Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1882-05-08


0ome one, surely, and upon their
neads must fall With crushing weight the re-
eponsibility Of the acts which have kent a
most Of creditors, many of them Door and
needy, from receiving even = slender divi-
oend that might have been got out of this
vast and colossal estate, which is now being
Irntefed away by incompetent management
and y Kicked Interference GApplause Thirty
cent? We could have realized at one time and
% cents At another time. had it not been for
the wicked devices and the ingenious misrep-
RESERVATIONS which have thwarted and pre-
vented the contamination Of this sale, which
would have given liberal dividends to the
creditors and have started the greatest manu-
featuring industry in the State. rApplause.
lhree bona fde bids have been made for the
oprague property and the power of the high
Oourt OF the State has been invoked to ratifv
ana confirm the sale, and just at the point of
decision an irresponsible. worthless and mis-
eraoie oner comes in here Capplause1 with
out signature and without any forfeit money.
ana 10 allowed to set aside and prevent the
contamination of the sale that should have
been honestly made. The property
mas failed to secure purchasers by q syndicate
OF Its creditors, and now the real bona 6de
oners that were made by outside capitalists
nave been lost, and what are We going to do
to close this matter up and get anything out
OF 1t In the way of dividends? That some so.
luton of this question should be obtained is
certainly the earnest and fervent prayer Of
hundreds OF injured creditors. l wish that
Gen. Butler and Mr. Benedict Lapham might
be induced to renew their offers, Iapplausel
and l am quite sure that that our acceptance
would be as swift and speedy as it would be
enthusiastic and hearty lApplause.1 Let
something be done, and let those gentlemen
those absence is painfully apparent to-day,
and who met with US on that cold December
day and prevented Gen. Buffers offer from
being accepted BY their solemn promises that
something better would be offered-let those
gentlemen be called on to explain. On them
rests the responsibility. as but for them an
other proposition would have been accepted.
Applause.
Mr.. Hall said the sale of the property
would be adjourned to Thursday. May 18th,
at II NJ, in Lyceum Hail.
The assemblage then dispersed.
IMPORTANT CORRESPONDENTS IN THE CASE.
The following is the letter submitted to the
Court written by Wilbour, Jackson & Co. to
Mr.. Chafee, and read to the Court with the
consent of Wilbour, Jackson & Co., at the
hearing on the 4th of March. 1882, upon the
subject Of authorizing Mr.. Chafee to accept
the offer of Benedict Lapham for the purchase
Of Mr.. Chafee's title to the Sprague estates
BANKING House OF
WILBOUR, JACKSON & Co.,
so WErBossEr STREET,
PROVIDENCE, R. l., March 3, 1882.
H. Chafee. Esq, Trustee:
Dear Sir-ln case the Supreme Court
should advise the selling of the Sprague es-
tate at auction in bulk, at an upset price of
2,SS0, 900, we hold ourselves ready and will
make bid of this amount to start the
property, payments to be made on the terms
suggested to you by the creditors committee
in their letter of the 22d ultimo, and agreeing
on our part to take such title as you can give
as trustee and assignee. Will you please
consider this confidential, and oblige
Very respectfully yours,
WILBoUR, JACKSON 4 Co.
Here the matter rested. the sale and its
terms being in the meantime widely adver.
tised with no intimatiOn that WilbOur, Jack.
son Co., did not intend to fulfill their agree
ment until the afternoon of the dav before the
sale, when the following correspondence took
place:
BANKING HOUSE OF
WILBoUR. JACKSON & Co.,
80 Weybosset Street,
PRovIDENCE r. l., May Sd, 1882.
Il. Chofee, Esq, Trustee. &c:
Dear Strive observe by the public papers
that you have advertised a sale of the' Sprague
estates" for May 4th, 1882 Since the
terms of sale, as advertised, are diff
ferent from those contemplated in our
letter of March 8, 1882, and in consequence
of recent threatened complications of the
estate, neither we nor our associates will
appear as bidders at the advertised sale.
Very respectfully yours,
WILBOUR, JACKSON & Co.
providence, May Sd. 1882.
Nessrs. Wiibour, Jackson i Co.:
Gents-I am in receipt of your letter of this
date, stating that neither you nor your asso-
ciates will appear as bidders at the advertised
sale of the estates and property to be sold by
me at public sale on the 4th day Of May, at
Lyceum Hall. confess that am greatly
surprised at this position taken by you.
hold that you are not only honorably but
legally bound to carry out your agreement.
As you well know, the terms of sale were
submitted to and approved by you prior to
the entry of the decree Of the Court ordering
the sale. There are no complications now eX-
cept such as existed and were known to you at
the time of your offer. therefore insist upon
your keeping your contract, and shall hold
you and your associates, whoever they may
be, responsible for xll loss, costs and dam
ages that may result from its breach.
Respectfully, T. CHArEs,
Trustee and Assignee.
R~Persons wishing a first-class suit of