The San Francisco call., 1904-09-26
Auction tOBeAt
ed by Steel Mag
nate SChWab.
Receiver Of United States
Shipbuilding Trust Is
With Him.
Millionaire Comes From the East in
Private Car With Party
Of Friends.

I am the sole owner of 20 per cent
OF the shares of the new organization.
In this corporation there are fifteen
million shares of preferred stock and
fifteen million shares OF common
stock. This new organization owns all
the shipbuilding property that was in
the old company with the exception
of the Harlan & HoIlingsworth Com
pany of Wilmington, Del. and the
Union Iron Works OF this city.-Ex-
cerpt from interview with Charles NJ
Schwab.
Charles n. Schwab, former. president
OF the United States Steel Corporation,
and ex-senator James Smith Jr., re-
ceiver for the United States Shipbuild-
ing Company, accompanied by a party
Of friends, arrived in this city last
night and are at the St. Francis.
The purpose Of their visit is to be
present at the sale Of the Union Iron
Works, which is TO be put UP for auc-
tion to-day by Receiver Smith by order
Of the Federal court.
The arrival Of the distinguished par
~, who had come directly through
from Bath. Ne, in q private car, was
they were due at 5 o'clock The train
was delayed. and by the time they ar
rived the big court Of the hotel was
filled with q large crowd anxious to get
q glimpse OF the man famous as the
president Of the steel trust and or
ganizer of the shiDbUilding trust Re
ceiver Smith was the first OF the party
10 arrive at the hotel. He Immediately
went 70 the counter to receive a large
pile Of mail that was waiting for him,
and then excusing himself from all who
wished TO see him on the plea that he
was fatigued retired TO his apartments
and denied himself 10 all callers.
Schwsb arrived soon afterpvard When
he walked into The hotel men and
women stood uD endeavoring TO get
glimpse Of this man who had received
so much notoriety. He managed 10
work his way up 10 the hotel counter
After he had placed his name on the
register he announced his intention of
taking Turkish bath and with several
q his friends he started out with that
purpose in view. He was in the finest
possible vein Of humor and received
every one with a broad. good d-natured
smile and a hearty nandshake. In
speaking Of the reorganization Of the
shipbuilding combine he said:
I am the sole owner OF 20 per cent
OF the shares Of the new organization.
In this corporation are fifteen million
shares Of preferred stock and fifteen
million shares Of common stock. This
new organization owns ali the ship
building properties that were in the
old company with the exception Of the
Harlan and Hollingsworth Company
and the Union Iron WORKS Of this city.
These two are not at present in our
organization. The sale Of the Union
iron Works takes place to-day. and
while ] am not here 20 make a bid /
am naturally interested in the sale. l
have come across the continent straight
from Bath, Maine. Ny party is COM
posed entirely of my friends. First
comes a J. Spiegelnaire, who is the
FIRST man I ever worked for and one
Of my most valued friends.
There is also with me W. w. Green,
who comes here representing the Mer-
camille Trust Company; Francis d.
Pollak, representing the reorgs nization
committee Of the new ship building
company; also Walter Stevely, DIR. J.
2. Bisllle Charles =. Dinkey. NJ. r
Ward s J. Long. John McKane and
Dr Edward Powers. / have no inten-
tion at present Of making visit TO the
Tonopah country, my present plans be
ing 70 remain here until tomorrow
night and then 20 directly East"
As Schwab owns 20 per cent of the
stock OF the new organization he has
full control Of il, and Il he acquires
the Union Iron Works and the Harlan
& Holiingsworth plant. which is to be
sold at auction during the first week in
october, he will be in absolute control
Of the ship-building industry Of this
country. He hopes, having this end in
view, that with the acquisition of these
two last-nsmed plants he will be able
70 place the successor TO the original
building trust on a paying basis.