For ed a century their gates.
years those grass-grown, made Philadelphians melan-attempts were made to re-four failed. Not even thipyard practical capacity, the idleness of Cramp's six ways, huge gantries, echoing shops and found: ics could not continue.
With Navy support, the chief owers of Cramp's—Harriman interests, holders of over 90 per mortgages—got under way. Tall gages ($5,338,000, including interest) will be exchanged for about 100,000 shares of common stock in à new Cramp's Shipbuilding Ca. Another 1 shares will be publicly sold to rais-$1,000,000 in working capital and the Government is expected to loan $5,000,000 or more for rehabilitation, Recently the new management was named. Mr. Ripley, as chairman, it includes as president bald, Annapolis-educated Industrial Engineer James Reed, who managed chief Commander Ralph D. Weyerbacher as vice-president and general manager, and H. Birchard Taylor, great grandson of William as vice president. recent sheriff's sale in Philadelphia yard in Amferica changed hands.
Minor financial detail yet to be. elled, the clangoür of riveting tools on-are was still weeks away. But ready had a firm Navy promise for $100,00,000 in orders for cruisers,
Text read from the printed page and cleaned; old type leaves the occasional error.