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

respect TO the use OF this reserved as we'll as other
corporate ami private property shall seem to this COM
mttee best calculated to the creditors aud satisfy
their claims
Dexter H. Lewis Of Providence proposed as another
plan Of settlement the appointment of committee
to ascertain how many creditors would exchange in
dcbtedness for Sprague property at appraised value.
Tins property Is all valuable and most large credit
ors would readily receive it for their claims The
Augusta mill. he said, "for instance, is one of the
best mills in the country. With fine water power, it
has On excellent class of operatives il can produce
goods cheaper than almost any other MILL ! am
willing TO take any Sprague property for my claim
to the value given by the committee. In this way
three millions could be retired the Spragues could
mortgage the rest and business Immediately.
This plan would save all trouble, delay and expense
ABOUT trustees."
Mr.. W. j. King who is large creditor, said: "It
is very important that trust deed should be exc
cuted speedily the property is all exposed To at
tachment. Our only safety is in placing the prop
erty the hands of trustees Men who have settled
great estates praise the clear and succnct statement
of the COmInittee, and say there can be no doubt
that the Spragues viii pay everything. They think
if the Committees plan be carried out and bonds
issued from $50 TO $1,000 in denomination, with ill.,
terest at $40 per cent they would be negotiable in
the market
Mayor Doyle said: "The plan proposed by the
debtor corporation is very like Mr.. BarstOws PLAN
but the former gives the creditors absolute security
aud absolute direction" ". II. Hopkins of Provi-
dence advocated 4 control of affairs by trustees,
who should proceed with the appreciation of all
the creditors. john l.. Riker of New-YOrk
declared that all the New-York bankers and mer-
chants whom he had seen favored the trustees
plan. The Sprague Indebtedness" he said, lies
largely in New-York, and in the hands of men who
have use for money there will be great difficulty
in any private settlement with the corporation.
1t will be very hard 90 convince NewYork creditors
that the corporation should receive back the entire
thing. unfettered, and run it into the ground,
loaded as it is now. doubt if they think the cor
roraton has the ability TO carry on business in
safety under such course. Unless proper trustee
ship is guaranteed i. will be almost impossible to
get a settlement with great number of New-York
creditors Creditors generally do not wish to en-
barrass the corporation, but must have proper care
for their own interests. If the proposed trust is
properly executed those bonds will probably be
available. and help great many people who may ne
dependent on the realization of these assets" APP
plapse.l
W. J. King said " In order that trustees may be
appointed, the committee of five TO be selected by
the chair should confer with interested parties.
We can extend the appointment to 1--WE men oil far
ness, integrity, and mercantile experience. Any
in the interest of Messrs Sprague should not be
that would be a detTment TO them. But
/ think fair trustees can be secured who will be
harmonious with the Spragues and be careful that
the property shall go to the creditors, and the resi-
0ue-which trust may be large-to go to the fam
lly. Tho committee of FIVE, which will PROBABLY
represent large amount OF indebedneS' is also to
examine the trust deed. fbelieve Tat involves ell
the property and max Is it perfectly secure to these
trustees 1t Is not yet sgne}, but presume it viii
be as soon as these trustees are appointed"
John l.. Is Ger asserted that il would be more sat
lsfactory 60 the creditors at large that the com
mite should report to the creditors before taking
e definite action. The creditors are the ones to
be satisfied If they are satisfied, and the DISPOSE
ton of the property is properly arranged, all Will 60
wen.
The meeting then took haif-hour recess, in order
that the chairman might deliberate and consult
upon the appointment OF the committee of five.
THE AFTERNOON sFssION-APpoINTMENT OF a PER
M,NENT COMMITTEE OF FIvE-RUFUs WATER
MAN. AMOS D. LOCKWOOD, AND GEORGE c.
NIGHTINGALE CHOSEN TRUSTEES OF THE
spRAGUE OBSERVATION-DISCLOSURES or TIE
CREDITORS WITH THE PLAN AND TRUSTEES
[BY TELEGRAPH TO The TRIBUSEl
Providence, Nov. Con reassembling, the
Chairman announced the Committee OF Five william
l. King Gov. Henry Howard W. II. Hopkins Danici
Renjpcton-al OF Provdence-and John H. laker Oh
NeW.York Ex-GOy. Pddeford and Gov Howard
ed that the Committees duties should be clearly de
fined A discussion followed. W. j. King urged mat
",tbe Committee should be empowered TO confer wlth
Messrs sprague as the appointment Of the trustees
and examine tie trust deed the appointment OF trustees
lay this Committee be final If they are Only nomi-
nated by the Committee for the action OF the meeting
there may be necessity for calling another meeting
Nc matter who named, some one VIII object nave
hoard e best mon in providence objected TO- II there
Il not harmony IN the appointment Of suitable men, all
chance for favorable settlement may be lost III TINS
concern goes bankruptcy, thuk my claim VIII ho
no worth % cents on the dollar We should DO what Is
hest dapted TO hold the property together The proposed
transfer should go into effect as soon as possible That
ere may be no obstacle it not best that this meeting
fbere men of large aud small claims come together IN
co, fusion and give 0fense by hurtfu remarks should
have an opportunity 70 object to these trustees
stenben Harris r. H. Hopkins, J. Lpptt, and others
favored the nomination OF trustees by the COMMITTEE
subiect TO tie approval OF the meeting. Abraham
PAYNE of Providence counsel FOR several creditors sara
II the committee report and the meeting vote upon IT.
no creditor will afterward have cause TO complain
Every creditor was called TO this meeting III the trns-
tees appointed by the committee are reported ana
adopted by majority, the minority cannot
soy the thing had not been done in the best manner The
following resolutions finally passed unanimously
and with applause:
Re.olred That in the opinion OF this meeting II is e-
menty desirable that the property OF A. q w. spraene
nnd f6e A. q w. Sprague Manufacturing COMPANY anu
nd yiSua interpretations should be placed III trust Ior
the benefit OF al creditors and thet hiee
shall ne acceptable to majority OF the crentors snail
he appointed receive this trust. .,., .
Res6Ired That the Committee OF Five just elected be
instructed 10 report plan Of deed OF trust together
with names as trustees as snai DC accopapo W
the,psel,e s and the Messrs. Sprague
The meeting then adjourned TO o'clock and the Com
ttee of Five met the office OF the SpraRues for con-