Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-11-01
THE SPRAGUES AND AUGUSTA.

aATUBDAY MOhNlN0, NOV. !. 1878.
THE SPRAGUES AND AUGUSTA.
The financial difficulties of the Sprague
Company are much regretted by this COM
munity, which hoped to witness by their
assistance the development and growth
of large industrial operations, sufficient to
employ all the water power in the kenne-
bee at this city. But beyond temporary
suspension Of business at the factories and
mon the works of the company. occasion
Cd BY the failure of the firm, if such be
The result, no serious detriment to the in
terssts of the city will probably occur.
They have done more for the city than any
loss which can happen to it by their fail
ure. They have laid the foundations OF
growth IN business here which is as sure
- the rising and setting of the sun. They
have rebuilt the dam in the most thorough
and substantial manner, laid massive walls
Of granite to protect their works where
necessary, in fine have done completely
the foundation work for the most substan-
tial and comprehensive factory buildings in
the country. Ithas cost them large sum
of money to do this while the returns thus
far have been very little. The old mill
has been renovated throughout and fur
nished with the latest and best kind of ma.
chinery, the new one is perfect i'll its con
struction and fitting, but it is only few
months since they went into operation sc
that their earnings have been small
Boarding houses, shops and stables have
been erected, indeed all things preparatory
to raising the walls of the factories and
putting the machinery in operation is done,
and done in the best manner. Some OF
our people have complained because more
factories have not been erected, but in
view of what has actually been done, in
amount and manner, and the expense at
tending it without any present return, the
most considerable of our people have nc
fault to find with the Sprague Company
and no fears that the project of improving
the water power at the Augusta dam viii
b anything less than success. The re-
building of the dam is worth everything
70 the structures that will depend upon it
The preliminary work which has beer
done is the slowest, most expensive, ant
most important of the whole. What has
been done cannot be undone. or carried
away, but will remain here strong anc
permanent, as valuable to the city after
the failure of the Spragues as before.
The true condition of things is, provid-
ed the failure OF the Spragues is estab-
hshed. that they have done the pioneer
work in the creation Of the cotton manu-
featuring business at this city, and some
other parties will now come in and occu-
py the field which they have cleared and
prepared for the last steps in improve.
ment. 1t is such an opportunity as viii
not be without takers. Neither will it bt
idle or unoccupiei long. If employed j
will produce and earn something, and it,
products and earnings will be needed
From the depression of business now
reigning over the country there will be 6
reaction that will set every spindle in mo-
ton and employ every hand that car
work. No money has been sunk, no value
Lost. In the country at large by the financial
storm. and property will be active again
In the ways of business, though in other
hands. If the Spragues have to yield
this property to the demands of their
creditors it will not remain unproductive.
Il will pass into the hands Of other CAPT
tAlists, and by them be improved as it
would have been by the Spragues.
We regret the unfortunate circumstances
in which the Sprague Company is placed,
they have created in this city. Men that
venture on great undertakings are liable
to be overtaken with difficulties and dis
aster. Many who were supposed strong
and rich, and really had assets far beyond
their liabilities but not available for in
slant payment have gone down, and OF
this number are the Spragues. Their fail
ure will be felt by the thousands of labor
srs whom they employed, of whom but a
very small portion are in this city. No
trouble will accrue on account of their
failure to any of our business institutions.
nor to individuals, neither can it work any
detriment to the interests of the city and
community farther than is temporary.
The city is certain of the improvement of
tho water power which it sought. and the
community will not be obliged to wait a
great while to see the mills and factories
again fully employed and the work of
erecting others progressing.
RAILROAD MA TIERS.
The Eastern Express Company has con
cluded q contract with the European ant