Though Madawaska had boasted sawmills and carding mills, it truly entered the industrial era with the arrival of the Fraser Company, which established its facilities in the vicinity of the new international bridge (and along the railroad tracks) in 1925. The photo shows the paper-producing facilities west of the border crossing, on the side facing the St. John River. The company became Twin Rivers Paper Company in 2010 and the mill is still operating in 2024.

The postmark is not entirely legible but appears to be dated 1930.