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1955. Acting on a shareholder vote to liquidate its assets, Keta's directors valued its 114,000 acres worth of fee rights and leasehold interests at $ 1/acre and sold the company to Swan-Finch in 1955. Shareholders received one share in Swan-Finch for every share of Keta and were granted a pro-rata underlying royalty of 40% in certain fee properties held in
398:
102:
In 1952, the company was liquidated, the only company of the original twelve in the Dow Jones
Industrial Average to do so (as of 2007). Its headquarters building, then at 27-29 Spruce Street in New York, was sold. The first distribution to shareholders, $ 10/share, was made on January 31, 1952. Any
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the combine obtained "a proprietorship of 75% of the bark property." In assessing the importance of the combine, the Globe noted that "all red leather is hemlock leather, and oak tan is used only on union leather, which cuts a very inconsiderable figure beside the hemlock-tanned product." Thus, the
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The following tanning operators and corporations contributed their lands and bark rights to the United States
Leather Company. Many reserved the oil, gas and mineral rights underlying the contributed lands for themselves and their heirs and continue to control these properties to the present day.
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During the early 1950s, Keta acquired leases in several potential natural gas formations in
Pennsylvania and drilled several mediocre wells. It continued to hold oil, gas and mineral rights (not reserved by the original grantors) and leases through its subsidiary, Keta Gas and Oil Company through
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98:
By the early 1950s, the great majority of the timber lands in
Pennsylvania and New York had been sold to large hunting clubs and State land agencies. In some of these transactions, where the oil, gas & mineral rights had not already been reserved, USLC reserved these rights to itself.
349:"SURE TO BE A GO. Sole Leather Combine No Longer In Doubt. All But Two Of Large Eastern Tanners Are Agreed. It Is To Be Capitalized At $ 75,000,000. Control Of All The Hemlock Bark Secured. Western Packers To Be Given The Cold Shoulder." Boston Daily Globe, March 23, 1893, p. 8
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The merger was held up by several New Jersey court injunctions. On
September 24, 1909, the shareholders of the companies voted in favor of the merger, meeting the court's objections and completing the merger.
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acquired Swan-Finch and used Keta's paper assets to confuse the balance sheets of his other companies in what was considered one of the greatest stock manipulations of the 20th
Century.
55:," which was made via a process that required extracts from large quantities of hemlock bark. It required two-and-a-half cords of wood to provide tannin for 100 hides. According to the
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to its wholly owned subsidiary, Keta Gas & Oil
Corporation. Shareholders of the United States Leather Company were granted one share in Keta for every share they held in USLC.
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In 1927, another reorganization merged the
Central Leather Company into its subsidiary, and the reorganized company again took the name "United States Leather Company."
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The formation of the company was seen as a reaction to problems in the tanning industry, and as a competitive move against the
Chicago meat-packing interests.
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It was originally capitalized at $ 130 million, approximately equivalent to $ 3.1 billion in 2009 dollars. The company was concerned, specifically, with "
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478:
358:
Hergert, Herbert L. (1983), "The Tannin
Extraction Industry in the United States," Journal of Forest History, Vol. 27, No. 2, pp. 92-93
441:"Leather Companies Merged Temporary Injunction Restraining Deal Dissolved," The Philadelphia Inquirer, September 25, 1909, p. 15
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31:(1893-1952), was one of the largest corporations in the United States circa 1900, and one of the original companies in the
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35:. It was often referred to by contemporary sources as the "Leather combine" or "Leather trust".
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In 1905, efforts began to reorganize the United States Leather Company as a subsidiary of the
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company "will have a pretty substantial hold on the leather industry of this country."
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522:. United States Investor and Promoter of ..., Volume 8, Part 2, Issues 27-52. 1897.
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The Original 52,636 Fee OGM Acres Owned by USLC and Held by Keta Were as Follows:
47:
Hon. Mark Hoyt, the second president of the United States Leather Company
535:"Mineral rights to massive Wyoming County property at center of dispute"
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of Boston, and initial financing was by New York and Boston firms.
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73:(then an important leather center). The first president was
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Defunct manufacturing companies based in New York (state)
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Former components of the Dow Jones Industrial Average
564:Manufacturing companies disestablished in 1952
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559:Manufacturing companies established in 1893
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327:
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574:1952 disestablishments in New York (state)
430:Corporate Promotions and Reorganizations,
569:1893 establishments in New York (state)
490:"East Side Housing Sold To Operators,"
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103:remaining oil and gas interests were
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503:"First U. S. Leather Distribution,"
399:"Officers of Proposed Leather Trust"
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65:The company was headquartered in
407:. March 26, 1893. Archived from
432:Harvard University Press; p. 21
333:"The Big Sole Leather Trust,"
111:Keta Gas & Oil Corporation
81:was the first vice president.
1:
554:Defunct leather manufacturers
428:Dewing, Arthur Stone (1914),
233:) 11,287 Acres (3/4 Interest)
205:Pine, Jackson and Cogan House
29:United States Leather Company
450:"Takes Name of Subsidiary,"
33:Dow Jones Industrial Average
600:
473:4th Edition, McGraw-Hill,
151:Cameron/McKean Counties (
297:Fayerweather & Ladew
89:Central Leather Company.
507:January 11, 1952, p. 34
469:Stocks for the Long Run
466:Siegel, Jeremy (2008),
306:P.C. Costello & Co.
294:Horton, Crary & Co.
494:August 12, 1952, p. 34
312:James Horton & Co.
303:H. G. Lapham & Co.
69:, with strong ties to
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519:United States Leather
164:Potter/Tioga/Warren (
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18:Union Tanning Company
291:N. W. Rice & Co.
53:hemlock sole leather
505:The New York Times,
492:The New York Times,
454:May 21, 1927, p. 30
452:The New York Times,
411:on October 24, 2012
369:"The Leather Trust"
337:May 3, 1893, pg. 2
335:The New York Times,
309:A. Heely & Sons
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479:978-0-07-149470-0
288:Thomas E. Proctor
279:Original grantors
75:Thomas E. Proctor
16:(Redirected from
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380:. March 26, 1893
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138:Cameron County (
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155:) - 3,500 Acres
118:Lycoming County
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79:Edward R. Ladew
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125:Lowell Birrell
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207:) 7,450 Acres
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194:) - 825 Acres
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413:. Retrieved
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382:. Retrieved
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142:) - 55 Acres
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58:Boston Globe
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272:) 190 Acres
259:) 779 Acres
179:Sabinsville
105:quitclaimed
548:Categories
415:2009-12-05
384:2009-12-05
317:References
268:Bradford (
255:Sullivan (
242:Lycoming (
229:Lycoming (
216:Lycoming (
203:Lycoming (
192:Westfield
481:, p. 49
270:Towanda
244:Anthony
231:Cascade
190:Tioga (
177:Tioga (
166:Ulysees
153:Wharton
39:History
477:
140:Lumber
71:Boston
372:(PDF)
257:Forks
475:ISBN
27:The
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20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
