The times. [volume] (Richmond, Va.) 1890-1903, 1902-12-24
Judge Daniel Grinnan Places
Company in His Hands.
NO CESSATION OF WORK
Receiver Speaks Hopefully OF Future
and Says That Reorganization VIII
Shortly Be Efsc,ed-Govern-
nent May Make Allowance.
Creditors Wit Meet
Here To-Day.

The William r.. Trigg shipbuilding
COMPANY was yesterday afternoon
thrown into the hands Of q receiver.
Mr. iiiburn T. Myers. vice-prcsident Of
the company. being named and entering
at once under bond of s5p.ooo. with the
Virginia Trust Company as surety for
the discharge of his duties in the capac-
5ty.
The application was. made before Judge
Daniel Grlnnan. Of the Chancery Court,
by Judge George L. >--cistian, represent
ing S H. Hawes and Company. and
other supply creditors, who for some
weeks have been threatening to force
such action The application was fled
shortly after O'Clock and before the
clerks office had closed for the day
CLAIMS and supply liens aegregating
about s175.Uo0 had been filed. The great
majority OF these are 1eld by concerns
yyn.cn from time to time have furnished
supplies of various kinds to the company.
No statement Of the company's Liabilities
has been fled or made public In ad-
dition to the supply Lens fled here ap.
pears among the papers mcchanics
lien fed by Baldwin and Brown, OF
Richmond. amounting to s2,SS23i.
SPEAKS HOPat 4--.y.
III the statement of Mr. Myers as
receiver OF the company, which Is pub
IisI,ed below. he speaks most hopefully
of the outcome OF tnis present embarrass-
p1ert and says that in the meantime,
while every effort Will be made to put
The plant on its feet again. no curtail-
lneut Of work in any department Is con-
teuplated. 1t is now the purpose oi
Mr Myers To SET io work on a plan OF
reorganization, and at the same time to
cona!Iue the 'ope. alton of the plant With
The same force which has been neces-
sary during the last few months.
With this plan in view, meeting of
the Richmond creditors Of the company
will be held this morning at II CLOCK
at the general offices. Wien Mr.. X q.
43.ckford who represents over 50 per
cen, of all the creditors, together with
OF. GERS of the company, will make fun
pg3temcnt of the company's aliairs. Mt
Myers believes the meeting will result in
reorganization and the early dlSnLssai
of the receiver.
The announcement that the Tr;gg Ship
Yards had gone into the HANDS OF re-
cciver came as a surprise to the city at
la3c and on every hand the company S
arr2irs was the subject of discussion. at
the clerks office Of the Chancery Court
yesterday Afternoon there We're numerous
creditors a number of lawyers compos"
ine, an interested crowd, who were anN-
!cus to learn what turn affairs had taken.
STYLE Of SUIT.
The papers IN tie case were prepared
yesterday morning, and shortly before
O'Clock attorneys an6 officials OF the
company appeared at the City Hall. and
fnr some time were in consultation with
Judge Grrnan. Christian and Christian
wcro present Representing creditors
while Mr. Jordan Leake represented the
company.
The petition was presented and the
court promptly decided to grant the 're-
Quest.
The suit In which the order was entered
erpears il: the courts order appoint
Ing tie receivers as, S.ii. Hawes and Com
qany, plaintiffs. US. the William r. TrigG
Company. the Commercial Trust Company,
of the CITY OF Philadelphia. trustees. and
Tho Richmond Trust and Safe Deposit
Company. trustees. defendants The claim
filed by the S. IL. Hawes Company FOR
supplies amounts to s2otS.6S.
; memorandum, isEsiilei in the court
thowIns that one million dollars OF bonds
havc been issued 10 the Virginia Trust
Company, OF Philadelphia.
MR.. MYERS STATEMENT.
Below Is the statement given The Times
Inst night by Mr. Myers. as receiver Of
the company:
The principal cause Of the companS's
embarrassment which. however. we hope
Is ony temporary. is the loss susta red
on the contract for torpedo boats an
destroyer's, which. from causes beyond
the companE's control, amounted TO a
very large figure. The Secretary Of tie
Navy has. however. appointed a beard,
ard has recommended to Congress an ad-
diticnal allowance for these vessels on
account of certain improvements and
changes decided upon by the Department
after the contracts Were signed.
Responsible and experienced conuart-a
ors undertook the we,k of reciain?i- s
-lle property and consumed so much
more tine in doing the work. by rea on
Of difficulties which they had not FORE
seen. that il not only delayed the en-
st,uction OF the plant but greatly in
creased the cost OF other vesse,s con-
tracted for IN the first two years Of the
ccmpany's existence.
The amount of money which has been
invested In real estate. buildings and ma
chtnery is about $3.50 600. and the plart
has been pronounced by experts one of
the best equipped in the United s.a-es.
The company has outstanding 81. eco
each of first and second mortgage bon 8.
s75e go OF preferred stock and S1,It0 600
or common stock. which is widely dis
tribraed the larger portion of all hei 6
held IN New York, Philadelphia, Ealti-
moro and washington.
REORGANIZATION PLANS.
plans for the Reorganization OF the
company were under way when the re-
teiyeI-sf.., was precipitated to-dav by a
,,nnnber OF anxious supply creditors. 1t
ss believed however. that Under the pro-
..ction OF the court tho plan OF reo-gani-
zat,on can be more eSneditiously Con-
.,,mmated as 1t is thought that in very
short time an acccp,aales plan can be
fto,e ~ he. 8trS