New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-17

One from TIE A. W. Sprsgae Manfg Co S3,5lS2I7
from open accounts on books......... l,lSO6n
De b a. S95 Co aS s sFlf An e4ss1OO
Dse from oonsSuees ana Others secured BY
goods in hand real estate. mills and ma . ,a-o-,
cs Ss1 reg nil ;.c.ir,be $50;
Bopds stock. real estate. ana good
pended accounts ss'''''''''''''''''''' @So'ioV
Total ase Sl215S594
Surplus assets liabilities. 232I2o2
Mr. Chaplin said that Mr.. HOyt thought it desirable
chat general meeting OF creditors should be held IN
NewYOrk where the fullest information is accessible,
but wishing to meet his creditors in the frankest and
most acceptable way he desired that the creditors In
this vicinity interest in the settlement OF Hoyt,
spragues Co. is large. should be called together
before general meeting In order to ascertain their
sentiments to appointing committee 10 represent
them in the general meeting, or TO decide upon being
present in person. In to question, Mr. Chaplin
stated that the private property of the members OF the
firm of Hoyt, spragues Co.. estimated at million and
half is not included In the above statement OF assets
Amos ID. smith, who of the largest cotton manu-
facurer OF the State asked if any plan OF procedure
mad yet been fxed upon by Hoyt. Sprague Co. II any
definite scheme of settlement had been matured, he
said If is proposed to ASK for any particular accom-
modation or extension the creditors here would like to
know il now.
Mr.. Chaplin replied that Mr HOyt, on examination OF
his own assets had concluded That HOyt 6pragues Co.
would be prepared TO make payments with considerable
rapidly and could make some payments at an early
days but careful consideration of the relations between
Hoyt spragues o. Co.. and the A. w. Spragues Manufae-
turing Company had brought HIM 10 the reluct-
ant conviction that the connection between
the houses is so intimate and their affairs
are so combined and involved that it will be
impossible for Hoyt, 6pragues Co. to submit
separate of settlement. Their action must be
governed by that taken in the affairs of A Sprague
Tne payments that HOyt, 6pragues Co make on their
liabilities will be extent payments to the credi-
q A a. W
city Thursday, he finally. with reluctance decided that
t would be impossible for HOyt Spragues Co. 10 make
any other proposition than that made by A. d. W.
Sprague.
The question OF appointing committee to represent
the Rhode Island creditors in the general meeting In
NowYork then discussed st considerable length.
Chairman said that such committee could not act
with authority to bind the creditors here. All that
committee could do would be TO get the fullest informa-
ton and report aerward TO the creditors here. II the
matter Is left the individual creditors the banks and
other creditors make such arrangements they
it, BY appointing q committee, they would simply
gain the privilege Of paying its expenses Amos ID.
smith thought that the creditors would3be fully repre-
scented al the NewYork meeting by counsel aud by per-
sonal attendance. Every creditor will be furnished
with the facts, IL committee is appointed. The
house of Hoyt sprsgues Co. appeared desire some
expression OF opinion on the part OF the meeting
Robert Sherman Of Pawtucket said that he spoke as
having a large claim upon Hoyt, sprsgues Co.. and
the Atlantic Delane Co. He could not understand what
advantage the creditors would gain by the appointment
of committee. The debtor house would doubtless pre-
plan Of settlement which could BIO acted upon
by the creditors here we'll If represented by
mttee. In behalf Of themselves and the Atlantic De-
laue Co., they must present plan OF adjustment II
they do not there nothing the inevitable course Of
bankruptcy. II could authorize committee vote
for particular line Of action IL would be very well
but wo cannot authorize the committee to act FOR the
whole Of The creditors.
John O. Waterman, of the Warren Manufacturing
Company. favored the appointment Of committee.
which, BY conference with the trustees Of A. & W.
ySprague, might gain much Information The meeting Of
che creditors Of Hoyt spragues Co. in NewYork
important and interesting the meeting of the creditors
OLA wv Sprague II would be best to be
that meeting. The affairs Of the two houses
mingled that much interested in those OF
Of the other The trustees Of both housesif Hoy,
spragues & Co. appoint trustees-must work together
After further debate the following resolution unan
mousy adopted and the meeting adjourned:
Resolped That II is deemed nexpedent for this meet
ing 70 appoint any COMMITTEES TO attend the meeting of
Doden in the City of NewYork the 10Th inst, mas
much the banks and other large creditors OF said firm
IN this city and vicinity viii doubtless be represented at
that meeting individually.
THE AFFAIRS OF A. & W. sPRAGUg.
Progress in the settlement OF the affairs Of A. & W.
sprague delayed by difficulties in the prepara-
three trusteos-Rufus Waterman, Amos d. Lockwood.
and Goo. c. acknowledgement at the meeting Of
creditors the 9th iDst to DO managed by them for
the benefit Of the creditors. Prolonged consultation TO-
setber with eminent legal advice, had been employed
decide the provisions of an instrument which
shall stand every legal test and meet fully the views Of
AL 1t is understood that the details OF the
iced have been determined and that Its execution
in progress. The time which has elapsed since
the appointment Of the trustees has confirmed and
brought out more plainly the general conviction OF their
fitness i
SOUTHERN RHODE ISLAND MANUFACTURES. |
YAwTUcXEr AND ITS vICNuY-FEw MILLS In
nRELY sToPPRD-MANY DOING CONTRACTED
MISUNDERSTANDING CONTINUING WITH LITTLE
cHANdG--THE woRKMEN NOT LEAVING THE
IOCAIITY-GENERAL FEELING THAT TIE PANIC !
Is NEARLY OVER.
IRON SPECIAL CORRESPONDENT or THE TRIDUvB.)
PAwTUCKET, X. l., Nov. 11.-This, town, |
with the several outlying villages dependent upon It,
comprises population OF abont 5000 people, most Of
whom are directly indirectly connected with manu-
featuring interests There here and In Central
Falls which Is Just above Pawtucket several thread
manufactures OF large size. one great cotonmthst
the spragues at Central Fssand several others OF
respectable size; large machineshop extensive PRINT
works. 1oolennills, q braidfsctory, and many small
mills add shops The waterpower almost wholly
from the Blackstone River. The Irish and French
Canadian elements enter largely into the composition
OF tho working essswhicb comprises about the whole
population OF this community. That good portion
OF this class arc forehanded folk and better
sble TO meet adversely than Operatives In general
shown by the number Of those who do not live In
neDts furnished by the corporations but occupy ana
own neat little dweiags with comfortable plots OF
ground The aggregate amount Of deposits in the
gs banks here is 100000 remarkable exhibit