Publication: The Pharamaceutical Era
New York, NY, United States
COMBINE OF GLASS MANUFACTURERS.
Arrangements are about completed for the organization of a combination of glass manufacturers, to be known as the National Glass Co. This new "trust" is about to be incorporated under the laws of New Jersey. It will continue to manufacture all kinds of glass bottles, druggists' ware, electrical glass goods, fruit jars, and will deal in druggists' sundries. The company has been organized on somewhat new lines by Edward F. Cragin. The departures from the usual shape of trusts in Mr. Cragin's plan are a radically low capitalization, no capitalization of future profits, and the placing of the stock not with underwriters, but with investors, and where it will be of direct benefit to the company.
The National Glass Co. is to start with a capital stock of $12,000,000, of which $8,000,000 is seven per cent, preferred cumulative, and $4,000,000 common. Of this there is to be left in the treasury $1,500,000 preferred, and $1,000,000 common stock. The following gentlemen have agreed to serve as officers of the company: C. A. Tatum, of Whitall, Tatum & Co., president; Wm. Brookfleld, of Brookfield Glass Works, vice-president; Richard Delafleld, of the National Park Bank, temporary treasurer and John Whitall, of Whitall, Tatum & Co., secretary.
Options have been secured on the plants of the following concerns: Whitall, Tatum & Co., New York and Philadelphia; Brookfleld Glass Works, Brooklyn; Moore Bros.' Glass Works, Clayton, N. J.; Cumberland Glass Works, Bridgeton, N. J.; Salem Glass Works, Salem, N. J.; H. C. Fox & Sons, Philadelphia; S. M. Bassett, Elmer, N. J.; Jeffries Glass Works, Fairton, N. J.; East Stroudsburg Glass Works, East Stroudsburg, Pa.; Acme Glass Works, Olean, N. Y.; Sydney Glass Works, Sydney, N. Y.; Bodine Glass Works, Wilmington, Del.; More, Jonas & Co., Bridgeton, N. J.; George Jonas & Co., Minotola, N. J.; F. M. Pierce & Co., Clayton, N. J.; Woodbury Glass Works, Woodbury, N. J.; Standard Glass Works, Philadelphia; Lockport Glass Works, Lockport, N. Y.
After confirming Mr. Cragin's statement, that he would accept the presidency of the new company, C. A. Tatum said to the Era reporter: "I think the combination is assured. Its main object is to reduce expenses. It will produce great economies in selling and in buying, and in handling business in various ways. The intention is not to raise prices. If there is any change at all because of the consolidation it will be to lower present prices, but it is probable prices will go up in the autumn, because of the workers' demand for higher wages."
|Date completed:||June 27, 2010 by: Bob Stahr;|