Centre Democrat. [volume] (Bellefonte, Pa.) 1848-1989, 1881-12-01
ely twenty-five years Of

though scarcely twenty-five years of
age.
"On the breaking out Of the war
Sprague reaped fortune Of many
millions lay the great advance 10
prices. He placed his whole credit at
the Cpveriment's disposal, and was
the first To send troops 10 the war,
which he fully equipped. After bis
term 81 Governor he was elected To
the United States Senate, aud il was
while holding this position, in 1873.
thar his business became embarrassed,
the principal cause being the failure
of the house ot Hoyi. Sprsgue IL Co.,
uf Ncw York The as..l. of the
Spragues were sS.000,O00 more than
the liabilities. aud the creditors united
~ placing the property ia the hands
oi Trustee, Lichariah Chaiee, Of
Providence, Ia be- uiannged until all
debts were dissolved Three quarters
OF the stock 10 the Qniinick Com
pany we're owned by Mrs. Sprague,
Mrs. Fanny Spraguc, Ama.a s. r5gue,
aud William Sprague, respectively
aunt, mother, and brother to William.
The ttprk Was Transferred as collateral
security for the payment Of the notes
OF the 4. d W. spugue Mauuiactur-
ihg Company, and trust note. weTe H..
sued aud placed under the control Of
Cbuiee. An agreement va. then en-
tered into by which the Quidnick
Company should furnish he material
ln carry on the A. & w. ~ptague
Manufacturing Company aud spll is
gpuds. Dir. Chsfee was appointed
treasurer, while William Sprague be-
came the president, remaining 10 that
position until 1879, when biz relations
with Chaice were Of such a nature a.
TO render it impnsiihle to continue
longer a. such Thi, left Chafee mas
ter uf the field, for after that William
Sprague was not allowed 10 interfere
with the business.
when the Sprague Manufacturing
Company first failed it, assets were
worth s. 100000 more than it, liabil-
Itles. Notes against the estate were
valued at par at that time. but the
value of the estate deprecated 20
much that the market value of the
notes descended 10 from sixteen To
tweniy.six cents ou the dollar. Final
v the Spragues 'pooled the ISSUES, aud
engaging Grn-. Butler, Of Bo.t,n, and
Pryor. of New York. aud other law
yer-, entered a petition ~ the Supreme
,urt of Rhule Island for Chafee's
removal az trustee. The petition was
continued. and at last. usder the adj
vice of Gen. Butler, ex-Guv. Sprague,
n president at the Quiduick COmpa-
nv, displaced Ctaice, aud appointed
Il. G. Chace ia his place. Chafee had
the Qui'lnirk property attached for
sj000000 hy William J. King d Son.
the New York cniton brokers Of
whom Chafee purchased cotton, the
firm claiming that the Quidnick com
panv Owed them tina, sum for cotton.
The Sprague concerns were stopped
bv Chaiec, who Intended To- sell them
anl clnse up the affairs. throwing TO-
900 eenple out uf employment. The
case has been in our courts for long
time, aud last Thursday one phase of
1t wa settled in the supreme Court by
which The Quidnick Company. which
!. The Sprarue-, will b. enabled TO
realize upward nf 81 800 900 from the
SpraEue e-laie.
Then YOU think that the Spragues
will eventually regain the larger por-
Iiou of their once large fortune = /
said.
Yes. do" he answered. Il think
that they will Recover enough to start
them uuce more nn the road to make
fortune equal 10 that which they
once possessed, that Is, If the ex Gov
erunr will put bis heart and miud i'm
10 the matter. lie has the ability TO
replace the Sprague manufacturing
interests in the position which they
once occupied in the manufacturing
world. But / fear he will not. The
trouble wi;I. which the whole country
Is acquainted has greatly humiliated
him. aud he Is pot the same man he
once was. Ia fact, his family affairs
have troubled him more than his
noney affairs have, and | believe that
is what has driven him 10 the use Of
liquor However, hepe to see him
once more placed upon his feet, as
consider him to be man who has
been unjusily treated"
Solar Heat.