New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-26
THE CRAMP-VICKERS DEAL.
I. n. sELrGMAN ADMITS A BASIS FOR THE
REPORTS OF AN ALLIANCE

l. n. sELrGMAN ADMITS A BASIS FOR THE
REPORTS OF AN ALLIANCE.
Despite tho denial by Charles H. Cramp that the
Cramp Sons Ship and Engine Building Com
pany. OF which he Is president. had formed an ALI
ance with the big shipbuding firm Of Vickcrs
Sons & Maxim, Of Barrow -Furness. England
whereby the capital OF the Cramp company would
be doubled and its facilities for the construc-
ton OF vessels would be vastly enlarged. 1t
learned yesterday that the report had
after ALL substantial basis. Tho Seligmans
are largely Interested in the Cramp company and
Isaac y. Segman said yesterday TO a Tribune re-
porter that It was true that negotiations between
that corporation and the English firm had been
under way for some time. and that the subject had
been under consideration by the directors of the
former He ala not think however that tho plan
would be adopted in Just tho form In which Il
stood at present. The main point OF discussion had
been to the control OF the Cramp corporation
and It now assured that the control would not
leave this country. The Vickers firm Mr. SeR-
man added. had great faith in the United States
and in making the projected alliance with tho
Cramp company they were looking ahead several
years feeling that there was future for ship
building here.
The plan. as outlined on Tuesday. was said to
contemplate the furnishing OF 100000 capital by
Vickers' Sons q Maxim. to be added TO the present
5000 900 stock OF the Cramp company in return for
stock in the enlarged corporation II Is probable
however. that the new Issue VIII be In =.
100000 the additional stock TO DO offered TO the
present American stockholders
Most OF the stockholders in this city were still
In the dark yesterday az TO the rumored arrange
ment. but all OF them hoped the reports were true
The stock has recently been quoted at about CO. but
one largo stockhoder yesterday had an offer OF 80
for his holdings. He did not SELL and indeed, all
the stockholders seen yesterday were convinced
that Cramp shipbuilding stock was good thing
10 hold. A large floating debt has been recently
paid on, and the company is apparently In n -four
ishing condition. III is said 10 have hand con-
tracts for work aggregating 100000
William VI. WINS arrived yesterday the Teu-
tonic. On the same steamer n. w. Cramp
OF the Teutonic. however was anxious 10 make
known the fact that Mr.. Cramp In no way
connected with the shipbuidlng firm OF that name
and was not Interested In the proposed plan OF
sodation OF the big plant at Philadelphia with the
firm OF Vickers' Sons q Maxim.
Mr.. WINS. to whom all inqurers about the consol-
idation Of the two firms had been referred Tues
Line pier yesterday When asked whether II was
true that negotiations were foot for the con-
soidation of the two firms. he said: so far as I
know, there is not word OF truth in the report"
did you not go abroad TO complete this plan?"
was the next question asked.
No" he replied II went 10 Europe to sell some
guns to the Russian Government. and that
all
Mr.. WINS denied that he intended TO 20 to Phila-
delphia TO attend meeting Of those Interested in
the Cramp company. and he also said that II was
not true that the Cramps intended to build a ship
yard at Port Arthur for the purpose of carrying on
the Work Tor the Russian Government