The New York herald., 1873-11-02


luton under which they were appointed, or other
wise, should be assessed upon the different banks
In the usual manner, and paid through the Clear
ing House.
JAMES Y. SMITH stated that the committee en-
poyed Mr. Charles s. Bradley as counsel, and had
from him written opinion, which It was unneces-
sary read, 1t conceded entirely with the con-
clusons TO which the committee had arrived
The motion OF A. d. Smith was then passed, the
Chairman stating that It would be used If neces-
sary, as the matter would doubtless be disposed
OF In the usual way.
THE TIME FOR IMPARTIAL EXPRESSION.
AMOS q. BARsTOw-I nave been absent Tor some
time and am not well acquainted with the condi-
tion OF their affairs 1t seems to me that gen
tiemen who present, who are cognizant OF
them, ifthey approve and endorse the recommend
atoms which have been made, should make some
expression Of this approval, or II there IS decided
objection on the part OF any one here it should be
stated. II the committee can be sustained by the
judgment OF those who have given the most at
tention to the other matter, it will have great
weight with all parties concerned.
Mr.. THURsToN-As before suggested, l think
that some action Of that kind would be OF immense
value, from the effect 1t would necessarily have on
the large body OF creditors scattered throughout
the country; but since making this suggestion it
not at this moment before the meeting, that
they could act upon the question with that degree
of intelligence which confidently expect VIII be
employed when they come to ascertain the full
condition OF the case
THE TRUST DEED
to which referred is necessarily at TINS moment
in a condition in which 1t cannot be presented for
inspection. The creditors of the company will see
when they come to inspect that instrument that
there is perfect, absolute and complete control
the part OF these gentlemen acting III the inter-
est Of the creditors OF this vast property, so that
while on the one hand the company, which has
met with immense disaster Ii not to be over
whelmed in this the nour OF it's adversely with un-
merted result, at the same time the property of
this company is to be preserved in such way that
the creditors shall see that by no bad manage
ment by possibility of bad counsel, except such
as may come from the creditors themselves
through their counsel, can this property be SUBJ
verted to sacrifice.
SENATOR sPRAGuE RESIGNED.
have already stated that this morning Senator
Sprague resigned the presidency of the company,
and / am authorized by a communication from
him to state that he does this act because he
thinks that the presidency OF the company. the
judgment OF the creditors, would be an obstacle
to the full accomplishment OF the best interests
OF the creditors in their relations to this company.
He, therefore, takes himself away In order that
there may be no obstacles. The vacancy was tenn
porarily supplied by the appointment OF Colonel
Amasa Sprague, the next most nearly representing
the company. That is not necessarily permanent
arrangement state on behalf of the corporation,
in connection with Mr.. Hart who is fully advised OF
the feelings OF the managers OF the corporation, that
there will be the fullest and most hearty coopera
tion the part OF the corporation with the
creditors, through their trustees, IN their manage
ment OF this property, so that the outside depend
encies, those excrescences or rather those para
Sites which have fed upon The central tree shall be
cut OF and leave intact that manufacturing prop
erty which Tor many years has been the glory
and pride of the State. Inope the creditors will
above the petty and malignant feeling which,
though it may be entertained by some individuals,
is not entertained by any great body Of the people,
they believing that the liquidation OF their claims
Will be best secured by the preservation of the
house itself.
THE APPOINTMENT OF TRUSTEES.
GEORGE w. BUrTs-Are the Trustees permanently
elected?
Mr.. THuRsTes--It would be impossible for any
general popular election on the part OF the cred
tors to be made, inasmuch as found that there
were almost as many candidates for trusteeships
as there were creditors-I do not mean lite rally
of course-and there would be necessarily diff
Guilty in selecting from the popular voice or the
creditors. In view of the manifold difficulties
which surround such question: inasmuch per-
sonal preference and personal interest enter
largely into the MATTER the act of the appointing
OF the trustees is necessarily the act of the cor
poration They convey their property to whom
they select, they have named already the
gentlemen designated, who have been selected
after conference with many OF the creditors
representing large interests as under the circum-
stances, was possible, and representing. far as
it was possible to do, the feelings and desires OF
the great body OF the creditors who were accessi-
Bile. 1t is the act of the corporation. Now, then,
II is doubtless entirely the power of creditors
reject the whole thing and to take proceedings in
bankruptcy when the time snail have arrived
when such proceedings can be commenced.
The PRESIDENTIAL strikes me that 1t. is compe-
tent the creditors, after this deed is executed
If at any time hereafter they should be dissatisfied
for reasonable cause to make application to the
Court ana have the board of trustees changed or
substitutons made.
Mr.. THURsToN-For any misconduct on the part
or trustees there is always a remedy before the
Courts
The PREsIDENT-I don't think there could have
been more satisfactory selection.
AMOS d. SMITH would say, in regard to the
trustees, that think that PARTIES seeking to find
men whom they would have had entire confidence
in could not have made more satisfactory selec.
ton. would express that as my personal opinion,
and think there would be no adverse view upon
that subject
Mr.. THuRsroN-I would say that all opposing in
terests. preJudces and feelings were sought TO be
consulted, compromised and harmonized.
The PBBsIDENT-Is that satisfactory to you, Mr..
Barstows
Mr.. BARsTow-It is.
Mr.. Thurston-Extra copies OF the deed will be
prepared for distribution at an early moment so
that the creditors will how carefully its pro-
visions have been drawn.
The deed OF trust which is being prepared was
not finished at late hour tonight, and it Is proba
bic it will not be perfected until Monday morning.
The trustees selected to receive the property are
varI D,,fn yU