The New York herald., 1873-11-07

that Will tend by the accomplishment of the result
so much desired by ALL which is the obtaining OF
the greatest security possible for these obligations
Iherelore ~ becomes important that the appoint
ment OF this committee should be such that 1t viii
be impossible to 1t said that there is nj in
nuence bringing about that appointment other
thah the common interest and advantage OF all
THE cHAIRMANs VIEWS.
There was some difference OF opinion as IN |
whether trustees should be appointed at all; even
Mr. Barstow, the chairman, having a place OF his
own. He stated It as follows:-
1t seems TO me that the embarrassment OF plac-
ing property so large as this and SO diversified
trustees. with the understanding that lt is TO be
managed and kept IN operation considerable
period OF time, first by It's owners and then by Its
trustees And again the divided ownership
and divided management could not work in any
other way than inJuriously to all concerned You |
might secure very harmonious management OF |
this property-harmOny, | mean, between the |
trustees-and you might secure anything but har-
mony, and, II the management were TO lack har-
mony nothing but injury could result 20 the cred
tors Now. SO far as know, the creditors OF TINS
corporation have confidence. in the skin. the
bers OF the corporation, and they have
also confidence tnat there Is property
be the case, why may not the property re.
main where 1t Is under some oversight and
tee, not OF trustees, Dut OF committee oi the
creditors, under written obligations and assent OF
management than can be had IN any other way
Now, the surplus here Is larger than IL was IN the
case OF the New York corporation, where there mas
stepped in and gave an extension, all the extern
Sion that was asked and don't know but that
easily ca lily turned into money As 1t was in that case.
Perhaps It is not SO entirely and n every sense,
but IN the long run 1t Is as valuable merchandise
as that shop could have been.
MR.. B. DEXTER LEWIS
wanted a committee to be appointed to ascertain
how many OF the creditors would be willing to ex-
change their Indebtedness for the property OF the
A. 4 W. Sprague Manufacturing Company at its ap-
praised value. and he announced himself as willing
to buy Sprague property, paying for it on receipt
in full.
THE NEW YORK INTEREST
Mr.. j. J.. Riker. OF New York speaking in behalf
OF the creditors OF New York, said
The New York creditors know nothing further
than what they see in papers; and from the gem
eral position OF the AFFAIR 1t will be very di1hcut
thing to convince the merchants and thinking men
OF New York that this corporation, or the managers
OF 1t. should receive back the entire thlng un-
settled and run it into the ground, so to speak,
loaded as it now is l doubt II those mer-
chants think that the corporation has the
ability to carry the business on in safety II such
course is pursued and unless some arrangement is
made tending to proper trusteeship think that
it will be almost impossible to get q settlement
with the great number OF creditors who reside In
New York. speaking ior myself while. under
TO give them ali the time that is asked for. have
not felt that they should retain possession OF their
property during the three years in which the credi
tors are TO be paid
THE LADIES' SHARE.
The only other speech made during the meeting
which was OF any Importance was by Mayor Doyle
in reply to q remark OF Ex-Governor Padeford, to
the effect that the resolution appointing the con-
ference committee was faulty IN not including
large amount OF personal property owned by lady
members OF the house. In reply Mayor Doyle, who
is a brother-in-law Of Amasa and William Sprague
said
1ada 80 all ha incl Ind
though under proceedings in bankruptcy 1t would
not be. Their desire, however, in common with
all the other members, Is that every creditor snail
receive his iull Indebtedness, and they believe
every creditor VIII receive 1t.
Mr.. Barstow, the chairman, at first hesitated
about taking the responsibility OF appointing the
conference committee; but recess of half an
hour was taken, after which he named the follow
ing gentlemen:-
THE COMMITTEE OF CONFERENCE
Messrs William j. King, John L. Riker, OF New
York; Henry Howard, william II. Hopkins and
Daniel Remington.
OPINION OF THE MEETING
These appointments were generally acquiesced
in, after which the following resolution was passed
unanimously, and the meeting adjourned till three
O'Clock to await the report OF the Conference Com
mttee:-
Resolved That in the opinion OF this meeting it
w. Sprague and the A. d w. Sprague Manuactur-
ing Company and OF the individual incorporators
should be placed IN trust for the benefit OF all the
creditors, and that those trustees who shall be
acceptable to majority OF the creditors shall be
appointed TO receive this trust.
The creditors reassembed promptly at the ap.
pointed time, but full hour elapsed before the
meeting was called to order, the delay being occa-
stoned by the non-arrival of the committee, who
up to that time were in conference at the oflce OF
the spragues with members OF the Spragae corpora
ton. The creditors, however, awaited patiently
THE RETURN OF THE COMMITTEE,
and the Intervening time was spent in general
and informal talk about the situation and the prob
able result of the meeting. At i0ur O'Clock the
committee re-entered, and the meeting was then
called to order by Chairman Barstow, who asked for
the report Of the committee. Mr. William J. King,
chairman OF the committee, announced that Mr..
John L. Riker had been elected secretary by the
committee, and he called upon that gentleman to
present the report. Mr.. Riker, therefore made
A VERBAL REPORT OF THE RESULT
OF the committees conference and deliberations
as foows:-
AT a general meeting OF the creditors or the A.
w. Sprague Manufacturing Company and OF A.
4 w. Sprague, held this day, a conference commit
tee OF tive were appointed, who met at the office
OF said corporation to ascertain the views OF the
members comprising it and what powers they
were willing to delegate to trustees, and the gen
eral plan and form OF the deed. At the meeting
there were present personally the President OF the
Coi ipoi hhasS s,pi oBuCs t'cHosol dsuc
and other members OF the corporation, together
with representatives OF the Hoyt family, and
all said they desired to give full power
to the committee to submit to the fullest
extent TO the wishes of the creditors and they
willing to give the trustees or, at least, ma
jority OF them, the power TO act in the disposition
OF the property meet the obligations, and in
OF resignation the creditors to have power to ap-
point successors. In regard to the form OF the
deed the Spragues and other members OF the COM
pany, corporatedly and privately. wished the
creditors TO understand that they were willing TO
have it oil the fullest sort to protect their interests
and. furthermore, they are willing that the word
ing OF the deed be lett to counsel With these facts
and statements before your committee passed
q resolution declaring that We believe
THE PLAN SUBMITTED,
in its general features is the best that could be de-
sired Tor the conversion OF the property and pay.
ment OF the debts. SO far as mention OF the cor
poration Is concerned, there was general consent
fnI fha cralif fQr i