Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1910-09-30

About 400 men were present shortly
after o'clock, when Dennison Cowies,
president of the Brattleporo poalu "a
trade, raped to order 40. tho
NJ Covles said in opening that tne
meeting was called to acquaint the puoiic
of Rrattleboro with a proposition IoI .ne
establishment of a great industry ne :.
He smoke of how, through the lnlelest VI
the mower company the Bratteooro men
had been brought IN touch wv ioade
Nessrs. Chace and their associates, leau-
ers in the textile industry. Mr.. Cowles
brought out clearly that Brattleporo vas
not at a disadvantage in It's rallroau "a
ciities but was as teaslOle pun
tho shipping in of cotton ana the snip
ping out of raw materlal as an! "a ~
industrial centres of New England he
smoke of how the problem of power hau
ali been changed through the electric ue-
velopment at Vernon dam, ana sulnihar-
lied the essentials of the proposluoh-a
free site exemption from taNatoh' tne
assurance that so new tenemehts MouIu
he nrovided and that Brattleboro inter
ests subscribe 1920, 900 of the stock OF
the mill capitalized at $3.50, 900, S55V'OOo
of this capital to be provided by Messrs'
Chace and their associates lie salu
"Their stock is to be taken on exactly
the same basis as ours, at par and ior
cash. There is to be no bonus OF COM
mission. 1t is a straight business prop
osition. Mr. Chace and his associates
will of course control the board OF dl-
rectors of the company lie theh reau
a list of the proposed directors as fol-
lows:
Malcolm G. Chace, who is vice presi-
dent of the Connecticut River Power
company, secretary and formerly presl-
dent of the Naushon company OF New
York and Valley Falls, r. L, and for a
long time associated with A. b. Chace
in the Valley Falls company OF Alblon'
r. /.
ISOLATED with A. B. Chace in the Valley
Falls company, and who, it is proposed
will be president of the Fort Drummer
Mills, and manager.
H. G. Beede of Pawtucket r. l., who
has been general manager and member
of the firm of Fales G. jerks. He will
represent the Fales & jerks interests.
j. T. Lincoln of Fall River, Mass, a di-
rector of the Lincoln Mills of Fail River
and the Peabody Manufacturing company
of Newburyport and the Parker Mills of
Fall River.
Leon Campbell of Woonsocket, r. l.,
who is general manager of the Woon-
socket Machinery and Press company,
son of Malcolm Campbell of Woonsocket
Messrs Fales and jerks will have very
large interests in the Fort Drummer Mills
and this firm includes Albert A. jerks,
of Burlington; Stephen A. jerks, who is
president of the Cornell Mills al Fail
River president of the Berkshire Mills
of Adams and a director of the Parker
Mills of Fail River; Leroy Fales, di-
rector of the Dartmouth Mills of New
Bedford; A. B. Chace, treasurer of the
Valley Falls company of Albion, r. l.,
will be a stockholder. He is president of
the Westminster bank of Providence. S.
A. jerks is president of the Slater Trust
company of Pawtucket. Leroy Fales is
a director of the Industrial Trust COM
pany of Pawtucket.
Mr.. Cowles read a list of 20 New Bed
ford mills capitalized at S37,460,000. In
1900 20 of these paid dividends from to
16 per cent, averaging 90 per cent, and
of those paying no regular dividends one
paid a stock dividend of 20 per cent, one
33 1-3, three so, and three 100 per cent.
The average of sc mills in Fall River was
shown to be Z per cent Mr.. Cowles said
he was authorized to say that substan-
tial subscription will be taken by the
people representing the banking interest
of Brattleboro.
He explained in closing that the man
ager of the mill, if built, would be Ed
ward G. Chace, whom he introduced
Mr. Chace read from manuscript a
carefully prepared statement. He said
it was purposed to build a cotton mill
here for the manufacture of fine cotton
lawns, using very nne yarn ana nlBn
grade cotton. He explained the ship
ping arrangement whereby all New Eng
land places come under the head of a
Boston shipping point and have a COM
mon rate so that raw material would not
cost any more here than in Woonsocket
or Lowell. For outgoing shipments
goods would be handled very conveniently,
going directly to New York at rates not
excessive. The reasons for requiring sub
stantial local interests can be generally
stated, he said. There are innumerable
things which cannot now be foretold
but which always turn up which put a
concern owned entirely by outsiders at
very serious disadvantage. 81 cannot
now tell what will happen in Brattleboro
to require for us the support of a large
local interest. We only know that such
things do happen and the experience of
successful men in the cotton industry has
made it an essential that in locating a
new industry of this sort a very substan-
tial local subscription be required, and
we cannot deviate from that"
The basis for computing the value of
a cotton mill is to find the amount of
capital per spindle. Mr.. Chace read sta
tistics of II mills located in Fall River,
New Bedford, Pawtucket, Lewiston and
Biddeford, showing that the average cap
ital per spindle is $16.36. The mill here,
capitalized at $3.50, 900 will contain 1896
spindles and $50 looms, making the cap