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

RECOMMENDATIONS OF THE COMMITTEE.
Your Committee in making the above detailed report
OF the condition Of the A &. w. sprague Manufacturing
Company, have endeavored to comply fully with the
spirit of the following resolutions under which they
were created.
Resolved That in the opinion Of the representatives of
the Banks of this city aid ought TO be extended to the
A. e. W. Sprague Manufacturing Company, TO enable 1t
meet It's maturing obligations, provided committee
report that the of $OOOOO0 requested will be su
Gent 20 meet the probable requirements OF the Com
panE and provided that the mortgage security offered
Besoieed, That James Y Smith, Seth Padelford Rufus
make the examination, and committee are author
tied take the opinion Of counsel he validity Of
the proposed mortgage.
10 determine whether the mortgage proposed would
be valid and free from objection under the provisions Of
the Bankrupt act, they compelled to ascertain
whether the amount OF aid asked would, in all rea-
sOnable probability, be sufficient to enable the Company
meet its maturing obligations In the regular of
business The unsettled condition Of financial affairs
and OF business the present time, and the large
amount OF obligations Of the Company maturing during
next 80 days. preclude the possibility OF your Com
mttee reporting that the Of 81 100000 would enable
Company meet its engagements regularly in the
future and as OF failure to do so, the
IiditY Of the security might be questioned your Com
mttee under tho advice Of counsel Of opinion that
the sum asked for cannot safely be furnished.
Upon coming to this conclusion, your Committee
requested by the Company express their recommend
of the to be taken under the circum
stances 10 enable the Company to its creditors
the payment Of their claims and 10 preserve. far
possible from shrinkage the available property in
the hands Of the Company.
They therefore recommend that the A. & w. sprague
Manufacturing Company, and the individuals COM
prisiug that corporation, mortgage all their property 10
fhroe trustees who shall practically have all control aud
management Of the entire property
These trustees 20 notes to amount which shall
fully cover the amount OF present indebtedness these
obligations having three years 20 and drawing SEMI
annual interest the rate Of and threetenths
per cent per annum with the right reserved TO pay five
Ter cent OF de often in their Judgment shall
DE practicable. II, . -, =,
deneos OF Indebtedness and If the trustees have the full
authority asked for them, they viii DO able TO ayerta
great calamity 10 thousands OF operatives, make the
mill properties valuable, prevent an immense further
shriDkaee of values ana In fun the Indebtedness OF
the A W. Sprague Manufacturing company tOgetnef
with that Of all its depending estabIishmeuts
IL being the duty OF the trustees 10 convert inc prop
eTty and pay the debts al early DAY as possible u
IL not unlikely that the whole Indebtedness may De can
celed IN much less time than the three years. Re
spectfully submitted
JAS. Y SMITH,
bLTH PADELRORD.
GEO. H. WILSON,
STATEMENTS IN BEHALF OF THE sPRAGUEs.
The report was received quietly. Although sew