The New York herald., 1878-11-07

the company, and it would be able to run
the mills without much trouble. for 4 it will
be evident that the claims of the new
company would have priority to any other claims
For some reason Mr. Chaffee and Messrs. King Son
subsequently took back track and their for
so doing understood by the creditors. 1t
Mr. Chaees suggestion that If the plan succeeded
that they be liberal with the Spragues possible
and give them a chance to work with them.
The gentleman who Informed your
respondent of thsy above plan and who
that Mr. Chaifee doing as well could be
pected with the property, and with an Improvement
of the times he did not think that there was single
creditor but would say that he Chafee) the best
person to manage the property. and they would thank
him and pay him literally for what he had done to-
gentleman said that Mr.. Chafee had wiped out debt
Of between s5ooooo and 100000 contracted by the
Mr. cHArPEE MANAGING WELL
Mr.. William j. King, mentioned above. who is one
of the oldest and most honored business men of
Providence and who has excellent facilities for know
ing the standing OF the Messrs Sprague said to
your correspondent that he should consider the
mova of Mr. Chaffee apublic calamity. He OF the
opinion that Mr.. Chaffce had done remarkably
well in paying his Insurance. taxes and repairs and
in his opinion but few persons could show q better
record late years at least He had reduced his pay
roll and had rebuilt dam at Baltic which had cost
s250.o0O The firm was manufacturing s.5OO,OOO more
yards of cloth to-day than when Mr.. Chafce took
charge. Notwithstanding the fact that the house Of
A. w. Sprague owed Mr. King $232, 600 when they
wanted for the Quidneck company from that time
until the present. He considers Mr. Chaffee one Of
the best managers in New England if not in the
try he being man who had always succeeded in
everything which he had undertaken and he gave the
HERALD correspondent brief account Of OF his
fortunate since he had accepted the response
BILE position. At present the house has
only 1900 of goods on hand against 1000
hand at the corresponding time last year,
which fact, together with the activity IN print cloths
in Fall River announced in the HERALD on Sum
day. had very bright look for the future. In Mr..
King opinion much OF the feeling against Mr. Chaee
of personal nature. Mr.. King considers Mr..
Chaee the right in the right place, and that he
well the other creditors OF the firm will yet rejoice
at his selection 1t would be folly in the opinion Of
Mr.. King and other prominent capitalists with whom
your correspondent conversed to attempt to sell any
of the property during the present condition Of the
market and 1t would be far wiser to allow the
mills to continue running thus keeping the
machinery in order and enabling Mr. Chaffee
to pay the insurance, taxes. &c. 1t should
be stated that Mr. King sells the Quidneck Mill Com
pany all their cotton which in accounts for
his friendly feeling toward the spragues and toward
Mr. Chaftoe az well; but will doubt but what
the latter is pursuing legitimate in giving the
friend of the Quidnick Company all his cotton trade
in return for his financial aid The company referred
to issue notes, their account with Mr. King being
simply "book account
Among the complanants in the bin OF equity men
toned above ten savings banks. twenty -one
national banks and large number OF corporations
and firms But few private individuals among the
number. The decision of the Court will be awaited
with interest by both parties but it is generally
ceded that decision will be rendered during 1873