Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1882-08-10

We learn from we'll known eentleuan in
this city. who il member Of the syndicate
which purchased the Sprague mills 1t auction
last week, and who IL largely interested in
manufacturing enterprises in other places,
that, although the company have not definitely
arranged their plans. yet they have agreed
upon certain operations in outline. They
bought the property to develop it, and not
for purposes Of speculation. The mills will
probably not be started up this fall Cotton
is high, while the textile fabric sells 80 low
that it can hardly be manufactured at profit.
Much Of the machinery on hand is of anti
quated pattern, and will have TO be replaced
with modern inventions. There are repairs
:" be made upon the mills. A large '-weave
shed" is TO be erects d. in which all the looms
will be placed by themselves. This will en-
| able the company to more than double the
present number of spindles IL is believed
that with an outlay Of $500, oOO-the stock
with which the company starts-the mills
can he paid for and put in first class order.
all the improved machinery necessary put in.
weave shed" built. 80 that the mills will
tart next season with 10000 spindles EN-.
ploying ovir 800 operatives and disbursing
300, 600 annually in wages. Up in Water
they have two mills, running 80, 600 spindles,
which cost them upwards Of $1,000, 600
Here We shall get nearly as many spipdles
for One-fodfth that sum. In word, the extra
10000 spindles at Waterville will cost ST.
5O0. 600. Now if they can run their mills
there SO that they will pay a fair dividend on
- .O00, 600 invested, il wi be seen the mills
here must yield royal return on the much
smaller capital necessary to operate them.
This conclusion is irresistible. The COM
pany have a good thing, and will so forward
as fast as possible.
who composes the company p asked the
Journal of its informant.
1--WE hardly know AS yet. All our nego-
tiations have been carried on with Jacob
Edwards, Esq. of Boston. who represents
capitalists there. He is worth 81 900. 900
personally, and understand he is backed
by several large business men,"
what is your capital p
I'VE start with $500, 900, which We ex-
pect to expend at the outset. If the mills
pay hand somely, have no doubt that that
sum can be doubled or trebled at any time
for the purpose of erecting new factories"
.'How much of the stock is owned in Au-
gusta p
"One-fifth, or 100000. We were
anxious to get more, but the Boston men
would not consent. would have mOrtgaged
my house, if necessary, 10 get slice of the
stock. We expected to pay 100000 and
that would have been mere bagatelle.
would have taken it at sl5l 900 myself, and
believe 1 could have made it worth million
in five years"
when do you intend to begin your i'm
prOvements?'
THAT will depend on circumstances,-On
the condition of the markets more than any
thing else. 1t will not take long to do all
we propose to do. We shall burn our bricks
right here in Augusta, and the new building
could be rushed up"
Then you mean business?"
''We do. We have bought this property
in good faith, with the intention Of develop
ing it, We shall invest a great deal Of money
in Augusta before We get through"
'.How do the Boston men like their pur-
chaser
They are delighted with it,"
Twill the Improvements stop when you
have expended your $500, 900, or will you
buiid new mills?'
As to that, it is impossible to say. But
have no doubt that in time-slowly but solid
ly-the magnificent water power here will be
utilized and Augusta became large manu-