Year: 1873




Governor smyth's Appointment as


Trustee.


PROVIDENCE, Nov S. 1878.


Tomorrow Is the eventful day which is to
decide whether the Spragues shall be allowed
to convey their property 10 trustees, to be
managed and disposed OF so as to meet
the claims OF creditors, or whether the
company shall be forced into bankruptcy. The
meeting OF creditors is likely to be a stormy one
There are many opinions as TO the choice OF meth
ods and there IS especially great hostility to ex
Governor Smyth as one OF the trustees. Smyth Is
a relative of the Spragues ana OF Mr.. Tnurston,
the Spragues' lawyer, and he aspires 10
be the leader OF the Sprague faction in
politics. ALI these reasons conspire TO
make him very unacceptable to many OF
the creditors who are politically hostile to him.
Other and business reasons add to the improba-
bility OF his being chosen a trustee. The Sprague
people have been very anxious-pernaps unneces-
sarily anxious-to give him the place. II his nomi-
nation is insisted upon, and he is named in spite
OF all opposition, it will be very much like


RUSHING UPON BANKRUPTCY


as matter OF choice on the part OF the
Spragues. Many persons VIII refuse to accept
him and resort to the courts for their remedy.
Governor Howard has already declined to ac-
cept trusteeship, and MIR. Waterman is sup.





made entirely new. This is really the only ques
ton for the meeting to settle, and 1t must be
settled 10 the general satisfaction to be entirely
approved in the end; for though men may
pledge themselves tomorrow to accept the bonds
under the trusteeship they can afterwards refuse
to comply. and, retaining their present evidences
OF ofndebtedness resort to the courts whenever they
deem 1t desirable. To considerable extent
this will be done, for creditors to the
amount of $11.O00,0O0 are not likely to
be OF one mind as to their best remedy. 1t would
be almost miracle If the plan suggested by the
examining committee appointed by the banks
should be completely successful. That the meet
ing tomorrow should practically result in q course
hostile to the adoption OF the trusteeship plan
would not be surprising. There was a strong leel-
ing here to-day favorable to the overturning of


TIE FAMILY PLAN,


and the effort may or may not be made according
to circumstances. Any trouble at the meeting
throws the whole matter into the courts and an
attempt to press Smyth's appointment would cer-
tainly do it. If there Is no trouble the creditors
who have no attachments to the Sprague house,
can afford to wait events; but in a community
where there are so many diverse and bitter per-
sonal and political interests bankruptcy in the
END seems inevitable. The only thing which
deters some of the creditors from pursuing the
bankrupt policy is the fact that so many operatives
would be thrown out OF employment by the stop
page OF the mills This is, indeed. the serious
view OF the case, and it Will be pressed by many
creditors who Indifferent to the safety OF the
Sprague in support OF the Sprague.


The Sprague organ here, which has been highly
indignant and violently bitter against all outside
parties who have courageously expressed their
reasonable fears and honest convictions, conesses,
In an editorial IN this evenings ISSUE great anxiety
about the result tomorrow, and makes the follow
ing last


APPEAL TO THE CREDITORS


We are exceedingly anxious for the sake OF the
numerous creditors or the Messrs. Sprague, the
vast interest involved the result upon the indus
tries and business OF the State as well as for the
Messrs. Sprague themselves, that spirit OF kind
ness, wise and generous policy, broad, liberal
ana IN accord with tue well known reputation OF
business Tor generosity and fairness, shall
pervade the meeting tomorrow. All questions
foreign to the one In nand should be ignored. II
bosom and seek its solution at some other and
more appropriate occasion. II any one has some
set and definite method Of procedure, involving
measures and men, let him III advance resolve to
those involved with him in this temporary dis
aster. There can be but one object and one desire
among all the right minded, and that to make the
vast property OF this house meet the last dollar OF
lett Tor those to whom 1t OF rlgnt belongs by the
earning OF II through generations OF toll and
terprSe. All otner motives are wrong and should
be ignored. The method proposed by the able
committee appointed by the banks looks only TO
that end and Is JudiclOus The only other aterna-
tive is for the parties themselves to place their
property voluntarily in bankruptcy under the law
and have very large share Oh Its assets eaten up
IN the expense OF settlement and by forceu sales
under the order OF the o1cers OF the law
That involves disasters to the creditors large and
small, which wise forecast and prudent speech
and action should avoid. 1t involves an immediate
suspension OF all the mills and print works and
other manufacturing property, the continuance IN
operation OF which can alone prevent its de-
terloraon, and the stoppage OF which Will produce
suffering and want among thousands oil our labor
ing people. No such alternative should be put TO
the election oil the Mes5rs. Sprague; neither
need it be. There Is a manifest desire to protect
every creditor. Let every creditor meet that feel
ing with like feeling, and all will be we'll AS the
case stands to-day the business can be arranged
so that only temporary embarrassment and no
permanent loss VIII result. We trust 1t Will so
stand tomorrow after the meeting OF the credl-
tors. II the better qualities OF human nature
troll the meeting all will be well and confidence will
hp at rp2