Publication: The New York Times
New York, NY, United States
An English Syndicate Trying to Buy
All the Factories East of
THE DEAL INVOLVES $6,000,000
The Bushwick Glass Works of Brooklyn
and Many Concerns in New
Jersey to be Consolidated If
the Plan Succeeds.
Negotiations for the consolidation of the green bottle glass interests of the United States east of the Alleghany Mountains, which have been in progress for nearly a year, have reached a point where a decisive result is expected within a few weeks at the latest. The prevailing opinion in trade circles is that the consolidation will be effected and that about fifteen factories will bass under the control of an English Syndicate with a capital of about $6,000, 000.
The only local concern involved in the transaction is the Bushwick Glass Works of Brooklyn, of which William Brookfield is proprietor. A stock company was organized recently to conduct this factory, but Mr. Brookfield remains in full control. The concern is capitalized at $400,000, represented by $150,000 of stock and $250,000 of bonds. It has four furnaces and employs about 350 hands when in full operation.
It was learned yesterday at the office of Mr. Brookfield, in the St. Paul Building, that he was approached several months ago by I. V. Morrison, the agent of the British Syndicate which is endeavoring to bring about the proposed consolidation of interests. Mr. Brookfield declined to give an option on the property, but named a price at which he would sell the plant. Little more was heard of the matter for some time. But recently the British agent reappeared and informed Mr. Brookfield that the prospects were bright for the consummation of the deal. Mr. Brookfield has steadfastly declined to sign any option agreement, but is still willing to dispose of his plant at what he considers its fair value.
Mr. Morrison, the agent of the syndicate, has spent the most of his time in Philadelphia, where the main offices of the principal green bottle glass manufacturers are located, most of the factories being in Southern New Jersey. The agent has spent a year's time and considerable money, it is said, in pushing the project, and the energy and persistence which he has displayed lead those who are familiar with the negotiations to the belief that they will not be dropped now that they have proceeded so far. It is said that the manufacturers are favorably inclined toward the proposition, as there has been much cutting of prices and consequent loss of profits.
The first efforts of the syndicate were devoted to obtaining options upon the various plants. These were secured in most cases, but they expired before the intending purchasers were ready to act. A new set of options has now been obtained, which will expire within a short time, before which it is expected that the purchase will be completed.
Besides the Bushwick Glass Works, it is said that the proposed consolidation involves all, or nearly all, of the following concerns, whose works are situated in New Jersey: Bodine Glass Works Company, Williamstown; Bridgeton Glass Manufacturing Company, Bridgeton; Cumberland Glass Manufacturing Company, Bridgeton; Cohansey Glass Manufacturing Company, Bridgeton; Elmer Glass Works, Elmer; Jefferis Glass Works, Fairton; More-Jonas Glass Company, Bridgeton; Moore Brothers Glass Company, Clayton; Parker Brothers Glass Manufacturing Company, Bridgeton; Salem Glass Works, Salem; S. M. Bassett Glass Company, Elmer; Whitall, Tatum & Co., Millville; Whitney Glass Works, Glassboro; Woodbury Glass Works, Woodbury.