The New York herald., 1873-11-13


for the Next season-Operations of tho
A. & w. Sprague Manufacturin z
Company.
AUGUSTA, Nov. 10 1S7a
Maine Is so far removed from the centre OF dis
turbing influences in the financial world that she
has been the last State TO feel the 'panc." And il
never would come, to any great extent, to her
staid and industrious citizens had they not heard
that panic was abroad in the land and had pre-
determined that it shouldn't slight Maine, Its Wis
itation is just beginning TO be felt in the avenues
OF trade that have their natural outlet in the large
commercial centres. But no people are better pre-
pared than ours for general suppression OF ousi-
ness should that calamity come The earth has
yielded abundantly. More hay will be shipped
from the State this year than ever before In one
season From the large surplus for sale our farnl-
ers will piie up walls fdefance TO hard times IN
the shape OF greenbacSs, and draw rich revenues
from their welstocked arders. individuals having
q surplus OF sympathy had better expend IL now on
the thousands OF unemployed in the great cities.
All classes here are wei enough of and can stand
a winter of business inactivity without ninching
THE LUMBERING INTEREST
has until few years, been the chief industrial in
terest in the State, and even now, notwthstand-
ing the great depletion OF our forests, stands
among the foremost OF our activities. He who says
will be levelled, and that people will have to go
elsewhere for their lumber knows but very little
OF our resources and has never heard OF the hun
dreds OF acres OF thick woods on our northern bor
der, the silence OF which has never been broken
save by the wild beasts. Business men, especially
those having building contracts or interested in
building, would naturally desire to know the effect
OF the panic upon the numbering interests. have
conversed with the agent OF the heaviest lumber
ing corporation in the state, the Coburn Land
Company, and also with the President OF the Ken
nebec Land and Lumber Company, second in in
terest, and they represent that there will be the
usual amount OF lumber noated down our rivers
when the ice breaks up next spring for the use Of
the mills. This will apply specially to the Kenne-
bee ana Androscoggin rivers, but 1t may have a
general application to the Others. The number or
teams and men to be put into the woods will not
be SO great as in former years, because the
market has been overstocked with logs the past
year, and not only are 1.-THE woods full OF 'em,"
but the rivers and booms also. There are more
than can be taken care OF. This winter, therefore,
there will be less than the average amount OF logs
cut in the woods but the logs carried over from
last years overstock, with what will be cut the
coming winter, will give the average supply Tor
next season. Labor will be cheap IN the woods
aud teams can be bought up cheap, the summers
work being closed up and "ready money! being
most desirable commodity. The crews for the
been at work in the saw mills during the summer
and OF farmers, who have thus two strings TO
their bow" enabling them TO make both ends
THE coBuRN LAND COMPANY,
OF which the Spragues, OF Rhode Island, are the
principal corporators, own vast tract OF land in
somerset county, on which they will operate this
winter, with the curtaiiment have sugg ested
above. This land Is on a mortgage to Ex-Governor
Abner Coburn Tor Sl,oo0.o00, and is therefore en-
tirey safe from attachment Tor any of the liabilities
company be greatly affected by the Sprague en-
barrassment. The Kennebec Land and Lumber
Company, who have steam saw mills IN
Augusta and Gardiner have extensive tracts or
timber lands at the headwaters OF the kennebec,
and at the meeting OF the directors, just held, 1t
the woods this winter. Ira d. Sturgis, who build
Ing large steam mil at Wiscasset; Colonel II. A.
De Witt and J. Manchester Haynes, are largely in
terested IN this company, that mas for years done
prosperous business. From leading lumber
man on the Penobscot waters | learn that good
courage is manifested there and that the dull
times will not prevent running down in the spring
thawings the usual amount. Abner, Toothaker
Co., the large operators on the sandy River, will
put the usual number OF teams and men into the
WOODS SO there viii be logs enough for the mills
that are situated upon the
MORE THAN FIVE THOUSAND STREAMS
in our State, upon the running OF which depends
IN large measure the business prosperity OF the
State. Nothing but the continued tightness OF the
money market can cripple this important business.
loosening OF the purse strings, little courage,
an increase OF confidence in the business integrity
OF individuals and corporations will make the next
season busy and a prosperous one IN the lumber
manufacturing business in Maine.
What about the Sprague manufacturing interest
In Augustaf may be inquired. IL is known by
most business men tldt several years since this
city, wishing TO improve Its magnificent water
power on the Kennebec gave the A Il w. Sprague
Manufacturing Company monetary consideration
oil $3.50 000 besides other privileges in the shape OF
exemption OF certain property from taxation to
induce them to make the purchase here. They
came and shortly after the dam was swept away
by one OF the most disastrous freshets tnat ever
swept down the river, carrying along its
troubled bosom mills that had stood Tor half
century on its rapids, and bridges that had grown
old IN service. This dam rebuilt at expense
covering two-tnlrds OF the amount OF the original
GIT OF the city 10 the Messrs. Sprague Then came
the permanent foundation work, the building OF
new cotton factory and the enlargement and
renovation OF the old one and the furnishing both
with modern and the most improved machinery;
the building OF saw mills and the various prelimi-
nary and foundation work preparatory 10 the erec-
tion OF extensive man nufacturing establishments in
the future In this condition, with these mills In
operation, employing some 700 hands, the panic
feund the Messrs. Sprague and Augusta. This
property here is valued at about 81. 800, 00O and
their investments have been so largely in foundation
work that 1t is fair TO say that their property here
has brought them but little II any revenue. They
have here water power OF 1000 horse power,
only 500 OF which s at the present time used run
$4,000 spndles, annually use ], 300 900 pounds OF
cotton, valued at 100000, and produce 1000 900
yards OF print cloths valued at s5OO,O0o. This is
besides their Industries here In other directions In
the line OF manufacturing. When
THE PRESSURE OF THE PANIC
Sau,e M upon upon lhe Spraeues TO embarrass them there
works mere. But the arrangement that has been
made win the affairs OF the company at the
creditors meeting is satisfactory in the extreme
The cotton mills are obliged 10 run on hall time FOR
the time being as there is sale for the goods OF
their manufacture; but this IL is thonoht viii he
only temporary, and that matters win soon 20 on
In the old channels. The emergeDce OF the SpraQue
Company from their present embarrassment seems
10 be identical with the growth and interest ~
this locality. IL seems to be the universal oninion
here, and among the leading gentlemen who at
tended the creditors meeting at Providence. that
the company will come out all right at last IL viii
be rid OF many encumbrances that have loaded IL
down. To use Western phrase, the Company
have had too many "widcatn schemes outside Of
the legitimate business OF manufacturing. Tney
have dabbled In too many diverse enterprises
and this last experience and "shaking upu will
teach them and others not TO attempt to have "too
many irons In the fire. or to lug along too many
enterprises and Iail when the pinch comes.
The Lowell OF Maine Neither Dead Nor
Slecping-French Canadian and YAM