Savannah morning news. [volume] (Savannah) 1868-1887, 1881-08-05
Profits of Cotton Manufacturing in
New England

BiddefOrd is a manufacturing city
in Maine, in which there are two
large cotton mills. The operatives
in these mills recently struck for
higher wages, and finally eompro-
missed with the mill owners for a small
advance. A correspondent of the Boston
Post recently spent few days in Bidde-
ford. He had heard iG said in Boston,
at the time of the strike in Biddeford,
that the Pepperell Company could not
afford to increase the wages of its en-
ployes. This had led him to suppose
that the men who had invested their
capital in these mills had been unfOrtu-
nate, and were probably simply keeping
their mills running at scanty profit, in
order that their operatives might not be
turned adfift. As other people may have
taken the same view of the case, and felt
at times like going into their pockets for
the relief of the unfortunate philanthro
pists who own these mills, the Post man
presents the following statements, which
were furnished by one of Eye Oldest in
habitants, who worked in the Pepperell
mills for many years:
The Pepperell Mills. Nos. l and ,,
were started in 1851 They were built
by the Saco Water Company, but the
undertaking was not financial success,
and they were sold to the Pepperell Com
pany at a great bargain considering their
cost In 1915 the No. 3 mill was built
by the Pepperell Company from the net
earnings of the other two mills, after
paying the usual dividends The resi-
dent agent of the company was the Hon.
VIM. Haines, who continued in that ca
pacity until his death in 1879, when he
was succeeded by Mr.. Henry S. Howe.
During Mr.. Haine's administration the
Pepperell Company paid the amount of
the capital stock in dividends nearly six
times, and the company had then nearly
one million dollars of surplus funds.
During this period not only had the
No. 3 mill, very large and
finely constructed building of brick been
built, but extensive additions had been
made to Nos. l and ,. And besides all
this, the company had the misfortune to
lose about 800, 900 by the failure Of the
Boston firm, who then acted as its selling
agents. The Pepperell Company has
made money, as the saying Is, from the
word go, and during the greater part of
its existence ii has, to use another cur
rent phrase, Just coined money. From
financial point of view, its condition
to-day is an enviable one. 1t seems to
suffer nothing by reason of its new man
agement, the agent, though very young
man to be at the head of such a stupen-
dous undertaking. looking as carefully
and successfully after the dollars-for the
pockets of the stOckhOlderS-as does any
man in a similar position in the United
States. Pepperell stock has now par
value of $500, and has been selling of
late at from 81 OCT to 81 100 a share.
1t is only occasionally that a share
or two is publicly sold. and then usually
10 close out an estate The company
has within a recent period bought con-
siderable new and costly machinery,
made improvements TO its buildings. and
is now erecting several large brick struc
lures, to be used as storehOuses and for
other purposes. All this expense is met
without touching a dollar of its 81 000.-
600 surplus, and without Gripping its
ability to pay handsome dividends to its
stockholders. The following statement
will show what the Pepperen Company
has done in the way Of paying dividends
for a number Of years past. Dividends
have been paid semi annually, but in the
list below the figures represent the yearly
dividends: