New-York tribune., 1879-02-01

Az EFFORT TO REMOVE THE RECEIVER - The
CHARGES AND THEIR prNIAL.
lFROM Az CAslONAL CORRESPONDENT or THE TBIBUNEl
PROVIDENCE, Il. l., Jan. 27.-The numerous
creditors the house Of Messrs. A. Il w sprague OF
this State will have hearing February 81 in the SUI
prcme Court IN this city upon the bill IN equity filed III
July last by creditors representing 200 OO0Over one
the total Indebtedness OF the firm and no consist
mostly Of banks and other corporations, few pri
yae creditors being included IN the list. The creditors
ask for the removal Of the receiver and assignee Mr.
Zacharlah Chaee OF this city, and they desire Letter
accounting OF the property held IN trust by that gentle
man under the provisions OF the now famous
trust deed" They claim that Mr. Chafee is
acting in the interest OF the dcfuuct firm in his
official capacity, paving large salaries TO VII
liam spIaguc and to his brother, Amasa sprague,
and they also claim that lie has discharged
skilled wOrkmen and placed erOr ones in their places
and has in every possible way jcopardzed The creditors
interest and that hc win not allow them TO examine his
books. Other charges of more or less serOus nature
are made, all OF which might be supposed, are de-
MED III the rccelvoTs reply, which claims that he -
aeiIng for best interests all concerned. lie has
kept up the vast property and has paid the Insurance
and taxes amounting 10 100000 year. The creditor
seem favor the selling OF the property. no; Withstand
inc the depressed condition OF the markets. ana diyd-
ing proceeds pro rata among tlem for III begin t.
think that they will not get % cents the dollar,
larger sum that the firms paper occasionally sold
tor in this city; it has sold low as IG
CENTS Many are OF tine opinion that tho paper is
bought in the interest OF the firm Of A ". splage.
With nnumerable lawsuits brought against the es-
tate since S69 upon whoh decisions been given
as yet would if II impossible 10 adjust
the claims very speedily The il not nun
u,nC in debt II is called the "QudUeck Company" tne
name OF a solvent corporation managed by Messrs A.
& W SpragGe be their failure The stopping ~ the
mills, WORKS. etc, would entail TO tic suffering
The concern affords employment To nearly 1900 per.
sons. All the mills are running and the numerous
Operative - are ,ruing fair wages.
The receiver of the Franklin Institution for savings
OF this cIty, Will file bill In equity against the firm.
asking have the tIust decd set aside season for
the March Term O. the supreme Court and be cSpcct.
TO hearing upUn the same cary Ia the Autan.
By decision recently rendered by tle Newl urk
of Apirals IN the OF seVtrn banks OF thus CIV
hpure Of HuyI Sprague * Co., 10 recover u bond
gwen the firm to the banks To secnrt pay mCnt for
loan made ~ 1873, tie sum Oi SJO.OOo und upwards
will be obtained. OF this sum tie franEln Bank will
receive 900. bat this h appears viii not be enough
10 enable receiver TO declare anptnc~ DIV euh
takes ~, 900 to maze dividend of even per cent
aud hC will not bs able TO pay the depositOrs
anv further dividends unless the bill In equity
Is decided his favor. fur the depVs0rs III this
hauK received DIVIDENDS amounting to -
The dcpusOrs In the CraTsiun Bank nave been paid 60
per cont Both these institutions wrecked
by the failure ol Mcssrs A v. sDfague.
1t viii he u long before The affairs of this
noted viii be set!ci. even n there are no delays
in the courts. Matter, nre IN very chaotic sateat
least ihi- the the principal creditors. The
law, ers will reap "a rich harvest. The senior counsel
for The creditors have tarng he II MONTH Ia the
Hon b niamin IL BrstOv, Secret ry Of The Treab-
ury The leading lawyers IN this and other States are
engaged side the other The numerous cults
pending in tho Rhode Island, how-lork aud
Boston