“IRON WORKS UNIT TO HOLD INTEREST IN TUNA CLIPPERS (San Diego) – Formation of NATIONAL TUNA CLIPPERS, INC., a subsidiary of National Iron Works (later aka. N.A.S.S.C.O. – ed.), was announced today by C. ARNHOLT SMITH, President of the parent firm. The new organization, Smith said, is designed to enlarge the base of N.I.W.’s diversified operations by securing *PART OWNERSHIP* in tuna fishing vessels.
The new corporation will have an authorized capital of $1,000,000 (equivalent to $10,772,000 nowadays – ed.) of common stock and $1,000,000 of 6% preferred stock. National Iron Works is slated to own the outstanding common stock, which it will receive in part for its interests in three tuna clippers scheduled for early launching.
National Tuna Clippers, Inc., plans to sell $300,000 worth of its preferred stock to pay partly for the firm’s 70% interest in the vessel ‘CAROL VIRGINIA’, and to finance the purchase of a major interest in another new vessel, the keel for which will be laid in the N.I.W. shipyard early next year.”
(*Source: Los Angeles Times newspaper – November 20, 1948 – Pg. )