The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-06-14
THE PLUSH MILL,
Stockholders Decide on a Plan Of
Reorganization. H.,

A New Issue of Stock Sufficient to Pay Off
the Indebtedness-The Affairs of the
Corporation Again Talked Over-Com-
mittee Appointed to See Stockholders
Here and Elsewhere.
There was fairly representative
gathering of the stockholders of the
plush mill yesterday afternoon at room
26, First National Bank building.
Spencer Rogers was the first to arrive,
but Col. John M. Adams was close Sec
ond. Capt. Beal talked with Capt.
Studley, John B. Curtis interviewed L. A.
Goudy and Isaac &C. Atkinson driftea
about and looked quite at his ease. 1T
was 30 minutes after the time set for the
meeting when Gov. Rebie entered
The clerk read the call for the meeting
and the postal sent to every stockholder.
Gov. ROBBIE then said, "The object of the
meeting is understood, the meeting is
OPEN
Capt. Beal asked how long time is
now at the disposal of the, stockholders.
GOV. Robe replied that the assignee is
not fixed as to time. Creditors want
their money, but no one has threatened
legal proceedings. It is important that
the stockholders take immediate steps to
raise the money.
Capt. Beal said there had been talk
enough and that the time had come for
action. The mill can produce good
plush and SO far is success. He spoke
of the meeting held at South Portland
Monday evening and of the proposition
made by Mr.. Atkinson.
Mr.. Ackroyd thought many of the
creditors, especially the late creditors,
will be ready to take half cash and half
stock. f4s S$
Capt. Beal thought circular should
be sent to out of town people.
John B. Curtis said he supposed the
meeting had been called to devise ways
and means to pay the debt of $4,000.
There are two ways of doing this. One
is to put in the money and pay it, and
that is the right way. The other way is
to issue stock at SO 1-3 per cent, but that
we cannot afford to do except to our
selves. Having met the debt, Mr.. Curtis
would advise ,that the door be locked
until we are ready to get down to bust
ness. First and foremost, we must pay
our debts. We cannot afford to lose our
property for little matter Of 500, 900, es-
pecially as we have $4,000 worth of goods
almost completed and ready to be put on
the market. Mr.. Curtis said he spoke
for Capt. Willard as well as himself. If
the stockholders will not raise the money
let syndicate of the stockholders be
formed to buy the property and save it.
Touching on Mr.. Atkinsons proposition,
Mr.. Curtis said if it is decided to scale it
down, let the present stockholders say
how many additional shares they will
take. Mr.. Curtis advocated immediate
action.
"That was direct and to the point, :"
said Governor ROBBIE, when Mr.. Curtis
took his seat
Mr. Atkinson said that the time has
come when something must be done. 1t
is no use to appoint another committee.
Let us find out now and here how much
each stockholder will take. Mr.. Atkin-
son moved that a committee of two be
appointed to draw up document to be
signed. The motion was adopted, and
Governor ROBBIE appointed Isaac @. At
kinson and Spencer Rogers as that COM
| mittee. Pending the return of the COM
| mittee, Governor Robbie sent for Hon. G.
| F. Libby, attorney for the company.
A general conference between the
| leading stockholders followed, and there
| was a general agreement with the propo-
| sition of Mr.. Curtis that enough money
should be raised to pay, all the debts.
Mr.. Curtis earnestly advocated the duty
of at once ascertaining how many shares
of stock would be taken by each of the
| stockholders. Mr.. Libby was added to
the committee on the agreement to be
signed by the stockholders.
The committee reported through Mr..
Atkinson the following agreement:
We, the undersigned, stockholders of the
each with the others, to subscribe the amounI
set against our several names, to raise 1und
to take care of the indebtedness OF said compa'
ny, provided the amount Of twenty thousand
dollars (S20, 00O), is SO subscribed otherwise,
these subscriptions to be void. 4
When such amount has been raised, IL IS un-
derstood that said company is to pc re-organ.
lied upon the following basis: The stock. OF
the old company is to be represented bv an
equal amount at par by ine SICK zoe 81 se new
hereto are to receive for every hundred dollars
herein subscribed, three hundred dollars at par
| of stock of the new company. 2 az
! In witness whereof, we have hereunto set
our hands and seals hereby adopting one COM
| mon seal, this 18th day of june, A. d. 1898.
A second agreement was introduced
identical with the first, except that it
provided as q basis of reorganization,
the reduction of the old capital stock
one half and the issuing Of new stock
''atpar to the amount of the subscrip-
| tioIs Herein contained. = III IN 4
| Thetwo propositions, were discussed 81
MI o1rt Ra geyef gs RsG a d mT A.
ans and MI. Ackroyd. .s-s
/ Mi. Rogers suggested that 5000 be
raised, or an amount that may be nee
iessary for the payment Of the debt Mr..
Atkinson thought it should not be nee.