The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-01
A. & W. SpRAGUE
A Financial Breeze in PySvfdenee-The
Rank OF Commerce w.rryfng Trustee
Chacee Threatened Proceedings In
n .lxr

a financial Breeze in PySvidenee-The
Bank OF Commerce worrying Trustee
ChaSee -Threatemed Proceedings In
Bankruptcy.
PYoyIpE,rE, II. l., March 81, 1874.
Business CIRCLES nee were agitated to-day by
nm unexpected aspecs which the affairs OF the A.
W. spragae Manufacturing Company assumed
The eauseof this excitement Is the action OF the
NationalBaHk ofCommerce ofthis city, which mas
n clairoof $500 100 against the company ana lnsu-
tinted proceedings IN bankruptcy to-day against
The ,prague company to recover TINS eiaim' Inc
Trustee Zacharlah Cnaiee, was informed OF TINS
,pGended action last night aud immediately pre-
Y,,red this card. which ne has issued to the pno-
hc:-
To TINE cnnp,roRs OF THE A. ", srRAsUE MAsuFAc-
When aeceped on the Isl day Of December 1873 the
position Of Trustee under the spraEue aesa u NOR gaze
entered upon the Discharge 81 my duties with nTin
resolution 70 administer my trust taihlahy Sf me W
teresi OF creditors and with determination to be gov.
ened by the preferences % tne 80. a. NH
as prompt settlement Of the claims o creditors a. Vas
practicable am able to say -s IN ~ ts
Sompany and Z " sprague the general meeting
snerses should Be devoted o the their crea
tors have up 70 this tme been enrey lGra Emu
The record Of my administration may be thus prl h
several OF our city and country banks representing 10
the aggregate nearly s4Oo9od of indebtedness have &C
change their claims and large NUMBER 81 ceuitos
including banks and savings institutions IN Aduuon
have sienhed their intention % exchange theH p"per
Immediately after the lst Of ApriL -. =. h.or oo,
The business OF the mills and print works mas peeh con
Quoted thus with reduction % expenses eauiFaent
TO q saving of S35lo0O per annRnh
The profits OF the business nom the Isl cay OF peee
her 10 this date that could pay To- uay II u
were due, the interest ON the mortgage notes when
arrangements contemplation anu IN progress Tor he
disposition Of a large amount OF valuable property not
required for manufacturing business which conf
IDENTITY believe viii enable me 70 pay dividend TO cred
itors an the LIST OF next have been able 10 obtain
my supplies the mills and PRINT works upon terms as
favorable any other purchaser III the market ana
the community generally my nrmnesS and integrity.
have made the foregoing statement tor the reason
that have been officially informed by the PRESIDENT ot
the National Bank OF Commerce In this city that that in
sttnon VIII nle petition IN bankruptcy tnls morning
against the A. X w sprague Manufacturing Company
wish the responsibility tor This act 10 rest where II
men, aud children IA the employ OK the COM
pany dependent the mills and print works
Tor their daily bread lpwardso people derive their
entire chief support from the Industries connected with
the business Upon the filing OF the petition must close
the works and turn these people out OF employ
ment The immediate loss which this VIII entail upon
creditors will $50 eco and the calami-
consequences which VIII 10 the operatives
svery mind can picture for itself
my firm conviction that the A. l. w. sprague Manuiac-
turing Company would, III the absence OF proceedings
against in bankruptcy be able to and discharge in
lions II. CHAFEE, Trustee.
MARCH 81 1874
A meeting of the stockholders OF the Bank OF
Commerce was called this noon and paper was
prepared to defeat the action OF the President in
his proposed suit in bankruptcy. Within d very
short time twenty-five shareholders, representing
over $500 shares, had signed the paper, ana the
prospect Is that the suit VIII not proceed.