the firm of H. B. Claflin & Co., one of the al greatest dry good firms on the Continent were embarrassed, and without accommodation must suspend. One of the firin stated In that the assets of the firm above liabilities e were not less than ten millions.

10. November 13, 1873 Marshall County Republican Plymouth, IN

Article from Marshall County Republican, November 13, 1873

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NEWS SUMMARY. The East. THE Beecher-Bowen-Tilton scandal is again stinking in the nostrils of the Brooklynites. Tilton has been summoned to appear before a committee of Plymouth church and tell what he knows about the matter, but refuses on the ground that he is not a member of that church number of New York firms have failed, including Llovd, Hamilton & Co.: J. F. & W H. Daley; C. Mattman, Schmid & Co.; and Hoyt, Sprague & Co. The latter are the agents of the Rhode Island Spragues, the extensive manufacturers, and their suspension is one of the gloomiest features of the panic, $3,000,000 of their acceptances being afloat in New York alone. The failure is also announced of Morgan, Young, Altemus & Co., one of the heaviest Philadelphia dry goods houses. The reports from the Eastern manufacturing districts do not lighten up the general situation. From every quarter comes the news of reduction of time aud wages and discharge of operatives. Thousands are now out of employment in Massachusetts, Pennsy lvania and New York. The Cranston and Franklin Savings Banks, of Providence, in which the Spragues are largely interested, have suspended. The deposits, amounting in the aggregate to $3,500,000, were made chiefly by working people, who will suffer great privations they lose their savings. Twenty thousand working girls in Newark, N. J., have been thrown out of employment by the stopping of manufactories. Thirty-seven mills in Fall River are now running on half time. The Merrimac Woolen Mills, of Lowell, will close up in few days. Over 25,000 working women are reported idle in Philadelphia. It is is evident that this will be hard winter for the classes dependent on daily earnings The Philadelphia Mint is now coining silver at the rate of $1,500,000 month Freehold, N. was recently visited by a destructive fire, over $150,000 worth of property being burned. THERE has been another serious fall in stocks in Wall street. Northwestern common touched 30, the lowest price it ever sold for, being five cents lower than when Henry Keep picked it up, seven years ago. Vanderbilt shares suffered an alarming decline, and it is said the venerable cormorant was taxed to his utmost resources to keep his head above water. Western Union went down to 457, New York Central to 803. Lake Shore to 581. and Union Pacific to 15. A New York dispatch states that the great dry goods house of H. B. Claflin & Co. is seriously embarrassed. THE Chesupeake and Ohio railroad has defaulted on its interest The reported failure of the great New York dry goods house of H B. Claflin & Co. was a canard. The firm is perfectly solvent The committee of Providence bank representatives appointed to examine the condition of the affairs of the A. & W. Sprague Manufacturing Company report the assets of the corporation to be $19,495.247. and their liabilities $11,475,443. They recommend that the members of the firm mortgage all their property to three trustees, who shall have entire control of it until their affairs are settled, their obligations to run three years One of the Stokes jurors is in trouble, being under arrest and indictment for disregarding the obligations of a juror. During the three months ending Sept. 30 there arrived at New York 68.588 emigrants, of whom 24.381 were Germans Jay Cooke & Co. have again issued circulars to their creditors earnestly requesting their assent to the proposed agreement. One of their heaviest creditors says if the firm is forced into bankruptcy they cannot pay over 25 cents on the dollar. but if allowed to settle themselves they will pay every dollar, and have nice sum left The gold coinage at the United States Mint in October amounted to $11,010,000 in double eagles. The gold weighed 38 tons The freight business of the Eastern railroads is suffering severely from the financial disturbance Stokes has entered upon his four years residence in Sing Sing Prison. IT is believed that the Sprague Manufacturing Company will be able to discharge their obligations and continue business uninterruptedly if their creditors are not too pressing. Between $700,000 and $800,000 in silver of various denominations will be coined at the Philadelphia Mint this month Steps have been taken for the formation in New York of bank devoted entirely to the grain interests of the interior That bale of cotton donated for the benefit of the Memphis sufferers has been again sold in New York for $2,875, or more than 86 pound The consumers of beer in New York having for long time complained of the quality of their favorite beverage, the brewers have resolved to raise the price from $9 to $10 per barrel, as they claim it is impossible to make good beer at the former price The firm of a H. B. Claflin & Co., of New York, has made statement to its creditors, showing their assets of all kinds to amount to $22,508,000, and their indebtedness. both domestic and foreign, $15,584,000. leaving a surplus of $6,924. 000, not counting the versonal assets of the members of the firm. Upon this showing the creditors have unanimously agreed to grant an extension of four months on the monthly payments, and the business will go on as usual. LOUIS GAYLORD CLARK, the well-known author and magazinist, and who was editor of the old Knickerbocker Magazine during its existence, died in New York last week, aged 63. THE rumor that Tom Scott, the railroad king, had failed, is indignantly denied by that gentleman. The mother of the late Edwin M. Stanton is d aged Nine fishermen were drowned from S sail-boat in the St. Lawrence river, on the 5th inst. [arrisburg has been viisted by a destructive fire. The State Journal office, with several other establishmente, were burned Total logs about $150.000. Gold in New York was down to 1067 last week-the lowest point since 1862 Several large Boston dry goods houses are seriously emb proceedings against Jay Cooke & Co. have been commenced in the Philadelphia courts. The West. SENATOR WINDOM'S Transportation Committee visited Louisville, the other day, and were received on 'Change, where resolutions were passed commendatory of the James River and Kanawha canal. The committee examined Capt. Adams and other engineers in regard to the Louieville canal, and seemed satisfied of the necessity of the improvement of the Ohio river, and control of the-canal. Gov. Beveridge has succeeded in preventing the St. Louis roughs from having their.prize-fight on Illinois soil, and Allen and Hogan propose to maul each other on Canada soil, near Detroit, The Wayne county, Ind. county seat war is over, and order reigns once Mike McCoole the St. Louis brniser.

11. November 14, 1873 The Andrew County Republican Savannah, MO

Article from The Andrew County Republican, November 14, 1873

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# NEWS IN BRIEF. THE EAST. THE New York Board of Aldermen have atoned for a great many short-comings by making the handsome donation of $50,000 to the Memphis Relief Fund.... Phelps, the defaulting Cashier of the New York State Treasury Department, has been committed to jail for trial in default of $15,000 bail.... The furniture factory of John H. Morrill, in New York city, was destroyed by fire last week. Loss, $150,000. A watchman was burned to death while trying to extinguish the flames. ....A dispatch from Providence, R. I., says the Spragues are seriously embarrassed. Their assets are said to be $7,000,000 more than their liabilities, and want of current funds is the cause. THE serious results of the panic still continue. The extensive print works of Garner & Co., at Little Falls, Cohoes, Rochester, Pleasant Valley, Newburg. and Haverstraw, have shut down, discharging 10,000 men. The pay-roll of this firm amounted to $500,000 monthly. Other extensive factories, of various kinde, have suspended work, or have reduced wages and time. The prospect looks gloomy for the winter.... The third trial of Edward S. Stokes for the murder of James Fisk, Jr., has been coucluded at New York, and resulted in a verdict of manslaughter in the third degree. The prisoner was sentenced to four years' hard labor in the Penitentiary. Three persons-a man and two women-were recently run over by a train of cars at Frankfort, N. J., while attempting to cross the track in a wagon. They were horribly mangled, and lived but a short time. THE Beecher-Bowen-Tilton scandal is again stinking in the nostrils of the Brooklynites. Tilton has been summoned to appear before a committee of Plymouth church and tell what he knows about the matter, but refuses on the ground that he is not a member of that church. ... A number of New York firms have failed, including Lloyd, Hamiltion & Co.; J. F. & W. H. Daley: C. Mattman, Schmid & Co.; and Hoyt, Sprague & Co. The latter are the agents of the Rhode Island Spragues, the extensive manufacturers, and their suspension is one of the gloomiest features of the panic, $3,000,000 of their acceptances being afloat in New York alone. The failure is also announced of Morgan, Young, Altemus & Co., one of the heaviest Philadelphia dry goods houses. The reports from the Eastern manufacturing districts do not lighten up the general situation. From every quarter comes the news of reduction of time and wages and discharge of operatives. Thousands are now out of employment in Massachusetts, Pennsylvania and New York. The Cranston and Franklin Savings Banks, of Providence, in which the Spragues are largely interested, have suspended. The deposits, amounting in the aggregate to $3,500,000, were made chiefly by working people, who will suffer great privations if they lose their savings. Twenty thousand working girls in Newark, N. J., have been thrown out of employment by the stopping of manufactories. Thirty-seven mills in Fall River are now running on half time. The Merrimac Woolen Mills, of Lowell, will close up in a few days. Over 25,000 working women are reported idle in Philadelphia. It is evident that this will be a hard winter for the classes dependent on daily earnings.... The Philadelphia Mint is now coining silver at the rate of $1,500,000 a month... Freehold, N. J., was recently visited by a destructive fire, over $150,000 worth of property being burned. THERE has been another serious fall in stocks in Wall street. Northwestern common touched 30, the lowest price it ever sold for, being five cents lower than when Henry Keep picked it up, seven years ago. Vanderbilt shares suffered an alarming decline, and it is said the venerable cormorant was taxed to his utmost resources to keep his head above water. Western Union went down to 45, New York Central to 80½, Lake Shore to 58½, and Union Pacific to 15....A New York dispatch states that the great dry goods house of H. B. Claflin & Co. is seriously embarrassed. THE Chesapeake and Ohio railroad has defaulted on its interest.... The reported failure of the great New York dry goods house of H. B. Claflin & Co. was a canard. The firm is perfectly solvent.... The committee of Providence bank representatives appointed to examine the condition of the affairs of the A. & W. Sprague Manufacturing Company report the assets of the corporation to be $19,495,247, and their liabilities $11,475,443. They recommend that the members of the firm mortgage all their property to three trustees, who shall have entire control of it until their affairs are settled, their obligations to run three years.... One of the Stokes jurors is in trouble, being under arrest and indictment for disregarding the obligations of a juror..... During the three months ending Sept. 30 there arrived at New York 68,588 emigrants, of whom 24,381 were Germans... Jay Cooke & Co. have again issued circulars to their creditors earnestly requesting their assent to the proposed agreement. One of their heaviest creditors says if the firm is forcel into bankruptcy they cannot pay over 35 cents on the dollar, but if allowed to settle themselves they will pay every dollar, and have a nice sum left.... The gold coinage at the United States Mint in October amounted to $11,010,000 in double eagles. The gold weighed 38 tons.... The freight businers of the Eastern railroads is suffering severely from the financial disturbance... Stokes has entered upon his four years' residence in Sing Sing Prison. IT is believed that the Sprague Manufacturing Company will be able to discharge their obligations and continue business uninterruptedly if their creditors are not too pressing.... Between $700,000 and $800,000 in silver of various denominations will be coined at the Philadelphia Mint this month....Steps have been taken for the formation in New York of a bank devoted entirely to the grain interests of the interior.... That bale of cotton donated for the benefit of the Memphis sufferers has been again sold in New York for $2,875, or more than $6 a pound..... The consumers of beer in New York having for a long time complained of the quality of their favorite beverage, the brewers have resolved to raise the price from $9 to $10.

12. December 6, 1873 Evening Star Washington, DC

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The Cranston Savings Bank Insolvent PROVIDENCE, December 6. - The commissioners appointed by the Governor to investigate the condition of the Cranston Savings Bank, made formal complaint to the Supreme Court that in their opinion the bank is insolvent, whereupon the court directed an injunction to be issued and appointed Alexander Farnum receiver.

13. December 6, 1873 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, December 6, 1873

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Insolvent Bank PROVIDENCE, Dec. 6.-The commissioners appointed by the Governor to investigate the condition of the Cranston Savings' Bank, made formal complaint to the Supreme Court that in their opinion the bank is insolvent, whereupon the court directed an injunction to issue and appointed Alexander Faroum receiver.

14. December 7, 1873 The Cairo Bulletin Cairo, IL

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From Providence. PROVIDENCE, December 6.-The Cranston Savings Bank has been declared insolvent, and a receiver appointed.

15. December 7, 1873 Nashville Union and American Nashville, TN

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FINANCIAL. The New York Banks. NEW YORK, Dec. 6.-The associated banks held $41,155,000 legal tenders, an increase of $197,000. The bank statement shows: loans-increrease, $4,091,800; specie-increase, $1,351,600; legal tender-increase, $2,332,790; depositors-increase, $7,675,900; circulation -decrease, $52,400. A Millionaire Bankrupt. William J. Woodward, a Wall street speculator,who about 2 years since manipulated the pool in Rock Island stock when the market was cornered and who then failed, to-day notified his creditors that a warrant had been issued against his estate and he adjudged a bankrupt on his own petition. A meeting of creditors had been appointed for Dec. 18, in Brooklyn. Woodwards. liabilities are estimated at about $3,000,000. Cornwall & Co., cotton brokers, failed today, It is not believed to be a sad failure or that serious trouble will result therefrom. WASHINGTON, Dec. 6.-The outstanding legal tenders are 369,517,318. Providential. A copy of the trust mortgage of the Sprague manufacturing company of Rhode Island, has been filed with the recorder of deeds in this city. PROVIDENCE, Dec. 6.-The Cranston savings bank has been declared insolvent and a receiver appointed. The Value of Commercial Reputation. NEW ORLEANS, Dec. 6.-Geo. G. Walfe & Levi, of this city, have brought suit for a hundred thousand dollars damages against McKillop, Sprague & Co., commercial reporters, for making false representations regarding Wolfe & Levi, for the purpose of injuring their credit. Cincinnati Board of Trade in Favor of Free Banking. CINCINNATI, Dec. 6.-The Finance Committee of the Board of Trade to-day reported resolutions that all restrictions limiting national banking as a special privilege should be removed, and the right to issue notes should be givento all companies furnishing capital on the present basis of security; that in this way the public debt could be funded at home on bonds at a rate not over 4 per cent. interest, and these bonds might be convertible into greenbacks to secure elasticity of the currency when necessary. Also a resolution asking Congress to forbid payment of interest on current deposits by national banks.

16. December 8, 1873 New-York Tribune New York, NY

Article from New-York Tribune, December 8, 1873

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Union Trust Company was also adjourned till next Sat. unual BUSINESS PROSPECTS. MASSACHUSETTS MILLS RESUMING WORK ON FULL TIME. LAWRENCE, Dec. 7.-The Atlantic cottonmills, which have been running only part of their machinery four days each week, are to start every loom on full time. The Washington woolen-mill has started upon large Government orders for "navy blue" for the United States navy. LOWELL, Dec. 7.-The Appleton Company of this city begin to-morrow to run their mills full time with full pay until the close of the pay-roll for December. No announeement is made of their action beyond that time. CINCINNATI FINANCIAL RECOMMENDATIONS. CINCINNATI, Dec. 6.-The Finance Committee of the Board of Trade to-day reported resolutions declaring that all restrictions limiting national banking as a special privilege should be removed; that the right to issue notes should be given to all companies furnishing capital on the present basis of security to notes. and that in this way the public debt could be funded at home at a rate of not over four per cent interest, and these bonds might be convertible into greenbacks to secure the elasticity of the currency when necessary. It also reported a resolution asking Congress to forbid the payment of interest on current deposits by National banks. BUSINESS NOTES. The Recorder of Deeds at Washington has received for record a copy of the trust mortgage of the Sprague Manufacturing Company of Rhode Island, wherein they transfer all the property belonging to the firm and the individual members thereof to Zachariah Chaffee, in trust for the benefit of their creditors, The Commissioners appointed by the Governor of Rhode Island toinvestigate the condition of the Cranston Savings Bank of Providence, made a formal complaint to the Supreme Court that in their opinion the bank is insolvent, whereupon the Court directed an injunction to issue, and appointed Alexander Farnum Receiver.

17. December 13, 1873 The Democratic Advocate Westminster, MD

Article from The Democratic Advocate, December 13, 1873

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Items of News. Ostrich feathers are $250 a pound. Professor Agassiz is seriously ill at h residence in Cambridge, Mass. Johns Hopkins, of Baltimore, is et tremely ill. 4 The U. S. steamer Kearsarge went in commission at San Francisco on Monda Tweed has been appointed assistant o derly in the prison hospital at Blackwell Island. A Milwaukee brewing company has in ported 180,000 bushels of barley and 80 bales of hops from Italy. The Phoenix Silk Mill, at Patterson, I J., which has been partly stopped sine the panic, added 300 hands to its for this week. It is said that the steamer City Merida, the fastest vessel on the coast, to be transformed into a gunboat at transport, to be used in case of war. James Lucas, Esq., the well known boo and job printer, in Baltimore, died su denly in that city on Monday last, in tl 79th year of his age. The Government of Santo Domingo ha addressed a communication to this Gover ment asking for the establishment of : American protectorate over the island. A receiver was appointed on Saturd: for the Cranston Savings Bank of Prov dence, R. I., the Commissioners appointe to examine its condition having reporte that it was insolvent. The boiler of the steamer Royal Georg exploded at Albany, Texas, on Saturd night. The mate and three deck han were killed, and seven others injured-five of them seriously. At last accounts tl wreck was on fire, and relief had been sei from Shreveport. The Spanish frigate Arapiles is likely be detained in the dry dock several day longer by the accidental sinking of a barg laden with 200 tons of coal opposite tl entrace to the dock. Owing to the pre sure of work at the Brooklyn Navy Yar none of the men can be spared to assist removing this obstruction. At Audenreid, Pa., on Saturday, whi a number of miners were descending th Honey Brook slope, the fastening of tl car broke, precipitating them down tl mine a distance of 500 feet. Alexand Brown and John Richards were kille and Patrick Doolan was mortally injure Twelve others escaped with slight injurie The counsel for the prisoners convicte of an attempt to rob a Delaware bank hay withdrawn their reasons for a new tria The culprits have been sentenced to tl pillory, forty lashes, a fine of five hundre dollars, and ten year's imprisonmen The sentence of flogging was carrie out on Wednesday last. On Sunday afternoon, four armed an disguised men, who said they were Unite States detectives in search of counterfe money, entered the house of Henry Dee ing, near Baltimore, presented pistols Deering and his wife and compelled tl latter to disclose where their money w kept. The robbers then escaped wit $250. They have since been arrested. There is much reticence in offici circles at Washington concerning tl reported resignation of Minister Sickle but it is admitted that his conduct w unsatisfactory, and it was owing to th that the negotiations with Spain we concluded in Washington, between A miral Polo and Secretary Fish. o General Sickles' retirement as Ministe he will draw an annual salary, as retire Major General, of 85625. The Government despatch boat Despate arrived at Key West on the 6th, in for days from Norfolk, and transferred 6 barrels of powder to the storeship Pawne to be deposited in Fort Taylor. Both tl despatch boats at Key West were the under steam, waiting telegraphic order The steamer Rescue left Washington Sunday for Key West, after mounting tv 30-pounder Parrotts. She will be used a despatch boat. On Saturday afternoon, five boys we skating on a pond, at Westwood Junctio near Schuylkill Haven, Pa., when the i gave way. A freight train passing at tl time was stopped and the train men we to the rescue. After great exertions th saved two of the boys. The others we dead when taken out. The drowned we Samuel Simmons, James Finn and Frai Boppert. Finn's father was drown several years ago in the same pond. A paper church building is said, by tl Journal of the Society of Arts, to hay been built in Bergen, Norway, a city nearly 300,000 inhabitants. The buildin is circular within and octagonal withou The relievos outside, the statues inside, t roof, the ceiling are all constructed papier mache, made waterproof by satur tion in vitriol, lime water, whey and whi of egg. The church building has spa enough to accommodate 1000 people. A letter to the St. Louis Despatch sa that six desperadoes raided along tl White River, in Arkansas, on the 26 ult., robbing the settlers of horses, mone and other valuables. Returning fro their raid they were met in ambush Maguire's Ferry, by the citizens, who fire upon them, and their leader and tv others were killed. Another was mortal wounded, and the remaining two we captured. It was decided to hang t prisoners, but their captors were at leng persuaded to leave them in the hands the