Borden persuaded his former partners and a third investor, Reuel Williams, to build a new factory. It opened in 1857 in Burrville, Connecticut (also within modern-day Torrington). This second factory was hurt by the Panic of 1857 and had trouble turning a profit. The following year, Borden's fortunes began to change after he met Jeremiah Milbank, a financier from New York, on a train. Milbank was impressed by Borden's enthusiasm for and confidence in condensed milk, and the two became equal partners. Together, they founded the New York Condensed Milk Company. As a railroad magnate and banker, Milbank understood large-scale finance, which was critical to development of the business and Borden's success. Milbank invested around $100,000 into Borden's business. When Milbank died in 1884, the market value of his holdings was estimated at around $8,000,000.