The Portland daily press., 1893-08-09

NO SALE.
The Auction of the Plush Mill Yesterday
Was Not Success, as No One Would
Bid-what VIII Be Done,

yesterday afternoon at 2.30 o'clock
was the hour at which the Plush Mill at
Cane Elizabeth was advertised to be sold
at auction to pay the debts incurred in
it's construction. At the appointed hour
Mr.. Charles Allen of F. o. Bailey & Co.,
was on hand to offer the property under
the most alluring conditions. Among
those who were present as spectators or
interested parties were Ex-Gov. Freder-
ick Robbie, Hon. G. +. Libby, Albion Lit
tie. ESQ, Mr.. Goodall Of Sanford, Mr..
Isaac G. Atkinson, Treasurer Tilton,
Mr.. Walter Ackroyd, A. A. Gerrish,
ESQ. Hon. Clark Barker, ex-Alderman
Daniel Gallagher, j.. H. Hartford, Esq,
CAPTAIN T. P. Beals, Captain Plummer,
Mr.. Philip H. Brown, Mr.. Cyrus Farley,
Mr.. F. J. Ilsley, Mr.. Albert Van Saun
of Patterson, N. J.
Before bids were called for. Governor
ROBBIE, the assignee, stated that he would
make plain the conditions under which
the sale was to be made. With the mill
and machinery as they saw it, including
the lighting plant, would go eighty thou
sand square feet Of land, and also the
equity of "a, 900 square feet more, upon
which there was slight claim growing
out of the purchase of the Mussey farm.
The whole property was mortgaged for
about SO, 900 to secure bonds which had
been issued and wherea preferred claim.
When the mill should be sold part of
the money received would be applied at
once to the satisfaction of this claim so
that the property could be delivered to
the purchaser free of encumbrance. The
terms of the sale would be $4,000 in cash
to the auctioneer on the spot, and the re-
mainder within thirty days.
Gov. Robie said that he should further
stipulate that the bidding must be start
ed at twenty thousand dollars, and if 10
one was willing to give that amount the
property would be withdrawn for private
sale.
Then the auetioneer called for bids.
He related the great profits to be OBJ
tanned in the plush business, the favora-
BILE location of the plant, the complete
ness of the machinery, and called for a
bid of $4,000
No one responded, and he called again
and again and no one responded. ''Will
you start it at $4,000, Mr.. Goodall?"
said he to the elder Mr.. Goodall, the ia
nous plush manufacture of Sanford,
who was present. Mr., Goodall shook his
head. Then finally the mill was with
drawn.
Mr.. Goodall said after the auction that
it would be impracticable for him to buy
the mill. His business was the manu-
facture of mohair plush, and this ma
chinery was for silk plush. It was true
that the machinery could be used for the
mohair, but not to advantage. More
over the mill was too far from his home
for him to think of running it success
fully. To be successful the mill would
need close attention from some man
largely interested.
Mr.. Isaac C. Atkinson, who was pres
ent, said he was not surprised at the re-
suit of the auction. Money was scarce
now and business was fiat. But in a
month or two things would be in better
shape, and then a private syndicate
would buy in the mill and make it a sue
cess.
The price at which it was offered, $780,,
900, would not be sufficient to pay more
than seventy five per cent of the debt of
the mill, and would leave nothing for
the stockholders
Mr.. Walter Ackroyd stated that he had
made an offer of fifteen Thousand dollars
for the mill but it had not been ac-
cepted As the mill cost about $40, 900 he
is not likely to get it at this figure right
away.
SUPREME JUDICIAL COURT.
LAW TERM-wEsTERN DISTRICT.