The Sprague Failure

Seventh-day Adventist Publishing Association · Battle Creek, Mich. · Nov 18, 1873

The Sprague Failure.

PROVIDENCE, Nov. 6.—A large meeting of the creditors of the A. & W. Sprague Manufacturing Company, and A. & W. Sprague, was held at 11 o'clock this forenoon in the Horse Guards' Hall.

William J. King called the meeting to order, and the Hon. Amos C. Barstow was chosen Chairman, and Jeffrey Hazard, Secretary.

Mr. Thurston, attorney for the house of the Spragues, presented, through the Chairman, the following communication:—

The A. & W. Sprague Manufacturing Company and A. & W. Sprague regret that they are obliged to announce to their creditors that they find themselves unable to meet their maturing obligations. The recent examination into their affairs, made by a committee appointed at a meeting of bank officers in Providence, shows that they have a surplus over just debts of at least eight millions of property, and they confidently believe that if an extension of a reasonable length is granted to them, they can pay in full all their liabilities and preserve their print works and a considerable portion of their mill property. They respectfully invite their creditors to designate from their number a committee, with whom they can have a free and full conference, for the purpose of devising the best plan for securing the large property in their hands to their creditors, and enabling all claims against them to be satisfied in the shortest possible space of time.

The A. & W. Sprague Manufacturing Company pledge to their creditors their utmost efforts to co-operate with the creditors in the means to the above end, which may upon conference be devised.

(Signed) A. & W. SPRAGUE MANUFACTURING COMPANY, per AMASA SPRAGUE, President.