New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-07-01

shape, and feel sure everything will work out
favoraby. AT the meeting to-day addressed
the president OF one OF the constituent COM
ranies, with the view of obtaining money for
Wednesdays bond interest. and this question
was considered. My resignation Is practically
an accomplished fact. for If I serve longer 1t
VIII be without a salary 1 requested by
the directors not to force acceptance to-day, and
we adjourned until tomorrow"
Il do not think that the appointment of a
receiver will at all interfere with the completion
of contracts Rather. I apprehend that II will,
in the opinion of the court. enable us to do the
thing we set out to do. that Is, to bring the
plants of.the company up to the highest state of
efficiency. I do not think the appointment of
receiver is intended to be step toward the dis
indignation of the plants"
Wall Street generally had been Of opinion that
the receivership application would be granted.
and Judge Kirkpatrick's action therefore had
no effect the stock market. There were
no transactions in the stocks of the company,
but in the bond department of the Exchange
there was a sale Of one Of the first mortgage
bonds. at %.
HISTORY OF THE COMPANY
The United States shipbuilding Company was
organized on June II. 1902 with a New-Jer-
sey charter. which gave il authority to con-
struct ships and engines and manufacture
NOR plate, guns, iron and steel products Its
capital stock consists of $25 100000 common
and S20.O00,000 per cent non-cumulative pre-
ferred stock, all issued. 1t has also S16.0O00O0
first mortgage 5 per cent bonds. of which
S145000O0 are outstanding. and $1OO00O00 col
lateral and mortgage bonds, which Sc
cured by a first mortgage upon the entire cap
ital stock of the Bethlehem Steel Company
lsubtect to underlying liens aggregating S.
$4,000, and by second mortgage on the
properties of the shipbuilding company.
The properties of the company include the
Bath Iron Works and the Hyde Windlass
Company. Bath Me; the Eastern Shipbuidtng
Company, New-London Conn. the Samuel H.
Moore & Sons Company, Eliza beth, N. j.. the
Bethlehem Steel Company, Bethlehem, Penn.
the Canda Manufacturing Company, Carteret
n. J.; the Crescent Shipyard Company Eliz-
abethport, y. J.; the Harlan az HolllngsWorth
Company. Wilmington. Del. and the Union Iron
Works, San Francisco.
The plan Of the reorganization committee pro
poses the retirement of the present securities
of all classes and the substitution of a new
capitalization as follows: Twelve million dolars
first mortgage . per cent, 3O-year god bonds;
SIG, 600 900 per cent non-cumulative preferred
stock, and S15O00OO0 common stock. The hold
ers of the present $10OOOOO0 bonds. in exchange
for their holdings and 100000 cash, as ad-
ditionaI working capital are to receive the en-
tire issue of $12,0000OO new bonds. and Ell
5000 of new preferred stock and $l,6UO,OVO
Of new common stock Tho holders of the
DOC first mortgage bonds are to get in
exchange for their bonds an equal amount
CS14 100000 of the new preferred stock ana
50 100000 of the new comm0n o STOCK o 10 t[le
stock and the $25,000.O0O common STOCK are
offered respectively $S,000,O00 and S2,5OO.OOO Of
the new common stock.
position and finally has led to the appointment
of receiver was that clause when gave PREF
erential treatment to the holders OF the SLO;-
600 600 collateral second mortgage bonds, Whlch
wera chiefly held by Charles NJ. SchWao, preSl-
dent of the United States Steel Corporation.