The article is devoted to the study of problems associated with the penetration of state capitalism into the armored shipbuilding of Russia. Issues relating to the transfer of the private Baltic Foundry, Mechanical and Construction Plant in Chekushi to the treasury at the end of the 19th century are considered. The article examines the following problems: was the state intervention forced, due to the inability of the business to ensure the competitiveness of the products (in terms of quality and value)? Could the state manage property more effectively than private entrepreneurs? Was there an attempt to establish monopoly control over the market by entities that had ties in government spheres that were financially interested in the redistribution of property? The process of bankruptcy of the private enterprise of T. Carr and M. Macpherson, who occupied the leading positions in the iron shipbuilding of Russia at the end of the 19th century, was considered. The mechanism of acquiring strategic, from the point of view of the security of the country sea borders, a shipbuilding and a mechanical plant through fictitious persons in joint ownership by officials of the Maritime Department and subjects of the British Empire are analyzed. Also, the reasons for the financial catastrophe and the taking of an important plant for the Russian Navy under state control are examined. The procedure and reasons that prompted the Maritime Ministry to purchase its shares from the founders of the company are described. The organization of a state-owned enterprise, but working on commercial principles, deserves attention.