Evening journal., 1903-07-22

The question OF whether the Harlan
and Holilngsworth Company should
continue or close its plant was deter
mined this morning when about $50
creditors OF the concern assembled in
the drawing room of one of the build
ings of the plant ana decided unani-
mously to grant an extension of one
year I'm which to pay it's bills. Much
work and raw material are now at the
plant and can be converted into money
with which TO meet its obligations. In
the event OF the creditors pushing their
claims at this time the plant would
have been closed and undoubtedly
sacrificed as the unfinished work
would not have brought anything near
its real value.
After several persons had declined TO
become chairman G.. w. Booth, of the
Penn Steel Casting Company was fine
ly induced to act and Charles Smith
of the Delaware Electrical and Supply
Company was chosen secretary. The
first business taken up was the read
ing of the plan by Andrew G. Gray.
representing the receiver OF the United
States Shlpbuilding Company, which
follows:
with the consent Of the Harlan and
Hollingsworth Company and its creditors.
the Ancillary Receiver Of the United
Stares Shipbullding Company for the
District of Delaware will apply TO the
United States Court for the District of
Delaware for an order authorizing him, as
such Ancillary Receiver TO retain possess
sion. use and dispose OF the assets lately
I'm control of the Harlan and Hollngs-
worth Company. including all of the ma
terial and supplies now atthe plant. work
in course of construction, cash. accounts
and bills receivable due. or growing due,
and TO carry on such business as a going
concern.
The United States Court shall be asked
to make a further order directing that the
Anclliary Receiver of the United States
smpbuildng Company shall keep n sep.
aratc account Of am such assets. and ol
the business carried on by him at sait
plant, and shall pass an account Of IN,
same before said Court at Wilmington
and that all such assets. and the profits
OF such business Shall be used FOR the
payment primarily of the creditors OF the
Harlan and Hollingsworth Company.
That the creditors of the Harlan and
Hollingsworth Company shall extend tho
time Of the payment of their claims until
the first day OF August, nineteen hundred
and four. provided that an claims shall
draw interest at the rate Of six per cent.
per annum from their maturity.
That the creditors shall appoint. from
their number, a committee, who shall de-
termlne when, i'm their judgment, a suf-
icient number of the creditors or the Ear-
Ian and Hollingsworth Company have as
sented TO the plan here proposed, after
which IL shall become operative. and who
shall cooperate with the Anclllary Re
ceivor and the officers Of the Harlan and
/ Hollingsworth Company in carrying out
this plan.
Sale Of Company.
The Harlan and IIolllngsworth Com
pany I'm August, nineteen hundred and
two. sold to the United States Shipbulld-
ing Company all its real and personal
property and assets Of every description
The United states shipbuilding Company
at the same time also purchased all OF
the shares Of the capital stock Of the Har.
Ian and Hollingsworth Company.
Immediately thereafter, the United
States shipbuilding Company executed
and caused to be recorded a mortgage oI
sixteen million dollars, purporting Z,
cover among other properties all the rea
estate, plant and personal property which
lit acquired from the Harlan and Hollings
worth Company.
Shortly thereafter the United statei
shipbuilding Company executed and ha,
recorded another mortgage Of ten mil
lion dollars purporting to cover amonl
others, all of the same property covere,
by the first mortgage, and IN addition
thereto the plant and other property ac
lquired by the United States Shipbuildinl
company from the Bethlehem Steel Com
pany.
After executing these mortgages, IN
United States shipbuilding COMPANY
made a lease to the Harlan and Hollings
worth Company for the term ending oi