The New York herald., 1873-11-03
SPRAGuE'S ENBARRASSNENTS.
The Worst Of the DinfcultV
Considered Past.
CONTENTS OF THE DEED
Provisions Of the Document Providing for
the Satisfaction of Creditors
Arrangement Satisfactory.
PRovrpENcK. R. l., Nov. 2, Is7a

PRovIDEScE r. l., Nov. 2, 1873.
called this evening at the grand residence oA
Senator Sprague to hear what his views were
upon this crisis In the fortunes OF his house, His
blother-in-law, Mayor Doyle VINO answered tho
summons OF the BELL informed me that the SENATOR
was Ill and not TO he seen. asked Mr.. Doyle ID
anything had transpired since yesterday worth re-
cordng. He answered -'srhe dee OF mortgages
is in course ofpreparaton. aud M be accept
able TO the creditors there IL little 20 be SAID
done. On the acceptance Of the deed viii de-,
pend whether the house VIII be allowed TO recoveH
itself-which IL can door be thrown into bank
ruptcy, which means ruin. All we have got to do,
now Is TO make the deed as acceptable TO the.
creditors with due regard for ell the interests.
concerned as possibe.r
AN INTERVIEW WITH MR. rHuRsroH 4
After leaving Mr.. Doyle went in quest Of Mr.4
Amasa Sprague TO his residence at Cranston, sure
OF finding him, for Amasa is . domestic sort oE
man, who lives in a modest way for the possessor.
OF millions. Amasa not at home He had noE
yet returned from town. and there was no tellingl
exactly when he would I drove afterwards to,
the house OF the lawyer for the company, Mr.i
Thurston. and that genial, intelligent gentleman
spent an hour In rapid condensation Of all the
vast concerns OF the Spragues the nature Of the
deed of mortgage, and. IN fact, in generaA
analysis OF the subject which is now the chief con-,
people of this State
CORRESPONDENCE there any influence at work.,
Mr.. Thurston, to utterly ruin the house oc
spraguef
THE ENEMIES THE SPRAGUEs.
Mr. THURsToN-I am sorry to say there is There,
Is q faction here that would like TO see th0i
Spragues annihilated, to have this great property
dispersed and pass into other hands. Among these
people are some who have material Interests
hafa in aucha a agulr Ia a
propensity. There IL no truth in the statemenr
that Brown 4 Ives have taken any steps to ems
barrass the Spragues. They have held,
SO far, q sort OF negative position towards
them. There are many persons here who's
unfriendly to the Spragues suppose they inter-
preu the sentiment OF the Brown Ives people, andA
| crafty them accordingly, by giving utterance to
everything likely affect inuriously the credit Of
the spra0ues. 1t is true that II the Brown Ives
folks took active part in befriending tho
spragues they could do world OF good. Mr. Will
/ liam Goddard, the active OF the c0ncern,,
might, If he chose, step forward and lend help
ing hand to his rivals. BY dong so he would show
a rare magnanimity and win q reputation and
genuine popularity that he is not aware or He,.
however, takes no part against the spragues, yet
Attitude or INDIFFERENCE
has its bad effect, ne accepts the situation, so
to speak. II the Spragues wiped out OF exist,
ence it Will not make him sad. He will be contents
to think it was the inevitable consequence OF thos
manner in which they doing business. Sen-,
ator Sprsgue has few friends and many enemies in'
the state. His action IN the Senate q few years
ago has left him many foes, and at this critical mo-
ment they take advantage OF his situation to mag,
nifty and dstort everything likely to tend against;
him. In this way the feeling is created that is:
made to act the minds OF the creditors towards
embarrassing acceptance OF the propositions in
the deeds OF mortgage.
Mr. Thurston was satisfied that the deed or mort
gage would be accepted by all the creditors. The
corporation have chosen as trustees Governor,
Henry Howard Ex-Governor james Y. Smyth anT
RUFUS aterman and these appointments and the
deed OF the property subject to the action OF tne
creditors, meeting OF whom, am Informed tniss
evening, will be held within a few days, pursuant
to a call to be issued tomorrow.
GOVERNOR HOWARD
is man thoroughly conversant with mercanto
affairs, actively interested in business AFFAIRS, being
treasurer OF the Arkwright Manufacturing Com,
pany, and possesses the confidence OF the business
community.
EX-GOVERNOR sMyTH,
who is largely identified with manufacturing in.
terests and who FOR three years, during the trying
time Of the rebellion, filled the position OF Cover
nor OF the state, Is man rather positive, ycC
witha very shrewd calculator, and probably he,
on account OF his known positiveness, might boi
Objectionable to some few OF the creditors, who's
have their individual interests and preferences iRs
an especial degree and would desire to have SUCH
trustees as would be pable and readily yield To-
their wishes
RUFUS WATERMAN
is one who moves considerably within the sphere
OF Brown Ives; yet his appointment shows
the confidence reposed In him, and he is, 1t is
believed, generally acceptable. As to the powers
vested in the trustees am enabled TO .autbori-
lively state substantially
THE CONTENTS or THE DEED.
The trustees are empowered to sell part or the
whole Of the property, discretionary with thenl-
selves, to liquidate the Indebtedness OF the com~
pany, which is mos tly in Rhode Island. They also
empowered to issue notes to sufficient amount to
meet the funded debt, estimated at $20,o0O,COo, az
q rate OF seven and three-tenths per cent If is
expected that they will dispose only Of the lands
outside she mill property so as to preserve tho
latter intact, at least the central core or bu'
OF the property, which includes the Cranston
Print Works and the Natick ana Quid-
nick manufacturing establishments, the nrst NELL
toned being that upon which the immense ior-'
tunes OF the house were principally buiit. Inc out
side property might be disposed OF with less sacr-
6ce 70 the house. The property In Baltic, Conn.,,
for instance though desirable and valuable to tho
concern can be better parted with tnan any por-
tion OF the Rhode Island interest.
THE GENERAL rUsroRT OF rHR DEED
,s IN favor OF making all reasonable sacrifice to
satisfy the creditors, and, not yet being executed.
Is subject to requirements OF the creditors who
wlll make manifest their wishes. Every EFFORT
thus far made, am informed, is towards
conciliatng all interests, and IT Is claimed
that under this deed the creditors stand better
show OF getting satisfied than they would be under
act OF bankruptcy which would be the only al
tentative should they reject the deed. Under an
act OF bankruptcy the assignee would have to
pursue the plain directions Of the Bankrupt law,
the land would be mdiscriminately condemned