Publication: The Trenton Evening Times
Trenton, NJ, United States
THE POTTERY TRUST
Its Success Still Doubtful With
Chances in its Favor.
$3,000,000 SUBSCRIBED FOR
An Important Meeting in New York
Today Various Views on the
Situation — Is Hetty Green Interested?
Talk of a New Association
The statement that has been put forth that "nearly threee millions of stock" in the American Potteries Company was subscribed for "in less than two hours" on Saturday is variously received and interpreted.
By some it si considered to be proof positive that the syndicate will complete the purchase of the pottery plants; by others, the amount of the subscription is looked upon as a wet blanket indicating the future of the entire "combine."
Three million dollars is a good deal of money; but, three million dollars is only one ninth of the total capital stock.
It is not state whether Saturday's subscriptions were by those on the "inside" or by the observing public on the "outside." It is more than likely that the most of the subscriptions were by bankers and promoters. In some quarters doubt is expressed about the reliability of the statement that "nearly three millions" were subscribed for, as it is not unusual to overstate the first subscriptions made for stock.
The announcement that only three millions was subscribed was not encouraging to the local potters, some of whom are inclined to believe the New Yorkers have been fooling them. Those who have been given options can not withdraw. They have shown up many precarious conditions of the trade. Some are dissatisfied with the inventories, and there are still those who do not think that the syndicate will get control.
Godsend to Some.
The sale of the potteries to the syndicate would be a godsend to those who do sell out, for it is an open secret that they have not been making any profits for a long while. Some pottery owners would be made wealthy and could retire, while others would expect to retain positions under the change of management.
The Trenton potters who are most anxious to have the sale go through are said to be James Moses and ex-Counsul Burgess. It is well known that Colonel D. K. Bayne, of the Trenton Potteries Company, has never been very anxious to sell out. He has aimed to control the sanitary ware trade of this country, and at first objected very strongly to any proposition for a sale. John Campbell, the secretary of the Trenton Potteries Company, has never been willing to talk for publication but his friends say that he has always doubted the wisdom of selling out.
John Moses, who owns one of the largest plants, is said to be willing to dispose of his plant. He wanted a large sum for his works.
The Greenwood people are reported unwilling to part with their plants except for cash. The same is said of the Gouldings. Charles Howell Cook, the owner of two big plants, is said to have more faith, and to have signified his willingness to take part cash and part stock.
Is Hetty Green Interested?
A rumor has been current that Hetty Green, the woman financier, was expected to put up some of the capital, but she changed her mind like any ordinary woman and the plans had to be fixed up again.
Perhaps a New Combine.
There has been so much doubt about the "combine" that some of the manufacturers have already been talking about an association for fixing prices in case the big "combine" fails to reach a successful termination. It is admitted that the selling prices on some lines are less than cost and if the syndicate fails to obtain control, an agreement between the potters is very likely to be made for mutual protection.
Important Meeting Today.
An important meeting is said to have been held today in New York city and that many pottery manufacturers from East Liverpool, West Virginia and this city attended.
What an Old Potter Says.
It was stated this morning by a gentleman, who several years ago was largely interested in local potteries, the manufacturers that the stock had that the agents of the trust informed been already subscribed for and that there was more applications on hand than the underwriters knew what to do with. "Imagine the surprise then," he continued, "when the manufacturers learned that it had been offered for sale on Saturday and only $3,000,000 worth taken."
East Liverpool Potters Here.
Messrs. H. A. McNicol and W. A. Smith, two prominent manufacturers from East Liverpool, arrived in Trenton yesterday on business for the trust. It was also stated that Col. Taylor, the trust president, was in Trenton, but this turned out to be untrue.
Messrs. McNicol and Smith visited and were called upon by several local manufacturers last night and to-day left for New York to attend the trust conference.