New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-03
A. g. w. sPRAGUE'S AFFAIRS.
A FULL STATEMENT or ASSETS AND LIABU-
TTTEQ

A FULL STATEMENT or ASSETS AND LIABiL-
TIES
REPORT OF TIE COMMITTEE or FOUR-hsSETS MINI
TEEN MILLIONS, LIABILITIES ELEVEN MILLIONS
SURPLUS ASSETS or TIE Providence AND NEW
YORK HOUSES NEARLY TWELVE MuIJoSs-gEc-
COMBINATIONS OF THE COMMITTEE - THREE
TRUSTEES ALREADY SELECTED BY TIE C0PPohh-
TION-A MEETING OF THE CREDITORS TO BIZ
CALLED FOR ACTION UPON TIE PROPOsED Plan
OF sErTLEMESr-THE PLAN GENERALLY WELL
RECEIVED
iFRoM SPECIAL CORRESPONDENT or TIP TmBuSrl
Providence, Nov. 1.-lhe long-eX pectod and
eagerly desired statement of the condition Of tho
A. & w. Sprague Manufacturing Company has at
length been given to toe public. The plan for
the conduct of tho affairs of tho firm meets
with general approval and the belief IS generally
expressed that it will be accepted by the creditors
This plan as was stated in advance by The TRIBrNE
Saturday morning, proposes that the A. d W.
Sprague Manufacturing Company, and the ndiyid-
uals comprising that corporation, mortgage all
their property to the trustees, who shall practically
have all conduct and management Of the entire
estate. These trustees are to issue notes TO gnre
which shall fully cover the amount OF present In-
debtedness these obligations having three years 10
run and drawing semi animal interest at the rate OF
$40 per cent per annum, with the right reserved 10
pay five per cent of tho debt as often as IN their
judgment it shall be practicable. The Committee
express the belief that all creditors win accept these
evidences of Indebtedness. If full authority ~
committed to the trustees it is hoped that they viii
keep up the production Of the mills. furnishing a
livelihood to thousands and thus preventing an i'm
mense further shrinkage of values, and fiualy pay
in full the Indebtedness of the A. ~ W. Sprague
Manufacturing Company together with that Of AL
its depending establishments. The report Of tho
Committee of Four boldly suggests probability
that the entire Indebtedness may be Cancelled in
much less time than three years. it is the duty of
the trustees to convert the property and pay tho
debts at as early day as possible.
At noon the bank presidents and other capitalists
and prominent men of the city met i'll the rooms Of
the Merchants Bank to hear the report OF the Gem
mttee. The meeting was public, unlike any OF its
predecessors. The Hon. w. s. Patton presided over
the meeting, and the Committee of -Four made the
following report:
REPORT COMMITTED oF.FoUR.
The committee appointed at a meeting Of Che repro'
sentaves OF various banks of the City OF Providence TO
nvest gate the affairs of the A. W. sprague Manufac-
turing Company and the various concerns depending
upon it, respectfully report they have gwen the whoo
subject their earnest careful and from the
accounts which the Company has placed before them
Troy find the A. g. W. sprague Manufacturing Company
comprises: Mrs. Fanny Sprague, Mr.. Mary spragie,
Mr.. Amasa Sprague Senator William Spraeue.'and two
sons and two daughters OF Mr. Edwin Uoyt The asses
Of this corporation consist Of
The Baltic Mn. ...-..-...-.-7 S0oo spndies
Total. lis 900 spindles
which we value at SIS per spindle. am which in
cudes large number OF houses and many
4s5 shares OF the 5000 shares OF the Quidnck
G6e edSation a. o. this COMPANY viii be- shown m
subsequent account)
United States Flax Manufacturing Company,
$1,000 spindles used in manufacturing print .
cranston PEiDt. Works, with houses and lands -,
Augusta lasJ estate. including 1900 spad,es
disinteresiod persons at 81 AS OO0J ..... 100000
amount as worthless Of doubtful vaGeJ -. I,O,i,oCo
Real estate in Cranston and elsewhere upon
be- basis OF 2fc. per foot IN Cranston, and noder-
ate valuations elsewhere), per Schedule A.. 3Gl5b0
Cash advanced TO the following companies:
Sprague Moving Machine Company. $4,000
Comstock Foundry Company. $1,000
Wilcox CaOric Engine Company ..... 1880
American Horse Nail Company......... Bto0
In Observation-Disclosures .$SS2,0O0
PERSONAL manufacturing property in yarioas
mills and print works, including prints and
gSoS; sprSrSc i6cr Indebtedness see per- ''''
sona account following I,sT5Ooo
S SSte O Tee a1ia considered SSS
Accounts receivable considered good. 24),Oo0
Due from WIN. sprague Administrator estate
Byron SpragIe $4,000
VIM sprasue's special in Wight TiIlnghasr. 10000
Morgan Mil estate 5000
City OF Augusta bonds. 1900
Lrnded property not specified above in Kansas
and elsewhere, costing sl2!,Ooo estimated.. @coo
TotI.----..-.----------.- .sis,oo5Oo
The Indebtedness of the Corporation Il, upon
notes and acceptances 3l3oUO
Due to the Qnidnick Co. 3u1Oo
Due WIN. Sprague. guardian tiIOvtsl 2200O
Collins Fem advances on goods...-.....- Se6,oo
NIfsN.f L
Flax Cos accounts and notes .. I56ioo
Cotton cloth call loans, other accoul,s... $1,000
Hoyt spragues d Co.'s acceptsnces Gus
Less ss' amoaai due from H. s & CO.. 2SS5Coo
--- 3.a975oo
Total. -, ~ 40
The private property of the stockholders soIpo-
ration is liable for the Company debts.
The firm Of A. & W. spraGue, both members OF which
are stockholders Ia the corporation has fo
1854 shares First National Bank Providence NcAoO
800 shares Second National Bank Providsnre.. 5ono
2l6i shares Quidnck Co.. ut 34.-.-....-........ S0G
2l5 shares Washington aud Georgetown iait
1855 shares Kennebec Land and Lumber co.
~ s SHARES r / Ior:e.ioe Co 49, 20
200 shares r. L. Safe Deposit Co total 5D0l Do. 2U0O
Kennebec Land ana Lumber Co. dccOuat..-.... Iass1
Real estate In Maine lumber land 900
Columbia Water Power Co.................... JICOo
Bills receivable scjO
Coburn Land Company 100000 acres) ....... l&b7No
Interest scnoOners l,ou
Total. slgoio73
VIM sprague, trustee for Almyra s2rague....- s.24o
A. W. sprague Manufacturing CoIpauy.-- i. SOD
Wm. spragues lnayIdual note ..-............. 25OW
Total $4,000
A. a W. sprague in Hoyt spnigues d Company,
The Individual property OF Mrs. Fanny spragle
n. ..t.,. ~ ....ou.- s..,a..