Evening journal., 1904-10-25
PAY FOR LO-
CAL CONCERN IN
MORTGAGE BONDS.
AMOUNT $55o,ooo
AND $I35,ooo RE.
SPECTIVELY
c. M.
SCHWAB SAYS HE
IS PLEASED WITH
DAVID c. REDS
MANAGEMENT TO
CHANGE NAME

CHANGE NAME
At 12 o'clock today the plant Of the
Harlan & Hollingsworth Company was
exposed for public sale by James r.
Winchester special master. appointed
by the court, and was purchased by G..
II. sheldon. OF New York for s6S5OO0
Hereafter the plant will probably op-
crate under the name OF the Bethlehem
Company.
Tho sale was pursuant to decree OF
foreclosure made and entered in the
Circuit Court Of the United states for
the District of Delaware. on July 30,
1904. as amended September 10. 1904. in
/ "a certain consolidated cause IN equity
lpending IN said court wherein The Mer-
camille Trust Company and New York
Security and Trust Company, respect
lively. are complainants, and United
States Shipbuiding Company and 9TH
ers are defendants
The properties sold were In the de-
cree adiudged to be mortgaged under
two certain mortgages from said
United States Shlpbuilding Company.
the first TO the Mercantile Trust Com
pany. as trustee. and the second to the
pany. as trustee.
The property was divided into two
parcels. the first consisting of the
yards, docks. plant and property for
merly owned by the Harlan g. HollinEs-
worth Company. and tho second all the
raw material. steel, iron. lumber. fuel
Oil, supplies. goods, wares. merchandise,
, and products belonging TO the United
l States Shipbuilding Company and for
, merly owned by the Harlan & Hol-
q iingsworih Company, whether manu-
4 factured or in process OF manufactures
aud aNlothcs tangible persolfal prop-
Z erty e,Fas and chattels Of any and
every KIND, ramc or nature. which
were upon1he premises. and which the
United States Shipbuilding Company
e acquired ffpm said Harlan & Hollings-
{ worth Company.
r Tho property was sold clear OF all
7 liens and claims Of every description.
But One eiddsii
r When the sale began there were prob
, ably about 100 persons gathered Ia
front Of the plant. many OF whom were
: workmen interested in the continuance
OF the operations of the plant.
Z From New York came in Mr..
4 Schwab's private car Loretta c. NJ.
! Schwab. A. Johnson and e. NJ. Nell
\ vaine, Of the Bethlehem Company: w.
w. Green. experimenting the Mercan-
n tile Trust Company, OF New York. and
f. d. Pollock, representing G. r. Shell
don, purchaser and chairman OF the re-
organization company.
a At the opening proceedings Mr.. VIM
chester stated the terms Of the sale and
the order of the court was read There
was but one bidder on each parcel, he
4 I.rf.
X lock on the first parcel bid $55O, 600. and
p rendered a certified check OF Sal. 900
n drawn on the Morgan Trust Company
r of New York as a guarantee Of good
n faith. On the second parcel. as per re-
4 quirement Mr.. Pollock rendered a GER
q tilted check Of s27 900 on the same firm
l. and extended a bid OF S135. 200. There
y being no other proposals Mr.. Winches-
{ ter declared the sale closed and proper
= papers were drawn up.
i- Mr.. sohwab's Statement.
After adjournment OF the sale Mr..
y Schwab stated to the press that he
> looked over the plant and was much
G pleased with its conditions. That
David c. Reed viii continue as presi-
= dent OF the local organization and that
,r II he gave his ability to make this a
n great and successful operating plant
M that the Bethlehem Company would
n, furnish the necessary capital "We
i want the hearty cooperation OF the
- citizens OF Wilmington" said Mr..
Schwab, 'as no concern Of this magnl-
- tude can operate successfully without
u, such cooperation. We will pay any
" and an debts contracted in a business
way and we intend TO go ahead. and do
business Mr.. Reed is boss and will
run the plant in his own way and we
Task your citizens 20 help him."
The Bethlehem Company will be the
Company but the local company. as is
IN the case Of all other individual COM
Il puiies. viii operate separately Since
Mr.. Reed has had charge OF the local
plant his earnest and conscientious en-
.et deavors to run the concern on a busi-
w ness basis has been much appreciated
NJ by the operating company and bench
4. his retention as president OF the plant
NJ under the probable new name OF This
ic Bethlehem Company"
ST Conference in Philadelphia.
Prior to Mr.. Schwab's arrival in this
sity he held conference In the Belle
Of vue- Stratford Hotel in Philadelphia
Us with sylvester Fish president Of the
in Illinois Central Railroad Company
he The result Of the sale means much to
,u Wilmington as when running on full
r. time thousands OF dollars are paid out
~ weekly, q greater portion Of which is
m spent in this city. The firm at pres
IA ent has many large contracts under
re consideration which viii now be taken
no up and carried out.