New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-01
THE sPRAGUE FAILURES.

ATTEMPT TO THROW THE FIRM OF 4. & ~. 5PlAGUE
INTO BANKRUPTCY - TIE ATLANTIC DLLhiNE
COMPANY BANKRUPT-HOYT, sPRAGUES CO.'S
sErrIEMENr.
DISPATCHES from Providence, r. l., stating
that efforts were ling Nv the Bank Of Commerce 70
have the firm Of A. d W. sprague Co adIndcsJed IN
voluntary bankrupts. created sensation IN commercial
circles in tins city well "a in Providence Az hf6t
there was very Little Information obtainaole in relation
10 the matter. but the following circular throws some
light On the matter:
To the Creditors Of ne A. q w. SpraCue NGnWf1'tiv-
ina COuDGuy. hen 1 accepted, cue lsJ GaJ Oh De-
cenbr 1873 the position Uf trustee. unCer shc 5prague
deed on mortgage entered upon the discharge OF my
duties with hrn resolution 10 administer my trust
faithfully Tor the interest reltOrs, and with deter
miuaJon governed by tAs preferences OF the mort
gacOIs to pOcJ only la 50 lar as theif "ishr7
we're In accord with as prompts settlement OF the
claims OF creditors practicable am able 20 say
that in all resp cts ne pledges mde Oy Tue A. q W
spraguc Manufacturing COTpaGy ana A. ". 5pfisue
70 the general meeting OF tner creditors, mat Lntir
property aud their best energies should De devoted 10
me payment of their creditors have. up 10 ths Lhc
becu entirely fulfilled, ana nave been seconded ~
The record OF my administration may be thus briefly
stated: TWO hundred anu twelve creditors incuGiIS
several of aud country banks, repre5enting III
the aggregate nearly S4g5JOjO 81 indebtedness. have
scceDrcI nc notes secured Dy mortgage iH
change their claims. and large number oi creditors
including banks snd SAVINGS institutions. IA Auction.
have signcd their intention % exchange JheI p"Per
immediately after the Isl Of Apnl.
conducted thus with reduction Of expenses equiv
aleut 10 a saving Of S,5o,OO3 per aunIni.
The profits OF the business ron lic lat dly OF DcCo'
Der 10 this tHlt could pay to-day, II IL
were que interest on the mortgage notes which VIII
become due the lst day OF july next
nave ngpnents IN contempt and IN progress
for disposition OF large amount OF valuable prop
eriy required for the manufacturing ph5lnes WIch
confidently DeHoye VII enable me 70 pay diyiden- ~
creditor, the first OF JAY next .,,-
have able tn obtain my supplies for the mills
ana PRINT works upon terms favorable a. any 0ther
purchaser in the market and am encouraged to believe
that have the confidence OF JI' community geneI'iy
urmueSs integrity.
have made The foregoing statement FOR the reason
that have been Officially informed Dy the fresilent
of the National Bank ~ Commerce IN ms
city, that that institution will die petition In bank
rupicy this morning against he a. * W Spra-uo an
iacturing Company. wish the responsibility fOr ShiS
act 10 rest where 1t properly belongs.
More than 2.VOO peIsJnS' lhcludi!E mou "omeh' a"u
children are employ OF the Company, and arr Ge-
pendent upon the mills and prniworks for Their da!ly
bread. Upward of 1900 people derive Their entire OF
cnef support the industries connected with the
Upon the fling OF the petition close the var
Gus works and these people out OF employ menL
The Immediate Oss WHOM thls Will ehal upon oreuitoS
Will amount Ia AT ieast s%9OVO a"u 'As uo
sequences which will ensue 70 the operatives every
mind picture for Itself
NY firm conviction that the A. d W. Spraguo Manniac-
turing Company would, IN the absence Of pr1eeshngs
against bankruptcy, ne able 10 pay ana dlschaiSe
in full within reasonable Tune every dOllit OF lts OD
cations a. ChAiL~' A4lS'oo'
March 81.
Hoyt spracues & Co OF Franklin-st had nforma-
ton to impart The Atlantic DeiaIne Compa-
ny Of Rhode Island have also been declared bankrupt
With respect to ths company Messrs Hoyt Spragues
Co. said that they were NewYOrk agents OF the COM
pany that company failed with the spragues, out
has only recently been declared bankrupt
Providence dispatch says call for meeting OF the
stockholders OF the bank to request the directors 10 SUE
pend action has been signed by the representatives, OF
u snares-al who could be reached yesterday IL
Wac understood night however, that the pressure
had been nnavaiug agreement 10 stop proceed
ngs secured. Tue trust mortgage WOuId nave
been in force four months to-day.
Prom TIE Prorfdeaoe Journal
We are confident that "A very large proportion OF our
III be sorry 10 learn JUS morning
that initial proceedings have been taken 10 HE p't-
rOn in bankruptcy against the A. & ". Sprague Manu-
featuring Company. During MI Chdiee5 IOur months
service under the mortgage ne mas put agn
profitable activity the IDLE wheels OF pusineos CIV
ing renewed em piOyment 1900 people, preserving
the properly from depreciation. introducing economy
into the various OF the vast concern, anu
II Is believed, gradually getting the business upon
basis that would give good promise OF ultimate lq1s
tina entire Indebtedness OF the house MT Inaleo
has evidently devoted himself 10 the work win
great zeal and energy. aud with an eye tD
the earliest possible settlement Of the Immense
and mpcated estate consistent with the best ncr-
OF all the creditors, whose representative anu SCI
To interrupt his operations now ny proceeu-
ings bankruptcy, involves no shgnt responSIoly'
people be discharged, and the complicated
affairs Of tie must become the SUBJECT Oh ti-
non that may Outast the generation We cannot pre-
gsInsay legal and commercial WISDOM that
perCeiVes necessity FOR the proposed proceedings III
Bankruptcy. We only express our regret when
We are sure will shared by readers, that 40 prom
condition Of affairs Is set forth by Dir Chaiee
should be maturity brought 20 nOugn ana tuis vas
hurried along that bourne whence lev anu
feeble dividends return. Must 1t he 50 !