Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-03-23
WHAT SHALL WE DO?
Is Question at Winthrop on
Condensed Milk Factory.
Meeting to Be Held, Today, 10 See
About Starting the Plant.
Story Of the Company's Ups and Downs Since
It's Start.

Winthrop. March 22.-(SpeciaD.-A
meeting has been called to take place
at the Town hall, Monday afternoon.
at O'Clock, to consider the important
matter of starting the condensed milk
factory. Every one interested is in
vited to attend. 1t is said the purpose
of the meeting is largely to ascertain
how much milk can be procured. and
if it is found feasible to operate the
factory, it will soon be started, giving
employment To some 50 hands which
would give business in Winthrop quite
a lift.
There are those about town who say
that some interesting developments
may be looked for from this meeting
and questions may be asked as to
what the managers have been doing
for the past two years, and just why,
if the thing could be started il has moi
been done before.
1t is rumored that stock has recently
been sold to the extent of $4,000, in
| nominal shares. This extra stock. il is
said, was sold in New Hampshire
Winthrop awaits the outcome of the
meeting with great interest
The history of this most remarkab bic
enterprise from it's inception is briefly
as follows: In the spring Of 1892 an
agitation was started here by parties
Connected with the Newport factory
| 1t took like wildiire. Monmouth and
other surrounding towns became SO
carried away with the scheme that
=
contemplate starting each factory of
| its own.
People seemed to lose their heads
| md almost fell over each other in
| their eagerness To- obtain the stock.
| Dividends as high as 20 per cent Were.
| promised them for the very first year
| EarmerS who would invest were prom
| 'sed as high as three cents a quart for
| their milk as a special inducement:
| and SO the stock was taken largely by
| persons of limited means. who could i'll
afford to lose THAR money
The whole scheme bore on the face
| IF it an unbusinesslike appearance
| and the prophecies Of the level headed
sort. like c. NJ. Bailey, were soon full
| .illed. The original stock represented
| IN face value an enormous sum, but
| 'nly 20 cents on a dollar was asked for
| he shares, and a controlling interest
| in these shares was retained. whether
actually paid for or not. by parties
outside of Winthrop. In this latter
| TACT the secret of all the trouble seems
| to have been.
A bonded debt of S3S, 900 was placed
upon the company at the outset. to
r1i SA hull =
cent. altogether too magnificent fac
| cory.
The concern was operated a few
weeks, but shut down. as they could
lot obtain milk at the prices offered.
At least this was said to be the reason
,or closing Then the stock was
assessed to pay interest and expenses
At this time some of the holders gave
their stock away to whomsoever
would assume its responsibilities. A
new company was formed under the
name of the Maine Condensed Milk
Co. but this accomplished nothing.
One may judge of the present status
of the concern: when a plant with
bonds against it of s3S 900 is openly
acknowledged by one of it's principal
stockholders as probably worth if il
were obliged to be Sold less than SIS
900
Meanwhile the factory at Newport is
running merrly on, and is said to be
making fair profits. If Newport is all
right for producing condensed milk,
what's the matter with Winthrop? We
have the railroad facilities. and are To-
Gated in as fine dairy section as car
he fnpnI in Nav Enp1anI
get 20 per cent. dividends, or three
cents quart for our milk, it hardly
seems as though our cows ought to be
entirely sighted or the SCI. 900 brick
building allowed to stand idle longer
as reproach to the business sagacity
of our citizens.