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
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.