Bridgeton pioneer., 1899-12-14
IRON WORKS WILL BOOM.
First and Second Mortgage Bond
Holders for $4,000.

Inc Zig flanG was bought IN Dy Cno
First and Second Mortgage Bond
Holders for $4,000.
Bridgeton will have big boom in iron.
The big Cumberland Nail and Iron Com
pany's plant will soon be in operation.
Within thirty days the furnaces will be
all aglow, and large number of en-
ployees will be engaged in an important
industry.
Bridgeton will boom There is dawn
of new and greater Bridgeton.
The sale of the great plant took place
Saturday afternoon at two O'Clock, in
front of the Hotel Cum berlapd as adver-
tised.
At that hour there were gathered about
the popular hotel,a "a vast mum ber of people
who were interested in the outcome of
the sale.
Among the crowd were bankers, law
yers, capitalists, merchants, wage earn
ers, farmers and the ever present small
boy. All were intensely interested in
the proceedings.
Promptly at two o'clock, George H
Hampton, Special Master in Chancery.
appeared upon the steps of tho hotel.
Beside him was Ell. L. Tyler, the real estate
auctioneer. Attention was called to.
and brief description of the property
was read by him. The advertised de-
scription of the entire premises occupied
over fourteen columns in the PIONEER.
and it would have taken at least two
hours to have read it entire. The auc
tloneer gave synopsis that required
about fifteen minutes time
Then lawyer Walter HI. Bacon gave
notice of perpetual water rights engaged
by the owner of Lofts Touring mills. and
Auctioneer Tyler was handed the condi-
tions by Special Master Hampton. These
were read. They provided for the pay
ment of ten per cent. of the purchase
money in cash at close of sale, and the
balance in two weeks when the deed will
be delivered.
The auctioneer asked for bids. He
wanted 100000. 1t was not forthcoming.
He dropped to $4,000. to $4,000, to
$4,000, and still no bid. He asked for
$4,000 and Frank M. Riley, cashier of
the Cum berland National Bank, said, "I
will bid $4,000" This figure was called
for several minutes, and there was no
advance. without advance, I will sell
this valuable property" called the auc :.
tioneer. Going, going. Are you ready
to have it knocked down? Going, fair
warning. everybody. The bid is $4,000,
no advance. Once, twice, third and last
underwriting, The bid is $4,000. Go
ing, and sold to-" frank M. Riley.
Trustee for the first and second mortgage
bond holders," replied Mr.. Riley, and
the great plant, with all it's vast property,
had changed hands.
Immediately the books of account were
offered for sale by Receiver John Small
ley. They were valueless from money
point of view, and were sold for two
dollar note to Chester j. Buck. The sale
of the books was simply to square up the
business of Receiver Smalley.
The Plant to Operate.
The result LOT the big sale of this old
plant will be a great boom for Bridgeton
The bond holders, nearly all of whom are
men interested in the welfare of Bridge
Ion, have been unremitting in the efforts
to bring about an arrangement, whereby
the plant might be put in operation.
They have succeeded.
In less than thirty days the furnaces
will be fired, the machinery in operation,
and manufactured product will go upon
the market. Wages, cash wages, will be
paid to hundreds of employees, and the
town will taks on new life.
TIL
best interests of all concerned, the plant
should be bid in by them. decided upon
that plan. An arrangement was made
with G. r. Baird & Co., of Philadelphia,
to operate the plant The "
papers Lave been signed, and week
the work of putting the plant in .eadiness
for operation, will begin.
Baird q Co., are large iron brokers, of
Philadelphia. They control at the pres
ent time, some half dozen big plants
throughout the country, and employ in
the neighborhood of seven thousand
men. The arrangement entered into by
the bond holders and the iron company
of Philadelphia, is believed to be a per-
manent one. and the great plant will be
operated in the future by competent
mon, with adequate capital, and the
necessary push to make it go,
All over the country, iron is enjoying
q boom such as it never knew before.
Prices are high, and the demand is far
beyond the capacity. There can be no
possible reason why the enterprise and
the experience of Baird & 6o., will now
make the plant here great success.
II will. Bridgeton is to be congratu-
lated.
To be reminiscent tor moment, the
Cumberland Nail and Iron Company
was for many years South Jerseys
most enterprising and substantial manu-
featuring industry, 1t gave employ
ment to hundreds and hundreds of PEG. /.
pie. and the most substantial citizens
were those who were employed by the
company.
With modern business methods, Inn
proved machinery and the best possible
market, the outlook for the future pros
perity OF the plant is brighter.