Named after the Wampanoag leader (Prince Philip),

The cotton textile mill was constructed in 1847 by Colonel Richard Borden. It is the oldest remaining textile mill in the city of Fall River. The building was added to the National Register of Historic Places in 1983 and is currently occupied by a number of small businesses. The plans for the mill were brought from Bolton England and the establishment was considered a "model mill" at that time. The mill is built of native field stones from the Quequechan River that also provided the power for the mill. The mill is significant as it is the first recorded use of cast iron beams and girders in an American mill. The mill was enlarged in the late 19th century and a supplementary steam engine was added. The mill was later known as the Iron Works Mill No. 6.