The New York herald., 1873-11-02
Assets, $10,495, ,247-Liabil-
tiles, $11,475,443.
PROCEEDINGS OF THE MEETING
Three Trustees Appointed to
Conduct the Business.
Senator William Sprague Retires
from the Concern.

cal condition OF the Spragues. In round numbers
their assets are set down at $19,4s5247 and their
liabilities at $l1,475,443 leaving balance OF assets
OF S8,0l9, ,S04. This statement is the result OF
three days investigation OF the affairs by q COM
mlttee appointed by the representatives OF the
varlons banks, the details OF which are appended.
The reading Of the results OF the committees ex-
animation IN an open public meeting this after
noon afforded great relief to the commercial COM
muniJy hereabouts but there is sti great an xiety
as to what action win be taken by the majority OF
the multitude of credltors-thousands in number,
1t Is said.
THE COMMITTEE RECOMMEND,
In brief, that the Sprague Manufacturing Company,
and the individuals comprising the corporation,
mortgage all their property to three trustees, who
shall practically have all control and management
Of it, and that these trustees shall issue to
an amount which shall fully cover the amount of
personal Indebtedness, these obligations having
three years to run, and drawing sem-annual in
terest at the rate ofseyen and per cent
per annum, with the reserved right to pay five per
cent of the debt as often as in their Judgment
shall be practicable. In expressing their belief
that the creditors will accept these evidences or
Indebtedness they assert that If the trustees have
the full authority asked for they will be able to avert
q great calamity to thousands OF operatives, make
the mill'prOperties valuable, prevent an immense
further shrinkage of values and pay In full the in
debtedness OF the A. & W. Sprague Manufacturing
Company. together with that OF all its depending
establishments. This is the cheerful Of AFFAIRS
and prophecy which the public would be glad to
see fulfilled The Spragues themselves have de-
cltned to make any pubic statement whatever
concerning their prospects and affairs, and their
reticence aud silence in this particular has been
rather severely, and, perhaps, unjustly commented
upon in some quarters.
A HERALD reporter has called to see the brother
Amasa Sprague on several occasions, but he has
not only Invariably declined to talk upon the mat
ter in which the public felt such lively interest
but he has uniformly refused to have any inter-
view whatever except through the medium OF one
of his secretaries.
THURsToN's EXPLANATION.
Hon. B. +. Thurston, the senior counsel for the
corporation, at the meeting this afternoon made
the only statement that has yet been made in be-
half OF the firm. Neither of the Spragues were
present, and the only member OF the family who
appeared was Mayor Doyle, a brother-in-law
After the report OF the bank committee had been
read, Mr.. Thurston made the following remarks: -
Mr.. Chairman, suppose tnat when report is
made to these gentlemen who comprise represent
a.ves of all the banking interests In the city, the
duty OF the committee Is at an end, and the duty
OF this meeting is at an end. will. however. on
behalf OF the A. w. Sprague Manufacturing
Company, state that they In full accord with
the committee who have made this recommended
ton, and propose to adopt in full, and have
adopted in FULL the recommendations OF the COM
mittee. Senator Sprague had retired by his volun-
tary consent from the presidency of the COM
pany and Amasa Sprague has been desig-
pated to I'LL the place. mortgage deed has
been prepared for the purpose of securing all the
property and assets private and corporate for the
benefit OF the creditors of the company, agreeable
to the principles suggested in the report meet
ing OF the creditors will be called at an early day,
ana 1t Is hoped that they will see that the plan
which has been proposed and the execution OF 1t
is the best possible thing that under the circum-
stances can be done for their interests. 1t is in
their power to accept or reject it. But the alterna
tive rejection will be throwing the property into
bankruptcy and its sacrifice, as q necessary conse-
quence, at least the lmperilling of the value of
the obligations OF the company which are held by
these creditors The trustees are Rufus Water
man, Ex-Governor James Y Smith and the present
Governor OF the State, Henry Howard.
The PREslDENT-You hear the remarks OF the
counsel for the company; what further course will
you take? Is there any action called for2
Mr.. THURsToN-I should be very glad In case the
statement made by the committee and the accom-
panying recommendations strike the meeting with
approval, II the committee will express that
approval inasmuch as the expression OF this intelli
gent body OF gentlemen representing. as they do,
very large amount OF this Indebtedness cannot fail
to have a very important influence upon the
creditors meeting hereafter to be convened, whose
special duty it will be to consider whether they
will accept the instrument which has been pre-.
pared, or take the
ALTERNATIVE OF PROCEEDING IN BANKRUPTCY.
Tl,a pprc -If ~ mn hat
preston OF thanks to this committee, who have
bestowed so much labor and upon this mat
ter ought certainly to be presented.
Mr. TuURsToN-I wish to say that the committee,
in performing this labor, availed Themselves OF the
excellent services OF Mr.. John b. Anthony, OF the
Providence Tool Company, who himself devoted
his time and attention to the veriGcation or the
statements, and the analysis and investigation of
the accounts. l mention this circumstance in
order that 1t may add its due weight, with refer
ence to assuring you OF the thorough manner in
which the analysis has been performed.
The PREsIDENT-I should judge that the commit
tee had had all the facilities extended to them by
the parties in interest which those parties were
able TO give
JAMES +. SMITH Qrom the committee) Every
facility was prorered the books were opened and
everything done that could be done to facilitate
our labors.
The PREsIDENT.--It is clear that this meeting
ought to express some feeling OF satisfaction in
reference to the manner in which the labors
OF the committee and those who have so cor
daily co-operated with them have been
performed. ! merely make that suggestion;
but the suggestion OF Mr.. Thurston goes
q step mrther-viz, that the meeting should ex-
press satisfaction with the recommendations pro-
posed by the committee. 1t would, as he says, add
good deal to the weight OF the report, and, no
doubt, have an effect in bringing about the result
which the report looks to.
A RESOLUTION OF THANKS PASSED.
JAMES s. PHATrEPLAcE-I move that the thanks
OF this meeting be voted TO this committee, and
also to Mr.. John b. Anthony, for their services in
preparing this report
This motion, after some suggestions, was put
into the following form and passed.