The evening times., 1902-06-12
nixon TELLS OF ITS
SHIPYARD COMBINE
Proposes TO be a ''Determin-
ed Competitor.
WILL SEEK TO BUILD FLEETS
Eine Millions of Dollars of Bonds of
the Corporation Reported to Have Al
ready Been Underwritten-Rum
That Cramps Enterprise May Join.

NEW YORK, June 12-Lewis Nixon,
chief organizer OF the United States
Shipbuiiding Company. made. on behalf
Of his associates in the trust. a state
ment of the plan and scope of the com
bination yesterday.
It was learned from another source
that the CramD sbipyard at PhiIadel-
phia. which is not a member of the
combination, might yet come into it.
Mr. Nixon spent yesterday in Philadel-
phia- He would not speak of the pur-
pose of his visit, but it is known that
he has been in conference with the
Cramps, and it is believed that he may
yet persuade the great shipbuflders to
enter this latest community Of inter
est
Companies in Combination.
The combination, as at present con
stituted, comprises the following ship
yards: The Union Iron Works, of San
Francisco. Cal; the Bath Iron Works,
Limited, and the Hyde WindIass Com
pany, of Bath. Maine; the Crescent
Shipyard and the Samuel [. Moore &
Sons Company, of EIizabethport. y. J.:
the Eastern Shipbuilding Company. Of
New London, Conn; the Harlan & Hol-
lingsworth Company. of Wilmington.
Del, and the Canda Manufacturing Com
pany, of Cartaret, \. J.
The directors of the new. company VIII
be Henry T. Scott, president Union Iron
Works; John s. Hyde, president the
Hyde Windlass Company; E " Hyde,
president Bath Iron Works, Limited;
Lewis Nixon president the Crescent
Shipyard; Charles r. Hanscom. presi-
dent the Eastern ShipbuiIding Company:
Irving H Scott. vice president and gen
eraI manager the Union Iron Works:
Charles J. CaEda, president Canda Man
ufacturing Company; Horace W. Cause,
president the Harlan & Hollingsworth
Company; Daniel lie Roy Dresser,
president Trust Company Of the Re
public.
As was said yesterday, bonds TO the
value of 5000, 900 viii be issued. OF
these S. SEQ coo viii be withdrawn under
the Tender's and subscribers contracts
and 81, SOC. coo VIII be reserved n the
treasury Of the company The remain
ing $1,000 GOO has already been aRder-
written IN this country and in Europe
In e memorandum OF facts issued by
the promoters yesterday II was said that
the plants OF the constituent companies
are worth so. .000, GEO. which is the
amount Of stock to be issued divided
equally between preferred and common
1t was said also that contracts for work
Of an estimated value Of s36. .0G0 .006 we're
on hand Part Of 3Ir. Nixon's statement
follows:
Must Organize to Win.
we enter the markets of the world
as serious and determined competitor:
We must therefore present a solid front
and be able 10 carry out work upon any
scale, and by the completeness Of our
organization and equipment demand
recognition This can only be done by
cooperation American fighting tools
have been called to the attention Of the
rest of the world, and their superiority
demonstrated by the test Of war. There
is eSrtain, therefore, TO be q demand
for such material from foreign coun-
tries
American shipyards are now build
ing vessels Of var for Europe. Asia and
Central and South America. But the
military field, while vast, is insigufff-
cant when compared with that Of the
mercantile fleets Of the world.
assuming all the cooperating yards
to be full Of work each engaged upon
vessels best suited to its capabilities
up 70 its maximum capacity, total
tonnage Of 280 COO could be undertaken
at once and carried through to compile
tion in eighteen months This would
require the services Of about /. goo men.
and there would be used about 80. 600
%~ra- rrF -#ea al