Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1901-05-02
THE PENNSYLVANIA STEEL COMPANY.
Canital S5(, .Do0 oO0

THE PENNSYLVANIA STEEL COMPANY
Capital, S5O,OoO,0O0.
The caption to this article i9the title o
the corporation which has purchased 65t
acres of land at Paulsboro as site for al
immense steel plant, and the figures $50,
600, 000-is the amount of its capitalization
Tuesday mornings Trenton True America'
told the interesting story of the filing o
the charter Of the Incorporation, as follows
"a little mite of boy attired in a neal
fitting gray uniform and carrying huge
wallet almost the size of a small travelling
bag, rushed into the secretary of states
office Just as the corporation clerk wa:
about to close his desk for the day.
1.-THE size of the messenger was entirely
out of proportion to the Importance of his
mission, but there was not single move
ment but savored of business.
''Opening the big wallet he first drew
therefrom certificate check for $4,000,
Brooke, and then he brought out charter
for new steel trust which he proceeded to
have incorporated with an authorized capt.
tai stock of $50, 900, 900.
"The new compapny is the Pennsylvania
Steel Company, and it is designed to absorb
the steel concerns not already in the billion
dollar combine. Most of the concerns to be
absorbed are located in Pennsylvania and
Maryland. 1t is said that the present pro-
iect is to have the little $50, 900, 600 enter
prise gobbled up by the United States Steel
Company in the end. But this will be an
after consideration.
1.-THE capitol stock is divided into $685.
100000, of common and like amount
of preferred stock. The preferred is to bear
7per cent. non-cumulative dividends. The
incorporators, each of whom hold ten shares
of common stock, are Effiing B. Morris,
Edgar c. FELTON, and Ruther s. Bent
Like the United States steel corporation
the new concern takes advantage of the
McCarter act of last winter, which was pas
sed for the special benefit of the steel trust
and authorizes the transaction of every
business heretofore requiring two thirds
vote of the stock issued, by two thirds
vote of the stock actually represented at any
duly called meeting"
BUYING THE LAND.
Since last Thursday the business of tax
ing up options on land and passing title
to the above corporation has been progress
ing with great regularity, and it would be
a safe investment to wager that Paulsboro
farmers are among the biggist depositors in
Woodbury. banks-their accounts running
all the way from So, 600 to 40,OO0
Nobody envies Paulsboro people the good
luck that has overtaken them in a night,
as it were. The average Paulsboro citizen
is an admirable personality, and very few
have the hardihood to enyey such. The
citizen of Paulsboro is either Democrat or
a Republican, and whatever he processes he
is. He has the courage of his convictions
and stands by them all the same in victory
or defeat, in prosperity or in adversely. The
average Paulsboro citizen will fight for his
rights night or day. With the same cour-
age that he would tackle the invader of his
home at night, he will tackle the defaulting,
skinning contractor by day. He has dollars
to expose and defeat fraud, but not cent
to permit fraud to triumph. Others may
be defrauded in silence, but not the men of
Paulsboro. In proof of the truth of
this, we cite the recent road controversy.
The county must do what it failed to
exact of the contractor at an expense of
$40, 900 in order to collect So, ZOO from
Paulsboro land owners. Who before ever
heard of such stand and such signal
and who but Paulsboro men could
have won such contest. The Freeholders
knew it wouldn't do to fight Paulsboro
men if the right was on their side, and
they didn't. They coolly invest $1O,0 of
good comfy cash at Paulsboro and get
s., 900 back, after while.
Those are the kind of men among whom
the Pennsylvania Steel Company has sought
a resting place, and they have chosen well.
They won't hide the $147, 900 paid to them
for land in an old stocking or in their eel
lars, but will consecrate it to an active
business life. 1t will aid in the establish
ment of bank, trolley line to the County
Town, the construction of business blocks
in Paulsboro, water works and
sewers and every legitimate enterprise.
But no fakes need apply. Thus stands the
situation at Paulsboro to-day.
Since our last issue, the following prop
critics have been conveyed to Andrew W.
Mellon, at the prices stated =
Samuel E. Moore, II acres, 5000;
Isadore p Strittmatter, $50 acres, $43,-
600; Elizabeth G. Parker, 10 acres, 81 900;
JAS Jenkins, II acres, $4,000; j. D. De
vault. 20 acres, s., 025; Richard Richards,
So, 800; S. L. Cox, SIS, 900; James Deyault,
IS acres, Sc, 500: JOS Mende, So, 500.
Two more deeds are yet to be recorded,
that of the Bramel estate and DR.. Walter
Dick.
Petit Jurors.
Before Judge Jessup last Tuesday morn
ing, Sheriff Springer drew the following
Petit Jurors for the May term of our County
Courts:
Woodbury-Jo Joseph N. Coombs, Chris. C.
Cunningham, Howard S. Davis, Theo F.
Locke.
Deptford-George W. Batten, David M.
Sagirs.
West Deptford- William Colby, H. A.
DeHart, Andes Budd.
Greenwich-Harry Casselbury.
East eenwich-David T. Brown, Mere
dith Owen, Nathan P Hoffman, Frank
Ford.
Woolwich-George c. Headley, NJ A.
Sparks, Henry Longacre.
Logan-George Gill, John Tussey, Henry
Dunk, William Featherer
Harrison-Jonathan Iredell Selah Clark,
Edward Sharp.
South Harrison Conoly, Samuel S.
Conover.
Mantua-Isaac F. Dilks, Allen S. Con-
over.
Washington = Joseph Pearson, Walter
Chew, James D. Hurff, Harry J. johnson,
Thomas McKeichen.
Monroe - Webster Hinchman, Frank
Miller.
Glassboro- Arnold, C. Edward
Shute, Benjamin Crane.
Clayton-Je Jefferson Smallwood, VIM. H.
Souder, Edward Costill
Franklin = Samuel r. Beasley, Alfred
Hover
Elk-Beniamin T. Terrell, Daniel w.
Thomas, Charles Harris.
Wenonah-Hiram Leap, Joseph Eldridge
William Holt, Joseph r. Chew.
The Loan Association.
On Wednesday next the thirty-frst
annual meeting of the Woodbury. Real
Estate Mutual Loan Association will be
held in the offices on Cooper street. Almost
a generation has passed since this Associa-
ton was instituted, and its whole career is
one of conservative, careful business
methods. In thirty years the Association
has issued 26, $50 shares of stock of which
Ii, III have been matured, and Is, 753
are now in force The business has aggre-
gated 50, 298, 214.02, and every dollar has
been properly applied.