New-York tribune., 1903-06-16
NEW OFFER BI SCHWAB.


interest. and he could not be more ably represen@1eG @
Their suggestion that al m the Se t9cK keaTs OF IN te net
ing trust composed OF ye M eoun
S Nnof a mu the se S With
the entire properties are being turned over to MT
ing short Of W the p power and respectaby Of this
eFarded By Re hs insult
TO the intelligence of business men NslJner n he
yond his present attitude toward them He is try,
ing to make the best 6argain ne are can not quite so
helpless he supposes when he offers rs @ aS cenfs on
tha doIaS @ md scrrmed interest and to give them
part of what is left.
PROPOSAL TO SCALE MORTGAGES
If he really wants to be fair, while it is already
yet yet too % lat late I He has second mortgage on the
steel works. subject to 100000 and secolo ~
$4,000 900 The shipyards get along very cry nn Wgn
without steel works he says they aa hIs f, his
steel works cannot get along without the snip
yards unless he wants I to so ptS the Of
he is president. Let him scale his slo1IWo seco I
their SIC 900 900 first mortgage to per cent and
let every bondhoider of both classes puy an osoii
fona 10 per cent bond or ms nat will furnish
requisite new capital and would reduce the ash h1ed ed
bondfolders might take preferred stock for the
balance of their present bonds ana more i sapt Ds
proposed TO give them to be made 10 the eAiSthS
preferred and common stock holders. -. 8.
the present first mortgage bond holders, would have
" Work II at Of pan that viii be fair the
first mortgage bond holders will rest with a go com
plan at this stage and 1 not authorized to pro pro
pose any plan. yet it seems to me that the stua,
tion would have demanded some Such SuSSestioh
as has been made. - 70
ceiver? Al have nothing to do with that SUB SUB
ject and have, Of course not Gonsiqe9eq ms E s m man
Of i1i high standing who will be impartial. and who
will perform the unpleasant DUTY OF se's these " who
OWN you take any action for the appointment
Bond holders? ANYes; the complainants will either
themselves. jointly with others 4rgantze ga & 1nt3 For
the protection of the interests of the bondhoidefs
during the week
Lewis Nixon, who last Tuesday presented his
resignation as president of the United states
shipbuilding Company, yesterday refused to
tall, of The troubles of the company, except to
make the following statement:
have nothing to add at present to my state
rnent of Saturday but preparing general re-
of the whole shipbuidng situauon' wfli6a idan
tica with those of other holders of securities ana
l propose to stand by them .-o,. .h,ns as
There will ne delays government shipS, as
work is going well except at the Crescent yaras:
where labor troubles have caused temporary
shutdown.
Since Mr.. Nixon's frank avowal that he IS not
in accord with the committee of reorganization
of the shipbuilding company, reports are being
circulated on all sides of indications OF BAD
feeling in the last few weeks. story Of re-
cent call of Mr.. Nixon at the office OF Mt
Schwab when he could not see the Steel presl-
dent and left with a sgnhcant remark 10 MI
Srhw-ah's secretary was going the rounds yes
terday.
inv TELEGRAPH TO THE IR1BUNE1
Trenton, n. j., June 15.-In accordance WIN tne
agreement entered into between counsel, j. u.
kirkpatrick made an order in the United States
f~ircIt Court to-day postponing until next Monday
the hearing on the rule to show cause why q re,
ceiver should not be appointed for the Cniteo
States Shipbuilding Company.