Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-11-20
Sprague Embarrassment,
MEETING OF THE CREDITORS.

New York, 10. At a meeting of the cred
TORS Of IIoyt, Sprague & Co, at their office
this afternoon, about one hundred persons
were present. The meeting was called to or
der by w. A. Butler, counsel for the firm.
On motion of A. Il. Smith of Providence,
p. c. Calhoun, President OF the 4th National
Bank of this city, was called to the Chair.
Gen. Horatio Rogers of Providence was APP
pointed Secretary. The latter read the fol-
lowing statement of the firm liabilities;
Notes payable and acceptances, of which
IS, 8l3 800 are drafts Of the A. & W. Sprague
Manufacturing Co., So, COS G30; due to banks
and others borrowed on collaterals 2J59, BIG;
due to consignees and for money on deposit,
S242 800; due sundry small bills and ac-
counts. SIG coo; total S9,S37,3i2
Assets--Due from A. & w. Sprasu Mar
ufacturng Co., S3,5l8, 277 due from Atlantic
Delain CO., i'll acceptances to mature, 50 02S,
GOO; due in cash advances, Sl,130, 02G,
against which all the real and personal estate
OF the Company is liable free from mortgage;
due from Riverside City Wooden, Oswego
Falls and Byran River mills, other consignees
and parties, 81, 500 453, against which real
and personal estate several companies are
Liable, including goods on hand in mills, etc;
due from book accounts, 81 ,l30,Gll: bills re-
ceiyable and cash on hand, SS57,453; bonds,
ded debts considered good, S295, $50. Total,
SD, los, 593.
Surplus of assets over liabilities, 81 ,32l,-
252, to which add the private property of Mr..
lloyt, estimates his above liabilities 81, $780,
000. Mr.. Gallup estimates his above liabli-
ties at So coo. Total 81 $40 900.
No estimate is made of the private property
Of Messrs. A. & w. Sprague.
M A. Payne of Providence, stated the
condition of the affairs of A. 4 w. Sprague &
Co., and the progress made in the settlement
of liabilities.
w. A. Butler stated that it was the desire
of Iloyt, Sprague Co., that everything,
both partnership and personal, sould be put
at the disposal of their creditors, and desired
to know how their wishes could be best con-
suited.
| b. f. Thurston of Providence, counsel of
A. & w. Sprague & Co., stated that the delay
| in the execution of the trust instrument, arose
not from any act of that concern or any men,
Der thereof more than any action of the trus-
tees, but were purely professional, for while
the trustees were willing to devote their time
and best energies to the task allotted them,
they felt that all professional means should
| be taken to relieve them from personal liza
blities, and the counsel for them and A. &
W. Sprague & Co., had agreed on the form
of the instrument, and the same will be exc
cuted at an early day.
The Secretary read the following:
| Resolved, That committee be appointed
to confer with Hoyt, Sprague & Co., and to
report what course in their opinion will best
serve the interests of the creditors, said re-
port to be made either at a subsequent meet
ing, or directly to the creditors, as the COM
mttee might deem best.
Resolved, That when we adjourn we ad-
journ subject to a call by the chairman. 1t
was voted the committee consist of three ap-
pointed by the chair. William G. Lambert.
New York, X. c. Taft, Providence, and Par
ley A. Russell, were appointed such commit
tee, with power 10 fill vacancies. The chair
man was added to the cammittee.
Adjourned.