The Portland daily press., 1893-02-03
S63.382.11


3,382.11
which places the total plant on cash
valuation worth $72, 715.11.
add to this $4,000 feet of land-which
has been presented to the company with
out charge, and which ought to be valued
at least So, 000-and we have a total valu-
alton where we stand today of $50, 615.11.
OF the total amount disbursed, viz:
1868, 1872 II, 500, 10. Ia has been paid out
to contractors in the City of Portland. In
other words. that amount of money has
been divided up among the various in
dustries resident in Portland. And right
here let me say that not one share OF the
stock of the Portland Plush Mill Co. has
been sold under par.''
ITO be more explanatory, every gen
tleman here knows that it is very
usual thing in the organization of stock
companies to offer their stock below par
in order to create an incentive to buy.
The Portland Plush Mills Co., feeling
assured that their industry was a good
one, that the earning capacity was large,
and that as consequence the profits ac-
crued in dividends to its stockholders
would be entirely satisfactory. they held
on to the price, or par value of the stock,
ana thus we find that every stakeholder
who is here today has paid the full price,
or par 800 per share for every share of
stock he holds"
ITO go back to the valuation of the
property here also let me add that this
town of Cape Elizabeth in which the mill
is located, by unanimous vote agreed
that this mill should have rebate of its
taxes, or practically be exempt from tax
alton for the next 10 years from the time
it was put in operation. Here again is an
i+aY Of a1t1a RI hQ lYhn n
this company"
Mr.. Atkinson's speech was greeted
with loud applause.
Mr.. Walter Aekroyd
was next introduced, and expressed his
pleasure at being able to address so large
an audience on such a propitious occa-
sion. The plant now completed was the
finest of the kind in America. The
loom which they had seen working on
IT plush was doing work that no other
mill in this country could eqnal. 1t was
weaving four pieces of plush at one
time. All the machinery in the mill was
of the best; and had been purchased at a
most favorable rate. This mill could
and would produce the best plush in the
market 1t could make either car plush
or seal plush, for both of which there is
to be great market in this country the
coming year.
Hon. Charles #. Libby
was next introduced as one who had
stood as the representative of Portland
in many places of honor and trust. After
very cordial reception he responded by
hot 1,al md
the familiar faces of citizens of the
County of Cumberland he recalled many
occasions when he had met them be-
fore at times when the interests of their
city and county were under considera-
ton. He was one of those who believed
that all the good things that can be said
of those men who are building up enter
prises among us should not be kept until
they are dead. Applause. And he
was very glad today to bear witness to
the zeal and public spirit that he had
seen put into this enterprise by its pro-
moters AS its attorney he had watched
It's course from the very beginning; and
he believed that it's foundations had
been laid well, and with painstaking and
intelligent care which promised sue
cessfuI future. He might not agree
politically in all thugs with Mr.. Atkin-
son, but he did not believe that there
was any political party in this nation
that was going to work knowingly to
bring disaster upon this fair country.
loud applause
I have travelled out of New England
continued Mr.. Libby, and have seen the
wonderful cities that have grown up in
the West. And / have always found
that at the bottom of their success was
the public spirit and cooperation of their
citizens. The same conditions are nee
essary for the success of Portland today.
Now this mill is only the beginning of
a movement which I have faith to be-
lieve will bring great development in the
future. We only need public spirit and
confidence in ourselves. We must have
confidence in ourselves before we can
command the confidence of others. Why
should not the shores of Casco bay be
the seat of great manufacturing enter
prises +? Its shores were open to trans
portation to all the markets of this
country and all America.
AS citizens of Portland we may take a
lust pride that VIC have men among us
who have the courage, th sspublic spirit
and the enterprise to undertake a bust
ness of this kind. And we have a duty
in this matter. 1t is our duty to assist,
and not stand back and criticize. With
our foreign commerce languishing, we
must turn to manufactures. [Applaus. ]
Nst11re has done much for us [ some