New-York tribune., 1919-08-02
Cramps Disclaim
Interest i'm Am.
Ship & Commerce
Directors Tell Shareholders
There Is No Obligation to
Exchange Stock; Majority
Deposited, Trimble Saws

Directors of the William Cramp &
Sons Ship and Engine Building Com
pany in communication to steck
holders, made public yesterday, stated
that there is no official KNOWLEDGE of
the affairs of the American Ship
and Commerce Corporation other
than the circulars Of said cor
poration." The latter company was
organized recently by the major
lty stockholders OF the Cramp concern
ana ITS shares are currently traded
IN on the New York curb market. In
addlIlon to dlsclaiming any interest in
Ihe aHairs OF the new company, the
circular of the Cramp directors said:
AS numerous inquiries have been
received by the officers and direct tors
OF your company as to what relation it
holds to the American Ship and Com
merce Corporation your directors have
instructed the secretary to notify eacn
stockholder as follows:
Voting Trust Until 1923
"That the stock of the company is
deposited under voting trust that
does not expire until July |, 1928
THAT both the board and the voting
trustees believe it is to the best inter-
est of the company that the present
management be continued
That no corporate action is REQUIRED
or contemplated by the Cramp com
pany.
That even though certain sharehold-
ers OF Cramps Interested in the Ameri-
can Snip and Commerce Corporation
may deposit their shares with such new
company there is no obligation on the
ch \,
change his shares
THAT the business of the company is
very satisfactory; it is the intention
OF the board of directors and the yot-
ing trustees to continue their efforts
in the interest of the shareholders"
In reply to the circular of the Cramp
directors j. X. Trimble, vice president
OF the American Ship and Commerce
Corporation and of Chandler g. Co.
lthe latter firm was interested in the
Notation of the new company's stock),
stated:
The offer by the American Ship
and Commerce Corporation to the
shareholders of the Cramp shipbuild-
ing company to exchange five shares
of its stock for one of Cramps, which
offer has been accepted by a majority
OF Cramps shareholders, has been left
open for limited time for the
minority on the same terms as offered
the, majority holders. This option of
exchange, as announced, expires at the
close of business Monday, August 4.
NO change is contemplated by the
new interests in the operating manage
ment or the Cramp company, which
is eminently satisfactory to all. The
voting trust expires by limitation in
1923, and was established in 1903 to
protect the holders of s5,000,O0O twen-
ty-year serial notes, of which only
S1l6,000 remain unpaid, and these are
subject to call at 1921. The majority
share ownership of the Cramp COM
pany is prepared to provide for the
payment of S4760OO notes at 1922 by
the purchase of the collateral S per
cent bonds held as collateral there
for, at the same price Of 1924, avoid
ing any expense to the corporation
and fulfilling the mission of the voting
trust.
See No Cause for Conflict
"The new interests see no cause for
conflict between the shareholders and
the voting trustees, all questions rest
ing upon fair regard to the real
oWnershlp of the property and recog
milton of the service rendered to the
property by the voting trustees"
AT the time of the organization of
the American Ship and Commerce
Corporation it was announced that it
had been incorporated under the laws
of Delaware with a capital Of 1.500,-
600 no par value shares to acquire
"at least majority" OF the William
Cramp e. Sons Ship and Engine Build
ing Company outstanding stock or
voting trust certificates, and 10000
shares of the no par capital voting
stock of the new Kerr NAVIGATION COM
pany and 100000 shares of non-voting
stock. The Kerr company operates
ships formerly owned by Austria.