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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
