The times. [volume] (Richmond, Va.) 1890-1903, 1902-12-25
TRIGG COMP ANY TO
Be REORGAKIZED.
Meeting of Creditors Yesterday
Sat.s &C DRY in Ev.rj Way
SITUATION MORE HOPEFUL
Committee Of Local Creditors viii
Consider Rcorga ization Plan and
Probably &C. perate With OH
crs tyr It's Accomp i,hment.
SITUATION MORE HOPEFUL

Tho meeting OF the creditors OF the
Tr.gg Ship-Building Company held yes
terday morning at the of1ces CT the corr
pany resulted in the Inauguration
Of plan of reorganization which
has given the situation q more hopeful
aspect, and b DIS lair to set the plant
or It's feet again.
The statement given out Immediately
after the meeting had the effect OF re-
storing confidence in the future success
OF the company. and causing business IN
terests generally to believe the present
financial troubles may be ided c'er- lhe
plan o. reorganization is now ne1oFs
committee Of three. composed OF Mf.
Fritz Sitterding. Mr.. S. Il l7a~es ana
Mr.. James y. Boyd. for consldefapoh.
the personnel of the coHlTA,iee cooio
hard y be mp owed upon, ana the result
o, their Investigation, which is to be re-
,orted at an carly date to the creditors
OF the concern, will no doubt DO accept
ed. and at the same time afford the COM
pany every opportunity TO continue oper-
alton. Mr. Myers plan of reorsaFiza ion
mot with favor among the creditors and
their REPRESENTATIVES, and 1t is belie:ed,
VIII be adopted.
Der the meeting of tho creditors held
yesterday morning the following state
Inent WAS given out:
Al the meeting Of the Richmond credi-
tors Of the William r. Tlisg Company.
held at the company's ol..ce to-day. "a
per cent of ne Indebtedness was rep
resented
Mr. a. B. Guigon. representing one OF
the largest creditors, was called to the
chair.
Statements were made as to the sta Us
of the company and the proposed plan
Of reorganization. in which q scuss:on
Mr. r. c. BickforG. chairman OF the
comm.,ee of nonresident ere itoTs.
participated, and stated that he was IN
favor of il personally, and would re-
commend il TO the out-of-town creditors.
This plan. if Effected, would isave the
company with an irdeb edIess of only
the first mortgage bonds.
After q full discussion Of the situation
tx number of the creditors present. il
vas unsnim ousiy resolved that Com
1rittee of Three De appointed to consider
INC deposition for reorganization and to
1cnc,t to q later meeting of the creditors.
10 be called by this committee in few
Says.
M. Fritz Sitterding. Mr.. S. II. Hawcs.
ara Mr.. James N Boyd were appointed
on this committee.
II fs hooed and believed that the pro-
position will be accepted by the creditors.
Ii. which event the Richmond creditors
w;!l be requested to authorize this con-
nlittee TO act in concert with the com
mttee rf out-of-town creditors. with a
vitva of effecting the proposed reorganiza-
ton nron~tlv.
The attitude of the creditors WIS most
cousiFerate and there were numerous eS-
r-essious on all sfSes of a. desire TO assist
the Comrany IN e-fecting the desired re-
organization, which would put it on d
stronger and more sold basis than ever
before.
spectal from WASHINGTON save:
Government work is not expected
TO suffer owing to the receiver
ship ordered for the Trigg Sh'p-
Building Company at Richmond. The
Sh'nbuiidinc Company al Richmond. This
cruiser Gal--eston is tho only ship now
building at that yard. She IS 81 per cent
ro~,~,etAd. according 70 the latest con-
strrictton report. According 70 mast pre-
,ederts II SIZE is not finished by the re-
reiver. the Government will complete
her en- its own account ~ the expense
Of the contractors. Provision for just
such contingencies is made in the con-
tract.