The Portland daily press., 1873-11-07
THE SPRAGUES.
Meeting of the Creditors
An Amicable Settlement Probable.
A Committee Appointed to Select Trus-
tees.

PROVIDENCE, Nov. "a large meeting of the
creditors of the A. & w. Sprague Manufacture
ing Co. was held at the Horse Guards Hall this
morning, beginning at II o'clock.
Hon. Amos c. Barstow was chosen chairman
and Jeffrey Hazard, secretary.
Mr.. Thurston, attorney for the house of
Spragues, read a communication for the debt
ors, expressing belief that if an extension of
time is given they can pay all obligations ana
retain the print works and other manufacture
ing property, and pledging their utmost efforts
to that end
Mr.. w. j. King moved that in order that the
creditors may meet and act in concert with the
debtors; that committee of five be appointed
from tins meeting to confer with the Spragues
in regard to the condition trust mortgage
and appointment of trustees
After some discussion this motion was adopt
Mr. Thurston stated that the Spragues' sole
object was that the property should be devoted
to the payment of the debts, and that the trus-
tees to be appointed shall be friendly to the
house only so far as that after the debts paid
the property shall not be dissipated. 1t is inn
portant that the appointment of this committee
should be such that it was impossible to say
anything was intended except what looks for
the good of al.
1t was finally voted that the chairman name
the committee and the meeting take a recess to
enable the chairman to decide whose names
shall be presented.
The following is the statement presented by
ThurstoI to the chairman of the meeting of til e
creditors of the A. & w. Sprague Manufacsur r
ing Co. and A. & W. Sprague:
A. & w. Sprague regret that they are obliged
to announce to their creditors that they find
themselves unable to meet their maturing obi
cations. The recent examination into their af
fairs, made by a committee appointed at a
meeting of the bank officers of Providence,
shows that they have surplus over their
just debts of at least eight millions of property,
and they confidently believe that if an extern
sion of reasonable length is granted them, they
can pay in full all their Liabilities and preserve
their print works and considerable portion of
their mill property. They respectfully invite
their creditors to designate from their number
a committee with whom they can have free
and full confidence, for the purpose of devising
the best plan tor securing the large property in
their hands to their creditors and enabling all
claims against them to be satisfied in the short
est space of time.
The A. & w. Sprague Manufacturing Com
pany and A. & w. Sprague pledge to their
creditors their utmost efforts to cooperate with
the creditors in means to the above end which
upon conference may be devised. -
The paper is signed by A. q W. Sprague
Manufacturing Co., per Amasa Sprague, Presi-
dent, and A. & W Sprague.
When the meeting of the creditors reassem-
bled the chairman announced as a committee
to confer with the debtors, VIM. ]. King, John
L. Kicker of New York, Henry Howard, VIM.
III. Hopkins and Daniel Remington.
The meeting voted that the committee make
a report of the names of the trustees to this
meeting, and a further recess was taken to 3
o'clock this afternoon.
The Agreement C0nsummateJ.
PROVIDENCE, Nov. 6.-The meeting of the
Sprague creditors reassembled this afternoon,
when the committee appointed lin the morning
reported that they held long interview with the
Messrs. Spragues & Hoyt. The latter express
ed every desire to give all power to the trustees
to meet the views of the creditors, and said the
deed to be given to the creditors should be sub.
| mitted to the legal advisers of the creditors.
| The committee had adopted res olution that
the plan proposed was the best plan that could
| be desired for the conversion of the property
| and the payment of the debts.
The committee suggested that Rufus Water
man, Amos d. Lockwood and George G. Night
ingale be appointed trustees; that they have
power to employ counsel to draw up deed for
the protection of the creditors, and also Ito fill
any vacancy in the board.
| Governor Howard of the committee, made a
| few remarks attesting to the willingness of the
| Spragues to do all in their power for the credi-
| tors, and said the surrender of the property to
| the control of the creditors was absolute and
| complete.
The report of the committee was adopted and
| the above trustees appointed. The committee
| was continued and given full powers, when the
meeting adjourned.
| The result of the meeting is regarded as en-
| cOurapinp