The New York herald., 1873-11-07
THE MEETING OF CREDITORS.


Surrendered by the Corporation
Rufus Waterman, Amos ID. Lockwood
and George c. Nightingale Appointed
Trustces-The Deed Not Yet Ready.
PROVIDENCE, R. l., Nov. 9, 1873.
The f1nal action in regard to the proposition or
plan suggested by the Examining Committee ap-
pointed by the banks to examine into the anairs OF
the A. W. Sprague Manufacturing Company was
taken to-day at the meeting OF creditors at Armory
Hail. that is, all the final action that is possible
where the liabilities are so immense and the
creditors so numerous. The meeting was very
large one, completely filing the hall. 1t was
ganized by the appointment OF Mr.. Amos c.
Barstow, formerly Mayor OF this city, and busl-
ness man OF repute as chairman. Immediately
after the organization
COMMUNICATION FROM AMAsA spRAGUE
as president the corporation, and A. W. Sprague
was submitted asking the creditors to designate a
committee with whom they could have free
and full conference for the purpose OF devisng the
best plans for securing the large property in their
hands to their creditors, and enabling all claims
against them to be satisfied In the
shortest possible space OF time. In this
communication the A. w. Sprague Manufactur-
ing Company and A. h w. Sprague pledge
to their creditors their utmost efforts TO cooper
ate in the means to the above end which
upon conference may be devised. This sud-
den change OF plan in the appointment Of trus-
tees was made necessary on account OF Governor
Howards refusal to serve the indifference of Mr..
Waterman and the violent hostility to Ex-Governor
smyth, who was dropped because his appoint.
ment was tantamount to the complete failure
of the trusteeship, in consequence OF which no
alternative would have been left but bankruptcy,
A LONG DISCUSSION
ensued, In which Deacon william j. King took the
leading part When man is deacon in Rhode
Island he has q right to talk in season and out OF
season, and as the Spragues owe him nearly
$5co,00o he had double right to be heard on this
occasion. He talked great deal, but he did not
not say anything. The only important thing said in
the early part Of the meeting in the speech OF
Mr. d. +. Thurston, tho counsel OF the spragues Mr.
Thurston Is perhaps, the ablest man in the State,
and he gave the Spragues' view OF the appoint
ment OF the trustees with great clearness. He
said
MR.. THURsToN,s SPEECH.
Last evening had an interview with Governor
Sprague and he desired to say to this meeting, If
the occasion should be fitting and should require
any statement, that his sole object and purpose
was that the property In the hands OF the corpora
tion aud the hands or A. & W. Sprague should be
deso'ea ts primarily yy,,ts to the payment Of all
and Of a. NV n' sprasue. he Would "s di0%esns aesirs
that the trustees, II that plan should be
should be friendly to the house only in this
sense-that their object should be to preserve, as
far as possible, after the payment OF the debts
due from this. corporation, and from A. & W.
Sprague, the property which should remain rather
than adopt line OF policy which would tend to
disslpate and scatter II. Thus far he has an
interest IN the appointment OF the trustees and
no iurther ana oesire--speaking for myself and
my assoclates on ochaii 0i the corporation-that
any committee which shall be appointed to ascer-
tain whether the plan proposed is acceptable land
It'll generally understood that IL Is acceptablel
ana sun1clent that committee shall be 80 appointed
as 20 preclude the possibility OF any doubt as
10 tne nrmness OF lts constitution and the pur-
poses for which 1t Is to be employed. The object
MI. cnxirman. - tn have such an understanding