Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1873-11-06

business of any half dozen: mercantile
| establishments in. the State. AT Their
store at Elmwood, Providence, anything
can be bought from a tin whistle. to a
ouse-keeping outfit in furniture, and in
all their factory villages they have large
general supply. stores for. their opera
tives. An army of .mel is dependent
upon them for remunerative' and bread
giving employing and it is to their
credit as employers of labor that they
are universally commended by their OPP
eratiEes as just and generous IN their ap-
probation. of services and their award
of wages. They are famous for putting
just the right man in the right place,
and when they put him there they make
it an object for him to stay there and do
bis best. i. T. ~. :s-.}5 49, ssst-.(s s
In addition to these Joint interests of
the firm which have been mentioned.
each of the two brothers forming the
firm holds large and valuable property,
. and Amasa, the. younger OF the two,
has been building the past seasonthe fin
est building in the State, at Warwick,
at an estimated cost of several hundred
thousand dollais, and William, the sena-
tor, owns a very fine residence at King
ston.s Amasa is also. a large owner OF
b'ooded horses and other fine stock,
and the. amount of property which they
hold Jointly and individually IS almost
fabu1oas But cotton mills and costly
residences are not easily sold on tight
and panicky money market, and Tor
two or three. weeks past the firm has
been bard pressed for money to meet
the current demands upon them for Ia
Dor and for their maturing paper. The
'sSprague banks" naturally have helped
them to the utmost of their ability, and
last week loan of $500, 600 was secur-
ed at the Providence Institution for
Savings, one of the banks controlled by
Brown and Ives, the rivals OF the
Spragues in manufacturing and in
wealth. Up to the present time their
help has all been paid and their paper
honored at maturity, but some hard
pressed holders of their paper have sold
it at heavy discount before maturing for
the sake of getting the ready money. A
report that Brown g Ives hold large
amomt of the Spragues' paper cannot
be true, uni less they have bought ii for
the sake Of controlling 1t, and perhaps
pushing their rivals Temporarily to the
wall. bat shat would neither be very
reputable nor profitable ia the long run,
apd is not at all credible. ...s. !.
There is no homily to red upon loose
or reckless business management IN this
ease, for 20 business has been more
carefully and metbodicaiy managed
than theirs, but it is SO widely extended
that ii quickly responds to any financial
pressure in any part OF the country.
The practical management OF the vast
manufacturing busiaegs which the
Spragdes have carried ON has been uB-
der the charge OF &nlasa, who was bred
to the business at C!a1lston, while Viii
liam has had tue charge of the finances.
1t Is generally understood that since the
money rising troubles commenced, the
bruRt OF the tiBaHGfal, Is we'll as the
manufacturing infringement. has fallen
upon Anasn- and = it was ruInorrd AT
Providence on Wednesday that William
would withdraw from the firm for the
future, and that his brother would carry
On the business alone.
Tie Spra"ues' connection with the
New York hrm of Hoyt, Spragles &
Co, is simply as one Of the partners,
and the failure of the New York house
dQgs not neeese arilY involve the suspen-
sion of the Spragues, although it natur-
ally will not help their condition. The
head Of the New York house married
sister of the SpragGes, and the goods
manufactured by. the Spragat,s have
been placed upon the market by that
house, which had branches at Phla-
dGlphia ard New Orleans, This after
noon dispatches make l. probable that
all che needed present relief VIII be
given to the Spragues by the Providence
banks, aad indeed it las been known at
Providence, for two or three days past,
.tl * r ttuc altn would couScnt to give 10
the banks & scuti.y for loans by mortsa-
ges they could have all the money need
cd. They have always been ayerse to-
mortgages, and that aversion as it has
lett tbelr large property Zee from all
ncumbrar ces, IS ore OF the strongest
clements of their preselt condition.