The Portland daily press., 1893-06-26
THE PLUSH MILL.
The Stockholders.to Form q Syndicate to
Buy the Property.

Buy the Property.
The adjourned meeting of the stock
holders of the Plush Mill was held Sat
urday afternoon. In opening the meeting
Gov ROBBIE said that the most important
business would be the report of the COM
mittee showing new subscriptions. AS
he understood it, only about $400 more
had been subscribed. He could see no
reason for hoping that the Boston and
Lewiston banks would come in with any
new money. Mr.. Atkinson had thought
best to send out a personal letter to the
stockholders, feeling that the time had
come when the matter might as we'll be
brought to a head, and the Governor
thought the letter timely. In that letter
the situation was explicitly stated, and
was sent to every stakeholder, and here
we are confronted by subscrip-
ton of $500. We are called upon
to assist in the interest of the creditors
and the stockholders. These meetings
have been very fully reported, appeals
have been sent out. and finally Mr.. At
kinson's letter. 1t is very evident that
very little more is to be expected from
the stockholders. Gov. Robe further
said that much had been hoped for from
the creditors, but in that direction there
was no prospect for assistance. To the
letter he had sent out but one reply had
been received. The creditors came into
the assignment but did not care to take
new stock. He had seen creditors of the
company in Portland, but got little en-
couragement. Itshould be remembered
that many of the creditors are also stock
holders and have already subscribed.
From at least $4,000 Of the debts of the
company nothing was to be looked for.
Gov. Robbie said a question had been
asked whether Mr.. Atkinson had been
authorized to send out the personal let
ter. He had answered, that he was a
member of the committee and had in
formed them of his intention to send out
the letter, and he did SO with the hope of
bringing out large attendance.
Captain Beals said he felt that unless
the stockholders can raise the money the
property will be sold by the assignees.
He did not believe that outsiders would
come in under the circumstances. He
would ask Ex-Governor Robe to state
what results, if any, had attended his
call on Mayor Baxter.
Ex-Governor ROBBIE replied that Mayor
pavtor obc o1i,to1u vaf,1c cd tn do aDuthipu
He said he reminded the Mayor that the
people of South Portland looked to him
to do something, but His Honor said
that he had already paid out $4,000 more
than he intended for the new ferry, and
should look to the people of South Port
land to help him out.
Captain Andrew j. York of South
Portland, asked who would have the con-
trolling interest in case of re-organiza-
ton. Ex-Governor ROBBIE replied that
Hon. George P. Wescott would have 100
votes, Deacon Converse of Boston 100
votes. as his subscription stands, the Me-
chanics' Bank of Boston 100, and so on,
but no one person would have controll-
ing interest.
Mr.. Spencer Rogers suggested that it
might be necessary to fall back upon the
plan he suggested at the first meeting
a scaling down of the stock.
MI. A. u. Sweetslr asked II the mill
was set running again, if there would be
guaranteed market for its productions.
| Ex-Governor Robe said, That is very
| pertinent question. / shall have to ask
Mr.. Ackroyd to answer II"
Mr.. Ackroyd said there was no doubt
| there would De Market for all the
| plush that could possibly be made. He
referred to the visit to the mill of Mass.
achusetts plush manufacturer, who said
the mill was as well fitted as any in the
world for the manufacture of plush.
| Capt Studley of South Portland, said
he had done all he could to help the
company out He did not think Cape
Elizabeth people could do any more.
AT this point Mr.. Rogers said Govern
or, think this plan has failed. Sup
pose we form syndicate and buy the
property ourselves"
Hon. A. Little said, MIR. Chairman,
| Mr.. Rogers is on the right track at last. :
Capt. York wanted to know what eft
feet this would have on the present hold
ings if the subscribing stockholders
| shOu1d he willing to turn their SubScrip