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 of the surrounding land from its owner william newbold for the sum of $19,000.