The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-11-02

lily. eacisqs eo epAhle;shg qpnpapx,
regular courss Of business. :, The urset.
tea condition 81 dnspaisi Affairs and of
II be eteess ss: tko p.assnt tine, aud tho
llatEe amount Of obligations of tho ,oomt
pany maturing duritR the next ninety
days. preclude the possibility OF .your
committee reporting that the sum Of
$l, ,00O, 900 would enable tbe company
ITO meet engagements regularly in future,
and as in the event OF failure to do SO,
Che solidity Of the security might be
questioned. your committee, under ad.
vice OF counsel, are Of opinion that the
sum asked for cannot safely be fur
nished. Upon coming to this oonolu-
sion, your committee were requested by
the company to express their recon-
mendasiou Of the course to be taken.
under the circumstances, to enable the
company to secure to its creditors tho
payment Of their claims, and to pre-.
serve, as far as possible, from shrinkaRe
the vast available property in the
| hands OF the company. They, there
fore, recommend that the A. & W.
Sprague Manufacturing Company and
individuals comprising that corporation
mortgage all their property to- three
trustees, who shall practically have all
control and management of the entire
property. These trustees are to issue
notes to an amount which shall fully
cover the amount Of the present indebt-
edness; these obligations having three
years to run, aud drawing semi annual
interest, at the rate of $40 per cent.
per annum. with the right reserved to
pay per cent. Of the debt rs often as.
in their judgment, shall be practicable.
1t is believed that all the creditors will
accept these evidences OF indebtedness.
And if the trustees have the full au-
thority asked for, then they will be able
to avert great calamity to thousands
OF operatives, make the mill property
valuable, prevent immense further
shrinkage Of values. ani pay in full the
Indebtedness Of tho A. s W. Sprague
Manufacturing Company. together with
that of all it's depending establishments.
1t being the duty of the trustees to con-
vert the property and pay the debts ct
as early day as possible, it is not un-
likely that the whole indebtedness may
be Cancelled in much less time than three
years. Signsd by the committee-Jas
Y. Smith. Seth Paddford, Rufus Water
man, Geo. T. Wilson. The report was
received by the meeting. The counsel
of the Spragues' corporation announced
that the trust deeds we're being made to
Gov. Henry Howard, Rufus Waterman
aud ex Gov. James Y. Smith. These
dseds would be submitted to q meeting
OF the creditors, and, if not accepted.
the alternative would be to 90 into
bankruptcy. The feeling generally pre-
walls that the deeds of trust will be- AZ.
cepted.
CHARLESTON, November Arrived
Steamships South Carolina, New York
Falcon, Baltimore; schooner Annie
Lewis, New York.
ACKNOWLEDGEMENTS Reports.
NEW YORK, November 1-Noon.-No
bank statement to-day. Stocks opened
l15@2 lower-a fall Of 1a(@1-the mar
ket feverish and unesttled. Cotton dull /;
sales 62O bales-uplands 14zs: Orleans
15]a. Futures opened: November
IA 316; December 149s(9l4 TIC; jam
ary II 9.1e@145s; February 142S@15;
March Is 5-16@l5ss. Flour quiet and
unchanged. Wheat 10. better, with fair
inquiry. Corn quiet and steady. Pork
quiet and steady-new 1490@15.O
Lard dull and heavy-old steam 7IsM
3.l6. Freighis dull. Stocks dull and
irregular. with little bettor prices for
some. Money 7, with nothing doing.
Gold 8as. E1change-long 81; short
8A. Governments dull. State bonds
dull.
7 P. M.-Cotton-net receipts 1,OOl
bales; gross 5.198. Futures closed
barely steady; sales 19.200: November
IA 3.16. 14I; December II 1892. 14as;
January II 1882, II 916; February
AZ; March Is SIG. 1888; A pril Is GIG.
151. Cotton dull; sales 62O bales, at
1419151s. Flour in moderate demand
for shipping grades: prices steady-me-
dunn and good dull but heavy; common
to fair extra 620@6.95. Wheat To-.
better and in fair export demand. Corn
unchanged and in good demand-high
mixed and yellow Western Gl. Pork
quiet and shade firmer-15. O0@15 .25.
Lard active and lower-7 16. Groce-
riss dull. F-sights quiet Money 1-16
C@]a commission. Sterling dull but
firm. at 6}@. Gold 814@s2S. Govern
ments dull. States quiet.
MOBILE, November 1.-Cotton quiet
-middling 1434; low middling 14(4
l416; strict good ordinary 1917; net rs.
oeipts 1926 bales; exports coustwise
1O4; sales 700-last evening 400; stock
17.745.