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A rather unusual situation developed in the stock transfer. There was no need to underwrite the stock as it was all taken up by the old companies. The greatest difficult encountered by officials of the old companies was to avoid making enemies because of their inability to distribute any great part of the stock. Stock prices could have mushroomed, as management of the separate plants was to remain with those individuals responsible for their development. The American Ship Building Company, organized under New Jersey laws, had an authorized capital of' $30 million, which was divided into 150,000 shares of preferred and 150,000 shares of common stock (par value $100).2 The actual capital was only $14 million, of which $7 million was common stock. The $7 million non-cumulative 7% preferred stock, which represented the values of the several plants, was the main feature of capital, actually paid up at full value. The $7 million of common stock was distributed at $20 per share, a share of common stock with a share of preferred stock, the fund thus derived being used as working capital. The non-cumulative dividend feature meant that if the 7% dividend was not earned, it would not be paid on the preferred stock, thus making the common stock the more valuable of the two.3 This was considered conservative even in 1899. Shipyards included in the merger were the American Steel Barge Company (Superior, Wisconsin), Milwaukee Dry Dock Company, Chicago Ship Building Company, Detroit Dry Dock Company, Cleveland Ship Building Company (with plants at Cleveland and Lorain), Globe Iron Works, and Ship Owners' Dry Dock Company (the last two named at Cleveland). The only major steel shipbuilding yards on the Great Lakes not included in the merger were F. W. Wheeler and Company at West Bay City, Michigan, Craig Ship Building Company at Toledo, and the Buffalo Dry Dock Company at Buffalo, New York. The latter firm did not join only because of corporate legalities involved as it was owned by the Erie Railroad. Its position was clearly defined, however, in the operations of the American Ship Building Company. The most valuable acquisition was the Detroit Dry Dock Company whose value was set at $1,428,000, largely because of the value of property fronting the Detroit River.4 The Cleveland Ship Building Company, including both plants, was valued at over a million dollars.5 The American Steel Barge Company's value was set at $1 million, Milwaukee Dry Dock at $413,000, and Chicago Ship Building at $450,000.6 The transaction concerning the Milwaukee firm was held up temporarily when it was learned that the Goodrich Transit Company of Chicago held a judgement of $10,000 against the firm, and that there were several other 100