The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1899-09-06
SCHEME FAILED.
Glass Trust Has Gone to Pieces
Before Forming.

another attempt VIII be Made to Get
-geiher-Seneca is 07e Of the
Plants 10 Have Gone in-Another ef-
fort Will be Made to organize the
Combine What it Means.
The combination OF the tableware
manufacturers. TO be known as the
National Glass company. practically
went to pieces at meeting held Fri
day, as far As the old plan is concern
ed. The failure is said TO have occur
ed because Of demand OF the United
States Glass company for a cash pay
ment: the demand was rejected. The
manufacturers said that they would
meet again, and attempt to reorgan-
ize the scheme on new basis without
the United States Glass company
They believe that they can bring 1t to
successful issue within two weeks.
A majority of the options on the old
scheme have expired, but the promo
tiers are hopeful of renewing them.
The tableware scheme was the
result of a unified action of the table
ware manufacturers the agreement be-
ing that the plants should be merged
into the combine, and that stock ia
the National Glass company should be
taken as payment, No brokers were
employed. The capital proposed was
81, 600, 900, and the appraisers were
weeks in making estimates OF the
value OF the different plants. The
United States Glass company demand
ed that it be paid 81, 100, 900, or there
abouts in cash, and that the rest of
the appraised value of the plants be
taken in the combine stock. 1t is
claimed that the United States plants
were appraised at 5000, 900. The
remainder of the tableware manufac-
tuners rejected the demand, claiming
it was violation OF the original
agreement. They refused to consider
it and determined to attempt a reor-
ganization.
The difficulty is said to have been
caused by the preferred stock OF the
United State Glass company. 1t is
an s per cent. cumulative affair, and
the accumulation of interest and div
idends is said to have made the appar-
ent value of the stock $3.50 or $40.
The other tableware manufacturers
commended that back dividends coaid
not be collected, and that similar
cases tested by law had proved it.
The case of the Allegheny Valley rail-
road was cited. The manufacturers
outside of the United States company
objected to that company scooping up
all the cash in sight, and rebelled.
1t was claimed that the cash payment
demanded represented the value of
the preferred stock, and that little
would be left for the common stock
holders Of the United States company.
After the rejection of the demand
the remaining manufacturers individ-
ually agreed to carry out the new
deal. 1t is now proposed to capitalize
the new combine at 81, 600, 900, and
also assume the name of the National
Glass company. As the plan will be
on a new basis entirely it will have to
be resubmitted to the stockholders of
the various companies. This will re-
quire about two weeks, and it is then
expected to bring the combine out
Some of the options do
not expire until September 10 and
others hold until October /. The
others expect to renew their options
to-day. The United States Glass
has 357 pots, but it is claim
ed that only $50 of them are in opera
tion. The promoters of the new
combine assert that all are In opera
tion except one small plant. They also
claim that dissatisfaction has exist
ed because of the many United States
plants that are idle, and that the new
scheme will meet with more unani-
nous favor than the old.
The Seneca is one of the plants that
had given an option on its factory and
they will be asked to go into the new
They were very much
in favor of the old one and were of the
opinion that it meant much for the
factory and the town. However there
are those who would rather see them
stay out as it looks safer to do that
than to 90 into a man up tree.