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Re board} Tee " viz . ANNUAL Signore Aaah AMERICAN cue SHIP. dee The annual meeting of te American Sehip Building Co. was held at Jersey Ci ity on Wednesday of this week. - Mr. James C. Wallace, president, 'submitted "to the stockholders the best 'report that the company has ever made, and 'at the "same time announced the closing of con- 'tracts for' 'eight steamers. 'statement | shows the company to be 'in The financial stronger condition than ever. The sur- plus . is $5, 098,168, in addition to which generous sums have been set aside, not only for depreciation 'and maintenance, but for special maintenance and rebuild- - ing. During the year the company 'com- pleted thirty steamers, and has already orders to construct. forty-two' for the next fiscal year. was never in better condition than now. No change was made in officérs: or in the board of directors. They 'are as fol- -Clows0 Wk Brown, chairman of 'The Ce "ae PP iaois "and = Property. as ee Pe ee wes eae ee Petitions: (tO; Plants < sys on a pa cant eee pees Material on hand (market valué) .....:........ Ncoounts. atid 'bills: receivable 2.4.0.5 cn cee ees + 'Due -uus.on construction contracts ss)... ¢ shee es Coen os. ens Pore ees ices ines 5 Sf ace : ae ee ons eieeis? LTA BILITIES, Capital stock, preferred: . .... 6.2. eee eee Rese. iSapieal stock, COMMON <2... 06k. ek. ee ue "Accounts. and bills payable 4.5. . dsesiee eas oye es Meebeine dot Maintenance 2.5 6.6 ee scat sale ws > Rrecetye fOr fire MMISUTANCe 2s. ws 8. beh seek ee ates eo ei cc ea ne eee: Sh ee Less: Miademd. preferred: . eel eee ee Spee eas - Depreciation and maintenance ....%.:. oe SARCOMMGINS "COCKS, CLC. 0. oe Bone cet ticie ene 8s PReserve for maintenance ...........- Rs eee a alee Tene 30. 1903) 2. A eG Less common dividend, 4 per cent ........-- ; ae manager, and Sais H. Hot gen- eral ,counsel..: aa . The report is -as follows: "The past year has been: a most suc- . cessful one the. company has had since its organization... A his; 'is due to the - fact; A. part,, that the tonnage. on the » lakes -is increasing in size, and also to - the -general prosperity that Ake. country ie enjoying: CAPITAL STOCK, Remains _ unchanged. "from, last year, : AUTHORIZED: oe Bios sei oes S ieetetrred .....:..- ie a BOO Common |. 08295 292 fx 183000,0005 OtAl ob een. ea ihsask. $30,000,000 The ~ company. certainly -- as bere ae andy ; ; = Two Dry Docks. on ACohstru fen Yard, eOne* Dry Dock. ea. Machine. Shop, ; a se Construction: Nard we Four 'Dry: Docks. "Construction Mande oe eee eee ee weer eens eee e wees eee eee ree eee eee oe THe Marine Review ISSUED: AAS Pretetred: vAGidy, Aaa OX $ Coes Common 3296s eid: PP es A IO ce ee $15, 500,000 : 'DIVIDENDS. Regillarly, quarterly 'dividends of one 'and three-quarters - per cent have been paid on the. preferred stock; and regu- 'larly quarterly dividends of one per cent have been paid on the common stock. PROPERTY OWNED AND CONTROLLED. CLEVELAND, OHIO. Construction Yard, Boiler Shops, - Machine Shops, Foundry. LORAIN. OHIO, Construction Yard, One Dry Dock, One Dry Dock : (under construction.) DETROIT, MICH.- Machine Shops, Boiler Shops, Foundry. Brass Works, 'Three Sy Docks, WYANDOTTE, MICH. Construction Yard, Machine. Shops. SUPERIOR, WIS. | 2>#; 2 y Machine, shop, CHICAGO, tk. Sek _ Machine Shop, MILW AU REE, WIS. "Two. Dey Docks BUFFALO, N. Wie Machine Shop, "WEST BAY CITY, MICH. . Machio EShop: 3 75,838,041. 61 487,552.22 -576,683/97 . 3,279,247.90 "2,284,277.44 1,179,001.54 $23,644,804.68 $7,900,000.00 7,600,000.00' '$15,500,000.00 oe : 2,442,707.64 Sr 500,000.00 a 103,932.03 603,932.03 ae $2,443,217.04 ce $ 553,000.00 poets 421,285.61 Lean + 85,559.07 | fe 300,000.00 1,359,844.68 1,083,372.36 ee $4,318,792.65 : c Joey. ccis . 304,000,00 .4,014,792.65 $,098,168-01 © $23,644,804.68 CONDITION OF THE PROPERTY, The conditions' on, the : great: lakes « have been changing so. during the. past ' two,,,or,.three years, especially in the annually increasing tonnage, that it has been deemed advisable to provide in' the near future: for larger dry docks. to' ac- ; commodate the greater number of larger vessels that are 'in commission and' will' go in commission shortly. The. new dry dock and other. improve- _ ments, started last year at the Lorain - - plant. will be in. operation ye December first, "next. a There : has. "been parchesté! iiditi@rial ase estate at the, Detroit Ship. Building - Co. plant, at ithe™.foat of. Orléans © of the same size. visable. to*make these purchases so that 'jimprovements. could' be made when, 'in Three Dry Docks, , Machine Shop, tr j: oe 3} ' street, to Suit: in a dry dock 708 Oe ee a25 ft. wide. There has also. been: oa ent signal real estate adjoining the old river- bed dry. dock property of this company, at Cleveland, O., to put in a dry dock It was thought ad- 'the judgment of the company, it be- comes necessary to do so. erm * There -have been no oie Et 'dny kind placed upon the property dur- Re the past year. bey VESSELS BUILT. : Carrying 2 Vessels ' Capacity . hatte i E 'Built, - Net Tons. Sper 3s oe Peak his oe 31,000 Perdis e ie, 7 ' 69,500 ClevelaMer 2 22o ya ae Bs ~~ 40,500 Peet eres bee: 6 : *47,000 Chitapog jee. be ee 3 33,000 Bay hg Aes 4 _ 40,500 ee TOTAL Wessels: Butt. 20 0 oor ak ie 30 Carry¥ing icapacity, met tons.'....: : 201,500 (Carrying . capacity is. based on 19 ft. ' SUMMARY AND PROSPECTS. 'As stated above, the company - hao built and completed thirty vessels dur- "ing its past fiscal year, of an average carrying capacity of over 8,700 tons each, and now. has under contract forty-two _ vessels, that will have an average Car- tying capacity of about 9,200, tons each. By. this comparison it will be seen that the average carrying capacity is increas- ing each year. One of these vessels will be the largest and most | magnificent side. wheel passenger steamer ever built for fresh water service in the world. One is a car ferry, and the others are all bulk freight carriers. Your president desires to take this occasion to thank the: officers of the company, directors and stockholders for their continued hearty co- operation and most efficient. suppoft. The condensed balance sheet heh shows the condition of the company. Respectfully submitted, WW el: Brown, James C. WALLACE, Chairman of the Board. President. The general board met in Washing- ton. on. Wednesday. Through the hasty sending of warships to Cuba, the entire -naval. program for the year has been altered. Target practice at Provincetown.,has been much - inter- fered with by; the movement of war ships to the. southward, and the uncer- - tainty. caused, by..the Cuban situation _makes. it impossible for the navy .to frame. definite. plans;.for the future. Consequently, ; the general board has many subjects to, consider, and fre- - quent sessions will doubtless be neces- _ sary pending the séttlement of the dif- ficulty' in' Cuba.