New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-07

oison Of the meeting Rufus Waterman, Amos d.
Lockwood, aud George Nightingale all OF Providence
Gov. Howard OF the Committee being called for, said
The examination or tho trust deed necessarily
imperfect and cursory, but 10 appears be all that can
be asked for The Committee agree In the impression
that the spragues have takon open and manly POSI-
ton. The surrender OF their property IL absolute
and complete. IL has been dec ded to submit the trust
deed to counsel retained and employed by the creditors
The conduct OF all parties concerned in making the plan
ana decd Is cordially approved by the Committee lac
length of absence due the difficulty In the
selection OF trustees We have had chance TO consult
either OF the gentlemen named. Some plan must be de-
vised to ill vacancies IL any occur"
The report was unanimously accepted with applause
The trustees named were approved and appointed by
the meeting. IL also voted unanimously 20 con
tinue the Committee OF Five, with power TO I'LL any
vacancy among the trustees, or in their own number
aud with authority to settle and approve form OF deed
OF trusteeship which may be presented. Tile meeting
then adjourned.
The result OF the proceedings has been hailed with
great satisfaction In this cy 1t had feared that
there would he discussion among the creditors but har
mony aud united action have prevailed. The compost
ton of tho Committee OF Five appeared satisfactory to
tho meeting, and the trustees recommended seemed
suitable 10 the creditors and meet the wishes
OF the community The plan of settlement is generally
acceptable az infinitely better than forced bankruptcy
the possible evils of which strike tho popular
attention more forcibly than before. That
danger past. 1t ~ understood that
Rufus Waterman accepts the appointment. Messrs
Lockwood and Nightingale ask time for elaboration
Mr. Nightingale promises final answer tomorrow, and
Mr.. Lockwood will reply within day or two. The
men named trustees have the conf fence OF tho com
munity; they OF wealth and position. who have
shown much business talent ia long successful lives
All Of them have high repute for integrity
and firm devotion TO duty and are earnest Christian
has hoo, HE l,foa ed In
mercantile business in Providence. and is largely
Interested in valuable real estate His character is I'M
blemshed aud his culture n, a. d. Lockwood IL wei!
known throughout New-Engiand as a successful manu-
acturer OF extensive scientific attachments aud prac-
teal information For many years he connected
with large mills in Maine, which under the control
Of extensive houses Boston, and he has acted
selor to many manufacturing companies In New England
He probably stands at tho head OF scientific manufac-
lures in this part OF the country He is largely IN
terested in the Quncbaug Company, which runs
extensive cotton mills in Qlinebaug Valley
Conn. Prominent men here aud leading cred
itors express the hope that Mr.. Lockwood may
trustee, saying that would have the conh'
dence OF the entire business community. Col Geo T.
Nightingale has had large experience in connection
with cotton mills and priut works in Rhode Island aud
Connecticut The house Of Geo c. Nightingale Sons
four mills with nearly 5000 spndles, at Putnam,
Conn. Col Nightingale has been very successful 10 the
ACCUMULATION Of property One Of his most valuable
characteristics, in the opinion Of people here Is s
habitua caution. All three trustees leading bank
Officers and by the ownership Of bank stock, indirectly
creditors OF Sprague, but not direct creditors TO any
considerable extent Not OF them has ever been
identified ia any way with tho spraguc interests The
generally expressed opinion the city Is that they are
admirably qualified to act trustees or the great
sprague property,