The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1864-02-12
The Portland Company.


ing great deal. To learn the history of all
that has been done by this company would re-
quire long time aud much attention, and 1t
would after all be anything bn, appropriate
for relation IN a newspaper, though 1t could
be published with their bylaws and other af-
fairs, making in this way convenient little
book which might be distributed among those
people who hold shares in the stock. This to
begin with; and now to a sketch of the COM
pany's career which perhaps is but little better
than begun, for there is no reason why its al
ready large business will not be in time greatly
increased and rendered immensely profitable
To- heavy stockholders.
On the twentieth OF February in the year
1916, an act of the Maine Legislature was ap-
proved, by which Joshua Richardson, Ebene-
ger Seavy, Alyah Libby, William Willis, John
Oxnard, Joseph p. Chamberlain, David Nor
ton, Erwin circuit, Thomas II. Richardson and
Hiram Jordan, their associates, successors and
assigns, were created a body polite and cor
porate, by the name of The Portland Iron
Manufacturing Company, to manufacture iron,
steel, and machinery Of all kinds in the city of
Portland. The value of real and personal
property which this corporation was permitted
by law to purchase and hold with power TO
manage and to dispose of il in their own way,
was limited TO the amount Of fifty thousand
dollars.
On the eighth of August in the year lS46
an act was approved to change the name of
@ha nj
Thereafter it was to be known by the title of
The Portland Company, and permission was
given its members to increase their capital to
the amount of two hundred and fifty thousand
dollars, which they might employ in the max
ing of locomotive engines, railroad ears, ma
ehinery and implements OF every Kind. The
charter of this company has not been enlarged
since that time.
In the Fall OF 1877 the company began to
operate by employing a few men who worked
under the superintendent of Mr.. Horace Fell
ton who is now engaged in a similar business
in the city of Boston. On the first of Janu-
AIRY, 1913, they employed fifty men. In Au-
gust OF the same year Mr.. il c. Churchill,
who in 1S4l was Mayor of our city, left his
own business-the Marine and Fire Insurance
at great sacrifice, and became Agent and
Treasurer Of the Portland Company, with the
the benefit Of the concern. Mr.. Churchill re.
manned six years in that position, and in 1854
he resigned his place and it was Immediately
taken up by Mr. Charles Jones, one of our
wealthy and most respectable citizens. Mr..
Jones died in 1850, and Mr.. Joseph c. Noyes
has since that time been Treasurer of the
Company. In July 1853, the money had been
paid for l430 shares at one hundred dollars
share-sl43, 600. This was the amount of
capital stock at that time, and in August OF
the same year there was stock dividend
of twenty-five per cent, quarter of the whole
amount This is the largest dividend they
ever made. This with two new shares that
were issued at the time added to the capital
stock, brought the amount up to SlT9.T0O. In
1854 when Mr.. Churchill gave up his situa-
ton, the divided and undivided gains of the
company were equal 10 little more than
seyenty-dve per cent. of the original invest
ment.
The first work Of Importance done by the
company was for the Atlantic and st. Law
renee Railroad. The first locomotive they
built was for the Portland, Saco, and Ports
mouth Rail Road. They have supplied the
Atlantic and st. Lawrence Road (now the
Grand Trunk with nearly all the rolling stock
they ever put into use.
In 1851, on the first Of January, little more
Than three years after they first began TO do
anything, they had hundred and seventy-fve
men at work for them. A year from that time
they employed two hundred and twenty-five
men. The greatest number Of men they ever
had there was three hundred and eighty. This
was ia the Fall of 1850, and the company was
at that time extensively engaged in the manu-
iacture Of rolling stock for the Grand Trunk
Railroad Corporation, which failed to meet the
conditions oftheir contract, and lett the Port
land Company to get rid of their rolling stock
in the best way they could.
They now employ in the neighborhood Of
three hundred people who, of course, get their
maintenance and that Of their families from
their earnings at this place. The average
mouthly pay of these workmen for year is
about eleven thousand dollars.
am told that one half the buildings on
Munjoy have been put up and occupied by
men whose families get their living from the
operations OF the Portland Company and of
the Grand Trunk Railroad The buildings
owned by the corporation occupy about nine
acres of land which cost twenty three thou
sand dollars The buildings are worth sixty
thousand dollars. The tools and machines
are worth hundred and thirty-seyen thousand
dollars. They have built wharf that cost
thirteen thousand dollars. A good average
Of the Company's sales for eleven years past
would be 100000. The number of shares
bought and held at this time is 1851, worth
1885, 700. The value of real and personal prop
erty now owned by the company is S233, 900.
There are now 1902 stockholders. Those who
own heavily in the stock are individuals well
known to the people of Portland. The prn-
cipal owners are eight in number, and among
them there is not one whose name is men
toned in the original charter Mr.. Edward
II. Davies, the Managing Director, is one
then there are the heirs of Charles Jones
john Sparrow, the present Superintendent;
George Warren; Rufus L. Wood; j. C.
Churchill, the former Agent and Treasurer !;
William F. Stafford, and Ether Shepley. Mr.
Hall ]. Little is at this time President of this