New-York tribune., 1903-06-14

cornnanv is concerned 1t e common knowledge tnat
transaction was consummated and was gone more more
than eight months. The management oa .ba 90 me
Officers who managed 1t for years prior tnereto; anu
the shPbsmdNs P m Nx5n pnd his associates None
the persons upon the board OF the ~ rs
ehfF If the aS nRaae a{ Steel
done anything to embarrass the it's security
holders Whatever eor o the organiSa
tfon Of the shipbuding COMPANY ard rot due
to any subsequent condition. did not learn OF
pany paG ra9 until i'4ay my return from few months
ago. and was as much surprised as anyoodS anu
very considerably concerned
JOINED IN THE SUBSCRIPTION.
while I was in Europe was cabed about the
serious conditions of the Trust Company or the
the Sheldon Syndicate. and joined with others in
subscribing to that syndicate to assist the genera
9aaesi cofapse Of the Trust Company the Republic
NV subscription to the Sheldon Syndieate was
Shortly after my return from Europe Mr. Wet
and one of the syndicate managers OF the Sheldon
Syndicate and large holder nr tine rst m t s
the shipbuildng COMPANY and stated anaf h,1 ne
building and fha he had been con siderin the
ouestion of reorganization of that company. and
would like to have nv co-operation,; I discussed
ssepa tas maeT ecasoh won Na and od gentlemen
preference to have nothing T9safV9r hate o9 TO 9
like some arrangement by which could restore 20
fs1ed ns to me or I Morgan Co in eonneeion
with the acquisition of the Pethlehen steel Corn-
sy t5at on T'Gn the showing of the Bethlehem Steel Com
pany would have an investment whlch WouiH s oe
organization could be evolved which WOULD give me
any such possible earnings on any securities "Iich
Messrs Sheldon and Wetmors both insisted that
they could not consent to that as the representa-
tives of the first mortgage bond holders; tnat the
bethlehem the backbone OF the shpo9liuilIg
company md insisted that was interested VIII
them to help them IN the reorga1ae,oh t .ba @ fscf
that I the largest holder of nrst rnorlgasse az .
bonds that IS sS5oOOo and that had I sne
while perfectly willing 70 maze sacfihces
my preferences was to take back Bethlehem
suaded to Join them in the reorganization to be
carried out on the basis promulgated II the nrst
fees which I am making in this situation. they
too quickly arrange to act upon my Sugses-
ton to Messrs Sheldon and Wetmore 10 eitnsr &C
cept from me all the securities which the shipoud-
ing company issued to J. P. Morgan ana me IN the
transaction or that I proceed to foreclose and re-
| take the Bethlehem property by foreclosure OF
In this plan of reorganization am assun1ins IN
large financial burdens and do so because the
situation requires additional cash working capital.
| and Messrs Sheldon and Wetmore stated they were
Unable 10 find any other persons interested in the
transaction willing to supply the new caSh;
would be very glad to be relieved OF TINS easn t pnu
do 50 supply It and get all the benefits to os e ds e
rived neref5om but what tba He tS owHer Of the
first mortgage bonds and stocks issued on account
Of the shlpbuildng plants have all the penenss ems
which might accrue TO them from lho sepaid'0 pO'
| session and control of these plants
WHAT MR. sCHwAB PROPOSES.
This have been willing to forego result OF
persuasion the part of Messrs Sheldon ana VET
upon the basis OF reorganization Issued and If the
first mortgage bondholders sympathize with the
cSmpainans IN this suit shall h rSeTa witsdaW 81 from @
Bethlehem Steel Company stock