Daily new dominion. [volume] (Morgantown, W. Va.) 1897-1906, 1899-09-02
SCHEME FAILED.
Glass Trust Has Gone to Pieces
Before Forming.


Another attempt win be Made TO Get
ogether-Seneea Is One Of the
| Plants 10 Have Gone in--Anether eff
fort viii be Made to Organize the
What 1t 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 Il demand of the United
States Glass company for cash pay
ment; the demand was rejected. The
manufacturers said that they would
meet again, and attempt 10 re0rgan-
i2e the scheme on a new basis without
the United States. Glass company.
They believe that they can bring 1t to
a 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.
Tn. tableware scheme vas the
result Of a unified action of the table
ware manufacturers the agreement be-
ing that the plants shouid be merged
into the combine, and that stock in
the National Glass company should be
taken as payment No brokers were
employed. The capital proposed was.
$1,000, 0e0, and the appraisers were
weeks in making estimates of the
value of the different plants. The
United States Glass company demand
ed that il be paid 81, 100, 0o0, or there
abouts in cash, and that the rest OF
the appraised value OF the plants be
taken in the combine stock. It is
claimed that the United States plants
were appraised at SO, 900, 600. The
remainder oe the tableware manufao-
turers rejected the demand, claiming
it was violation Of the original
agreement. They refused to consider
ii and determined 10 attemps reor-
ganization.
The difficulty IS said to have been
caused by the preferred stock of the
United States Glass company 1t is
an per cent. cumulative affair, and
the accumulation Of interest and div
idends Is saidato have made The appar-
ent value Of the stock $l60 or $l70.
The other tableware manufacturers
contended that back dividends. could
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 $4,000, 900, and
also assume the name OF the National
Glass company. As the plan will be
on new basis entirely it will have to-
be resubmitted to the stockholders of
the various companies. This will re-
quire about two weeks, and 1t is then
expected to bring the combine out
successfully. Some of the options do
not expire until September l3 and
Others hold until October /. The
others expect to renew their options
to-day. The United States Glass
company 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, asd 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
organization. They were very much
in favor Of the old one and were OF the
opinion that it msant 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 go into man up tree.
Died.
GRIMEs-Mrs r. f. Grimes residing
at New England mines, died last Sum