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Important Deal lu Mining Property,Joseph Wharton, of Philadelphia, has completed negotiations with George Richards, receiver, subject to confirmation by the Chancellor, for the purchase of all the Gien-doii Iron Company’s interests lu New Jersey. These consist mainly of the Teabo mine tract, the Hibernia mine tract, which includes the Wood and Glendon mines; the new large concentrating plant for the separation of iron ores recently erected at Hibernia, the Hibernia Underground Railroad, one half interest iu 500 acres of wood land near Hibernia (which is supposed to have miuerals upon it), together with ail machinery, fixtures and buildingB upon the various properties, The purchase price agreed upon is 15(1,000,The recent rapid advance in the price of pig iron is conceded to be due in a great measure to the limited amount of iron ore in sight, and as a result of these conditions it is expected that the price of ore will, in the near future, advance to a point where there will be a living profit for the New Jersey producers. This being the case, it is fair to assume that Mr. Wharton, with his characteristic energy and enterprise, will soon have these mines working to their full capacity and be giving employment to a large force of men. The acquisition of this property will make Mr. Wharton's holdings in New Jersey very extensive, as he already owns the Wharton Mine at Hibernia, the Morris County Railroad, running between Hibernia and Port Oram, and the blastfurnace at Port Oram.The consummation of this sale will wipe out from this county the lo«t vestige of what was in the palmy days of iron mining in this region the most important company that operated here. For over half a century the Glendon Iron Company carried on vast operations, employing almost an army of men, whose wages, diffused through local channels of trade, helped to make Dover the important and prosperous business centre it became. It is with sincere regret that the JEra. notes the fact of its final outgoing from among the business Interests of Morris couuty. _
Newspaper Details
Dover Iron Era
Dover, New Jersey, US
Fri, Mar 03, 1899
Page 5
Full Page
Clipped by
Sam M.
USA 21 Mar 2025
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