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unsettled claims against them. W. E. Fitzgerald, along with Andrew M. Joys, resolved the matter by signing a penal bond of $60,000.7 In the election of officers, held on April 18, l899, W. L. Brown became president; Robert L. Ireland, vice-president; James C. Wallace, general manager; and Russell C. Wetmore, secretary and treasurer. An executive committee and a board of directors was also elected. The function of the executive committee was to advise and aid the officers, and, when the board of directors was not in session, the executive committee had the same power as the board of directors to render decisions and make policy concerning the company.8 The chairman of the board, president, and seven directors composed this committee. This committee would meet at regular intervals or at the notice of any of its members. Thus it actually became more powerful than the board of directors. The first executive committee was composed of all of the officers, plus Alexander McVittie, Colgate Hoyt, and Luther Allen. In June, 1899, American Ship Building added still another shipyard to their holdings. In 1898, F. W. Wheeler and Company had financial difficulties brought on by prolonged labor troubles. They were unable to complete a contract for two steel barges being built for the Rockefeller interests. American Ship Building Company sent W. E. Fitzgerald to supervise their completion. Wheeler built one more vessel, then in 1899 had more financial troubles. They offered to sell their plant and facilities to American Ship Building for $600,000 worth of preferred stock and a like amount of common stock in American Ship Building, plus $3,729. Wheeler would also add $120,000 to his real holdings.9 American Ship Building officials agreed to the transaction, and in 1899 the West Bay City Ship Building Company was organized with a capital stock of $500,000.10 Frank Jeffreys was hired as the superintendent. In April 1900, negotiations were opened with Mr. Edward Smith, president of the Buffalo Dry Dock Company. Smith offered to sell or transfer 2,000 shares of preferred stock and 2,250 shares of common stock of the Buffalo firm, plus $2,200 in cash, for 3,000 shares of American Ship Building Company preferred stock and $6,250 in cash. Smith's offer also included 1,500 shares of Buffalo Dry Dock preferred stock in its treasury, plus all of its assets and liabilities.11 In November 1900, an agreement was made with the Erie Railroad by which American Ship Building secured a ten-year lease, with the privilege of renewing the lease for another ten years. They also agreed to an annual rental of 4-1/2% in a fixed valuation of $540,000, with an option to buy the property at that price at any time during the lease period. American Ship Building also agreed to give 101