The labor journal. [volume] (Everett, Wash.) 1909-1976, 1921-07-15
NORWAY-PACIFIC
SHIPYARD CASE

The shipyard case in the superior
court has been postponed to Au-
gust %. The Herald of last Tues
day says:
On an affidavit including a let
ter from NJ f. Barham, receiver OF
the Norway-Pa Construction d
Dry Dock Company, which gives
new hope of an early financial set
Element to put the Everett yards IN
operation, the suit in superior court
contesting for the possession OF the
properties here was this afternoon
postponed until August %.
Hearing was before Judge Guy
/ c. Aston and the affidavit was
presented by GASEOUS Gates of a
firm of attorneys in Seattle which
represents the shipyard company in
the suit begun by the Robinson
Manufacturing Company against
the shipyard firm year ago this
spring, which has resolved itself
into a fight for possession of the
land and buildings here. The Ever
EFT Improvement Company, Clark
Nickerson Company and Stuart
Land Company are chief partici-
pants in the action.
The affidavit was introduced in
motion for the postponement of
the case which had been set for
July IA, and the major part of the
affidavit is letter from Mr..
Barham written in New York City
and dated July g.
That there has been effected a
combination Of capital with extern
sive control of foreign oil fields
and hundreds of millions in capital
which is interested in the proposed
construction of six oil tankers in
the Everett yards is stated in the
letter, which adds land only with
in the past few weeks has there
been any evidence of a sufficient
restoration of confidence in the bus
mess world which it is anticipated
will lead to a gradual restoration
of normal business conditions"
Grounds for granting postpone
ment of the suit are itemized as
follows in the letter of Mr.. Bar
ham:
/. The shipyard property has
been kept intact by the receiver and
is now covered by policy of $780,
600 fire insurance.
2. The verified claims of credit
ors Of the company are in excess of
81 100000 and are on file with the
receiver.
3. Consent of creditors repre-
senting 95 per cent of the claims
are filed with the receiver and have
been the basis of action of the
court leading to the acceptance of
the International Charterers Cor
poration and Atlantic & Pacific
Shipbuilding Company contracts for
the construction of six oil tankers
at total of 100000 at the Ev-
erett yards.
A.. Negotiations have been con-
tinued since November, 1920, to fl
nance this, but have been unsuc-
cessful hitherto due to the condi-
ton of international and political
matters and the close financial con-
ditions in the United States and
elsewhere. But recently an easing
of these conditions has appeared
(which it is anticipated will lead to
a gradual restoration of normal con-
ditions."
5. There are nearly 1000 stock
holders with a total investment of
about $1,O0O,000 in the yards, which
are tangible property worth about
81 100000. The shipyard operation
would benefit Everett and the ship
industry in the Northwest.
6. The recent change in finan-
cial conditions has lead to the Gre
alton of a combination of "Amer-
lea, political and financial and oil
interests" representing millions and
controlling extensive oil interests in
the entire world and the receiver
"has every reason to believe that
within a very little time only suf-
ficient to complete the intricate le-
gal and financial arrangements in
volved, payment will be made and
authority given which will be sat
isfactory to the creditors of the es-
tate and the people of Everett"
7. The companies contesting in
the suit will have their claims sat
iSfactOrilv adiuSted