Evening journal., 1903-07-22
BIG PLANT WILL
NOT Be CLOSED
lconlnuea lrom FIrsL page.l

CONTINUED from First Page)
to carry on sucn business as going con-
cem.
The United States Court shall be asked
TO make a further order directing that the
Ancrary Receiver OF the United states
shipbundng Company shah keep separ-
ate account Of all such assets, and Of the
business carried on by him at said plant,
and rhal pass an account of the same
before said court at Wilmington. and chat
AN such assets, and the profits OF such
business shall be used for the payment
primarily Of the creditors Of the Harlan
and Holhngsworth Company.
That the creditors Of the Harlan and
Honlngsworth Company shall extend the
ltime OF the payment of their claims until
the FIRST day OF August, nineteen hum
dred and four, provided that an claims
. shall draw interest at the rate OF six per
cent. per onnum from their maturity.
That the creditors shall appoint from
their number. committee, who shall
determine when. In their Judgment, a suf-
acient number OF the creditors Of the
Harlan and Hollingsworth Company have
2 assented to the plan here proposed, after
when Il shall become operative and who
shall cooperate with the Ancillary Re
o celvcr and the officers ~ the Harlan and
: Hollingsworth Company In carrying out
! this plan.
3 Tho advantages Of this plan. for the
creditors Of the Harlan and HolMngsworth
. Company are: NV
Z 1ilt keeps the plant as going con-
\ Germ.
g. All OF the property above mentioned
becomes primarily liable to the creditors
p Of the Imrlan and liolingsworth Com
lpany and an litigation between tho Re
y cciyer OF the United States Shipbuildng
e Company and tho Harlan and Hollings-
~ worth Company. or rs creditors in rcla-
T. tion thereto is avoided.
3. The claim of all creditors OF the Har-
u Ian and Hoilingsworth Company VIII
IS draw interest from their maturity.
as The above plan commends itself to thc
Receiver of the United States Shipbuild-
ing Company because he believes that Fl
ri o. should ne. carried out there would re-
he main for the creditors Of the United
Sc States shipbulldlng Company, after the
l- payment In fun Of all the creditors Of the
's Harlan and Hollingsworth Company, d
f. greater equity In the assets On lis hands
than could be secured by any other course
e, whatever
WAI. S. HILLEs, Attorney for the Har.
e. Ian and lIoliingsworth Company.
ls WARD and GRAY Attorneys FOR James
ar Smith, Jr., Receiver FOR the Unitet
States shipbuilding Company.
After the reading of the plan VIII
liam s. Hlles. attorney for the Har-
Ian and Hollingsworth Company, made
"a statement ia which he explained that
the Harlan and Holilngsworth Conn
N pany had for many years been one OF
X the principal manufactures Of the
iii city giving employment to many and
being great benefit to the community
He explained what blow 10 com
| e merclalism the closing OF the plant
would mean and showed how by let.
5 ting the raw material now lying IN the
yards be converted into finished pro.
ducts that the creditors would be bene.
hted. Should the plant be closed az tbs
49, present time the lawyer showed tina
- only about twenty per cent. on the
- dollar would be realized. At the ter
y, mination of Mr. Hilles address Mr.
- Gray, representing the ansillary re-
rs ceiver, explained that he would be sat
a., shed with the plan drawn up by th'
attorneys for the years extension.
George A. Post, president Of thl
no Standard Copper Company Of New
York moved that committee of hvl
~ be appointed on the part of the credi
20 tors by the chair and that their name
ps be sent TO all Of the creditors Of th'
y Company to gether with the plan rea,
pe by Mr. Gray. This was done so tina
those creditors who did not attend tn
er meeting might clearly understand III
70 purport.
e. Major Dodd OF the National Loci
Company Newark. n. j., made shor
speech on behalf of the movement ant
it was agreed upon without "A dissent
ing voice.
A statement OF the company's at
,al fairs was asked for and Treasure
Simth read the followng
Assets &C.,. ..... ...... ....Sl3f44N6
is Mer. & Sup. &c.. .......... 1886. 4S1.0
Of Investments &C.. see ........ l,lOO
zen Value of work and contracts
10 course of construction. 80. 431,9S4.0
ate Total assets .... o.. sso6.Oi2. Il
ERE Notes payable %. e.. .S141934.1
M Accounts payable o.. .... S36S .3O3.7
Of Total liabilities . O.. ....s516,2S7.9
Is Amount due L. S. Shipbuild
as- ing Company .. ..... .S3ls,672.o
bsi Total 49,. ... .....-.... .SSS4,sOs.s
err After the reading of the report tn
lp- creditors stood about the room in small
err knots discussing the situation for
10y short time. and those from out of town
who expressed desire We're show
TX through the plant.
aHaI