The Portland daily press., 1897-04-26
CITY FACES RUIN.
Terrible Straits In Which New Bed.
ford Finds Itself.
BIG COTTON MILLS ARE PRACTI-
CALLY BANKRUPT.
ousIy and Is Nowhere To Be Found
Fears That He Has Committed Suicide.


ousIy and Is Nowhere To Be Found
Fears That He Has Committed Suicide.
New Bedford, April 24.-This shocked
city is full of intense excitement over
the collapse Of several of Its largest cot
ton mills. Hundreds of stock holders
who seem to see only financial ruin be-
fore them eagerly ask for news.
The directors Of the Rowland, Rotch
and New Bedford manufacturing COM
pany mills met, but the expert accoun-
tant was not ready to report, and they
have taken recess.
Treasurer William D. Rowland is still
missing. His family announce that they
have not the slightest idea where he is.
Every conceivable wild rumor is asso-
oiated with his business career and his
possible fate.
The banks prepared for run this
morning, but the Information had spread
that they were absolutely solvent and
the Withdrawals were not of threatening
magnitude. The local banks could throw
all their mill securities in the fire with
out disastrous results. A few people in
their alarm, drew their money from the
savings banks, but the drawings of money
from these sources was inoonsequential.
The last seen OF Treasurer Howland
was shortly after 10 O'Clock yesterday
morning. He walked down North street
with Harry Pierce, a clerk in one of the
mill offices, and told him the banks had
refused to let the mills have any more
money.
II suppose might as well hang my
self," added MIR. Rowland.
Then he walked down to the dock
where his yacht was being fitted out
AMI talked q few minutes with Capt.
Nelson about the boat. He walked dp
the wharf and that is the last which was
sean of him.
Several persons allege that they saw
him on the 11!47 train, bound to Boston.
The conductor and baggage master, each
Of whom knew him well, are absolutely
sure he was not on the train. He had
no luggage and was unprepared to leave
the city. OF late is said he has
walked much in the country and dill
ligent search is being made for him In
every d irection.
The -lost encouraging thing about the
affairs of the bank reported at the pres
ent time is discovery made at the as
SCISSORS office. The valuation of the
land of the Rowland corporation on the
assessors books is $3.50, 600. This is un-
ouastiOnah1v avtramaJv oopcorvotiva IT,
is probably worth a third more. The
real estate is returned by Treasurer How
land personally ana for his family. Mr.
Rowland is a charming gentleman. a
member of one of the Oldest Quaker
families. One of his brothers is Richard
Howland of the Providence Journal.
He had expensive tastes which he in
dulged rather erratically. Several years
ago he built a house on Grove street.
AS 1t was not just what he wished he
practically demolished 1t year or two
later and built beautiful mansion.
He also maintained an estate on the
Point road, couple of miles distant.
Last year he bnilt yawl yacht, the
plans of which were prepared by Fife of
England.
His first success in the manufacture of
cotton yarns here was SO prodigious that
he found no lack of backing. The late
VIM. ]. Rotch furnished him with un-
limited money, but his death and the
hard times have made the struggle up
hill job for several years.
1t has been rumored from time to time
that the mills were in an unsatisfactory
condition. Two years ago the other
mills refused to make concessions to a
demand from the help and there was a
general shutdown. At this time Mr..
Howland granted the request of the help
and his mills continued. Some Of the
other treasurers then declared that Mr..
Rowland feared shutdown, since the
banks carried so much of his paper that
he must keep going and pay dividends
whether they were earned or not.
This was decla red to be spite at the