New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-03

action was taken, as the adoption or rejection OF
the plan rests with the creditors. simple vote OF
thanks to the Committee of -Four. and to John d.
Anthony, who had given them assistance In thoT
work, was passed.
Benjamin +. Thurston, counsel Tor A. q W.
Sprague stated in behalf of the A. d W. Sprague
Manufacturing Company that they are in full ac-
cord with the Committee OF Five, and have adopted
their recommendations in full mortgage deed has
been proposed TO all the property and assets
private and corporate for the benefit of the creditors
of the Company. meeting of the creditors will be
called at an early day. and 1t is hoped he said that
they will see that the execution Of the proposed plan
is the best possible thing that, under the circum-
stances, can be done for their interests. 1t is in
their power to accept or reject. But the alternative
of rejection will be throwing the property into
bankruptcy, and its sacrifice a necessary
consequence, or at least the importing OF the
value of the obligations. l have suggested,
said Mr. Thurston, that the meeting express
satisfaction with the recommendations OF the
Committee.
Some action OF the kind would be OF immense value,
from the effect IL would necessarily have on the large
Perhaps however all sufficient facts are not at TINS mo
ment before the meeting The trust deed is n01 yes n
that instrument that there is perfect absolute anu
complete control the part OF these gentlemen aouhg
in the interests the creditors Of this vast property so
that while, on the one hand the Company when mas
with immense disaster is not 10 be oVerw
the OF adversely with unmerted insult AT tne
same time the property OF the Company is 10 DC pre-
served in such way that the creditors snh see that ~
no bad maua cement by no possibility Of bad counsel
except such may come from the conuIl0hs them-
selves, can this property De suoectsa 10 @
of the A. d w. Sprague Manufacturing Company, ana
authorizes me 10 that he does because nc thinks
that the presidency of the Company in the Judgment OF
the creditors, would be an ODstace 10 tne iul acOV
pishment of the best interests of the creditors lie
ak
obstacles. The vacancy temporarily supplied by
The oppoIntment OF Col Amasa Sprague, next most
nearly representing the Company TINS IL not neces,
sarlly permanent arrangement can htate on pen
Of the managers of the corporation that there VIII be te
fullest and most hearty cooperation on tne part OF te
cooperation with the creditors through their trustees IN
the management OF the property, SO tnat the outuo
denendences those excrescence rather those para
sites which have upon the central tree snail DC cu
OF and leave intact that manufacturing properly, wnS
for 40 MANY wears been the pride aud glory OF the
State but hope that the creditors Will rise above any
entertained by individuals not held by any great
body the people, they believing mat the nquIditior
OF their claims will be best served by the pfeserVa'oh
OF the house Itself.
THE PLAN OF SETTLEMENT WELL RECEIVED
Mr.. Thurston stated that the corporation had
appointed as the three trustees to whom the property
is to be conveyed in trust for the creditors, Rufus
Waterman. ex-Gov. James Y Smith, and the present
Governor. Henry Howard. The act of appointing
the trustees ne said is necessarily an act OF the
corporation. They convey their property to whom
they select. They have named already the gentle
men designated, who have been selected after
conference with many of the creditors represent
ing large interests under the circumstances was
possible and representing, so far as 1t was possible
to do So the feelings and desires of the great body
of the creditors who were accessible III Is the acV
of the corporation. Now then, it is doubtless
entirely III the power Of the creditors TO reject the
whole thing and to take proceedings in bankruptcy
hail HOY wi
ceedngs can be begun. After short discussion, IN
which the sentiment was plainly against throwing
the company into bankruptcy, the meeting al;
jOurned.
From consultation with leading business mon and
bankers in the city it was learned by your cor
respondent that the plan Of settlement proposed is
generally well received and the selection of trustees
in two cases at least. Gov Howard and ex-Gov.
Smith, cordially approved. Gov. Howard was
absent in Boston when the appointment was made
and announced On his return this afternoon he
stated to me that he must take considerable time to
consider the question of accepting the appointment
1T is doubtful" he said, if shall be able to act as
trustee My time is so taken up with official duties
and the care of my own business that hesitate to
take so onerous responsibility"
THE CREDITORS TO BE CALLED TOGETHER WITHOUT
DELAY.
Ex-Gov. Smith said that the meeting of creditors
would be called by the trustees at as early day as
possible Probably they would be called together
about the middle of next week The position and
care of interests so vast must be definitely arranged
at as early date possible Here for instance are
the great print works at CraDstOn, turning ont their
$50 cases per day they must be looked after. They
were started again last Monday, after the annual
closing for repairs and for the change between light
to dark goods. On account of the depression in
manufacturing it had been feared that they might
remain closed for long time this FALL but after the
great sale Of prints by HOyt Spragues Co. to Ii. b.
Clahin d Co. last week, which closed out all the
dark goods on hand, the works were started again
full time to stock up. There were then S25OO,OO
worth of bleached cloth at the works ready for
printing and the business in a month of full work
from the time of starting again will amount to
S4OOO0OO. Such q great business must have the
promptest and most definite settlement.
Ex-GOv. Smith states that every facility was prof
fered him in the preparation of the report. The
books were opened, and everything done to lessen
the difficulty Of the work.
THE EFFECT IN MAINE OF A. & W. sPRAGUE's EN-
BARRAssMENT.
AUGUSTA, Nov. 1.-The financial troubles of
A. W. sprague, 1t is believed will not seriously affect
the business in this city, with which they identified
with the exception of the two cotton mills which
faeture print cloths for their Cranson mills Their fac
tories give employment to 45O operatives, with pay
roll per month. 1t not likely they will tenn
porary suspend operations Next Monday is pay day,
and efforts are now being made TO raise the to
pay Oft theempoy6s The soyency Of the Coburn Land
Company and the Kennebec Land and laundering Com
pany will not be affected in the least BY the sprague
failure.