The Maritime History of the Great Lakes
Northern Navigation Co. Ltd.
Publication:
The Railway and Marine World (Toronto, ON), April 1911, p. 379


Description
Full Text

Very full particulars of the terms under

which Jas. Playfair, of Midland,

Ont., and his associates proposed to acquire

control of this company, which has

its headquarters at Collingwood. Ont.,

were given in our last issue. The offer

of 125 for the stock met with the approval

of a considerable majority of the

shareholders. On March 12 some 7,600

shares out of 10,000 had been deposited

in the bank in accordance with the

offer, and the buyers had in addition secured

considerable stock by buying in

the market, so that they now have control

of over 90% of the total capital.

Cheques for the stock deposited in the

bank were mailed to the shareholders

March 20, with interest at 6% on par

value from Dec 31 to Mar. 18. Some of

the shareholders have objected to interest

being paid only on the par value of

the stock, as the N.N. Co.'s directors'

circular apprising them of Mr. Playfair's

offer and advising its acceptance said

that it was at "the uniform price of

$125 per share, together with interest

thereon at the rate of 6% from Dec. 31,

1910, to date of payment." We understand

that the balance of interest on

$125, instead of $100, is to be paid.

The last list of shareholders prepared

on Jan. 16 showed a total of 358 shareholders.

The directors' holdings were as

follows:— W. J. Sheppard, President, 270

shares: H. Y. Telfer, Vice President, 85;

C. E. Stephens, Secretary Treasurer, 40;

H. B. Smith, 100: F. A. Lott. 77; C. D.

Warren, 20: Hon. J. S. Hendrie, 50; W.

D. Matthews, 40; W. E. Davis. 10. The

Manager, H. H. Gildersleeve, held 190.

The following were the other principal

individual holdings of 100 shares and

over, the addresses being Toronto, unless

otherwise mentioned:— Estate H. C.

Hammond, 350; S. F. McKinnon, 200;

W. H. Knowlton. 198; Jas. Henderson,

100; E. W. Langley, 100; E. B. Osier,

100; F. F. Telfer, Collingwood, 100; R.

W. Leonard, St. Catharines, 100; T. McNamara, Peterboro, 100.

The brokers and banks having 100

shares in their names were:— Osler and

Hammond, 742; Colonial Investment and

Trust Co., 724: Bank of Nova Scotia,

185; Imperial Bank, 158: National Trust

Co. 137: Union Bank. 136; Manufacturers Life Assurance Co., 115; Bank of

Hamilton, 100; Merchants. Bank, 100.

At a meeting of the N.N. Co.'s board

in Toronto. Mar. 24, all the directors retired

except W. E. Davis. P.T.M. Grand

Trunk Ry., and H. B. Smith, Owen

Sound, and it having been decided to increase

the directorate from 10 to 11, the

following were also elected:— President,

Jas. Playfair. Midland, Ont.; Vice President,

J. R. Binning, Manager Furness,

Withy and Co.. Ltd.. Montreal; Secreiry,

F. A. Magee. Hamilton, Ont, Other

directors: J. E. Dalrymple, Assistant

Freight Traffic Manager, G.T.P.R., Winnipeg;

E. Bristol. M.P., Toronto; W. G.

Morden, director Canada Securities Corporation,

Montreal: T. P. Birchall, General

Manager Canada Securities Corporation,

Montreal; H. W. Richardson, vessel

owner, Kingston, Ont.; F. F. Pardee,

M.P. Sarnia, Ont. H. H. Gildersleeve

was reappointed Manager, and C. A.

Macdonald, heretofore Assistant Manager,

was appointed Treasurer and Assistant

Manager.

It was decided to invite tenders for

an additional vessel to comply with the

G.T.R. Co.'s request that another one

of the Hamonic type be place[d] on the

Lake Huron-Lake Superior run.

As stated in our last issue, Lord Furness.

of Furness, Withy and Co., is

largely interested in the purchase of the

N.N. Co.'s stock, and the others associated

in it with Mr. Playfair are principally

in Montreal. The financial arrangements

were carried through by the

Canada Securities Corporation.

While a merger between the Northern

Navigation Co. and the Inland Lines

Ltd.. of which Mr. Playfair is President,

has been discussed, nothing appears to

have been definitely settled, but it is

probable that a holding company to control

them may be decided on. In this

connection a larger merger, to include

the Richelieu and Ontario Navigation

Co., is also much talked of.


Media Type:
Text
Newspaper
Item Type:
Clippings
Date of Original:
April 1911
Language of Item:
English
Copyright Statement:
Public domain: Copyright has expired according to the applicable Canadian or American laws. No restrictions on use.
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Northern Navigation Co. Ltd.