The Portland daily press., 1893-06-13
THE PLUSH MILL.
Continued from First Page.

Continued from First Page.
He declared that a. thorough reorganiza-
ton must be made. The president or the
treasurer must be mill man. He must
be man like C. /. Barker. Mr.. Atkin-
son advocated his scheme of "three shares
to hundred" He did not desire to eriti-
else the directors, but it seemed to him
that no assignment should have been
made. q He believed that Gov Robe
would head the proposed list. He
wanted to hear from Mr.. Ackroyd, hay
ing sent him to New York to see it silk
plush can be sold there.
Mr.. Ackroyd spoke highly of the re-
marks of Gov. Robbie, and said that in
justice to himself he must say that the
mill itself is the best proof of his work.
He spoke Of what has been already done
in the mill. AS fine a plush as can be
made has been produced, and also a fine
car plush. He explained the difficulty
in putting car plush on the market. He
said, "If I had but few months time
the mill would not have stopped He.
tried to- get the directors when silk
was but $1.50 f3a$s pound to buy
100000 pounds, but they would not
consent; money was in the way.
When it jumped UP to SO a pound, he
was permitted to buy 5000 pounds. Then
the silk went to $40 a pound. "Had
they taken my advice,f said Mr.. Ack-
royd, ''they would have made 500, 900
on raw material alone" He denied that
there is a machine too many. He claimed
that he saved the company $40, 900 in the
purchase of the machinery.
+, One New York firm offered to place
an order, ii equal to sample, for 10000
yards of silk plush. Another firm offered
to take the entire output Mr.. Ackroyd
said the letters would be left with Gov.
ROBBIE.
Mr.. Tilton said the report seemed to
him to be very satisfactory, and Mr..
which he displayed for the examination
of the stockholders.
Capt. Studley said, I'm in to clear up
the debt and to do my part"
Mr.. Tilton explained Mr., Atkinson's
plan to let the new money buy three times
as much stock as the old stockholders
did, giving old stockholders the prefer
ence. Clear up the debt on the proper
ty. It would be shame to have the
mill 60 under the hammer. Mr.. Atkin-
son said that LIS proposition only went as
far as $4,000.
With that debt out of the way he
could get money enough from the banks,
for a Portland bank was ready to loan
$4,000, and another would probably do
the same. sa3 4 ~ S.,
Mr.. Little made strong appeal not to
have the mill go to syndicate for 500
900 or that matter.
Captain Beals made a strong appeal to
the stockholders to subscribe the money
needed in order to build up the place. If
the plant goes under the hammer, the
stockholders won't get cent. He sug-
gested the appointment of committee
to see all the stockholders.
Mr.. Little said it was for the stock
holders to say themselves. If the mill
is to be sold at low price let the stock
holders get it, 1t would be burning
shame for mill that cost $4,000 to go
for trife.
Mr.. Atkinson moved s'that it ID the
sense of this meeting that this company
be reorganized, and If necessary Some
change be made in the name, and that
the stock be offered to the present stock
holders and creditors of the company at
three shares for 500, or 333 per cent
Mr.. Atkinson protested against thP ap-
pointment of another committee.
For go days there has beeh ia
series of meetings, but nothing done. I
tell you that know that after tomor-
row the company will be petitioned into
insolvency. Somebody wants to buy
this property, or else it would not have
been depressed as it has been.n
The meeting adjourned, and the dis
cussion of ways and means will be re-
sumed at the stockholders meeting in
this city this afternoon.
AS the meeting was dispensing the fol-
lowing was circulated: 4
SOUTH PORTLAND June 70, 1898.
We, the undersigned, hereby pledge ourselves
individually to take and pay for some portion
of the new stock of the Portland Pluth Mill
Company at $33.33 per share.
G. A. Tilton, Walter Ackroydt
Capt. Studley, A. Little,
T. p. Beals, Frederick Robe,
Geo. w. Libby, Fred E. Cole,
John Melia, Francis Nelson,
Frank Ross, A. Mosely.
At the time the signatures were called
for the hour being late large numbers
had left the meeting.