The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1899-10-03

A few years later this oompsny sold out
its interests In the plant TO 5. Il. Spring,
Ii N. Jose and q. X. Millikep, who were
owned the mills at the time OF their de-
sIuction.
HAS BEEN PROFITABLE BUSINESS
The Rolling Mills have been vesy
protitabls manufacturing industry Tx
en- all In all. Within the first few years
after Mr.. CIR. Ailliken became its pres
ident the plant paid for itself in divi-
bends At that time large amount OF
pudding was done, but in recent years
scrap iron has been manufactured into
| iisn plates. spikes. etc
At the present time the majority Of the
stock is owned by MIR. O, K. Milliken,
Mr.. Weston II. Milliken and Mr.. s. n.
Milliken Of New York. In all the hold
inRs OF these gentlemen amouns 10 over
two thirds OF the entire stock. The 9TH
| or stockholders are the hsirs of the Jose
estate, of ths Daniel h. Emery estate, of
the Parker estate, N. W, Rice and wife,
the heirs of the Spring estate, Mr. Whit
man of New York and the heirs of the
Peters estate.
In lS97-9S the iron industrE was not a
very profitable business. The Portland
Rolling Mills we're operated at a loss OF
$jO, hOO In these two years, but the prin-
ORAL stockholders OF the company were
loath to close their mills altogether and
throw tbsr employees out Of work. So
they kept the mills going the most uf
tae time until tina death of the supsrin
tendent, Mr.. william Beardsw0rth, who
was lost on the steamer Pc 'tiand, when
the mills were closed for some months.
5 nee February the mills have bssn
operating on full time aud employing lbs
men and sometimes more Business has
been on the increRss and the prospects
for making money were never better than
they wsre last night when this plant
ceAssd to exist The Company had on
hand at the time of the IRE over 5000
tons OF scrap iron, who's Is very valuable
In Itself andSwlll increase In valus before
1t oepreciatse, aBd about $40 tons Of fin
ishsd product. This stock was not dam
aged by tbs fire.
In the first few months OF this year
ths mills have paid for the loss of 1S95-9s.
aud the company has paid semi-annual
dividend of par cent The tire at this
time 10 therefore an especial calamity
In 1888 or 1884 the plant WAS partia lly
destroyed by fire, but was at once rebuilt
Mr. q. X. kiiliksn returned TO the city
last night from Asehasie Fails and he
did not know OF the fire until Isse hour.
he bad been at his Office sending ont a
communication to she stock holders of the
| company advising them of an offer which
had been made by a pennsylvania syn
dictate to purrh base the entire plant. The
| men representing this syndicate were in
Portland on FRIDAY and were TO return
In few days aud. further discuss the
matter.
Mr.. Milhken said last night when
asked II the mills would be rebuilt, that
| IL was improbable that they would be.
| tie did not care to state definitely regard.
IN. ku.s l.. Al
mills might be constructed as he did not
| believe the heavy rolling machinery
| would be an entire loss al care more
for the loss this tire means TO the work
men at this plant than do for the stock
holders or the loss to myself They have
stood by us In season and out of SEASON,
| through prosperity and adversely and
have been good lot of faithful men. /
| am very sorry for them."
This statement he made again and
again and seemed to feel worse about
throwing the men out OF employment
than he did TO the calamity which had
| befallsn the company at a most unsea-
sonabls time. ME- Milliken said that he
| did not believe the loss would amount to
more than s75,0o0
THE INSURANCE
| The total Insurance. on the plant
amounts to s57, 4lO. 1t Ia divided as fol.
lows: Stock, IS, 055.7l; building, $2s, $50;
machinery. $40, 1866 is; patterns. s14,o29
20. The following Insurance compa
nnies have policies on the plant Penn.
syivania, Scottish, Union, Altar, Phoenix
at Hartford, Royal of Liverpool, Mer,
chants Of Providence. American of Bns
ton, Orient of Hartford, National Stan
dard, Columbia, Mercantile. Union OF
4 Philadelphia. Achen and Munich, Sur
Of London, Liverpool and London and
Globe, Aetna, Home, United Firemen,
Coneordia, Reading.
The agencies holding these policies
were Anderson s. Adams, who have the
largest amount; Prentiss Loring, Dow
81 Pinkham and E. 9. Jones.
No rruCo xuUDn ncr