​In the 1920's the Balbach operation was closed in favor of facilities closer to where the ore was dug up. The land was purchased by the county and converted into a baseball field.

Source: Worthpoint

​Further reading:
http://newarkriverfront.org/2011/11/06/riverfront-construction-update/
http://www.casebriefs.com/blog/law/corporations/corporations-keyed-to-klein/the-nature-of-the-corporation/a-p-smith-mfg-co-v-barlow/