The Boonton Iron Works were founded about 1770 by Samuel Ogden who, with others in his family, purchased a 6-acre (24,000 m2) tract along the Rockaway River, near present-day Boonton, New Jersey. Here rolling and slitting mills were erected that engaged in the manufacture of nail rods and bar iron. With the construction of the Morris Canal in 1830, the New Jersey Iron Company was organized. This company built a new plant costing $283,000 (equivalent to $8.1 million in 2023) and imported skilled mechanics from England. Under Fuller & Lord (1852–1876) the enterprise become an integrated industry with ore and timber reserves, canal boats, furnaces, mills and auxiliary plants. After 1881, the business slowly declined. The plant closed in 1911.