New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-07
VOL. XXXIn,. No'lO,l7l.
A. &W. SPRAGUE'S AFFAIRS.
MEETING OF THE CREDITORS.

PROVIDENCE, Nov 6.-The creditors of the A. q
W. Sprague Manufacturing Company and OF A. q
w. Sprague, pursuant 10 the call Of the DEBTOR cor
poratiOn, met in the Horse Guards Armofy ID TINS
city at IL O'clock to-day. The meeting was very
largely attended by prominent men of Providence
and creditors from various parts Of New-England
md Ney-York City. The Hon. Amos c. Barstow OF
Providence WAS elected Chairman. and jeffrey
Hazard of Providence Secretary. On taking the
chair Mr. BaIst0w expressed the hope that the cred
itors had come together free from passion and preu
dice and also from Affection or any influence which
might warp the judgment, and that the proceedings
might be distinguished by that calmnoss which has
characterized the action of citizens thus far Ill TINS
matter.
The Hon BENZ. 7. ThurSton, counsel FOR the corpo-
ration. read the following communication to
creditors
10 tie Chairpan Of tie Meeting Of Creditors Of Tic L.
IT, Soragae Manufacturing Company and Of a. c w.
Sprdgac
Tho A { VI. spraQue Manufacturing Company and A.
AZ W SpTague reCret that they arc obliged TO announce
10 their creditors that they find themselves unable TO
meet their maturing obligations The recent cXamina-
into their aGlirs made by committee appointed at
meeting Of bank officers in Providence, shows that they
have surplus their just debts Of at least eight mil
lions Of property. and they confidently believe that
extension of reasonable length is granted TO them
Ihey pay fun all their liabilities and preserve
lAcir PRINT WORKS ana cQhS0cIdulC pVTlluh 90
mil property. They respectfully invite their creditors
10 dcs guate from their number committee with
whom they have fun and free conference FOR the
purpose devsng the best plan OF securing the large
property in their hands TO their creditors and enabling
an claims against them 10 be satisfied the shortest
possible space Of time. The A. & W sprague Manu-
faetGriuc Company and 4. SpraEuc pledge to their
creditors their utmost efforts to cooperate with the
creditors in the fmeans 1.-THE above, and which upon
conference may be desired
A. q VI. sPRAGUE MANUFACTURING COMPANY.
Per A4IASA SPRAGUE, President,
&. w. sPEAGUE.
William J. King Of Providence moved the appoint
rneut OF a committee of five by the Chair, which
committee shall confer with the debtors, sug-
gcsted in their communication. Gov, Henry How
ard asked clear explanation of the exact object of
the motion and Of the duties TO be intrusted TO the
committee together with the steps proposed to be
taken after the designation of the committee. Mr..
King replied that he would confer with the debtors
as TO the appointment of trustees and examine the
deed Of trust which shall place the property in the
hands of trustees. Gov. Howard said that the Ques-
ton as TO the powers Of the committee is Of tie nj
most importance. Is it understood that there shall
be al adjourned meeting of the creditors, or
is the committee to be given full powers to act for
usi In any case. this meeting has no power
TO bind any individual creditor. We mayrcsolve
by our resolutions, Tue individual creditors can
only be bound by obligations over their own sigma
lures or through legal tribunal. Inasrnuch as
this action cannot be binding, 1t seems TO me it
would be waste Of time to refer the action Of this
Committee to an adjourned meeting. Suppose that
this Committee after conference with the corpora
ton, come 10 the conclusion that certain five men
ont of this meeting are the proper men 10 act as
trustees OF this property and after days OF de-
liberation over the selection, should report names
distasteful to the majority OF credltoIsf shan we
give that Committee power 10 ac' lor Us ana DID us
10 80 far as representatives OF the con- nuDy
gathered in this public meeting"
The creditors voted by large w..,oritv that The
Chair should designate such Cs,ainIttee of Five.
Mir. Thurston said be had az. interview with Gov.
Sprague last evening. and he stated at ii is the de-
size and intentsn Of the corporation and its indi
vtddal Members that the entire property, without
reserve OF drawback shall be devoted primarily TO
the payment Of the debts of/the A. IL W. Sprague
Manufacturing Company and A. ~ w. Sprague.
Tho CORPORATION of cOnrssdesres that such trustees
shall be appointed a. Shall every effort not to
dissipate the prSperty, and that the corporation
shaT receive the surplus that shall remain after
every obligation is satisfied. Only in that aspect OF
the case do they desire that they shall be trends oil
The corporation. They hope that the proposed Com
,pttee nav be appointed as to preclude any posi-
bility of doubt as 10 their entire fairness Inc 3D.
iect desired by debtors well as creditors is tha
comuittee of such o character shall be named as
sbau he most efficient TO the end wished BY all-the
avnest of all the obligations of the corporation IN
the shortest possible time
The Chairman asked time TO confer with the pIln-
,ipal creditors before appointing the committee ii
tho largest creditors are satisfied undoubtedly the
smaller interests will be. This morning he himself
had been engaged in writing out plan OF settle
roent which seemed TO him simpler thanS any NTH
erto suggested and better adapted 70 avoid any
spcb evils as might result from a lack of harmony
between trustees and the corporation The cred
,tors have entire confidence IN the skill. integrity,
and honesty of the irm aud that there is property
anorgb IN nav all debts and leave large surplus.
WHY not then, allow the property to remain III the
same hands as at present but under the supervision
Of n committee appointed by the creditors IhiS
committee would not have the ownership gwen "
trustees and their powers would not cOhnict WIN
those of the corporation, but the interests Oh ceo-
itors would be thoroughly secured. de tneh reau
the following preamble aud resolutions, embodylns
has scheme:
whereas, The property which the a. & W. sprague
Manufacturing Company and the several members Oh
lid corporation have offered to place in the hands OF
,,ees for the security and payment OF their large in
ebtadpess is 80 large diversified and 40 widely scat
tered aud ...A,,
Whersas The embsrrassments OF such trusteeship
are 40 many especially In view Of the facl that he
Of debtor and creditor, as well "a OF INC
state demand thar OF these vast manuiacturihs
x,dnsries be kept injunction which sliccessfui motion
can only be secured by e1pefleucou' hai'uo 1
wise direction and
K1,,sas The creditors here assembled are satisfied
that ,bese debtors have honest purpose 10 dis