The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-08-02
OLD MANAGEMENT
OF CRAMPS STAYS
American Ship and Commerce
Corporation to Act Only
as Holding Company.

In a circular letter sent to the stock.
holders of the Cramp q Sons Ship and
Engine Building Company yesterday the
management Of the company advised
shareholders that the present manage
ment OF the company IL to be continued
by the voting trust, Notwithstanding the
acquisition Of a majority interest in the
company by newly organized concern
known as the American Ship and Com
merce Corporation, which will act as a
holding company. The American Ship
and Commerce Corporation was organ
lied q short time ago by local financial
interests. with Chandler q Co. at the
head Of the syndicate which handled the
deal. A majority OF the shares of the
Cramp company were purchased and the
Ship and Commerce corporation offered
other Cramp shareholders the right to
exchange a Cramp share for Ave shares
OF the new holding company.
"As numerous inquiries have been re-
ceived by the officers and directors of
your company as to what relation Il
holds to the American Ship and Com
merce Corporation" the circular letter
to the Cramp stockholders reads. 'your
directors have instructed the secretary
to notify each stakeholder as follows :
That the stock of the company is de-
posted under a voting trust that does
not expire until July /. 1923. That the
board and the voting trustees believe 1t
Is to the best interest of the company
that the present management be con-
tinued. That there Is no official knowl-
edge Of the affairs AZ the American Ship
and Commerce Corporation other than
the circulars of said corporation. That
no corporate action Is required or con-
templated by the Cramp company. That
A.4x al r%f Hr-ap 40
interested in the American Ship and
Commerce Corporation may deposit their
shares with such new company. there is
no obligation on the part Of any Cramp
shareholder to exchange his shares.
That the business Of the company lie very
satisfactory It Is the intention of the
board of directors and voting trustees to
continue their efforts in the interests
OF the shareholders"
J.. X Trimble, vice-president of the
American Ship and Commerce Corpora
ton and a member of the firm OF Chan
dler q Co., when told what were the
contents OF the Cramp arrangements
letter, issued a statement setting forth
that his company had no desire and no
idea OF changing the management of the
Cramp corporation. He declared that the
holding company. the American Slip and
Commerce Corporation, was satisfied en-
tirely with the management as consti-
tuted and that they felt excellent results
In earnings could be obtained IL that
management was continued.
'gThe offer by the American Ship and
Commerce Corporation" Mr.. Trimble
said, "to the share holders of the Cramp
shipbuilding company to exchange fve
shares Of its stock for one of Cramps,
which offer has been accepted by ma
iority Of Cramps share holders, has been
left open for limited time for the
minority on the terms offered majority
holders This option OF exchange as an
nounced expires at the close OF business
on August 4.
NO change is contemplated by the
now interests in the operating manage
ment Of the Cramp company, which Is
eminently satisfactory to all. The vot-
ing trust expires by limitation in 1923
and was established in 1903 to protect
the holders Of S5,000,000 twenty year
serial notes, of which only s476,000 re-
main unpaid and these are subject to
call at 1924. The majority share own
ership Of the Cramp company Is pre-
pared to provide for the payment OF
s47s. 600 notes at 1924 by the purchase
of the collateral 8 per cent. bonds, held
AZ collateral therefor. at 102 ~ avoid
ing any expense to the corporation and
fulfilling the mission OF the voting trust.
THE new interests see no cause for
conflict between the share holders and
the voting trustees, all Questions resting
ON a fair regard TO the real ownership
OF the property and recognition of the
services rendered to the property by the
voting trustees"