The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-06-13
THE PLUSH MILL.
A Prolonged and Spicy Discussion
Over 1t.
VIEWS OF GOV. ROBIE AND OTHER
STOCKHOLDERS.

Mr.. Isaac G. Atkinson Proposes Reor-
ganization of the Company on a Three
to One Basis-Messrs. Ackroyd, little.
Beals and Others Speak. sxxa
At South Portland last evening there
was meeting of the stockholders of the
plush mill The attendance was large
and highly representative in It's charac-
ter.
DR.. Lowell declined to act as chair
man, and so Capt Studley having de-
clined, Mr.. @. A. Tilton was chosen. He
said they had come together as partners
to see if they could save what they had
paid for. Mr.. Tilton then asked some
one to speak, but no one seemed in
clined to do so, and Mr.. Atkinson was
called upon 'sto set the ball in motion"
Mr.. Atkinson called for some state-
ment of the present condition of the
company.
Mr.. Tilton said that $4,000 was ex-
pended on the plant, the existing debt is
500, 900, Of which $1,000 stands on the
merchandise account, and will look after
itself. The actual debt is less than 500
600. There are 5000 yards of crush
plush, 800 yards seal, 25 inches wide. and
1900 yards Of seal plush, Is inches wide.
He asked Gev. Robie if he had stated
the present condition Of the property
and Gov. Robbie assented.
Mr.. Walter Ackroyd said; ssWe are
further away than we were when the as
signment was made. Meeting after
meeting has been held with only half
dozen present. The stockholders want
to know if it will be safe for them to put
in their money. ] think we should hear
from Gov. Robie.''
Gov. Robie said he was at the frst
meeting. All concerned then relied on
what others said. The enterprise started
with too little money, but the stock
holders supposed that at least $4,000
had been raised, and 100000 could be
had if wanted. 1t was thought that the
mill could be built for $56, 1000, which
would have left good working capital.
After the first meeting our success in
getting money was not equal to expecta-
tions. The moneyed men of Portland
would not respond as we hoped and we
struggled on, not without making some
mistakes, but always looking forward to
time when we should not be pinch
ed. We sent Mr.. Ackroyd to
Bradford, England, in the full confidence
that he wonid do the best for us, that the
machinery would be bought to the best
advantage. At last the mill was substan-
TALLY completed, but we wanted more
money. Notes were coming due and the
public did not seem ready to respond as
we had hoped. The board Of manage
ment decided to mortgage the property
for $40, 900, which would have given us
SIS, 900 working capital, after meeting
the $25, 600 of indebtedness.
We made Mr.. Richards and Mr.. Noyes
trustees. They declined to sign bonds
for SAC, 900, but would for $25,000, and
we decided to accept the offer.
Gov.Robie then spok of what followed.
He said that the mill had been visited by
an expert, wholbelieves tits well adapted
to the manufacture of silk, but ID not
adapted to the manufacture Of car
plush. Governor Rebie spoke highly Of
the mill. IL run prudently, and BY men
who understand their business, as he
hoped and believed it viii be, it will be
paying institution. he said he was
not there to start row with any man.
He believed in raising from S1S. coo to
$4,000, to pay off the debt and own the
property. With great earnestness he
said it was no use to find
fault. "Let us make q strong
effort, save our PROPERTY. and then try to
find some one to run it
Mr.. Tilton endorsed what Governor
Robie had said, and called on Mr.. Atkin-
son.
Mr.. Atkinson said: s'Let the dead bury
its dead" He said it might be that
Governor Rohe referred to him when he
talked about row
Governor Robbie saids tsNot at ALL"
Mr.. Atkinson made direct speech.
It Mr.. Ackroyd is not competsnt to run
the mill, let us say SO, OF elsA let him
prove that he can. It seemed to him
that the treasurer Of the company with
800. 900 worth of property back Of him,
should have been able as the financial
agent of the company to have negotiated
aloan of $4,000 let alone an Immediate
debt Of $3500
Nobody wants 10 make car plush.
Why? Because there is more money in
other lines, and because car plush is only
made by few old houses. The Sanford
mills could not sell yard of car plush
until George P. Wescott took the matter
up, introduced the Sanford plush on his
own road, and worked it up. Mr.. Atkin-
son spoke of the grades of the plush now
made, or to be made. by the company.