New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-02
SALE OF CRESCENT ADVISED

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SALE OF CRESCENT ADVISED
The receiver tells at considerable length what
he has been doing with the shipyards over
which he has been exercising control. and after
describing The failure 70 i'll some Of the gov
eminent contracts Al the Crescent shipvards.
he says.
Your receiver has completed arrangements with
the Mexican Government. under authority Of the
court to reopen the Crescent ward for the purpose
Vera Cruz. Work vas begun these boats on
Monday. October q While the yard is open for
range with The owners Of the remaining boats for
their completion at the Crescent yard. After the
no other course seems advisable than the sale of
this plant before disuse shall have destroyed its
The financial condition Of the Crescent IL not re-
assuring. Its credit is absolutely destroyed. and
while it has S3S475S q of available assets its ia
added sa3 40 2 which it owes to the Tilted Sites es
Shipbuilding Company, thus showing deficiency
Upward OF $4,000 would be needed TO rehabiltate
in The e1pendi51re If this amount at this time T1
even Il available. would not seem to be advisable
ton concerning this plant hereinafter set forth
In the same connection he says in part re-
garding the plant Of the Harlan & Holdings
worth Company.
While the credit Of this plant has been somewhat
impaired, il has been able TO continue business and
tanned speedily the closing Of the plant cannot long
ing completion. and if the property is to he pre-
served from depreciation. sale of this plant also
should he ordered before suspension and disuse
have caused it 10 deteriorate in value
Mr.. Smith says that profits to the shipbullding
company should have been received from the
Bath Ironworks and from the Union Ironworks.
The latter plant has been kept out Of the hands
Of the receiver by the action of the courts,
while filling government contracts, and Mr.
Smith says OF it:
Considering the volume Of work done and to be
gone az {Gn Is aIaz ~ 20 Te9lze NAY nus
Shpbuilding Company prior % the appointment of
rhe receiver Your receiver contemplates making
thorough Investigation and examination OF the ac-
counts Of thiS plant and will report 10 the court
ceiver believes il possible. through the medium Of
- = 49,, nj, 81 - ,e IL -, SLe eIIuI - OF
the work At this plant is progressing satisfactorily
IL & able. with the cooperation Of your receiver
10 meet its current liabilities its resources seem
ample for time u come, and rhe receivership
should receive great aid from this quarter.
Regarding the recen: operations Of the BethIe-
hem Steel Company the receiver says:
From the reports submitted by the officials Of
year it earned far more money than the necessities
OF the plant required 10 be retained there. From
50 long as the present board OF directors or
b2ard subject TO present influences shall retain
10 the recevership. Your receiver is convinced
that the present controlling influence this plant
IS wholly hostile 70 the shipbuildng company and
its representative and your receiver believes in
view OF the excessive price paid for its plant that
should be permitted 10 have least some voice in
It's mana cement At present this is denied. hut
your receiver hopes that such action may be taken
may result in the removal Of the present board
OF directors or ma jority of them
Your receiver believes that the meeting Of the
board Of directors Of the United States ShipbuiId-
ing Company held on June p. 1896 and hefeinbe-
fore referred 70. at which four directors des-
ignatcd represent the United States ShipbuiIdng
Company on the board of the Bethlehem Steel
Company solely Tor the purpose OF circilu-
venting any order OF this court which might be
made IN the proceedings then pending that ii was
intended 70 hinder and delay the creditors OF the
United States Shipbuilding Company and to place
this property beyond their control and The control
Of the receiver 10 be appointed and was otherwise
illegal and void Your receiver believes such hoard
Is deliberately fuTthering a at once illegal
ana greatly injurious 20 the creditors represented
by your receiver. and accordingly he makes the
recommendation concerning this company hereinaf-
Set forth
Mr. Smith says that ne has reduced the annual
expenses OF the shipbuilding company $4,000
since he took charge. He then adds the recon-
rnendations already given.
Lewis Nixon. former president Of the United