New-York tribune., 1902-06-12
ITS PLANS FAR REACHING.
7. = sHIPBUILDING 90. HOPES TO Do
VAST FOREIGN BUSINESS

Official announcement was made yesterday
concerning the composition and capitalization of
the United states Shpbuidng Company. which
is soon to be Incorporated under the laws of
New Jersey. The new company is to take over
the plants and equipment or the following CON
Germs. free of any liens: The Union Iron Works
San Francisco: the Bath Iron Works and the
Hyde Windlass Company, Bath, Me; the Cres
cent Shipyard and the Samuel l.. Moore & Sons
Company, Eliza bethport, n. j.: the Eastern
Shipbuilding Company, New London, Conn; the
Harlan & Holngsworth Company. Whining ton
Del and the Canda Manufacturing Company
Carteret. y. j.
The capital stock will he SO 900 900. equally
divided between common and preferred. There
viii he also an issue of Slh.UnU.uUO first mort
gage > per cent sinking fund gold bonds. due in
1882. secured by first mortgage on the plants
to he consolidated. or these bonds S55000O0
will be withdrawn from public issue under the
vender's and subscribers contracts and for
providing cash capital for the company, $1,JoO,-
900 will he reserved in the treasury of the COM
panv OF this issue $300o00O Series a. have
been fully underWritten in the United States
and Europe. it is announced. and the Trust
Company OF the Republic Will be authorized to
receive applications for these bonds. Subscrip-
ton books will be opened in Paris and New
York on June 1S and will be held open until
n. June IL. AQulIlondi pOiiuS may be
issued only for the purpose of acquiring addi-
tionaI plants and equipments, and for improve
ment and betterments, on such terms and con-
ditions as shall be approved by the holders of
ma iorjtv of the bonds outstanding at the time of
such approval.
The plants mentioned appraised at over
$50 600 900. and the companies operating them
have on hand contracts for work at an esti-
mated value of more than S36,O0O0O0. on which
those interested say, the profits will be over
100000 These plants have estimated
earning capacity of 2.225000 year The fixed
charges amount to $SOOOo0 and the sinking
fund to 100000. the net profits to be realized
on the work actually on hand thus being suftt-
cent to pay the interest on the bonds and the
sinking fund for five years.
The directors of the company will be
Henry T. Scott. president of the Union Iron
Works John S. Hyde president of the Hyde
Windlass Company; E W Hyde. president of
the Bath Iron Works; Lewis Nixon, president
of the Crescent Ship Yard; Charles r. Hanscom.
president of the Eastern Shipbuilding Com
many; Irving NJ. Scott, vce-president and gem
eraI manager of the Union Iron Works; Charles
7 Canda president of the Canda Manufacturing
Company; Horace w. Cause president of the
Harlan and Hollingsworth Company; Daniel lie
Pox Dresser president of the Trust Company of
the Republic.
Lewis Nixon yesterday made a statement re-
garding the proposed shtpbuilding combina ton,
saving among other things
We are forming a small cooperative combination
of np-to-date shipyard plants that are full of
profta bic work. and am satisfied that indus
attractive has yet been brought is
eaid that our shipbuiding is in its infancy. and
vet the yards of this combination have contracts
FOR three years ahead
The shipbulders of this country have never asked
ia vors and they certainly never have received
anv lust what course will be followed BY our
sta tesraen to bring back to the American flag the
trade going to foreign
can tell and probably nothing will be done by the
Government until the commercial and AGRICULTURAL
interests OF country arouse 1t to the countrys
needs Some of are not content to see Asia and
Latin America going to England and Germany for
their vessels and we propose to put ourselves into
shape to this work
Although the coal and iron deposits of the United