The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1903-11-07
SHIPBUILDING TRUST A FRAUD
SENSATIONAL CHN"S
MADE eY RECEIVER sMITH.

pany said to Be a s'insls-ss'h's
hem Company a HsaVy Loser
Sick over Valusd-oiViasi-
wtchsld to Wreek Company.
Ngs York. Sensational allegations
.gf WIIful missJaIrmeats. talslneaLloA.
-AInJllns aad fraud in the oFsahlAar
man and noaIation % the United states
.algUu.lding company Of attempts 70
1Ls.eal ami deceive the Investing pa5-
lie Dy erroneous PROSPECTIVE statpmSHi
and far a deliberate PLAZA To NFsck tbs
.yutyauy ~ Withholding the earnings
II the bethlehem Steel company. are
roalalneI IN the report Of Receiver
James smith, Jr.. Of the United States
salpbuildtug company. made public.
I The report concludes with the recon
m.udatlUa that suiI Be brought against
|sff grrs1ns whJ received ztDeA 0r tue
I .44-s.4y silAuaJ paytaE full value
therefor. Including tbs promoters "
rs.- e9uesfn. ths vendors ~ tbs COO
sf.turnt paHta aad Charles NJ
7rnaa1 a. recover tfom theta such
amounts A. necessary 10 pay the debts
If the company Ia fail Receiver
smith also recommends the sale ~
the Crescent shlpgard plAng Ia Ne"
Jersey and tho Harlan q Hb4ilnss
4letn plahl at Wilmington. Del. sub
stIafy piaats nov In operation. u
avoid turther loss ~ a1pfveiatlga aal
th- enforcement ~ a FvceircfzAsg fuf
.tas u-th.el-m Steel eumpany 10 Ia
sus- th- payment n dlsiisaGs GA Us
H-Eklrhen sfJcA hrit ~ ,hs talgsd
5fatea 5hphlI,iins eomganY
To thr @1rts NJ the report the or
. sarIzas.aa Of the con- gahy ls Character
.zsI a. an artistic sstaiie M-eritsi
; Smith states that thr va.ur - sa'
plants their rAsalaEs ahd U0rAins
. capital siv-a To- alleged IMPORTS ~ ca
: pert accountants, gaey 80 muFA tfvn
Iths actual agafra a. ta ttugri shr Dc
b lief that 80 nsgfcs we're Nufaa!g nals
} stated that n 10 vlEfrmrig dga1tfa
b . L such ACCOUNTANTS reports Nees sub
: n.tl'rl A. the grEaaizAtioa % tap Goes
: paay tsat th- o-EanitatAgn vas eject
rd by dummy ssncthslirfa. iie~rtuf
{ art afarrra. The siat~asats IN u
4 pros grcfus issued on Ians ~ N~rs "a
D correct that iar propersy SpFth ~
3 60 5ls me ahlphuit1fss company Pal
% IN stocks saA borAs 81 g9i 200 TIA
-ths accommodating directors u "a
raitrd states Haipsnt.ilaE cora pnnr Z
acquiring th~s- -on gaairs enith@ras'
.iy gave aWag may mllliuns auila@7
.ia- stock 4ni sosis - thrif cnaa paay
! .p@wa9tssAte pl1r4-r tAs focuivs
. .trruls l'I 70 a few srrsoas ard fhat :
Tar AZ me u~tht-s.n Steel com pa r.
. f. concerned. rIfs ~asniass Nave bee
w. withheld IN ieIlsrralr attrfapt
b vr~et The ual,od Afatra Hhspbaildln
company o.
In connection Win thrss parrhasa
I, ~ thr stnrk Il fha t'ai1p isnawurts 4
+, san Francisco tfsnrY T grntt and r.
= Ing " Scott we're to agree 20 snt,
tntp a contract Efth ths shieAuildlr
!, company aat 10 romp~tr uith q In .
business and not 70 rrnp lnp tAntr -al
:. tai NJ 10 personally saEaEs To a.
!. shIpyardlnE ~ bailfiaG basla~ss Q
tho ported ~ 10 yrars
- Tho arftoa u the H9thtnhen rot
pany In withholding earnings ag ~
a war4 q g 0s0 oss araua'ly was. ga,
:, the receiver With The apparsnf pv
pos~ ot bringing about 'hs aessrurti,
b, ~ the shjpbpllataz company
10 Creditors rraudsa.
That tho execution q tho $40 90
= 900 mortgage amt boHH by Fhr Hnth
r.. hem company 20 srrgr~ VIZ srhuah
m fhr t.ue = rho consolidation "a a fra
NJ 7g1u The creditors q Tho nashJvhe
rs company ani uthrrwtse void h~caa
'' 10 4rhwab's control - tha director
81 tho receiver says bs ts advised
81 Tho report concludes with dJart
sion Il che condition II tho roassstue
I'd companies under thr rr~riyorst
showing that the receiver hal paza,
af sion ~ all huf Tho Hath anB r'ui
10 plants hHf claiming that 81 long as Z
"a. present board n directors ~ tha ITO
ne .Hhrm company is retained M hens
sill accrue To The rrrrtvarzbip frt
~ this company The receiver IL c,
~ WINGED that the present interests
y control are wholly hostile ~ tho "a
. building company. arc rudesvorins
"' olrcumvent legal proceedings and Il
~ a separate rNCrivershlp Ia nscossa