|Amory Maynard (date unknown) Courtesy Maynard |
Historical Society. Click on photos to enlarge.
|William Knight (date unknown).|
|The mill at 50 years, a few years before the 1898 forclosure. The three large|
buildings closest to the millpond were all built after 1900, by the
American Woolen Company. Courtesy Maynard Historical Society.
At the time of the 1898 foreclosure, assets at the mill included deposits of $137,587.31 from employees of the mill and business owners in town. This was due to the inconvenience of the nearest bank being in Hudson. The mill acted as a bank, and actually issued bank books and paid interest. After the mill failure depositors initially got back only 55 percent of their savings. There was an additional partial payment after AWC completed the purchase, but nobody got back all of their money, nor any of the interest earned. Lorenzo Maynard was known to have sold most of his shares in the mill before it went under. The animus toward Lorenzo culminated in an attempt to change the name of the town to Assabet a few years later.
Not in the article, but at the time of the 1898 bankruptcy, William Maynard was the largest shareholder of the Assabet Manufacturing Company. Lorenzo, his brother, had sold the majority of his own stock before the bankruptcy.