Show RUIN BY WORK t yew york nov as the fact that i the credit of the shipbuilding industry has been completely destroyed by recent regarding the promotion of the united states shipbuilding company i given aa one of the principal reason for the closing of the townsand downey shipyards at shooters island in a statement issued today by wallace downey president of alie company the statement follows the temporary embarrassment of the shipbuilding company is directly the result of losses and klevay in performing contracts incurred through the abominable condition the labor and metal mar nn g the last two years the exorbitant demands for workmen and restriction of kalua of work done added t the impossibility of securing promptly from steel manufacturers ra material for ship construction has rendered it impossible to operate to advantage these difficulties anil the fact that tho credit of the shipbuilding industry has been completely destroyed by secret revelations ve regarding the promotion of the united states shipbuilding company have for a time prevented the carrying out of the plans of this company the company has a valuable property ind a modernly equipped plant for shipbuilding dry docking and ship epa iriny and after adjustment ofa present difficulties will undoubtedly resume business |