Background
James Peter Allaire founded his first company, a brass foundry, at 462 Cherry Street, New York, in 1804. In 1807, Allaire received an order from steamboat pioneer Robert Fulton for brass fittings for the North River Steamboat, the world's first commercially successful steam-powered vessel. Allaire subsequently became interested in marine steam engine technology, and in 1815 he established a plant in New York for the production of such engines, the Allaire Iron Works.
Allaire soon ran into supply problems with his new ironworks. With little demand in the United States for the high quality pig iron necessary for building marine steam engines, the local pig iron industry was in its infancy and unable to supply him with either the quantity or quality he required. The best quality pig iron was imported from the United Kingdom, but high tariffs made it too expensive to purchase.
Allaire's solution was to become a manufacturer of pig iron. In 1821, a friend and business associate of Allaire's, Benjamin B. Howell, began leasing a bog-iron furnace in Monmouth County, New Jersey, which was known as Monmouth Furnace. After Howell informed Allaire of the property, Allaire decided to raise the capital to purchase it. On 27 April 1822, he purchased the furnace along with 5,000 acres (20 km2) of the surrounding land from its owner William Newbold for the sum of $19,000.
Allaire's initial capital raising fell through and Newbold promptly sued for the balance, but Allaire was able to refinance. He took full possession of the property in 1823. He renamed the property Howell Works, in honor of Benjamin Howell.
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