Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1882-01-12
the spRaeUE ESTATE.
The Creditors COMMITTEES Meet in
Providence.
A Syndicate to be Formed Which win
Buy Up the Property.
what Mr.. Chafee and senator a,a-,..
Have to Say.

Ss OonoAS Star appeared an article
concerning the Sprague trust estate and II.
MAJ disposition. 1t was stated that little Il
any Roadway had been made by the syndi.
cate in forming the organization proposed a,
the last general meeting Of the creditors. +.
fact due to the failure of the gentleman in.
terested in the scheme to come to an under.
standing. Senator Aldrich had announced
that he should go to Washington on the Eth
instant. and that il was his desire and inten.
ton before that date to have some definite
plan settled upon regarding the disposition of
tne property. 1t was learned by a SUNDAY
Star representative, Saturday noon. that the
creditors committee had met on the night
previous, and that they had decided upon
what line OF action they would take in the
premises, but as to what they settled upon
could not be very readily ascertained. Fail.
ing to obtain an interview with either of the
committee, the reporter called upon Trustee
Chafee to ascertain what information if any,
ne had gathered from the gentlemen of the
committee.
TRUSTEE CHA1EE INTERVIEWED.
Mr.. Chafee was engaged with a creditor
who had come to him for information While
the reporter was awaiting an audience he
overheard the creditor that he should not
sell his claim for 80 cents He believed that
the estate would do better than that. and that
1t was capable of paying 40 cents. Further,
he believed that the person or persons buy.
ing the estate for 30 cents on the dollar would
make S2,00O,O00 by the operation. He
wished it understood that he had rights
which must be respected, and was assured
nv Mr.. Chafee, that. a. trustee, he would see
that the gentleTnan's rights. and those of
every other creditor. were fully protected
When the gentleman retired. the reporter
was invited to take a seat near Mr.. Chafee's
desk. The trustee said that there was moth.
ing new to report concerning the estate that
he knew of.
.'Did not the creditors committee hold
meeting last night?"
$50, am informed, but did not know of
it until late last evening"
'Do you know what was done?"
''No. The committee have not as vet in
formed me what they did. l saw some Of
them this morning, too, but was not told
what plan had been agreed upon"
by the way, are you receiving additional
names for the proposed organization?"
Eyes. The names continue to come in"
''Mr. Chafee. was told by Mr.. Spencer,
of the depositors committee. this morning,
that Senator Aldrich had told him that it was
not necessary to get the names of all the
creditors; that any one of them could form
an outside syndicate, and that a
representation of but 81 ,OOO, 900 would
be sufficient to secure the proposed
organization. Is it possible that a syndicate
representing but ne-eighth of the indebted
ness could obtain the management of the
estate?'
"Well until the gentlemen submit their
proposition to me can hardly say what
should do. Before made a decision should
want to know just what they proposed to do.
But | should hardly presume to say that the
court would look upon such a proposition
business-like. However, if they will lay
their plan before me. l will not be five
minutes in deciding what | will do, and what
ever do propose to have the court back
of me, so that in the future | shall not be
called upon to answer for any alleged un-
fairness"
SENATOR ALDRICH TALKS.
The reporter by boarding the drawing
room car as it stood on the switch near the
Sabin street crossing, awaiting the arrival of
the shore line train from Boston. obtained a
few minutes conversation with Senator
Aldrich, who was about to start for Washing
ton. Mr.. Aldrich said that the committee
had held a meeting on Friday evening, as
had been reported, but that nothing was yet
ready for publication.
1T was promised that before you returned
to Washington something definite would be
arrived at BY the committee. Now, all that
is desired is the information whether or not
YOU have formed plan for the purchase of
the estate. so that the creditors will have the
assurance that all is going we'll. Did you set
tie upon plan of organizationg
Yes, we did, and just what we did will be
made known to the general creditors in good
time. Our plan of organization we do not
care to care to make known at present. You
can state that the gentlemen who are to be
with us, and who do not care to have their
names used for the time being, stand ready
to purchase the claims of all such creditors
as do not desire to become identified with the
organization"
The starting Of the train cut short the in
tervew at this point. and Senator Aidrich
was soon speeding away towards the capital.
Cen Butler wrote a letter to Trustee
Chafee under date of Dec. 30. throwing out
hints as to the obstacles in the way Of the
proposed Sprague creditors organization,
and reminded Mr. Chafee that the offer OF
30 per cent was still open and that no furth-
er legal steps would be taken until after the
| expiration of the 80 days during which that
| offer TO the creditors is open and pending
| Providence Star.
Major S. j. Gallagher, State Pension
Agent. has prepared his annual report, and
| it will be presented at this session OF the
| Council. The amount appropriated for pen.
sions in 1881, was s23,o0h; amount ex-