The times. [volume] (Richmond, Va.) 1890-1903, 1900-04-19
MORE MONEY FOR
THE TRIGG PLANT
capitalization Of the Com
pany to BE Increased.
CHARTER AMENDED
Subscription Books for Nearly a Mil
lion TO Be Opened To-Day.
BIG CONTRACTS IN SIGHT
Richmond Proves an Ilcal location
for the SI,;pyartls ana Capacity
Alone Will Contro! the Amount
Of Work That Can be Re
ccived by the Trigg
Compa.ny.
BIG CONTRACTS IN SIGHT

| ne Nv -. LBS S--1-.>>A'--
| increase its plant, and the Board Of Di-
rectors, acting under instructions from
the stockholders, has secured an amend
nent to the charter. increasing, the capi-
! ta!izat:on Eight hundred thousand OF
! this stock is TO be preferred. The sub
scription books will be opened this morn
ing at the Virginia Trust Company and
| the First National Bank.
The reason for this increase in capital,
briefly stated, is that government has al
! ready entrusted $2,3G0,UG0 of work to the
| company, and the indications are thar
| this amount will be doubled within the
| current year, and the company has every
| reason to believe that for years to come
the limit of the orders from the same
| source will be determined by the capacity
| alone.
! Apart from this. the following list of
| enquiries from other sources will Indicate
| the work that may be expected from the
| merchant service when equipped to do IL:
Eleven steamships, two passenger
| steamers, two revenue cutters. one ferry
| boat for the Pennsylvania Railroad Com
| pany, one steel sailing ship, one steam
| light vessel, one lighthouse tender, three
! dredges, three coal barges, one steam
/ lighter five stern wheel steamboats. SIX
| tugs, six steam launches, one hull nine
| marine DOllefS-
| The amount involved in the work above
| enumerated is about $6,000,C0o
/ The company has contracts with the
! Holland Torpedo Boat Company TO build
! a considerable proportion of their boats
| when the pending purchase for the GOV
| ernment is ordered by Congress, which
/! ii is hoped will be done very soon. In
| the meantime the company is rebuilding
| the Plunger
/ RICHMOND is IDEAL.
Touching the question of location,
| there is no doubt that Richmond is the
| ideal place for the enterprise. The
| nosition of the shipyard itself, upon the
| James River at the head of tdewater, is
| unsurpassed: upon fresh water, its prop
| erty having a frontage of 6.GO0 feet on
water ranging in depth from twelve to
! eighteen feet, TO be increased to twenty
! Eve feet, as is confidently expected, by
| reason of the governments expressed in
| terest in the matter; railroads connect
| ing it with the great Pocahontas ana
! New River coal fields, and with an electric
| power company utilizing the James RfEer
/! Falls located within tiye hundred yards,
| assuwingi the cheapest effective power
! known but little is left to be desired.
| The location admits Of gravity docks,
! the economy of which over pumping Is
! incalculable This fact, together with
| the fresh water of the river and the
| i,npregnablity of the site, has attracted
| attention a Washington. and the interest
| of the government in the enterprise IS
| widely known.
| Apart from these facilities for the
| successful prosecution ~of the business,
| the all important problem. that of labor.
| is readily solved. because the mechanic
| and laboring man desires to live in a
i community where he can educate his
| children, attend the church of his choice,
| find wholesome amusement, and In short,
l ~ n,,te hi nj
! conduce TO his happiness. Richmond is
i, pre-eminently the place where all these
| advantages can be had. and at little cost.
| The climate is good all the year around.
and there is ample dwelling room to
house all workmen comfortably
l NAVAL EXPERTS VIEWS.
Confirmation of the foregoing is found
in the testimony of Admirals Melville
| and Hichborn, Captain Harrie Webster,
United States Navy, and Captain John
w. Collins, engineer In chief United
| States revenue cutter service, the very
! highest naval authority.
/ 1t is our intention to utilize this loca-
| ton and furnish ample shipyard facili-
| ties by carrying out in a great part the
1 improvements authorizing the expendi-
! tire of. say $500 00O. TO insure this the
| Board is instructed to issue for sale by
| substitution not over sS00,O00 of Z per
| cent preferred stock
The subscriptions are payable % per
| cent. cash, balance In two, four and six
months, beginning April 2l, 1900 Should
| the stock be over-subscribed. then it will
be allotted ratably. This is not an ex-
| pertinent, but an established business,
and the company has demonstrated be-
vond a doubt that 1t can secure end do
work equal to any shipyar6 in the coun-
| try. and we do not hesitate to say that
1 this stock will prove choice invest
/ ment
In addition to the good will and prop
erty of the company. its contracts for
work, which in itself Is a valuable. osset,
I ton.