The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1894-01-20
THE MADISON MILL.
The Differences of Its Owners Brought
Out at the Annual Meeting.

WaCefVlile, January 19.-Ihe annual
meeting of the Madison Wooden company
was kheld at Madison yesterday. The
mills of this corporation have been shut
down nearly six months, and it is uncer-
tain when they will start up again. The
meeting was an animated one, owing to
the discussion of the recent change in
management and the conduct of the mills
since.
AT the annual n Getting in Janary, 1892,
the hitch that is now on arose. AT that
time the Somerset stockholders COM
bined and elected board of directors to
suit themselves. The outside men were
not represented ON Chat board which was
composed as follows: B.P. j. Weston,
Madison; George II. Bryant, A. p. ,Benja-
min, Oakland; W. B. Srtow. Sko vinegar;
John Aver, Oakland; D. G. Wood. New
Portland.
These directors Immediately deposed
the former selling agents, H.J Libby q
Co., of New York and placed the mills
goods in the LANDS of I. Van Folkenburg
&, Co.
The Libbys had handled the goods for
eight or nine years.
On account of this change in the COM
treasurer, James E. Mcdowell. Esq, of
Portland, resigned and NJ. L. Williams of
Portland succeeded him. Mr.. Williams,
in a short time, found the question of
finances difficult one and resigned early
in June. Then Major A. r. Small of Oak
land was elected to the position.
Mr.. Williams had found it impossible
to stave off the attachments and as soon
as these were placed ON the stock a COM
mittee was appointed to secure new
selling agent who would advance money
and assist in selling off the stock. But
in August the mill was shut down and
has remained closed ever since.
The mill corporation is capitalized at
5000, 200. Of this stock about SIC, GOO is
held in Portland and in parts of the
country further west. this stock forming
ore element in the dissension. Between
forty and fifty Thousand dollars worth of
stock is in the hands of Oakland parties,
ten thousand in Norridgewock and the
remainder is scattered through Madison,
North Anson, and adjacent towns.
All the stock was represented at the
meeting yesterday. From the West came
A. + Libby of New York, F. A. Libby,
DE-. Corser, JAS E. Mcdowell, and Oscar
Rideout, from Portland, representing
their own stock and by proxy every share
held West
There was vigorous discussion at the
earne-t endeavor to secure representation.
The old board of directors was reinstated,
however, with the addition of r. W.
Dunn, ESQ.,, Of Waterville.
The financial statementd presented to
the meeting yesterday showed assets of
1927, 1853. 81 and liabilities of 1927, 1863 81, in
addition to the capital stock of $500, 600.
The accuracy Of this statement and
Judgment of its estimates are vigorously
questioned by the minority. For in
stance, as relates to the account of stock
at the mill and in New. York, the COM
bined present value of which is set in
the report at 112 SOB. 4s, y Mr.. F. A. Libby,
of H. Libby & Co., who is thoroughly
acquainted with the nature of this stock
and has made up the accounts, emphati-
cally asserts that the value at the utmost
is now above &S5, 600
H.JLibby & Co. hold nearly one
fourth of the stock in the MILL. Mr.. F.
A. Libby says that when they were de-
posed from the agency the corporations
credit went down at once.
He says than his unfriendliness to the
present directors is not prompted by the
fact that they saWtit to change selling
agents, but because they have not pro-
perly moved in the matter of securing
new agents.
The majority stockholders claim that
hard times, the money pinch and slow
pany's predicament; and that they acted
according to their best. Judgment in
taking the agency from the Libbys.
The directors say that Deering, MILL
ken & Co. stand ready to take the agency
as soon as times are brighter
The annual meeting sof the Madison
Indian Spring Mill occurred Thursday.
The mill is controlled by the parties who
compose the MINORITY in the Madison
wooden company, 5sThe Indian Sprine
mill yesterday declared a dividend Of
five per cent, and reports an average
profit of twelve per cent per annum. 1t
manufactures mems wear ssand similar
goods. These directors were elected: r.
T.Jones, DE-. Corser, j. E. Mcdowell.
AT Libby, o. Rideout, P. Wise. D. f.
Emery, Jr.