He later explained that with over $500,000 tied up in the four uncompleted U.S Navy ships he was unable to raise the necessary loans to continue in business .
The four uncompleted U.S Navy ships 's contracts might be declared void at any time .
He later explained that with over $500,000 tied up in the four uncompleted U.S Navy ships , whose contracts might be declared void at any time , he was unable to raise the necessary loans to continue in business .