PROCEEDINGS OF THE POLYTECHNIC ASSOCIATION. 431 



the manufacturing companies, t6 purchase the salt and forward it to market. 

 During thcso j'cars salt rose from one dollar to one dollar and forty cents a 

 bushel. 



In 1857 the suporintcMidcnt was directed by a resolution of the Leg-isla- 

 ture to prepare a bill which should embrace all the provisions of the laws 

 in existence relative to the management of the salt springs, <which were 

 deoincd necessary for tlie encouragement of tlio manufacture, etc. Such a 

 bill was drafted, and in 1859 was duly enacted by the Legislature. It 

 abolit;hod " priority of right," so far as the manufactories in operation 

 were concerned, applying it only to those who might erect works at a future 

 period. 



THE ONONDAGA SALT COMPANY. 



Tlie Onondaga Salt Company was then organized for ten years under the 

 provisions of the general manufi\cturing law, for the purpose of i-educing 

 the business of manufacturing salt to a system, and producing it in quan- 

 tities equivalent to the demand for it in tlio market. 



Tiie manufacturers desirous of combining their interests, began by ap- 

 pointing persons to appraise their property emploj^ed in the business. The 

 aggregate valuation was 63,200,000. On this amount an assessment of 

 five per cent, was levied, making a capital of $160, 000, for the operations 

 of tlie Salt Company. The manufacturers were allowed to take the stock 

 in the ratio of the valuation of their salt property. Most of them did so, 

 but Mr. George Geddes and one or two otherw, nut considering tlie CLter- 

 prise a safe one, c.id not take part in it. 



The Onondaga Salt Company engaged to pay each proprietor of salt 

 works twelve and a half per cent, annually on the valuation of his prop- 

 erty, making in all §400,000; also to faruish fuel at cost prices for the 

 manufacturer, and a market for what salt he makes. Each manufacturer 

 only runs such of his works as the Salt Company may direct, year by j'car; 

 it being the object to accumulate no more salt than can be sold at a profit. 



Tli'c company proceeded to invest 8100,000 in real estate in Chicago, and 

 about 830,000 more at BuUalo, for the purpcjse of store houses and docks 

 it those places. This investment has been successful; the salt manufac- 

 turers of Michigan never having, been able since that time to obtain afoot- 

 hold in Chicago, there to share or monopolize the trade of the West. The 

 6um of 840,000 was also expended for the purchase of an interest in one of 

 the mines belonging to the Morris Coal Company in Pennsylvania, and for 

 buildings, roads, shutes and trestle-work for mining purposes. The capital 

 of the Salt Company having thus been exhausted, a resolution was adopted 

 some months since to increase it to $320,000, which went into eifect in 

 April last. 



In March, iSfiO, the company began business, having on hand a large 

 stock (tf unsold salt which had been made the previous year. This had to 

 be disposed of before new salt, in any remunerative quantities, cf)uld get 

 into the market. When the company, at the close of the season, balanced 

 its accounts, it found itself unable to meet its engagements to pay the 

 $400,000 — twelve and a half per cent. — to the owners of salt manufac- 

 tories. 



In 1861 the company reaped a golden liarvest. The salt works of West 



