Daily press. [volume] (Newport News, Va.) 1896-current, 1905-08-13

les under the. will of Jacob G. Neahc.
| we are evon more lleenly interested
in having the Neafic & Levy receiver
| ship wisely AMI economically admin
istcred than are you. because we, the
| stockholders. get nothing until YOU,
are paid in full
I'VE attended the meetings of ere.
| ditprs en- July II. IL seems to us tho
important thing To he discussed ther,
was not SO much wciller the compare
| lively small compensation paid your
| advisory committee was legal OF not.
hut rather the qualifications of yuul
| receivers, the cost and character of
your rccelvcrship.
Each OF the receivers gets l5,OUC
| per annum for his services. OF one of
Them Mr.. Bell, and the services rem.
dcred by him VIC KNOW nothing except
! that he has no practical knowledge
of shipyar,is, that he does not make
contracts. nor hire nor discharge men.
nor work in the office His services.
must therefore he advisory. or in tho
way Of securing financial assistance
| They may be valuable. but we should
he more comfortable il you would cs
certain what they really are and
whether they are worth sI5 1000 or not
/ Va ti'C pthNl ittNiNcl, MI. oIlltu, VIC
unfortunately know more. In lSgS Inc
agreed to buy the Neafic stock-a con
trolling interest In the concrrn--antl
pay for it, the stock being pledged NJ.
collateral for the performance of hi.
agreement. He at once became man
ngcr OF the company anil is responsible
for its subsequent career
| Under his management the ware
built three torpedo boat destroycrs
| losing some S300.000 on the three: il
built the cruiser Denver, the speed %
which Mr.. Smith voluntarily agrees!
to make faster than government re.
quiremcnts. and lost on her some
500. 900, partly at least because Mr.
| Smith could not make her come III,
to speed requirements. 1t did worl;
for the Holden Rcgcalcd Ice and Ma
chine Company. an experimental con,
| Germ with no credit, AMI uf which,
Smith WAS Vicc-Prcsidcnt Frank J
Mcdonald, secretary of Ncalic K Levy,
secretary and treasurer, and Mntliu.;
Scddingcr, president of Neafie & Levy
one Of the directors. The Holder,
| Company now owes NcaGc G. Lazy. II
the books Of the latter company are
correct, some $4,000, and no effort ii
being made to collect from Smith. Sctl
dinger, or Mcdonald personally
Mr. Smith thought new marine
railway was necessary at the Ncaiie
Il Levy yard. To build this railway
he purchased and paid for some $50.
900 worth Of material and mover usc;l
] 1t. He now thinks dry dock woul
he moro desirable than the railway
lie built Il yacht. the Josephine. which
was Ia have had n drought of ri fec
Il inches. When launched she dru,p
so much water forward that her sill.
| lights had 10 he plugged mp, and her
| finished drauglit WAS - feet forwar
and II feet aft! But enough OF details;
During all this period of brilliant
achievements NCallic Il Levy paid Nr
Smith Il salary Of Sl5,D00 per annuin
and paid dividends ON its stock. hor.
| rowing money wherever il could b.
pledting accounts as collateral ana
/ taking other AZ desperate measure"
tn raise money for running expense.
! Finally. it declared Il dividend whi:!
: 1t could not pay; then came the r.
| ownership!
Whether the stock, for a majorit,
of which Mr.. Smith agreed To pay nn
in lS9S. is now worth anything is
doubtful the good name OF the van
| - SUM, iS ItliIltllOu Is IulHtu. tIl1
it has moi Il single boat. except the u
s. cruiscr ST. Louis. in course of con
siruction. Surely Mr.. Smith should Lc
crowned with laurel. And he is yet r.
ccivcr. Your receiver
| You complain of the advisory corr
mittce being paid hy Mr.. Grange. The y
We're not pail by Grange. hut by lit
! receivers Of whom Smith was one
ana possibly their counsel who. by the
! way was member OF the board al
| directors during Smiths career. ar,
to blame. Smith is TO blame.
Is it wise, is ii safe. TO let him coil
tinuc ms receiver? Will not you Sc
the creditors together and sec if any
| thing can lie done to save what Smit,
has left from destruction?
LAWRENCE II. LEVY,
MAN l.. MITCHELL,
ATTORNEYS for Mary L. Whitaker and
Others"