The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1904-09-27

! said to be in favor of placing all
| Government contracts with the yards
| that 1t will control on the Atlantic
\ side. This allegation does not meet
| with denial from the "reorganized
! company"-in fact, the principals in
/ the sale and purchase have little to
| say regarding the future use of the
! plant except to acknowledge that the
| shipyards are to be used for general
! ship-building purposes" The story
of the sale is, in short, that the
United States Ship-building Company,
having been driven out of business by
/ the Federal courts, has reorganized
under new laws discovered by the
corporations attorneys, and stands to-
day exactly where it stood before the
sales of the combined properties were
ordered, with the exception that the
small stockholder will have been
paid off for his share in the concern
and the combined plants will be oper-
ated at will by the "reorganized COM
pany."
Henry T. Scott and the present man
ayers of the plant will be retained in
their positions for at least a year and
this may be continued indefinitely.
Just what arrangement Mr.. Scott has
made with the Schwab interests is a
secret of the one-bid deal that took
place yesterday at noon.
w men Tie MDlSllc
Receiver James Smith Jr., staid and
we'll dressed, seated himself in chair
in front of the Twentieth-street office
of the iron works. Charles NJ.
Schwab, transformations as a school
boy, sat opposite the receiver and kept
his head turned from the crowd of
several hundred that had gathered to
listen to James Deignan, attorney for
the receiver, read the order of sale.
ID l. NJ.
long before the announcement was
made that bids would be accepted the
report was current that Scott had
withdrawn and would not put in a
bid. This proved to be true.
AUCTION BEGINS.
Gentlemen" commenced Receiver
Smith, adjusting his tall hat ana
glancing over the sea of faces, streaked
with the stains of honest toll and grim
ming with an outward appreciation of
the humor of the situation; gentle
men, 1t will be necessary for all who
wish to bid to deposit for the first
parcel, which is the land, good will,
bonds and such property as has been
iIemized in the advertised notice"
There was profound silence for a
few minutes, then F. D. Pollock, at
torney for the reorganization commit
tee. broke it by saying: ION behalf of
the reorganized company I tender a
certified check for $105,000, as per
requirement of the court, as a deposit
in guarantee"
The receiver then asked if any more
gentlemen in the audience desired to
deposit a similar check and a litter
from the crowd of workmen showed
that they were aware of the presence
of very limited number of million.
aires.
All eyes turned toward Mr.. Scott,
but he got behind the corner of the
building and could neither be heard
nor seen.
Mr.. Pollock, on behalf of George r.
Sheldon of the reorganized committee,
said that he was authorized to bid
s1,400,000 for the plant property as
described in the first parcel. No other
gentleman being present who felt like
making an investment that would go
this a few thousands better, the bid
went unchallenged.
BIG SUMS PASS.
The second parcel, consisting of per-
sonal property, was knocked down to
Mr.. Pollock in the manner heretofore
described. The total sum paid was
81, zoo. 900, which was the minimum price
named for which the plant should be
scld by Judge tanning of New Jersey