The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1903-11-02
RECEIVER ACCUSES SCHWAB
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reference to the plant of the Harlan &
Hollingsworth company, Wilmington,
Del.
.s3-That as soon as the debts of the
company shall have been aseertained
suit be instituted against all persons
who received the stock of this company
without paying full value therefor to
recover from them such an amount as
shall be necessary to pay said debts In
full, under section II of an act OF the
legislature of the state OF New Jersey,
entitled an act concerning corporations
(revision of 1880.
That suit be instituted against the
Bethlehem Steel company to procure
the appointment of receiver and to
compel the appropriation Of the earn
ings of that company by way of divi-
Gends on the stock. ! e.s.sss@ss,. -
The report first deals with the incor-
poration of the original United States
Shipbuilding company, with $1,000 cap
ital and dummy directors and Off
GERS. in June, 1902; the offer Of Pro
moter John w. Young to sell TO 1t the
Union Iron works, of San Francisco,
the Harlan & Hollingsworth company
Of Wilmington, Del, the Eastern Ship
building company, the Canda Manufac-
turing company, the Crescent Shipyard
company and the Samuel L. Moore &
Sons company, Of New Jersey, the BATH
Iron works and the Hyde Windlass
company, of Maine, and the Bethlehem
Steel company, of Pennsylvania, and
the action in this offer by the company
The incorporators Of the company, the
report states, were Howard *. Wood
Howard S. Gould and Kenneth e. Nc
Isarsn of Jersey Ell i iaei ing eeiiec-
lively the fifteen shares of preferred
and fifteen shares of common stock OF
the company. On June "A, 1902, Fred
erick Seward, Raymond Newman and
Louis B. Daley were elected directors
the minutes reciting that Howard Is
Wood, one of the incorporators and
subscribers to the stock, had assigned
his right to one share Of common stock
to each of the persons above named tc
qualify them as directors. No stock Of
the United States Shipbuilding compa-
ny, however, was issued to or placed in
the name Of these directors, so far as
the records Of the company disclose
Newman was elected president, DALEY
vice-president and Seward secretary
and treasurer. Wood, Gould and Nc.
Laren were, at the date of such incor.
poration, all connected with the Cor.
poration Trust company, Of New Jer.
sey, and the directors were employees Of
said company.
AT this meeting the offer of Promotes
John w. Young, to take over to tht
United States shipbuilding company
the several constituent plants was sub
mitted, the terms for teh sale Of tht
stock Of the company's being as fol
lows:
In connection with the purchase d
the stock of the Union Iron works 81
San Francisco, Henry T. Scott and Irv.
ing M. Scott were to agree to enter init
contract with the Shipbuilding com
pany not to compete with 1t in its bust
ness, and not to employ their capita
or to personally engage in any shil
yards or shipbuilding business for TIL,
period of ten years and the compan!
was to contract to engage G. w. Dickie
r. F'orsythe and John Z. Scott as off
I GERS or managers for five years, at an
nuai salaries Of $4,000; w. H. Gould al
mining engineer for five years at $1,000
per year; Lawrence /. Scott, as assist
ance constructor at 5000 per annun
for i've years; w. p. Scott as assistan
to the president Of the Shiohuildinl
company for five years at an annua
salary Of SIS, 900; H. A. Scott as assist
ant to the ngineer-in-chief for fiy
years at $1,000 per annum, and EdWar,
Dunn as assistant chief craftsman TO
three years at $4,000 per year.
The offer Of the Harlan & Holdings
worth company and the Eastern Ship
building company was conditional upol
the acceptance by the new company o
certain guarantees for completion 0
contracts and In the case of the East
ern company that the new company en-
gage Charles p, Hanscom to continue il
the management and direction of tn
organization and plant of the Easter
Shipbuilding company at an annual sal
4 airy OF $4,000 until completion and de
livery OF two steamships being con
structed for James J. Hill and Maunse
Van Rensselaer, as manager OF tn
financial department for five years a
5000 per annum.
This offer Of the Crescent Shipyar
company was upon the condition tina
all Obligations or indemnity contract
in connection with government or othe
contracts should be assured and tina
Lewis Nixon should contract with tn
company to give to it's business his tim
and attention for five years at salar
to be agreed upon and also enter int
q contract not to compete directly or in
directly with it in its business.
In purchasing the Samuel I. Moor
& Sons company, the company was I
engage Frederick WOODBURY. for ny
years at an annual salary of $500 q
\ purchasing the Bath Iron works and Il