The evening times., 1900-10-09
SCHEME oF TILE BRIDGE TRUST
Effort to Secure Contracts for the
New East River Structure.

Effort to Secure Contracts for the
New East River Structure.
NEW YORK, Get. e.-The American
Bridge Company, otherwise known as the
Bridge Trust. which ]. Pierpont Morgan
organized to control that industry, and
which has actually secured so per cent OF
the brIdge-bulding business in the coun-
try, is making every eisort to secure the
contract for the spans OF the new East
River bridge This it's has done through
one of its subsidiary concerns. which has,
contrary to the terms OF the call for bids.
| made a separate proffer-
So certain is the trust of securing this
contract. which is worth IN round figures
about $1,000. 900, that its officials are pre-
dieting high prices for the stock when the
agreement under which it Is all now heic
by MIR. Morgan expires few months
hence
The effort of the trust has been to crowd
out the Pennsylvania Steel Company,
which refused to sell out to the comoina-
tion when it was organized. It was prl-
| mariiy for the purpose of preventing this
concern from securing the contract tnas
the American Bridge Company put in one
bid higher than the Pennsylvania, while
the New Jersey Bridge Company, whicn ID
component part of the trust, put In an
other at a figure under the proaer OF tue
| Pennsylvania Steel Company
official information concerning tne
American Bridge Company Is very hard
| to obtain. It's capital authorized was $780,
| COO 060 each of common and preferEsa
| stocks. That the New Jersey Steel COM
/ pany, formerly Cooper, Hewitt 4 Co., Ii
/ a part of the trust, was some time Az
aggressiveIy euaphasized By Abram .
Hewitt, who, commenting upon tne utter
ance of Richard Croker regarding the cir
| eurnseribad opportunities OF young men Ia
/ business. declared that. while his concern
| had been merged into the Bridge Irost
/ that fact really contributed 10 the oppoF-
tunities OF young men to reach succesS
by becoming stockholders in the trust.
| The New Jersey Steel Company was the
successful bidder for the steel WoTh On
the towers of the new bridge Wnen
those bids were opened, II was IouGa
| that it put in q price S13. 1000 higher tnan
! tie Pennsylvania Steel Company. but 1or
special reasons the contract was award
| ID to the New Jersey Steel Company
! The fact that this work was given TO the
New Jersey Steel Company. aithoaga
| higher bidder has aggravated the sIlo-
| alton in connection with the penoihg
award of contract for the spans.
When bids for the latter work were
| first asked for. the King Bridge Com"
| pany and the New Jersey Bridge COM
| pany were the only competitors Ihe
former concern has Its headquarters al
/ Cleveland Ohio. and among these IN
| control is Mr. peaff. who w2a president
Of the Produce Exchange Trust Company
| in this city be-aFe its reorganization. on
technicality these bids were thrown
! out and a new call was made
When the new bids were opened It was
discovered that among the bidders wera
the Pennsylvania steel Company, In:
King Bridge Company, the American
Bridge Company and the New Jersey
/ Steel Company It was learned that the
American Bridge Company was higher
than the Pennsylvania Steel Compa ny
| but the New Jersey Steel Company hac
put in a bid to protect the trust which
was 81 .0H0 lower than the Pennsylvania
Steel Company, the other responsible
| bidder
The contract has not yet been awarded
but the banking interests IL Wall street
identified with the trust are very muct
elated over the prospect OF their seaur'
Ing 1t through the supposedly clever
scheme of having company which Is
part of itself bid a lower price than the
outside competitors
strong lobby is understood TO be g
work il the interest OF the trust. but thi
PENNSYLVANIA Steel Company IS working
to have the bid OF the New Jersey Com
pany rejected on technical grounds