The Providence news. (Providence [R.I.]) 1891-1906, 1902-06-11
SHIP YARD
TRUST IS
LAUNCHED
Began Business Today and VIII
Issue sl6,OOO,O00 in Bonds
and S20,O00,OOO In Stock

New York, June 1.-THE Ship-Yard
Trust launched today will be called the
United States shipbuilding company
II will issue Sl6.0o0.00o of bonds and
$50, 100000 of stock. Of which SO. .000. $50 10
to be common and $l0oo0,0 900 preferred
The following are the constituent conn
panies:
The Union Iron Works. of San Fran
cisco
The Bath Iron Works, OF Bath, Me.
The Hyde Windlass company, of Bath,
Me.
The Crescent ship-Yard, Of Elizabeth
port, n. J.
The Harlan & Hollingsworth company.
of Wilmington, Del.
The general counsel OF the United States
Shipbuilding company, which began busi-
ness today. are Alexander e. Green, GO
l2 Broadway. The trustee for the bonds
Is the Mercantile Trust company, and
its bankers and transfer agents will BE-
the Trust company Of the Itepublic. o1
n william street.
These details will be sct out In q state
ment to be issued today. when the full
plan and scope OF the combination will
be outlined.
The prime mover in the combination
has been Lewis Nixon. who owns the
Crescent Ship yard at Elizabethport. u
was known more than year ago that
took long and patient work to adjust
the bonds and stock TO the satisfaction
of the several companies. not only be-
cause they were engaged In divers
branches OF shipbuilding.
Mr.. Nixon had this tremendous task
in hand during tho time he was trying
to manage the affairs Of Tammany Hall.
Practically everything has been done
to complete the organization Nearly all
Of the bonds and stock will be held by
the constituent companies. and Of the
little that GEES TO outsiders George J.
Gould, John w. Gates and Charles M
Schwab viii be purchasers.
The issue OF s16.0 900 OF bonds will be
devoted TO the purchase OF the plants OF
the constituent companies and to the
formation of a cash capital for immediate
use.
place but II Is understood that a charter
will be obtained from the state OF New
Jersey.
The object OF the combination was
stated yesterday by one OF the interested
parties as follows:
The key TO the combination Is this:
That here In greatest abundance are the
raw materials for building ships. This
country should lead In this art. because
II is the chief steel-producing country of
the world Hitherto the yards have been
private enterprises and have been dcyel-
oped from their current earninyc They
now purpose merging the several yards
into one corporation, so that there will be
a central designing office and so that the
work OF building the ships may be ap-
portioned TO the yards best able to take Il.
The United States shipbuilding company
will be able 10 take orders for merchant
vessels. for yachts. for barges. for mem
of-war and for every sort OF craft, ana
instead OF raising the price TO the owner
the cost OF building will be greatly les
sened
The corporation will be an active com
petitor of the great shipbuilding yards OF
Europe. whose facilities have held Amer
lea their vassal. as II were. up TO the pres
ent time. As II r. now. Krupp. Arm
strong and Schneider must look to their
laurels. The projectors Of the corpora
tion think II IL the first great step towards
n return 10 the old regime. when Ameri-
can commerce vas carried only IN Amerf-
car bottoms. and when the fame OF the
shipbuIlding .ot Americans was az wide
as the world
Inwis Nixon spent yesterday IN Phila-
deirhia He would not discuss the new
company last night further than to say
that an official announcement o. fo 2I-
ganization would be made In the lAssf
part OF the week.