Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1882-02-15

The Hopkins Syndicate Receives Its
ouietus in Court.
Bensdict LApbam Makes . Higher OfFsr
-0en. Butler Triumphant.


| nsAerea ChaSrin anA Crininationl
AAeng the Defeated.
Matters in connection with the Spraeu,
trust estate have taken an entirely new a.
pect- The syndicate which was formed abou
. month ago, and which was apparently eoins
| 10 sail right into popularity and wealth, find.
itself LANDED high and dry" The .yndi
Gates offer to purchase the estate for 81 .6OO,.
ooo were taken before the Supreme Court
Saturday morning, by Trustee Chafee. The
latter preferred not to put his foot into any
legal trap, hence his desire to have the eour,
pass upon the offer before fully accepting OF
It. The matter was discussed in ertenso by
Mr. B. n. Lapham, Gen. Butler the attor.
neys of the trustee. and several other mem.
bers OF the bar. At the request of Mr. Lap.
nam, Mr.. Chafee was sworn. and under oath
replied TO interrogatores concerning the
trust estate. When this had been done.
Gen. Butler took the floor and proceeded to
arragn the syndicate. He
CLAssED IT AS "RING,"
and desired to know by what authority
savings banks and national banks were made
parties to the syndicate, denying their right
TO do so under the State and general laws
Gen. Butler said that he received a letter
from Trustee Chafee, asking for information
about the admission Of creditors to the offer
Of purchase made by him.
In REPLY TO THAT LETTER,
he sent the following telegraphic message:
WAsHrSGToN, Dec. 90. 1881
To Zeehariah Chafee:
Letter received. The offer for creditors TO
come in. as | wrote you, is no part of an Of
fer to purchase, but wish you would publish
the whole letter. No difficulty is arranging
the King matter. Nobody will want to DELAY
him, as interest would have to be paid.
BENZ F. BUTLER
This message, he said. was taken into the
creditors meeting and read only in part
beginning with the opening sentence and
topping with the word ''to purchase" Gen
Butler said that he did not wonder the credi-
tors rejected his offer. The conduct of the
person in reading the answer he did was
compared to that of Anarias. Gen. Butler,
after speaking of the honorable course pur-
sued by the Spragues in surrendering every
thing to the creditors, when they might have
held back millions of dollars and no one
would have been the wiser, concluded by
offering, in behalf of Mr.. Benedict Lapham
Of Warwick, and others, the sum of 80 cents
on the dollar for the face value of the out
standing trust notes, of which Mr.. Chafee
said, upon being Intercepted, that he had
BouGHr Up s25O,oOO WORTH.
The court considered the matter for few
moments, and then Judge Potter announced
that the court would not recommend the ac-
ceptance, at present, of the offer made by
William II. Hopkins and others for the estate,
as another and better offer had been made.
The court would allow the matter to stand in
statu quo for three weeks, at the end of which
time, if no better offer was made. the accept
ance of Mr.. Lapham's offer would be recon-
mended. The terms Of the Lapham offer are
as follows: % per cent down, the remainder
to he paid in one year, and in regular and
equal quarterly instalments.
A TALK WITH LAWYER LAPHAM.
After the court adjourned. Sunday Star
sought for information re-
garding the new syndicate. Mr.. B. N. Lap
ham could throw no light on the subject, ex-
cept that Nr. Benedict Lapham bore the rela-
of third cousin to him. and that he
was driving. energetic and successful man.
ufacturea He thought that Mr.. Lapham's
associates were the gentlemen who had offered
to 90 in with Gen. Butler, and mentioned. in
with those gentlemen. a very
wealthy dry goods firm Of Boston. whose store
is the largest and most complete in appoint
me nts and details of the kind at the Hub"
Mr. Lapham further said that his only desire
in getting Trustee Chafee upon the witness
stand was to place him on record, so that he
would know Just where to look for him in the
future. He thought that Mr.. Chafee acted
very fairly. and that he gave very full and
free answers to the questions put to him.
A BIT OF HISTORY.
Last evening, another gentleman was call
ed upon for the purpose of hearing just how
the Ouidnick company would fare if the pro-
posed sale was effected. The gentleman was
noncommittal as regards the Quidnick com
pany but he enlarged on one two points
touched upon BY Gen. Butler in the morning.
Amasa Sprague, of the old firm Of A. & W.
Sprague. died intestate. and his widow,
FANNY Sprague. took out letters testamentary,
giving bonds in the sum of 500, 900, for the
faithful administration Of the estate The
probate records show that appraisers were
appointed. but beyond that no record of the
estate and of its distribution according to law
can be found. 1t now transpires that the
estate was distributed without any regard to
the exact legal rights of the heirs, who took
what was given to them without asking any
questions and without giving a receipt or
signing off in settlement of their claims up
on the estate. If Mrs. Almira Doyle. nee
Sprague. wife Of the Hon. Thomas A. Doyle,
and Mrs. Anna Latham. nee Sprague. should
see fit to bring suit for just division Of the
estate, it would take three years of litigation
TO settle the claim. Mrs. Gen. James has
valid claim upon the estate, and though her
case was finally upset in the upper court at
Washington. after she had won it here by de-
fault. she can. if she chooses, bring it again,
and that would entail three years of legal
warfare.
A DISAPPOINTED SYNDICATE.
The syndicate was terribly chagrined, be-
cause of the course matters took in court.
Saturday. When Gen. Butler was speaking.
and before he made his offer, they laughed at
his remarks. but they were taken by surprise
when they found that the court had sufficient
confidence in Gen. Buffers offer to postpone
all action for three weeks. with the under
standing that unless they bid over that offer.
its acceptance would be recommended 1t is
whispered that after the court adjourned,
there was lively scene in the Office Of oae
of the members Of the syndicate. The men,
her accused one of the creditors of playing
the syndicate false, and of going over to the
enemy, at the same time giving them to
understand that he was not in favor Of Gen
Butler and his colleagues. The creditor de-