The story of Johnstown : its early settlement, rise ... - JohnstownCafe

Geo.
THE CAMI'RIA IKOX WORKS. 43
trial dtmonstrated thai I was ri^ht in this opinion. Finally we agreed to an effort in the direction
of organizing a company to erect a rolliiig-mili tor the manufacture of railroad iron.
"I think it was in February, 1*52, when I left Johnstown to go eabt to get parties to
become interested in 'he new enterprise. I went first to New York city, and tjeing unacquainted
there, I was placed at a disadvantage. Finding little encouragement in New York,
I concluded to go to' Boston. My first efforts in Boston were not flattering. I was taken by a
party to the oflice of an alleged laru'e and wealthy 'iron company,' and found the oihce grandly
fitted up and well equipped with advertising material, pamphlets, circulars, etc., one of which
was handed to me. It set forth that this 'iron company' represented a capital of 5500,000,
and their works were said to be located near HoUidaysburg, Blair county, I'a., where they
owned 200 acres of land and a furnace under construction I was aware before this that an
attempt had been made to build a furnace, as mentioned in the pamphlet, and knew all about
the matter so well that I got out of that oHice as soon as possible. 1 said nothing to them
about m\ matter, nor did 1 tell them what I knew about theirs.
"I next met Daniel Wilde, to whom I talked about the object I had in view. He called
on me at the hotel, and proposed that we go and see Mr. John Hartshorn, a broker. We went
to his office, I taking with me a schedule of the property Dr. Shoenberger and I intended to
put into the business. We saw Mr. Hartshorn and acquainted him with the matter fully.
Our proposition was that Dr. Shoenberger and I should put in our four furnaces, with tools,
teams, all the firms property, except goods in stores and metal on hand, and twenty-five thousand
acres of land, all valued at 5300.000, of which we would retain in stock shares to the
amount of 5100,000, the rest to be paid to us by the company. Mr. Hartshorn and Wilde
agreed to get up the company within six months' time from date. I then wrote to Dr. Shoenberger
to come en to Boston, and on his reaching there he and I signed the articles of agreement
as above stated.
" Upon me was placed the duty of procuring the charter, and to efiect this as soon as possible
I went to Harrisburg In o\xx prior conversations no m,ention was made of the name of
the companv to be Organized and the works to be built Of my own choice, and without consulting
with Dr. Shoenberger or others, I gave the names 'Cambria Iron Company' and
'Cambria Iron Works.' Our capital was placed at *i. 000, 000, and the works were to be
located at Johnsto-.vn, Cambria county, Pennsylvania.
"When procuring the charter I found a general law existing that limited the quantity of
Our land not lying in accordance with
land to be held by such an organization in one county.
this provision, I went to the Legislature, then in session, and procured the enactment of an
additional section to the orii;inal law, permitting the holding of lands in more than one countv
without limit as to quantity. This accomplished and the charter secured, I went to Philadelphia
and succeeded in procuring subscriptions of about 530,000 in stock on the part of some
merchants with whom I had had business relations.
"At the expiration of six months our Boston parties had not succeeded as expected, and
were granted a limit of siv months !on.;er time to effect their purposes. They transferred their
efforts to New York city, and called on Simeon Draper, whom I had tried to enlist in the
matter before I went to Boston. Mr Draper became a subscriber to the stock, and vouched
for some other subscribers, in all to the amount of $300,000. We then held a meeting to
organize the company, resulting as follows: Dr. Peter Shoenberger, President; Simeon
Draper, Treasurer ; W. Hodges, Secretary ; and G. S. King, General Manager, .\bout
this time a change was made in the amount of stock shares to be retained by Dr. Shoenberser
and myself, \ve taking S20o,oc«') instead of 5 100. 000 as first agreed on, leaving Sioo,ooo to be
paid to us in money by the company.
"I had before this time conditionally contracted with parties in Johnstown for land which
I tho'aght most convenient and best adapted for locating the works. The company now being