The New York herald., 1877-10-22

OF any action which msy be sltherssd a. ssy
have Withdraw from this agreement. apoa sv
mieh such Aforesaid action Shall Se resolved upon and
the payment the Of his proper poportoa
time o. such Withdrawal said proportion to DO aetefmnea
8 Tue msetng subscribers hereunto shall Do
ssa y & Sse % q a time and place % sa ,sss
dass before The Inn q Ss ~ ss "a similar
manner. unless otherS.se provided
THE EXECUTIVE COMMITTEE.
Tho Committee OF Five, who have the matter
In hand and who represent between $4,000 0oo
and s. 900 900 OF the Indebtedness are as follows
Mr. Alexander Farnum receiver OF the Cranston say.
Ns,,onai saas: MT. james II. K,mssiI, president Of
the Second National Bank; Mr. JOSIAH L. Crooker, d.
Cnace, cashier oi the Fourth National Bank.
Mr. Farnum, by his management Of the Affairs OF tho
Craus,on Bank has been able to pay the depositors
about seventy per cent and he s confident that nl OF
them will eventually receive dollar Tor dollar.
In thus connection It should DO stated that tho
Franslin Institution Tor Savings, another bank which
obi ged to suspend on account OF the spraguc ia
urc has also paid ABOUT seventy cents ON the dollar TO
It's dcpositors. The principal assets now OF botb Of
these Banks Ia the shape OF the Spraguc paper Tho
directors OF The FIRST National Bank, TO make up
bo,ks al twenty-five cents on the dollar, as.
sessod their stockholders forty per cent, and
Notwithstanding this heavy drawback tho bank
in prosperous condition and its
directors are determined TO hold on to the amount Of
the Sprsguo paper which they have on hand 0V0.
and like most OF tho other creditors will never sacr
ice IT, for they state that should the estate be sold
even during the present state OF business they would
realize more than twice the amount which the paper
is bringing at the present time
VIEWS or OTHER CREDITORS.
cashier OF a bank that holds . large amount
oil the paper also waied upon. The gen.
the ,' matter, but he stated. however, that
hai not paid any more dividends than they had, the
principal being, hrst depression OF business
aud depreciation OF prices, and second, the inactivity.
apathy and lack OF Harmonious action on the part o
the creditors He said that tho "bread and butter"
iniacnce exerted by the Spragues Whine in power was
s felt aud that many OF tho creditors were afraid TO
sgn tho agreement tor iear OF displcasng them and
OF losing custom, either directly or indirectly, and
thls he believed was tho cause why they had not
Jared any better
The cashier of one of the heaviest banks in city,
but who only have 5000 worth Of the paper stated
that that amount hal been charged oil The books
long ago, but that u was securely slowed away in tho
vault aud there II would remain. and hc had
doubt that his bank would renllze dollar
Tor do lar tor It. II was, in his opinion, q mat
ter OF endurance but unfortunately there were many
ol the creditors who could afford keep the notes
and who obliged to sacrifice them. Tho Spruguo
matter he considered a conu ndrum and no ono conId
bc found who able solvo 1t. II II was not tor
the SUIT OF the Hoyt children they the crcditors)
"could put stopper on MI Chaiee" but as u was at
present the creditors had redress and were COM
plctely the dark as 70 how the affairs OF the
were being managed, and he considered II mpos
sblc to predict what would be tho final ending oil tho
unfortunate affair. Tho Spragues living about
the style usual and had their elegant shore
lOrSc6,
think they were IN the embarrassed condition repre-
sentcd
A prominent business gentleman said that the mills
u0In and needed new machinery, aud, in
view OF this TACT could not manufacture cloth and
compete with other mills. He contended, however,
that their labor was cheaper than at other mills They
had large stock Of handsome prints In the HANDS oil
their brokers IN Now York, which not being sold
very readily He thought the selling OF their paper
ior twenty .one aud nall cents sho cd lack OF con.
udcncc tho He confident that their
property, ON almost any valuation would bring nity
liar nj
the idea OF applying TO the courts for re.
dress practical. one, and IL was his opinion,
impossible divide the property owing the numer-
Gus attachments. The law yers had made bad work OF
II, and they successful IN getting favorable de-
csion from the Court they would meet with litigation
at every hand
The assets of the nrm when the committee made
their report after their suspension $40 247
aud the liabilities SILL 475, 443 The Liabilities at the
present time, in round numbers amount 70 S. 500 0O0
The committee who made the report at the request Of
the banks consisted Of ex Governor James Y smith,
Ex-Governor Seth PadeIiord, Mr. Rufus waior.
man aud Mr. George f. Wilson. who, In con.
cluding their report stated that 1t boing
the duty OF tho trustee TO convert tho
property and pay the debts at as early day as pos
sibc, IL Is not unlikely that the whole Indebtedness
be cancelled IN much less timo than three years.
opinion that a better showing would have been nado
ono yonr later than tue time thought necessary 10 can
Gel the Indebtedness
From several reliable sources your correspondent
ascertaincd that tho members OF tho drm were living
quite moderately compared TO tnc IN which they
lived prior TO tho TALL OF 1873, no.withsianding
also learned that both Mr. Amasa Spraguo
and Mr.. william Sprague were a.ten ding
IN their power 10 extricate themselves from their
critical position Thoy receive but little aid or
tort from the rival "houss " and which Is not to DO
surprised al, Tor tho house OF A. a W. Sprasuo has
gwen them considerable trouble ~ the past and VIII
DC likely 10 again should IL regain It's standing In the
social, commercial ana political world