The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-08-03
THE BIRTH or THE ASPHALT
TRUST.

INDUSTRIAL processes, hotdDiy p"eoo paw
ing and stock jobbing.
I Although this material ia found in diff
| ferent parts Of the world, the principal
centre of its manipulation is Philadelphia.
Some of it's industrial uses have been known
| for many centuries. In one Of its forms
| the Egyptians made use Of it in embalm-
| ing their dead The Babylonians used it
| as a cement in construction work, II ia
| asserted that Noah used form OF asphalt
| to keep water out of the ark. The asphalt
| trust many centuries later, reversed the
Noachian method by getting into their
| institution all the water IL could possibly
| hold
From the days of Noah and Rameses
and the Rabylonian kings down to the
| close of the nineteenth century the asphalt
! business appears to have proceeded without
\ undue friction and free from any notable
| incident. The so-called rock asphalts'
| of Neufchatel and other European districts
| found their place in the market in COM
petition with each other and with that Of
the asphalt Of different nature found in
| the West Indies.
For general purposes and for extensive
work in this country, the rock asphalt Of
| Europe was deemed too expensive. al
| though finding a considerable use for
special purposes. The Trinidad material,
| properly compounded, made substance
| we'll suited for paving purposes at price
which was regarded as reasonable. and it
| now forms surface for hundreds Of miles
of American streets.
For some time prior 10 the summer of
1899 the asphalt paving business of the
country had baen largely in the hands
| of three concerns. the Barber Asphalt
| Company, the Warren-Scharf Company
and the Aloatraz Company. There were
numerous smaller companies throughout
the country. but many of these we're owned
or controlled by one or another Of the larger
COMPANIES. The idea of a general con-
, solidntion of the industry appears 20 have
originated with the Barber people. They
enterel into an arranpement with the
company -.
irih'oAo source vi supply ""'' ~o INV.
Vluuais ralnrr thah hs COMPANY pousHV
out the NaFren-Scharf business Inc
Asphat company Of America was or
gtnlzed az the central company OF all the
interests acquired and 10 be acquired
large and small.
ms company was incorporated unoer
the laws o, the n'a'e OF Ne" Jersey oh
'une 90 ioS" i's 'ap''"i was ~'o'V'V'y'o'
divided INTO ooo'oVV SHARES Oh pa' 'a'ue
OF soo each IL was ois'ihvO,y hhila'e'-
phla ins'tuuoh' ana y" hs' o' .i''e ~,
.eres'eo 'mt, , appea, ,iie ''"."es VI a. -
"'oehe', MniIa,n - i.,niii' n'"n' - ~, 90
george hah'ns "eo'su ~ "ruene'
r. warren, r""'h"' nayes' iaao',
v "reei'e' al" o'ne'e' ol'e VI ."o n,eV
steps taken oy .ne new company was ",s
issue Oh some e'v'''"'o'' % pei ee"v eo'u
cer''nca'es w"''i. "e.e 60 =" onnee
.or 'he s.o'h u 'ne a,,ou' '1 TIP ~,
ihc'uoeo !" '"e o'k"""e,'ui' '"e ~
lowing lss"''S "e'e '""'e w WV '''''i'''"e'
specineo'
Barber Asphalt paV,hs company -. "'''''""
NAM, .ss;ooo
Acs,raz Company of Yves, virrinia..... 4.Ns. 400
United Asphalt Company .....,.,.....". 100000
warren -Srhatf company ''..'''''''''''' |'@'''""
Other issues were made to some twenty
minor companies. Altogether, the or
ganization included about seventy COM
phlNc' "' ~ A"" "'''''' A"N " 49, - r>'
centage Of these interests was In the hands
Of comparatively small group Of men,
and they were the men who formed the new
company.
II is charged. and figures are given in
support Of the charge, that the new Or
ganization paid wildly inflated prices for
the stock Of these subsidiary OrRaniza-
tons Thus the published report Of Mr..
Henry Tatnali, who became the receiver
Of the company when it fell into difficulties,
declares with regard 10 the United Asphalt
Company that "the evidence in the poR-
session Of the receiver points to the fact
that the stock OF four minor companies
held by that organization was bought by
or under the direction Of AMI l.. Barber
Francis V, Greene and George W Elkins,
with money or obligations furnished. or
procured, by them" for the sum Of $8iS 900,
iha' report declares Una. 't'ese sai''e prop
ton, by those gentlemen, and that they
raceived therefor 4 nor cent. cold certi-
49, =, ,,I,,. 80 40 a,n 600 r,,,.h .
"o" " 20 " ~
Market quotation, u lew weeks iAler, rang
ing from 30 to 81
The same repOrt declares that the came
ro,,n ,urcbu sod tho Warren -Scbarf husi
ah. a, enc ooor =, -,
ness io' aoou' SA'''o'''" Oil" 'e'e'NVo
Tor 1t certlhcates lot par vaine OF S2,27s,-
Wv, upon 'he SOW ma. ne. ,, "aes ~ a''o
oec'"' , 'l'a' 'ar r 80 e uo "eo"'e'