The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-14
WRIGHT AERO co.
BOUGHT BY GROUP .
OF Big FINANCIERS
Deal said to FOreshadOw
Mighty Strides in Develop
ment of Business.
MAY BUILD PLANES
FOR WAR PURPOSES


The Wright Aerop,ane Company Is the
newest concern to he seized upon by
SOME OF che Ananciers who In the last
few weeks have been making vast
STRIDES In the promotion Of industrial
combinations.
Announcement was made yesterday
that the company founded by the Wright
brothers, who were the first to build a
practical heavier than air machine, had
been purchased by a syndicate COM
posed Of Albert II. Wiggin. president OF
the Chase National Bank; William Il.
Thompson, a director In the Federal Re-
serve Bank, and T. Frank Manville of
the H. W. Johns-M anville Company.
Mr.. Thompson is chiefly Interested In
the deal and with him is associated Mr..
Manvilie, "a manufacture Of asbestos
and a big man in the Industrial world.
In the hands of these two men 1t Is
promised that plenty of capital will be
furnished for the development OF the
manufacture of aeroplanes and flying
boats on a much greater scale than here
,ofore.
Plans for the development of the com
pany. which has n monopoly for the
manufacture of aeroplanes in this coin-
try, WILL be announced later. The query
was put in Wall street yesterday. as
To whether the Wright company would
be absorbed by the Midvale Steel and
Ordnance Company and would be used
TO turn out armored ~aeroplanes for the
Allies.
zone Never Tell"
one man of authority denied that such
n move was in contemplation and then
IN the next breath said with a laugh :
We'll. in these days things happen so
quickly that one never can tell VIII
come next"
MIR. Wiggin was one OF the syndicate
that participated IN the purchase of COM
p,nies for the upbuilding of the Mtdvale
steel and Ordnance Company and Is n
director OF that concern. Mr.. Thompson,
who was reported to have made $4,000
90" out of NipissIng Mines in 1906 and
who is reported in Wall street to have
n wonderful shrewdness for sensing op-
purtuuitics for Industrial DEVELOPMENT,
WAS also associated with the Midvale
syndicate. lie also is Interested in the
submarine Boat Corporation. which re-
Gently took over the Electric Boat Com
pany. giving ten shares in the new COM
pdny for one in the old.
From submarines. the stock OF which
has had such a tremendous boom IN the
curb. Mr.. Thompson has turned his at
tention 10 aeroplanes, and there was
keen expectation In Wall street yester-
day that stock in the new Wright COM
pany would soon he for sale on the curb.
The purchase of the Wright company
Is regarded as significant, for this IL the
brst time that Wall Street financiers have
taken "A real grip IN the a~eroplane in
dustry. II was "A long time before the
big financiers got behind the
industry. and now the promise is made
that a serious and determined effort will
he made to develop the commercial pos
sibilities of aeroplanes and flying boats.
New strides Promised.
The new purchasers of' the Wright
company feel that the former owners did
not go at the commercial end OF. the bust
ness with the. right zeal for .der eIoping
the a~eroplarc. it is promised that with
more capital and with keen business men
at. the head Of the concern. with plenty
Of. attention given to laboratory and re-
search work under the supervision of Or
willie Wright. who will remain with the
company, new strides will be made.
The negotiations for the purchase of
M. Wrights holdings have been under
way for several days. ehe deal was put
through quickly. Wing N'}1;uSsell, IS
Wall street. rrrresen,ed the purchasers,
icing Mr.. T~humpsou's attorneys. The
company has "A capital Of 81 .00o 900. of
which about $500. 900 IL outstanding Mr..
Wright himself was said 10 own about
~ per cont. " that @tprk. lie agreed to
sell tuc greater part of his holdings,
tnpurl he viii SIN retain 1, small
alnuu;t Of stock A~lthovgil-no pureha st.
prize Was named it is said that. the Zig
ure was IN the ueighhorlfood Of
$4,000
1t WAS said thd anew company will
be Incorporated in a short time and tina
he caI,ital stock will be much larger.
No figures as TO the actual capitaliza-
Ion we're made public yesterday.
The possibility of. the sale of the
Wright company,ha has been rumored for
several weeks First, Orviile Wright.
wfo since tho death OF his brother, Will
bur, has been the sole head or the con-
corn, has been in i'll health. 1t was
,aid that he wished TO retire. Secondly,
N the documents recently published
HhOwiug the activity of German agents
"a shiS country n building up sentiment
In favor Of the t'atherltnd and prevent
!ng ammunition ana other war supplies
from reaching the Allies, II was shown
thai there was under consideration a
plan for getting conuoi of the Wright
conpany.
May build War Planes.
Tie deal announced yesterday outs
the possibility of German controi abso-
luteIy out ot the question. Although
no statement was made. It is 'rega rded
rs like.y that tile reorganized company
may go Into the field for orders for war
aeroplanes. both for the United Sta ,es
Government and for the Allies.
How great IS likely to be the change
IN the methods Of the new management
from those of tho old Is to be Inferred
from IA few interesting facts about the
Wright brothers, they proved them
fslves remarkable inventors, dreamers.
with a practical turn Of mind, able 10
discover facts about w!nd currents that
had defcd scientists for centuries,
In the early days, when they were
''bddins away in their bicycle shop. at
t'tyton or experimenting with elders
Az kitty Hawk, secrecy W.T. essential
After they had. however, evolved GER
iatn principles On which all heavier then
air hying machines are built and had
patented their ideas they sim Stunned
publicity, They sought to avoid a puh-
lefty that would give add tional zest
% their enterprise and really make
money for themselves. The did no,
,tr.pt IN nirn. F,,n-,.su, -. ~ =