Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1904-09-20
FOR $565,0o0.
Sale OF Shipping Plants
at Bath, Maine.
Reorganization Committee the
Successful Bidder.
SchWab and Other Noted Financi,r.
Were Present.

Bath, Me-, Sept. 19.-The Bath Iron
WORKS and the Hyde Windlass Works
/ the local property of the United States
/ Shlpbulldlhg CO., We're sold here, to-
day, by order of a decree entered in the
! United States district court for New
Jersey, June 80, last.
The property WAS secured for the re-
organization committee represented BY
Francis ID. Pollock. at the lowest ac.
crptable prices. MIR. Pollncks bids
were the only ones made. The plants
/ We're sold separately.
| For the Hyde WinGlass Works his
bids were $50 900. for the real property
and $loo."00 for the personal property
For the Bath Ircn Works. the bids
We're for the real property $30o,O00, and
for tn" personal property, 100000.
/ The sale was conducted by Receiver
james Smith, IT., who, with Charles
NJ. Schwab. formerly head of the
United states Shipbuilding CO., arrived
here, this morning. Other interested
parties present We're w. w. Green of
counsel for the M"rcantil" Trust co:
w. w. Miller Of H"rnhl"wcr, Miller
and Porter and Archibald Johnson,
general manager of the Bethlehem
steel CO.. amt Mcssrs. Spiclmycr and
sStcvciy Of Pittsburg.
! Bath Me, Sept. 10. a rarity of New
! York finarci"rs interested in the Unit
! l,;, III.
NJ Scliwih the steel migrate ana for
NOR ncrl Of that corporation and
James Smith. Jr.. the receiver. ar
rived in Mr.. Schwahs private ear Lp-
rcttn carly today. to attend the fore
closure sal. hy Receiver Smith of the
! property Of tho United States Ship
building 90, pcrtrinin@ to the Bath
Iron Works ana the Hyde Wtndlass
| Works of this city, this afternoon.
The Others IN the party were Francis
II. Pollok OF Sullivan & Cromwell.
counsel for the reorganization com
mittcc, W. W. Green of Alexander &
Grccn, counsel for the Mercantile
Trust Co, w. w. Miller Of HornbloweT
Miller * Porter. Archibald Johnson,
: general m"na:ger OF the bethlehem
! steel 90. Mir. pcgl'tn. privat" secretary
! for Mr.. Smith, ana Mcssrs Spielmayer
and - ryclcy. two piitsnurg gentle
: men.
1t WIS arranged FOR MI Pollok. who
l.Is the power of attorney for Charles
l.. Sheldon. chairman Of the rcur-aI.-
i;:atiru committee, to bid iii hoth
! plants 1t the upset price. The sale
-; 'v::s tn be c"!idu,t ted 1t - ard > O'Clock.
each plant to he S0i,! IN tw, separate
parcels, one Including the ret, estate
and appuI t"nanccS ana the otter tho
personal property. the lowest prices
/ to be accepted being as follows:
Bath Iron Works: ca real estate
and appwrt 2namc@s. $SoO,OO0; o. per-
s"lal prop 2rty. $4,000. Hyde Wind
lass Works: (c) IcIi estate. etc. $i2o,-
0eH; (D l:rrsor;h property. Si"0,0o1.
| These sales We're pursuant to IL de-
! ere" entered in thc United States civ
'uit court for New Jersey, June 50
last. i'll Al. equity case wherein the
Mercantile Trust 60 Of Now York ara
the New York Security Co. Ir" com
pllinrntS: also to an lncillary decree
OF foreclosure and sale entered in the
United States circuit court for Maine.
July 20
| During the litigation the past two
Years for the purpose of rcorganiZinS
, TIE JnitcI States Shipbuilding CO.,
| tire pIahfs in this city have not been
! idle. although they were not free to
make lohg time contracts necessary 10
carry on properly the construction or
marin" or naval vessels.
| With The appointment of Receiver
Smith rs ;Gcillary receiver for Maine.
: authority WAS given the Bath Iron
Works and the HYDE Windlass Works
to carry on work they had on hand in
cn-opcrutioE With the receiver. Work
on the plttleship Georgia was com.
!lcted ard arrangements have been
,nadc 10 ncr launching, Tuesday, oct.
il. 1t y. NJ
The ijy,ie Windlass Works were SOLD
first. There was but one bid for each
l..rcel. Mr. Pollock securing the prop
/ tlty for the. reorganization of the com
parry Ills bids were S125.000 for the
real property. etc. ANA 100000 for the
personal rronerty. TIE sale occurred
: !. minutes most of which was taken
~ in reading tie description.
The Bath Iron Works were disposed
Of in 4 similar m1nner. tie bids made
BY Mr. Pollok being 100000 for real
Iroperty and appurterances and St0,-
GaG for pel sonai property. Mr.. SchWat
and party expected to leave al o'clock