The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1894-06-18
EASTERN FORGE CO.ASSIGNS
10 Its President and One Of Its
Directors.
THE SECOND LARGEST WORKS OF
ITS KIND IN THE COUNTRY.
The Step Neccesitated in Great Measure bv
the Times-Difficu1ty In Securing Coal
an Important Factor-A Meeting of
Creditors will Shortly be Called.

the Times-Difficu1ty In Securing Coal
an important Factor-A Meeting of
Creditors will Shortly be Called.
On Saturday last, at a meeting of the di-
rectors of the Eastern Forge company. IT.
was voted to make an assignment to Presi
dent George E. Morse, and Mr.. Fisher. one
of the directors
representative of the PRESS, In con-
versatlon with one of the directors, was in
1ormeds that the steps were necessitated
principally by two causes, the first was the
TACT That hard times has deprived the COM
pany OF the business that would naturally
nave come to them, and to this condition
OF things has been added the difficulty of
late OF securing coal. The plant at East
Deeflng was equipped so thoroughly that
Wh1le there is one larger one in the United
STATES, there is none provided with better
OF more elaborate machinery. The com
pany was capitalized at Sl25, 900, and good
portion OF the stock is held in Cape Ann,
massachusetts, the manager Mr.. Dunham.
ano his father-in-law, Mr.. Fisher, residing
IN that locality, and both of them are men
thoroughly versed in every phase of the
work performed by the company.
The Eastern Forge company plant is an
outgrowth of two companies that preceded
1T. One was the old Casco Iron Works.
which for many years was controlled by the
Churchells of this city. The Casco Iron
works later passed into other hands. the
chief of whom were the late Hon. Horatio
N. Jose. and Frank Mcdonald, for years
president of the Kerosene Oil company.
A. few years ago Mr.. Jose and others
merged this company which had been
changed in name to the Presumpscot Iron
company. into the Eastern Forge company.
The late Mr.. Jose was president. and four
OF the directors were from Portland, the
other two from Cape Ann. Among the
valuable machinery that was put into the
plant was the giant electric crane that
cost over $50,000 and which would swing
great steamships shafts of twenty tons
weight or more as easily as if they had
been walking sticks. The work of the COM
pany was hammering scrap iron into shafts
and all manner of railroad and steamship
material
The business of the Eastern Forge COM
pany after it's organization was very aatter
ing. Some time ago,.in order to secure funds
to improve the plant, the company issued
mortgage bonds to the amount of $75,OoO
These bonds were not put on to the mar
ket, but were deposited as collateral with
the Portland Trust company for advances.
We are informed that they will amply COW
er the Indebtedness to the Trust company.
Since Mr.. Joses death, Mr.. George f.
Morse of this city. so long superintendent
fof the Portland company. has been presi-
dent.
The company has employed good many
men. Recently that number has, perhaps
not exceeded one hundred, owing to this
dullness of business. But they have been
prepared with good times, to give comfort
able wages to at least two hundred. The
plant is most conveniently located in East
Deering, only few miles from the city,
with excellent railroad and steamboat
transportation facilities
1t is understood that meeting of credi-
tors will shortly be held at which state
ment of assets and liabilities will be made
and possibly arrangements will be made to
continue the business. 1t is earnestly to
be hoped that this can be done.