The Cordova daily times., 1918-10-28

A. Mitchell Palmer. alien property custodian. announces that he has talk en over 19.900 of the 10000 shares of capital stock of the Bridgeport Pro jectile Co.,, of Bridgeport, Conn, and that this concern had reported to him other property of approximate value of s500,000 held by it for and in be- half of Germany. In making this an [ nounCement. Mir Palmer barred the eff forts of Count vOn Bernstorff, Dr. Al bert. Dr. Dernburg, Captain von Papen and other German propagandists to use the Bridgeport Projectile Co. to prevent the manufacture and shipment of arms and munitions to the allies.
 Result of Extended investigation.
 The taking over of the stock of the Bridgeport ProjeCtile Co., and the re- port by the company of the property owned by the German government, with the disclosures incident thereto. followed many months of persistent investigation by Francis P Garvan. director of the bureau of investiga. tion of the alien property custodian's office.
 MT. Garvan found that propaganda and crime having failed to prevent tn" manufacture and shipment of arms to our allies. the German pro- pagandists conceived the idea of pre- venting tn" shipments by creating an American corporation, apparently dominated and controlled by loyal American citizens, ostensibly for the purpose of engaging in the manufac- turc of munitions on an enormous scale. The real purpose was to ham. per and hinder, if not to prevent d. together, other American manufacture CTS from making munitions for what Germany then considered To be the probabl" duration of tn" war.
 Planned to "Corner" Supplies.
 II Wa~ planned to have this ,Drpor. ation buy mp ali the available supplies of powder hydraulic presses. anti mouy, and other supplies and mater 1 ials essential to the manufacture of munitions. The plan also n.olycI 1 'lr negotiation of contracts wI.h tho l allied governments to supply them l with materials of war apparently in l good faith but ill reality with no in. i tcntiou of fulfilling them
 Tn" ultimate expenditure of approx imately $lOOO0. .0OO for this purpose was contemplated. It was thought that the object sought was of sufIiGieEt importance to justify so large an ex, penditure.
 Germany furnished the Money. Mir. Garvan found that the German government had furnished the money with which the Bridgeport Projectile Co. acquired its land. erected its fac tory buildings. and fully equipped it's factories with machinery and certain materials; that the company had made d contract with the German agents not to sell any munitions to any coun- try with which Germany was at war;
 
 entire powder output of the Aetna Explosives Co.,, Inc. of January 1, 1916, for which approximately 5000. GOO was expended. These powder con advanced were returned to Germany. He also found that the company had contracted to manufacture for Ger many 2OOO,0 900 shrapnel cases, the ob- vious purpose of which was to furnish d plausible excuse for its purcha!e of powder, presses, etc. and that the company was in turn protected by the guaranty of the Guaranty Trust Co that it would meet its drafts properly signed to the extent of 5000, 900.
 Incorporated in Connecticut.
 George w. Hoadlcy an American citizen of Bridgeport, Conn, caused the Bridgeport Projectilc Co. to be in. Corporated under the laws of the State of Connecticut in 1915, with an au- thori2cd capital stock of $2.00O GOO. divided into 2O.O0O shares. each of the par value of $100. IIoadley had no financial resources. but all of this stock, except 10 qualifying directors shares, was issued to him. The Inn pcrial German government financed the enterprise and furnished the mon. ey with which the Bridgeport Projec- tile Co later acquired its land, erected 
 ped the factories with machinery and certain materials. The funds were provided by the Deutsche bank under negotiations conducted by Dr. Albert and Hugo Schmidt
 Contract for Shrapne Cases.