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...west bank of the broad estuary of the Kennebec River is Bath, Me., "City of Ships." There in 1607 was launched the first ship built in North America. There Jonathan Philbrook gained immortality by building the first schooner. There for more than a century was the centre of the U. S. shipbuilding industry. But in Bath today there is only one active shipyard-the famed Bath Iron Works. Hitherto a tightly-held little company, Bath Iron Works last week became a publicly-owned corporation. A banking group headed by Manhattan's Hemphill, Noyes & Co. offered 50,000 shares...

Author: /time Magazine | Title: Business: Public Bath | 11/23/1936 | See Source »

Founded in 1889 by Maine's General Thomas Worcester Hyde, Bath Iron Works has had an erratic record. It nearly went under in 1895 when an experimental armored ram built for the Navy failed to develop the speed required. The firm was saved by a special Act of Congress which authorized the craft's acceptance on the ground that the builders were not responsible for its deficiencies. A few years later Bath Iron Works was sold to Charles Michael Schwab's U. S. Shipbuilding Co., which sold it back to General Hyde...

Author: /time Magazine | Title: Business: Public Bath | 11/23/1936 | See Source »

...Bath Iron Works's 1927 rejuvenation coincided with the lushest yacht-building era in U. S. history. First big contract was a 240-ft. job for Ernest Blaney Dane of Brookline, Mass. Hiram Edward Manville's 266-ft. Hi-Esmaro was built by Bath Iron Works. So was Hugh Joseph Chisholm's 244-ft. Aras and Eldridge Reeves Johnson's 279-ft. Caroline. Biggest yacht contract Bath Iron Works ever got was for J. P. Morgan's fourth Corsair, which was launched in the dark days of 1930 amid a fusillade of anonymous letters threatening...

Author: /time Magazine | Title: Business: Public Bath | 11/23/1936 | See Source »

Only yacht on the Bath Iron Works future books at present is Harold Stirling Vanderbilt's new America's Cup defense candidate, the keel of which was poured last week. With the passing of the golden days of yacht building, Bath Iron Works struggled along with Coast Guard and Lighthouse Service contracts together with an occasional commercial job until President Newell learned how to get Navy work in 1932. Since then Bath Iron Works has delivered three destroyers including the Lamson, now the fastest ship in the U. S. Navy. Navy Department contracts account for more than...

Author: /time Magazine | Title: Business: Public Bath | 11/23/1936 | See Source »

Navy work, though the profits are now limited to 10%, is considerably more satisfactory than commercial shipbuilding, which often shows a loss. In 1933 Bath Iron Works reported earnings of less than $19,000. Last year it showed a profit...

Author: /time Magazine | Title: Business: Public Bath | 11/23/1936 | See Source »

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