Wednesday, February 6, 2008

plans were laid

W.H. "Lee" Scruggs purchased his lot (current day 1804 Chesapeake Street) February 23, 1888. Albemarle County deed book 92, Page 106. He worked for the Woolen Mill in the spinning department.

Five days after the fire, the stockholders met to plot a course. An inventory with assets valued at minimum figures showed the company to be worth $112,000. With liabilities of only $53,000 each of the 1170 shares of stock would receive about sixty cents more than its par value in the event of liquidation. After a lengthy discussion, the owners gave a resounding vote in favor of launching out on an expanded building program. Plans were laid to construct a plant one-third larger than the old and with six sets of carding machines instead of three. The stock issue would be increased from $60,000 to $85,000, provided subscriptions were obtainable at par. --Harry Poindexter

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