New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-31
NEW PLAN TO BE ISSUED
PROBABLY TOMORROW
Circulars Announcing Dissolution Of
Sheldon Syndicate.

Circulars announcing the dissolution OF the
Sheldon syndicate OF the United States Ship
building Company were received yesterday by
most OF the subscribers 70 the syndicate. which
expired by Limitation on Friday night. The cir
culars sent out 10 the majority OF the members
OF the syndicate were in form as follows
Dear Sir: Referring 70 the United States Ship
building Company Securities Syndicate agreement
dated October g. 1892, TO which you are a SUD
have paid 80 per cent Of yoar subscription, w
- tho syndicate nanasers beg TO advise yQH
that they prepared, IN accordance win
the terms Of saiI syndicate agreement, 10 deliver
s1lascri ptons REHABILITATION committee certificates
OF deposit for first mortgage per esnt slin6s
Company at $50 and accrued interest for each
500 bond With i've shares Of preferred stock anu
You accordingly entitled TO receive:
per. cent bonds: So par value in such certificates
fOrspreferred stock; s. par value in such certi-
These securities will be delivered 10 you at the
New-yorl civ upon presentation Of your paTtci-
patton certificate FOR Endorsement Of such delivery
As soon may be- the syndicate will be w ;,ni
up and dlsEibgtiqn made Of the assets remaining
GEORGE r. SHELDON.
THE NORTH AMERICAN COMPANY.
Syndicate Managers.
few Of the subscribers. who apparently have
not paid up all their assessments. received cir
culars differently worded from the foregoing. the
form OF one Of the notices to delinquent mem
bers being:
Dear SIR: Referring 10 the United states snip
building Company Securities Syndicate agreement,
dated October % 1902, which you a subscriber
not Vet paid the third call Of 20 per cent and the
fourth and fifth calls. each Of j. per cent aggre-
The ndie9s MANAGERS are gTsPadT;e cst nov sre in
ment. 10 deliver 10 the subscribers reorganization
committee certificates OF deposit for bonds and
stock of the United States Shipbullding Sompamy
which they entitled TO receive under the terms
:ou 10 make. without further delay the payments
which now in arrears on your subscription, IN
inent should he made at the Office Of city Trust
COMPANY No 26 Wall-st, and at the time + max
ing such payment your participation certificate
should be presented. in order that payment may be
Endorsed thereon.
1t is understood that a formal new plan is
about 10 be issued by the Sheldon reorganiza-
lion committee. and that it may be made public
tomorrow. There some intimations that
this plan would be put out without any attempt
TO get opposing interests to consent to it as
an offer TO holders Of Shipbuilding securities
which would be so liberal that interests Oppos-
ing it would put themselves in position open
10 criticism
There was a report yesterday that some Of the
members OF the syndicate would form a commit
tee to protest against the decision of the syndi-
cate managers TO give them reorganization com
nittee certificates of deposit for their securi-
tics. instead of the securities themselves. That
committee if formed. would according TO the
report, also demand accounting, holding that
a syndicate formed this one was is in reality
q cOpartnershiD, anG that members may call
for accoIntings. and. if they so desire, may
even apply for a receiver 20 take charge Of its
affairs
w. II. CRANBERRY. chairman of the commit
tee stock list of the New-York Stock EX-
change, when asked whether or not an investiga-
tiOn Of the United States Shipbuilding Company
had been set on foot by his committee, said: NO
inquiry into the United States Shipbuilding Com
panys affairs is now ia progress. As a COM
mitteeman I should very much deDrecate the
starting OF such an inquiry while the proceedings
before Special Examiner Olphant are in prog
ress"