The Providence news. (Providence [R.I.]) 1891-1906, 1898-07-28

very soon was Incorporated as the
Woonsocket Rubber Company, with a
capital of 0,000. and the manufacture
OF rubber boots and shoes was COM
menced. Business was such that the
company issued stock dividends as high
as 40 per cent. In addition to cash div
idends OF 8 per cent.
In 1882 the business had so Increased
that the company erected a $750,000 mill
at Millville, Mass, and this without
missing dividend or calling upon the
stockholders for any contributions or
loans. In 1889 the Alice mill was erect
ed in Woonsocket. and this was the
largest mill in the United States de-
voted to the manufacture of rubber
shoes. and in 1890 the capital was In
creased to $2,000,000.
BIG CONSOLIDATION.
In May, 1893, the Woonsocket Rubber
Company amalgamated with the United
States Rubber Company on the basis of
$500 cash or $40 in stock OF the United
States Rubber Company for every 800
share OF the Woonsocket Rubber Com
pany. Lyman A. Cook was the first
president OF the Woonsocket Rubber
Company, but Mr. Banigan soon be-
came its ruling spirit. the original ma
chinery being set up under his personal
direction, and In the early days of the
company he directed the manufacture
ing and sold the products.
From May. 1893, to March. 1896, Mr..
Banigan was the president and general
manager of the United States Rubber
Company, which was capitalized with
$19, 400, 500 of preferred and $40 166, 900 of
common stock. In 1895 he resigned,
sold his Woonsocket stock, and the
same summer purchased the Saxon mill
property In Olneyville, reconstructed Ii
and added to II and In November the
N, Rtt1a har ri raa nv Wi n
a capital stock OF $f,0O0.000, began the
manufacture OF rubber shoes. Mr. Bani-
gan was also very large importer of
crude rubber, not only for himself, but
he sold largely to his competitors in the
general trade. He was thoroughly post
ed In the topography OF the rubber,
country, and this stood him In good use
in his immense business interests.
OTHER ENTERPRISES.
Mr.. Banigan was also the president OF
the American Wringer Company, or
ganized in 1891, with capital stock OF
$2.500.000, and he also organized the
Marvel Rubber Company OF Woon-
socket, the business OF which was de-
veloped by his son. william Il. Bani-
gah. In the summer Of 1896 Mr.. Bani-
gan was called upon at Narragansett
Pier by Senator Cannon OF Utah, and
the result was that Mr.. Banigan made
a ntthb ZIP W odt LAM lily Oi-
ganized an electric lighting plant, the
duplicate OF the big plant at Buffalo,
N. ", and also operated by a natural
waterfall, and while In that city Mr..
Banigan took sl,000.000 worth OF the
city's bonds. Two weeks later he sub
scribed for $l,000.000 of Atlanta, Ca,
bonds. taking the entire issue.
Mr.. Banigan's realty was very large
and included among the more promi-
nent pieces In this city the Banigan
building. estimated to be worth $780,
600; the Wheaton-Anthony building
s25o000; Alice building. 100000: his
magnificent residence on Angel street
and wayland avenue, $3.50. 900; the Aus
tell building. Atlanta. Ga. 200, and
I'm addition TO these he had many valu-
able pieces OF real estate In this city
woonsocket, Millville and other locali-
ties.
MANY BENEFACTIoNs.
IL was. however, as n benefactor of
mankind that MIR. Banigan was, per-
haps, best known 10 the whole people of
Rhode Island. and his charitable con-
tributions are I'm evidence upon every
side. Among the several institutions
devoted TO charitable purposes which
owe their existence TO his munificence
is the Home for the Aged Of the Little
Sisters OF the Poor at Pawtucket
which was dedicated I'm 1885, az a cost
OF $3.50 900; the ST. Maria's Home for
Working Girls. I'm this city. which cost
over $50 900: land for the ST. Vincent
n