Year: 1873




get their money, inasmucE as the recovering OF
the banks depends upon the judicious distribution
oil the property. So that viewing the deed In all
It's bearings, 1t appears


MORE ADVANTAGEOUS THAN BANKRUPTCY.
The deed is prepared with purpose. and it is
thought, cannot fail, after careful consideration,
OF giving entire satisfaction. The interests OF
the creditors have been fully consulted, and, in
turn 1t is expected that they viii pursue liberal
policy. They will at once see the eminent desir-
ability and Importance OF maintaining the business
establishments in Rhode Island more especially
when 1t is considered that Il 900 persons women
and children, depend upon these institutions Tor
employment and subsistence. Bankruptcy and
general condemnation and sale OF the property
would necessarily close the mills and throw
this vast number OF hands out or employ
ment, and at time, too, when they cannot
readily find employment elsewhere. There may
be some OF the creditors who, with their prefer
ments. seek to advance beyond all reasonable
degree their individual interests, 10 the general
detriment OF the concern; but 1t is quite certain
they are far in the minority, and the deed, it is
confidently expected, will prove almost uni
versally acceptable.


THE REAL ESTATE AT CRAssTos
and in the city OF Providence and It's neighbor-
hood belonging to the Spragues, and which 1t Is





gage. covers over $500 acres, ranging in value
from $500 to $1,000 an acre. and in the city OF
Providence as high as $40 square foot. The esti-
mated value Of this property is s3615,00o. The sale
OF this property will not in any apprecable degree
affect the manufacturing interests Of the company.
The Rhode Island Horse Shoe Company is situated
on the outskirts OF Providence. The works and
property are valued at $5O,00O The Sprague Now
ing Machine Company In this city, is an extensive
concern. Its value is put down at s6l30o and 1t
gives employment to 100 men. The Point Street
Iron Works are estimated to be worth $1s2, ,Ooo
The American Horse Nail Company is put down at
$4,000; the Wilcox Caloric Engine Company az
$4,000, and the Comstock Foundry Company
$4,000 All these, according the Judgment OF
the trustees will decide, may be sold at any moment
to liquidate the Indebtedness.


THE PROPERTY OF THE COMPANY
in real estate in Maine. Kansas, South Carolina.
Rhode Island and New York will bring under a
wise disposition very large sum. The trustees
having power TO sell part or whole, IL might be
possible, though altogether improbable, that the
latter alternative VIII occur. AT the worst. the
print works Will be saved; they are the centre OF
the whole property All the rest OF the mills
but the extensions the offspring of the
print works. These were founded and brought to
perfection by the elder Spragues--Amasa and Will
liam--where the pride and affection OF the younger
Amasa Sprague are centred. 1t is here he spends
the early morning and evening OF the day. His
heart is set upon that part al least of the property
The ambition Of his brother William was to spread
the capital and name Of Sprague over the land.
This


POLICY OF EXPANSION


brought on the crisis, and now the main hope OF
the concern is to save the Cranston print works,
though all the rest OF the property goes by the
board. 1t was the nucleus of the whole system OF
industries, and now it is thought it will be the
sheet anchor OF the Spragues. The NaticK, the
Quidntck and the Cranston mills will be very likely
saved, but all the rest will be sold.


THE FEELING IN THE COMMUNITY,
upon the report OF the committee Of investigation
is considerably better, and it is generally consid
cred that, with prudent management, under these
plans devised by the committee the affairs Of the
company can be satisfactorily adjusted All
seemed to depend upon this report. and
all eyes were directed towards 1t.
1t was awaited with trembling anxiety by many OF
the business men. who 1t must be confessed we're
little suspicious about the continued delays and
the secrecy so long maintained. While on the other
hand. those who placed the utmost confidence in
the house felt assured OF the ability OF she firm to
make favorable showing.


THE SPRAGUE ORGAN


here thus comments upon the report


want OF time prevents thorough examination
and classification OF the report OF the committee
Of the banks made at noon to-day. IL Is sufficient
arorabe showing that the assets Of the house
over its liabilities exceed $s,o0o,ooO and the sur
plus Of The two houses of the rs Messrs
mate Of property largely below its real value.
fying to the creditors Of the house and all
our citizens Id the character OF the assets.
They are not in fancy stocks and bonds, but
erty and substantial interests of value
to the firm and TO the state We see, as do all our
clear-headed citizens, no cause for alarm to the
creditors under such showing. The only trouble
with the house was that in these times OF panic IL
found itself too much involved. The crippled con-
dtion OF Its corresponding house became burden
rather than help, although that house is shown TO
possess assets largely IN excess OF It's liabilities and
and pay their obligations and resume their bust
ness. The suggestion Of the appointment Of
and the unsettled condition of the public
mind, is an emnenty judicous one. The gentle
men named have the confidence OF the public
in the highest degree and there IS little doubt but
all the creditors will cheerfuly endorse the plans
suggested and approve Of the appointment OF these
gentlemen In the light OF this report we see no
occasion Tor the uneasiness OF the depositors in the
two savings banks whose affairs have been ex-
amined and published in our columns yesterday.


THE FEARS or THE OPERATIVES.


Among the thousands OF operatives in the EN-
ploy OF the Spragucs there was naturally great
anxiety and fear and they eagerly sought explana-
ton OF the state or aairs from those Inteli-
gent and who were conversant with mat
ters. They beheld before them want or
work and consequent destitution as the result
of the failure OF the great house, and here they
had good reason, in view OF the crisis, for making
their anxious inquiries. 1t is needless to state
they felt exceedingly rejoiced to learn that meas
ures have been devised for sustaining substan-
italy the vast business interests OF the company.
"The spragues are the life OF this town." said
man casually met on the sidewalk to-day. take
them out OF It and what would be the consequence
not to the town alone, but to the whole Slater
why good many people would have to emierate.
They have pay roll OF $4,000 900 OF 50, 600 900
year that goes circulating through the State and
keeps 1000 people in bread II you take it away
von invita- disorder and miscry.u