The New York herald., 1873-11-07
The Meeting Of the Creditors OF
the, Fallen House.
THE RESULT OF THE coRFEeFNcE.
Absolute rand Complete Surrender of the
property to the Creditors.
Rufus Waterman, Amos d. Lockwood
and George c. Nightingale
Appointed Trustees.

Among the young men attached 10 the business
0fnces OF the A. W. sprague Manufacturing
'COmpany in this city IL is to speak OF the
Senator and his brother as "these boys and TO
refer their predecessors as the uncle the father
and the grandfather OF these boys. In the days OF
their prosperity 1t was common pride with the
sprague people TO point out the increase OF the
business since the grandfather OF these boys
founded the house, or their uncle, 'the old Gov
ernor,n as the first Senator Sprague is famiiarly
called left 1t to them in the first glow OF Its remark
able prosperity. Now when the day OF adversely
has come, the older people, at least recall reminis-
cences OF the past magnaminity OF the first cotton
spinner Of the family. This was old william
Sprague, the grandfather. Perhaps the most char
acterlstc story that is told at this time is one re-
Eating TO old Samuel Slater, Of the first, II not
the first, cotton spinner OF Rhode Island.
Slater suddenly found himself with large lia
biiities, and assets far exceeding his debts, but
unable to dispose OF his property and consequently
without the power OF meeting his obligations
.with plenty ofgoods, but no money, just as these
boys are to-day" say the gray-beards. Under
these circumstances he called his friends
together-.just as these boys we're compelled to
dO''-and laid the condition OF his affairs before
them. They received his statement in silence,
their speechless faces alone betraying their sympa-
thy. AT last old Quaker william jenkins, moved by
the spirit, remarked that Friend Slater had made
q very good showing. Everybody acquiesced in
this, but nobody appeared able to solve the prob
lem which Mr.. Slater had submitted to them, till
old william Sprague-'the grandfather Of these
b0ys''-arose and said that though he was by no
means a rich man, he was ready 60 advance
$4,000 out of his capital to put the embarrassed
manufacturer on his feet again. The moral OF thrs
is. OF course that now, when the of this
financial difficulties, everybody in general, and
Brown & Ives in particular, should do the same
by "these boysn
THE GROWTH OF THE SPRAGUE BUSINESS.
Before proceed to show why any such action on
the part OF many manufacturers, and especially Of
Brown Ives, is q little too much to ask OF human
nature, Imust call the attention of the reader to
other facts, which will make the explanation COM
paratively easy. 1t matters very little when or
how the Sprague business was founded. On this
point 1t will suffice to say that William Sprague,
the grandfather, created 1t almost out OF nothing
Itcontinued to grow under his hands and under
the management OF his two sons, Amasa and Will
liam Sprague, that when the property de-
scended to the children OF the latter-the grand
children OF the first OF the house If not OF the
name-it was already vast inheritance. Amasa
and william Sprague the elder were IN some
Spects very like Amasa and William Sprague the
younger. without recountng the fact so well
known that the old Governor and the
young Governor were both Senators Of the
United States, can show their similarity by
more striking circumstance. Both Amasas always
gave particular attention to the print works at
CranstOn and both Williams applied themselves to
the cotton mills and the growth OF the business.
Amasa Sprague, the father Of the present Amasa
and William, died as early US 1s4s, enormously
supposed to have been murdered by the Gordons,
workmen in his employ, one OF whom though
innocent, was tried, convicted and executed. The
entire charge OF the business then dcvolved upon
William Sprague, the old Governor and Senator
and "the uncle OF these boys.n He continued to
exercise what was partially q trust with great
ability and skill till 1856, when he died. At that
time as have already remarked, the extent and
value OF the property was immense. The Cranston
Print Works were much more than o nucleus
for the buildings which compose the present vast
establishment. The Quidnck property, con-
sisting OF the two mills at that place and
the well known Arctic Mill, had been
previously acquired and the Natck Mill was pur-
chased during the lifetime of the uncle. At the
time of his death the immense Baltic Mill the
largest in the country. in the course OF erec-
tiOn and equipment. This was afterwards com.
petcd, and some additional property acquired.
notably the Augusta Mills and the 1ax mill, turned
into cotton mill, at Central Falls. According to
the report OF the committee appointed to ascertain
the value of the Sprague property, the estate
which came to the present possessors in 1856, in
Guiding all improvements since made, the compile
tion OF the Baltic Mill and the rebuilding of the
Arctic, destroyed by f1re, is as follows:-
The Cranson Print Works. 100 900
The M Arctic Archie M Will: zoo scVS spindies spi"dies:
Total lis 600 600 spindles l.77ooo
Arctic. ic.................. 1900 spindles.
Total ....... ......... 5000 spindes .. l45oooo
Total. s. 800 O0O
Besides this there vast personal and real
property, and this, we may assume, Is far below
the actual value OF the mills, especially If the
business had been confined within its legitimate
channels and extended only within the allowable
liToats Of the capital employed. When the present
possessors succeeded to the business OF A. 4 W.
Sprague they changed the foregoing property OF
the firm, except the mills composing the QuIdnick
COMPANY, into the A. Il w. Sprague Manufacturing
Company, and added, by purchase and otherwise,
mill property as follows:-
Augusta (Me. estate 10000 spindles 81 200 600
emitted States Flax Company's co ton mill, 80. 900
49aoW
Total. 81, COS, ,0U
These are, in reality, the legitimate manufactur-
ing interests OF the A. h w. Sprague Mannfactur-
ing Company, besides which the corporation and
the individual members OF the corporation have
other interests, the result of the general extern
sion OF the business, which shall call the political
interests and treat more fully in a subsequent part
Oi this letter.
THE sPRAGUE FAMILY.
From what have said OF the early history OF the
Sprague family and the vastness OF the inheritance
(which ieh to the children OF Amasa and William
Sprague, the elder, 1t will be matter OF interest
10 most readers to ascertain how the family is at
present composed. The A. 4 W. sprague Manu-
faoturing Company comprises Mrs. Fanny sprague.
Mrs. Mary sprague, Mr.. Amasa sprague, senator
William Sprague, and two sons and two daughters
OF Mr.. Edwin Hoyt The Two ladies' nrst named
are the widows OF Amasa and William Spraguc. re.
spectyely Amasa and william sprague arc both