The sun. [volume] (New York [N.Y.]) 1833-1916, 1891-12-03
A GREAT IRON SYNDICATE.
kSoLrsH AND AMERICAN ISvEsroRs
TO AcQUIRE THE COOPER,
HEWITT INTEREs1a

6N0IfsH AND AMERTC.AN IHTESf06i
TO kcQUIRE THE COOPER,
HkHHrr IvrEREsra
TIE New Jersey Steel ssA lrsa works "
se Iseorporssea I. che rs~s OF . La.itet
stoeh Co-ps.y with . Capital Of eS.eeo.
| see-sesstor job. r. Jeses, Jeh. w,
Ascssy. es.. Charles &. Dodge. The Disks
OF Marlborough. ssA Col North Anoss
Those laterestea h the scheme.
twas stated yesterday on the best authority
| that negotiations for the purchase OF the
Cooper-He iron interests In this country
BY a syndicate composed Of Enslish and Amer
lean capitalists have been practically COM
pleted. A few details OF organization re-
main to be adjusted before the partieu-
lars ef the transfer will 10 officially
made Public. but It is not expected
that any serious alterations will DO made to
tho arrangements as they now stand. The
purpose Of tho syndicate is to associate or
amalgamate number OF iron businesses aud
carry them on under one MANAGEMENT. To do
this limited stock company Is to be organ
lied by tho syndicate. the shares OF which will
DO thrown open to public subscription. Ac-
cording to the Information received. II is only
in connection with the details Of organizing
this stock company that any uncertainty in the
matter still exists.
The iron businesses that the syndicate has
contracted to buy are given out a. these: The
New Jersey Steel and Iron Company Of Tren-
ton. the Trenton Iron Company and Wire
Mills OF Trenton. the Durham Iron Works.
mines. and furnaces. Durham. Pa: the Pas
saic Rolling Mills. steel plant. Patterson: the
Warren Iron Company. Hackettstown. N. J.
Tho purchase price to be paid by the syndicate
for these businesses Is announced Mt S5.OOO.-
COO All tho companies named. with the ex
ception Of the PassaIc Rolling Mills. are said
to be controlled BY Cooper. Hewitt L Co
The negotiations are supposed to have be-
gun In the early part Of the present year. whom
men representing the syndicate approached
Mr. Abram Il Hewitt with an offer for the
entire interests Of his company. Mr.. Hewitt
entertained the oficr and the company decid-
ed to accept II. The names Of Senator John
r. Jones Of Nevada. Gen. Charles c. Dodge.
and John W. Mackay were given rs those
most prominent on this side OF the water In
organizing the enterprise. Ira Taylor who
went to London short time ago to bring
negotiations to final settlement with the
English representatives Of the syndicate, re-
turned to New York last week. To SuN re-
porter Mr.. Taylor said yesterday:
The result OF my trip to London was wholly
successful. The negotiations for the purchase
OF the iron interests and the organization OF a
large stock company to take their place have
practically been completed. Within u week or
SO the few remaining details will probably be
all adjusted. and the prospectus Of the new
corporation will be put In the hands OF the
public"
The main features Of the prospectus are al
10 rotk lat pal
ing Is the outline Of the new organization in
the form that 1t has assumed up to the present
time. All parts OF 1t are subject to alteration.
until the whole is officially and finally adopted.
The organization is to be called the New
Jersey Steel and Iron Works. and will be a
limited STOCK company. The capital will be
s8SO.0OO This 1t has been proposed to divide
into 10000 cumulative preference shares at
E10 each. 27.eOO ordinary shares at ElO each.
and 1000 founders shares at IL each This
plan Of division; however. Is very apt to be
posed Directors and officers comprise Sc '"' pro-
se.,. Se e. 81 'isa Ashley r0a'SE ,Ss
Gen Charles Dodge
sa. i s:e fs' ls.a.n. ..s....ry
as::es r1:iIss ssssss: rs Bedford,
xaasors- peloi.se Dever orim.hs Co. London
:n:.. F.ysr~.Ah'r veerres
ss::.iy r. "a S ss.
AZ soon as the prospectus receives its final
sursd Who % the se
to alteration no contracts can well DO made
been given out 1t Is understood however
that underwriters for the greater part Of the
h%ys % snS @
~ SsstSs Trust 5. Wsl, street.
yesterday that the company had been ask ed a
week Or two ago to receive spbscrlptions on
Iron Works. and had agreed to do so when the |
nubliG announcement should be made. Further
that he knew the
is Watts shs eIPn %s and
Cooper Hewitt 4 Co had no o interest in the the
ms snG oat nd "a TIA that the
weather. who has been asked BY the syndicate |
SSastsnse Would Re ascspt TIC POSITION tt D. '
20 ass as SAID dsatsf h
tho New Jersey Steel and Iron Works and had
90 he nSi III th
preferred not to talk on the matter;
refuse to give any information on the matter: |
Hs intimRted that the buying of Cooper. Hew- |
lit 4 Co; s works was only one part Of an enter
prise Of much greater magnitude which might. |
among other things include within Its scope
scrnnton and many Sther iron works located
q the syndicate was successful. no thought
the country as whole would be greatly bene-
fitted by the result.
:, People intimately acquainted with .Messrs
Cooper and Hewitt express the opinion that
those gentlemen will have little or no interest
In the new concern. They are both ready. 1t Is
Both are we'll advanced in years. and have no
desire 70 share the possibilities Of new en-
The firm. CoopeI Hewitt 4 Co.. was organ:
LED about lS4L It WAS originally eompDsed
James Hall. and Charles Hewitt They started
y selling agents n NeN York for the Trenton
IHther q EdwStd Cooper aps iathsr,in law q
Hewitt died some eLghteen years ago. and Ed.