Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-12-18
TALK OF BANKRUPTCY.
he Great Rowland Falls Pulp Company
Condition.


.xcited much attention before the
legislature and indirectly lent some
that of fame to the big Rowland Falls
Hills. The proposal to petition this
oncern into insolvency was surprise
The Bangor Commercial says of it:
This news will be a surprise to many
'eople of Maine, and particularly of
Bangor and of the Penobscot valley.
The Rowland company was supposed
be on a sound financial foundation,
With an extensive business to keep it
-unning.
When the Rowland Falls Pulp Co.
vas organized some years ago.its stock
vas sought after. Conservative men
ooked over the situation, considered
he market possibilities, examined the
natural advantages of the location of
he mill. looked at the men who We're
It the head of the project.-and in
,ested Some of them invested large
Y. Several of them went into the
scheme to the extent of $4,000 and
many others held smaller sums. In
Sanger. there are now many small
,olders of the stock. whose purchases
f it amounted to from one to ten
hares or more. The shares We're of
100 each in value.
While the mills We're building the
.reatest enthusiasm prevailed regard
ng the value of the stock. There
ieemed to be no reason for any degree
f failure, and persons who would not
,ave invested in anything but perfect
safe securities, bought of the paper
literally.
After the mill was built it at once be-
,an to make satisfactory profits. For
'everal years, it enjoyed the utmost
,uccess and it gave back good returns.
The character of the men who We're
ITALY interested in it's progress. gave
he plant dignity that was a great
,ttraction to investors. and Rowland
Pulp stock began to assume promi-
renee that was exceedingly gratifying
% those who had cheered the plan on
% fulfilment.
Within a few years. since the pulp
market has been declining, the profits
If the mills have not been so large as
at first. Still there was a plenteous
stock of wood in the forests above the
mills, and every year the contract to
cut and raft the pulp logs to the mouth
OF the Piscataquis, where the plant is
situated, was sought after.
The process used at the mills was the
sulphite chemical method.
Recently the profits of the mill have
been small. The mills are situated on
the westerly side of the river.while the
railway is on the opposite shore, in the
town of Enfield. Thus all the product
H. L l. ~
novel wire-rOpe ferry, which, suspend
ed high above the water, and running
on trucks, moved by a powerful en-
CINE. swung the great bundles of the
stock over the tide to sheds on the
farther bank. where it was loaded onto
cars. This caused unwonted expense.
When the market came to be as low
as it now is. the extra cost of trans
portation counted severely. The build
ing of the Rowland bridge was prom
Used to be advantageous to the mills
but that has been open but a short
time now. and the saving which it
may have effected to the company is
small. if appreciable at all.
The market has been so low for some
time on pulp, that men in the business
than turn their money over in the
trade. and that not a cent of profit
was being earned. Notwithstanding
this the mills were kept at work and
of late have been turning out nearly
their ordinary capacity per day.
1t is supposed, however, that the
pressure became too strong and that
the running of the mill became too ex-
pensive for the state of the market
Thus the proposition of the stock
holders to file the petition in insOlven-
cy as a saving measure taken in the
nick of time before further loss.
The Rowland Falls Pulp Co. was Or
ganized in 1890. After several years Of
success it's mill was visited by a great
fire which destroyed the better part of
the plant and left the company in AN