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twenty-six steam engines are used to run the works, aggregating 1,500 horse power. There are two steam hammers, two double puddling furnaces and seven heating furnaces, twelve forge fires and four trains of rolls. In the wire mills are nine hundred wire “blocks," also apparatus for twisting and galvanizing wire.
In 1866 the New Jersey Steel and Iron Company was formed in Trenton, and acquired the property at the foot of Warren street, which had been used as a rolling mill by the Trenton Iron Company. The principal stockholders were Edward Cooper and Abram S. Hewitt; Treasurer, F. J. Slade; Superintendent, Joseph Stokes. The works consist of ten buildings, and include an area of twentyfive acres. The Siemens-Martin process of manufacturing steel was first introduced into the United States in 1868, by this company. One thousand men are employed by this company. The annual production is about twenty thousand tons, and the chief manufactures are rolled I beams, structural and merchant iron in all varieties, bridges, roofs and other iron and steel structures, also chains, &c.
· The Hewes & Phillips Iron Works were established in Newark in 1845. The works cover an area of two and a half acres and comprise one of the largest general machine shops in the country. This company rendered valuable services to the State and National Government during the late war by altering 50,000 stand of arms from the old Aint-lock style to the modern percussion-cap arm. The establishment also put in the entire motive-power outfits for the monitors “Modoc” and “Cohoes," and parts of the engine and turret mechanism for the famous “Monitor.” About 300 men are employed, the value of product averaging $500,000 yearly. The factory is well equipped to handle the heaviest class of work, the principal manufactures being improved Corliss engines, Allen high-speed engines, hydraulic oil presses, shafting, heavy iron and brass castings, horizontal and tubular boilers, etc.
In 1869 a charter was obtained for the Passaic Rolling Mills Company, which now uses about ten acres of ground, five acres being under cover. The product at first consisted of ordinary bars, but now includes structural iron, that is, beams, angles, ties and all parts used in the construction of buildings, bridges and ships. During the panic and hard times that followed from 1873 to 1877, this company gave steady employment to 600 men and paid out $20,000 per month in wages. Over 25,000 tons of the superstructure of the Ninth and Third Avenue Elevated Railroads in New York were made here. The annual consumption of raw materials include 25,000 tons of coal, 4,500 tons of iron ore and 15,000 tons of pig iron. The company is now putting in a steel plant.
The Machinists' Association was formed in 1851 by seven practical mechanics living at Paterson. Each member contributed $200 and a portion of his time to the manufacture of silk, cotton and woolen machinery. Members received $1 per day for, services for a short time, but this allowance was increased at intervals until it reached $4. For a number of years past liberal dividends have been paid in addition to the per diem. The association met with a serious misfortune in 1853 by the destruction of their property by fire; enough had been accomplished, however, to satisfy them that by a union of efforts and strict attention to business they were certain of success. They bought a lot and erected a four-story brick building and also established a foundry. In 1862 articles of agreement were entered into, providing for a continuation of the business after the decease of a member or members of the Association, as follows:
First. In case of the decease of either, or any of the said parties, the copartnership shall not be thereby dissolved, nor shall any bill be filed or suit be commenced for the purpose of dissolving the same by reason of the decease of such party, but the business of the concern shall be continued and carried on after the decease of such party in the same manner, as nearly as may be, as it might or would be in case such copartner had not died.
Second. In case of the decease of any member of said firm the survivors, or such disinterested persons as a majority of them may choose for that purpose, shall forthwith make a full, true and particular account, in writing, of all the stock in trade, moneys, credits, effects, goods, chattels and things then belonging to the said partnership, and of all moneys or debts due or owing by the said partnership, and of all the liabilities of the said partnership, and a just and true valuation or appraisement shall be made of all the particulars included in such account which require or are capable of valuation or appraisement, and immediately after such last-mentioned account, valuation and appraisement shall have been made and taken, the said surviving partners shall pay or make due provision for the payment of all the debts owing by the said partnership, and for meeting all the liabilities
thereof, and the share and interest of the said deceased partner in the concern shall be distinctly ascertained, and the amount of his due proportion of the said stock in trade, moneys, credits, effects and things then belonging to the said partnership, shall be placed to the credit of the heirs or legal representatives of the said deceased partner, and shall be secured to be paid to such legal representative or representatives by a mortgage upon the said partnership property, which shall bear interest at the rate of seven per cent., payable semi-annually, and for a further security therefor, the said partnership property shall be insured and kept insured to the full amount of each deceased partner's interest in the concern, the policy to be held by the holder or holders of such mortgage; and it is further agreed, that the principal due upon such mortgage shall be paid as follows: Five per cent. thereof in six months after the decease of such copartner, ten per cent. thereof in one year after such decease, twenty-five per cent. in two years from such decease, twenty-five per cent. in three years after such decease, and twenty-five per cent. in four years from the time of such decease. And it is further agreed, that ten per cent. of such partner's interest in the said concern shall be paid as soon as his interest shall have been ascertained as aforesaid, and the said mortgage shall be given for the residue.
Of the seven men who thirty-five years ago started the association, only one remains in business (Mr. Morehouse), four are dead, one has retired from active business, and one, after acquiring a competency, made unfortunate investments, lost his property, and is now employed by Mr. Morehouse. Many of the sons and relatives of former members of the firm are now engaged at the works, preference being given to them when extra men are required. About 125 men are employed when business is good. The property now used in the business is valued at $50,000, and consists of the main building, 112x45 feet, four-stories; pattern shop, 20x40 feet, two stories ; blacksmith shop, 30x40 feet, and foundry, 80x40 feet.
Mr. Frederick J. Slade, Treasurer of the New Jersey Steel and Iron Company of Trenton, has kindly furnished the annexed diagram showing the changes in selling price of iron and in the rates of wages paid by that corporation for the past fifteen years. Taking as a starting point the year 1872, when both the price of iron and the wages for all classes of labor were at a maximum, it is apparent at once from the diagram that the rate of reduction on the price of iron has been greater than that of the rate of wages paid, and that the rate of reduction of the most highly-paid labor is greater than on the