Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-11-03
BUSINESS AFFAIRS OF THE
SPRAGUES.

The business affairs of the Spragues were
on a very large scale. Their financial agent,
Mr.. Thurston, when in New York, was ques-
toned as to the cause of their embarrassment,
but declined TO state any reasons for it. A
writer in the Tribune says there is "no pru-
dent business man in Rhode Island questions
that too extensive and over ambitious enter
prises, multiplied and involved business rela-
tons, and reckless borrowing at extravaganza
interest to keep up the volume Of business
which should have been gradually contracted,
have been the causes which have weakened
the Spragues, and taken away their power to
withstand the stress of the crisis" The same
writer who dates his correspondence at Prov
idence, says:
The vast interests involved in the embar-
easements of A. & W. Sprague and Hoyt,
Sprague & Co. appear from the list of their
mills, works and manifold enterprises. Good
judges say, however, that their suspension
would not cause the suspension of single
bank in the State. Only three national banks
the Globe, First National and Second Ma
tional-and two savings banks held very
largely of their paper. Many merchants might
go unutT anu ulstTessIul tunes WOulu CeTtdlu-
ly ensue in Rhode Island from the complete
failure of A. & w. Sprague. They run near
280, 900 spindes and % printing machines in
mills and print works, and employ over l0,-
600 operatives. Their great print works at
Cranston employ $4,000 persons, and can
turn out 10000 pieces a week. AT Natick,
II. L., they run 10, 900 spindles, and have 600
hands; at Arctic, X. l., they run $4,000
spindes, and have 5 900 hands; at Quidnick,
.. L., they have $4,000 spindles, and 500
hands at Baltic, Conn, $1,000 spindes, and
100 hands; at Central Falls, II. l., $4,000
spindles, and near 500 hands; at Augusta,
Me-, "a 900 spindles, and 700 hands. These
cotton mills supply their print works, with
most of the print cloths used by them, max
ing about IS, 900 pieces week when running
on full time. All are now on half time. Be-
side their mills and print works they run
other great enterprises, both within and with
out the state. In Maine they have timber
mills, saw mills, and like property, in which
are employed great numbers of men during
the numbering season. In New Hampshire
is more similar property of theirs. At CO.
lumbia, S. c., they own valuable water
power, and have . great stock forward. They
also own much land in Kansas and in Texas.
10 this city and Cranston. their real estate.
improved and unimproved, is great In extent
Anu Value AuSy COnITut III tus city TUE
Union Railroad, owning all street railways,
EN- ploying 800 men, 500 horses, and 100 cars.
with capital stock of 5000. 600, and valuation
of property about $500. 900. VIM. Sprague
is President of the Providence and New York
Steamship Company, which has eight steam
ers, employs 500 hands, and owns property
valued at 81 zoo, 0OO This Company, it is
claimed, will not be embarrassed because of
the Spragues' endorsements. Though they
are the largest stockholders, they own minor
ity OF the stock. A. &. w. Sprsgue control, in
Providence, the Perkins Sheet Iroh Company
and the Rhode Island Horse Shoe Company,
having 800 hands when full, now running
with one half their usual force on half time !;
the Pheuix Iron Foundry, Elm-st. Machine
Shop, Sprague Moving Machine Company,
Comstock Stove Foundry, and the American
Horse Nail Company. They also own one
third of the stock of the well-known Rhode
Island Locomotive Works. which employ
over l 200 men, and of the Nicholson File
Company. Their mill property, at low val
uation, is estimated at $4,000 900, and their
print works at 81, OOO, 900. Their pay roll at
times has approached S25. 900 a day. Beside
all this pr perry of A. & w. Sprague. Hoyt,
Sprague & Co. own most of the stock of the
Atlantic Delaine Co., whose mills in Olney-
vile, employ over 1000 hands. On this
nronartv il An indphfed ness near a 600 OOn