Daily press. [volume] (Newport News, Va.) 1896-current, 1899-11-14
THAT REPORTED COMBINE.
THE STORY AS 1T Is TOLD RY THE
NEW York WORLD
No On Here Knows Anything About the
Deal aud This Yard Is Probably
Out of It.

The reported organization of trust
for the purpose of consolidating the
five principal shiphuilding plants in the
United States is not credited here. It
IS evident. however. thar 4 movement
IS on foot to combine the most impor-
tant shipbuilding interests Of the coun-
try. but it is not believed that the New
port News Shipbuilding and Dry Dock
Company will be identified With the
scheme.
The rumor was published in the press
reports sunday morning AMI i star
cd that the banking firm Of Seligman
OF New York. was heading the syndi-
cate which proposed to effect the COM
hine The shipyard here. Cramps
Union iron Works at San Francisco,
Columbian Iron Works at Baltimore
and Bath Works at Bath. Me. We're
mentioned as the plants likely to be en-
braced in the undertaking. The con-
solidatcd value of the five yards was
estimated at $50 100000
General Superintendent Walter \
Post. Of tbs shipyard. when asked as
TO the probability of this company en-
tcring the combine. stated that he knew
absolutely nothing Of the scheme and
from what he had read he judged there
was nothing in the report.
II is the general belief here that If
such combine IS finally organized this
shlpEard VIII not be in it. In the first
place the capitalization Of the five
yards mentioned was placed at $50 900,
ooo. which is entirely to, low II is ba-
li"red that Mr.. Huntington would have
to Sc" three fourths or more of that
sum before parting with his shipyard
interests in Newport News
Tho mammoth plant af the Newport
News shipyard. which is by far the
largest and best equipped in this coun-
Try. represents an investment of about
Sl2.'Oo.oO0 y new dry dock which will
cost S1,0oo.ooo. is now building and i'm
p!ovcm"nts costing hundreds of thous-
ards of dollars are being made all the
time. -
The Cramps ward represents an in
v"st"?"nt Of about 5000 900 and the
Union Works possibly the same The
Columbian Iron Works and Bath Iror
Works represent about S.. 00O. 900
ThIs it Will be seen that the actua
value Of the shipyards in question viii
reach about $%0.O000O0. ard the capita
ut 4 concorn to control all Of then
would have to be nearer $40, 600 600 thar
52o. 0O000O.
The Salsmans admit that the move
m"nt to consolidate the yards in uues.
ton is IN foot. but they will not give
out any OF the details. They say thai
the Cramps are interested in tn;
scheme. although 4 member Of The
Cramp Company at Philadelphia ntl
mated that the ward there was not ir
he combine. President Master, of the
Columbian Iron Works. says he has no
been approached With reference to any
such combination and thinks the CAPT
| talization is much too low to include
the works mentioned One OF tn,
iNdes, Of the Bath Works. is quotet
as SAYING that his company know:
nothing Of the consolidat ton schem,
ana branded the report as groundless
! President Scott Of the Union Works
| processes to know something Of the IN
deLlaking. but Will not say that hi.
| yard Will be in the combine And tn.
officials of the, Newport News Ship.
building and Dry Dock Company know
nothing Of it, That is the way til,
thing stands.
| The New York World sunday pub
!ishea the following story in connec
| ton with the reported combine:
| THE WORLDS STORY.
| a syndicate has been formed &c buy
the five largest shfpbuilding plants il
| this country and combine them in h
single company. The concerns which
the syndicate intends to absorb are:
! William Cramp & sons Ship ana En-