New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-01
RECEIVER FOR SHIP YARD
LABOR PARTLY TO BL4ME.
Action Of Creditors Taken to Help
TOrnSend- Do7cney Company.

Henry E Tde was appointed yesterday receiver
tor the Townsend-DoVney shipbuilding COMPANY
;he petition Of Russell A Covies. treasurer Oh me
Arsonia Brass and Copper Company oN JuueV
Holt IN the United States Circuit Court.
Frank jenkins of Z. L. Messick Co, made a
second affidavit asking that the io"hSen0-
pownev Shipbuildng Company oe declared an IN
voluntary bankrupt. IN his statement he SAID that
the capital stock Of the company was S.oeo"o and
,be. he r-operry in the ward at Shooters Island
and in rhe Offices worth s.5.ca In the am
se,it q r Covles is the request that the vessels
- on the stocks at Shooters Island be COM
rIetea increase the value Of the companys
stock
s stanvood Menken. Of Philsin. Beekran &
Menken who fled the petition for the appointment
n q receiver. said:
The petition was the result of the creditors meet
seT5-Touney company. ] was made chairman Of
me committee Of creditors The conditions which
Understand 10 various abor troubles There have
t~e-- -v-5 sisal5.sHfseeolIs Contracts. The COM
many seems confident 81 its ability 10 reorganize.
.ls IS I-,ge - me- st tCt mr. ~ 'iS ~
ruttee VIII probably be formed 70 protect ourselves
Give = bona Of 10000 The attitude Of the cred
Comra1y. as ii is recoEnized that both Nj. Town
step ~ adverse labor and financial conditions after
n honorable and successful career This step has
been taken with the consent OF the partners- nd
vas practically their own suggestion
TIE petition was presented 10 the court last sat
--dav The petit-1nirg creditors and their claims
are. z. I Nessick 4 Co. IS SO: A s Williams &
So7- $50; Ansonia Brass and Copper Company.
ss So and Ichaood Williams & Sons. $3.50 The
claims are for merchandise
The petition alleges that within four months
preceding The cling OF tho involuntary petition the
Tovrsend-Dovney company committed an act of
arkruptcy in paying. while bankrupt. certain cred
wallace Dovu-,. the president Of the company,
saiS YESTERDAY
eH tel yoql nothing except ths. Henri Id, Idg
e7 oeeh appoll1el I'm poiGLs Ie t e. al ~.
into satisfactory shape that We can resume
- 81 T5@ TtrSorsIjy- bIr he Is highly recon-
---rded on all sides as d competent and careful
.-elitors and stockholders alike
There is perfect harmony between the creditors
and stockholders and the appointment Of tenn
r0ra-y receiver j. the result Of an amcable desire
mines that We can go ahead with our work our
present embarrassment is the result OF a comblna-
non n Unfortunate circumstances. and ] believe
-r1r everything viii shortly be Strengthened out
have ben So b'IsE Win nus phase OF 9ItalTS IhaI
~ shooters Island to-day. bur We have two small
frt~ under way there on which Work was not
stopped. and ] should say there are pTooabiT two
hundred men a. work
Az shooters Island only hundred OF the
fourteen hundred men usually employed have been
PHI. work since Friday. These have been employee
--rv m repair work that had TO be finished Al
t-- oflce il was said that II was hoped that he
--er would soon % put back 70 work, but when
they could not tel The wages Of the men. It is
sad have not been paid them for fortnight At
.re Cfce % the company the following notice was
posted
temporary embarrassment OF the Townsend
rf-r-ev Sficru.ICtrc Company Is directly the re
sur 81 losses and delays In performing contracts
incurred EnT0uCh the aboUiDa0le conditions pre-
Ealing n the labor and material markets during
fr, last wears. The eyOrbItanL demands OF
-e vr~l-rrer and the restriction cf the volume Of
work ided To- the irpossilility Of securing
p
ship construction lave rendered Il impossible TO
Operate 10 advantage These difficulties and the
--~t that the credit Of the shipbuidiug Industry
Eas been totally destroyed by recent revelations
regarding Cbe promotion Cf The United States ship
building Company. have for q time prevented the
r1rrytnE out ~ the legitimate plans OF this COM
1arv. The company has valuable property and
T0lerCly equipped plant for shipbuildtng, dry
docking and ship repairs. and after the adjust
r7eE- q its present difficulties viii undoubtedly
resume business