The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-11-03
A. 4 w. SDrague.
MEETING OF BANK REPREsENTATIvEs-REPo
nR THE COMMITTEES. ETC.

MEETING OF BANK Observation-Disclosures
OF THE COMMITTEES, ETC.
PROVIDENCE, November IAN adjourn ed
meeting of the bank representatives was
held ut noon to-day, when the report of the
committee appointed to examine the affairs
Of A. & w. Spraguc was presented. The
committee say they consider the assets OF the
A. s. W. Sprague Manufacturing Company
to be s19, ,495, APT, and the liabilities 81 49,
443; surplus, $S,0Sl.0S4. A detailed state
ment of the property accompanies the report
The committee further say: "To deter.
mine whether the mortgage proposed would
be solid and free from objections under the
provisions of the bankrupt act they were
compelled to ascertain whether the amount
of aid asked would in all reasonable proba'
bility be sufficient to enable the company to
meet the maturing obligations in the rcgu-
lar course of business. The unsettled con.
dition of financial affairs and of business at
the present time, and the large amount OF
obligations of the company maturing during
the next ninety days, precludlng the posi-
bility Of your committee reporting that the
sum of one million dollars would enable The
company to meet their engagements regu'
larly in the future, and Us in the event
of failure to do so the solidity Of the security
might be questioned, your committee, un.
der advice of counsel, are Of the opinion that
the sum asked for cannot be safely fur'
nished. Upon coming to this conclusion
your committee were requested 0y the COM
pany to express their recommendation OF
the course 10 be taken under the circum-
stances to enable the company to secure to
its creditors payment OF their claims and 10
preserve as far as possible from shrinkase
the vast available property in the hands ol
the company. They therefore recommend
that the A. & W. Sprague Manufacturing
Company, and the individuals comprising
that corporation, mortgage all their proper
ty to three trustees, who shall practl-
cally have all control and management OF
the entire property; these trustees to issue
notes to an amount which shall fully cover
the amount Of the present Indebtedness
these obligations having three years to run
and drawing semi-annual interest at the
rate of seven and three.tenths per cent. per
ann,lm, with the right reserved to pay hVe
ner cent. of the debt as often as in their
Judgment shall be practicable. 1t is believed
that all the creditors will accept these evi
dences of Indebtedness, and if the trus-
tees have full authority asked for them
they will be able TO avert great calamity
to thousands of operatives, make mill pro-
perty valuable, prevent an immense iur.
ther shrinkage Of values, aud pay in full the
indebtedness ofthe a. & w. Sprague Manu-
featuring Company, together with that OF al
its depending establishments. 1t being the
duty OF the trustees to convert property and
pay debts at as early day as possible, II Il
not unlikely that the whole Indebtedness
may be cancelled in much less time thar
three years. [Signedl james 7. Sn,yth, sen
| Padelford, Rufus Waterman, George F-Wll
SON, committee i .s..s4 ..tassst ...'esi,, :,
The meeting is, now in session, and vii
probably adopt the suggestion OF the com
mittee in some form. - 80 atg,5o 40 80 81
Later.--The. report was received, Tit
| counsel of the spragues's corporation an
Inounced that the trust deeds were belD:
made to Governor Henry Howard, Rufn
| Waterman, and ext Governor James Y. Snitl
These deeds would be submitted to Q mee'
ling of the creditors, and II not accepted u
alternative would be to so into bankruptcy
TIE feeling generally prevails that the deed
or trust viii be accepted. rs ,,sL
Senator spragus has retired by yoluntaf,