New-York tribune., 1905-03-06
NEW FISHERIES COMPANY.
SYNDICATE FORMS 1T.
Property of Bankrupt Pacific Pack
ing Concern Is Used.

The creditors OF the Pacific Packing and Naviga
ton Company probably will be interested in know
ing that while reorganization has been effected
and therefore the position Of the stockholders Is
not changed II is believed that the creditors have
been materially benefited by the action which has
been taken since the receivers auction sale al
Belingham Wash. February L. The Pacih
Packing and Navigation Company owned anc
operated canneries in Alaska and also on Puget
Sound and elsewhere. The receivers OF the bank
rupt company obtained from the court leave 70
sell various Items on the schedules at private sale
and operated some Of the canneries during their
administration. but had not disposed OF the
product. The bulk OF the Indebtedness is repre-
sented by the debenture bonds Of which sl25oO"
Is OUTSTANDING the aggregate Of the notes being
upward Of g coo 900.
In order to operate the canneries. the receivers
had issued receivers certificates. and in January
last they were confronted by the prospect OF haV-
ing 20 meet $50 Of their certificates February
/ 1906. with the bulk OF the pack for the last two
years unsod and means in sight OF raising
working capital continue the business during
the coming season. In these circumstances. the
public offering of the Alaskan cannerfes was made
on January % under the terms Of the original ana
amended DEGREES OF the court by which the proper
ties we're put up in three ways: First separately
then in combinations of canneries. and finally as
whole.
At the sale there was no hid for the property as
a whole. none on any combination OF canneTies ana
oniv one hid on a separste plant The Eastern
and II was impossible for the reorganization COM
enittee consisting OF George ". Fairchild. Craig
T7aveuever James Talcott. Rudolph H Kissel and
Clinton r Weeden. to secure from creditors enough
assents 10 their plan to warrant them In making
bid on the property on January % Western dealers.
who knew well the values Of the properties and
their earning power were also that the time
10 prepare for the summer fishing was at hand and
that every postDonement Of the sale made II less
likely that new capital would invest and run the
risk Of the short time allowed for preparation for
the 1905 catch and that probably the upset price
tuposed by the court would be entirely removed
and they would be enabled 10 pick up well equipped
canneries and Well known brands at bargain prices
and operate the properties in conjunction with
their business. without any considerable addluonal
investment and at very large profit
The sale was adjourned from January Is 20 Feb
r1arN ls A few days before the latter date James
6 Churchill who had been In the canning business
On the Pacific Coast. and Herbert l. 5atterlee be-
gan arrangements TO purchase the whole property
al the auction sale. They made conditional ar
rangenents 10 secure the services OF we'll known
expert in Alaska fishery matters as manager OF
any plants that might be bought. and an alliance
y1i*b John Rosene, president OF the Northwestern
Commercial Company, to operate the entire bust
ness and subscribe q substantial amount OF the
capital required.
AT the auction on February 13 the Fairchid
committee bid S203 900, and W. P. Hamilton. E. C.
Converse John Rosene and associates bid 305,OOO
On the whole property, all the Alaskan canneries
offered and their vessels boats and equipment, and
as this was the highest bid. 1t has been reported
To the court for confirmation. a syndicate was
tbereupon formed and the amount Of the bid and
yyorkue capital necessary for the approaching sea
son $500 900 was quickly underwritten and arrange
Nor vVestern Commercial Company TO outfit the
canneries and prosecute the business the DID