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November, 1909 ANNUAL MEETING AMERICAN SHIP BUILDING CO. The annual meeting of the American Ship Building Co. was held at Jersey City on Wednesday, Oct. 13. The finan- cial statement as prepared by the Audit Company of America showed the bal- arce on hand as of June 30, 1908, to be $6,098,574.22.. In the annual state- ment as prepared by the treasurer of the company this balance was given as $6,012,557.14 but the note appended to the Audit Company's report explains the difference. It was expected in cer- tain quarters that the common _ stock--- holders would make a concerted effort to secure some increase in the dividend on common, but no such effort was made. Robert Logan resigned as general "TAE Marine REVIEW Letchworth and Robert E. Plumb, con- stitute the board of directors. The general report was satisfactory to the stockholders. The financial state- ment shows the company to be in excel- lent condition. After deducting the re- cent cash dividend and setting aside a liberal the surplus for the year ending Aug. 31, 1909, was $1,014,861, with practically all accounts payable paid up and no bills payable. President Pessano at- tributes the result to the personnel and organization of the company, which he regards as exceptional. Notice has been given of an increase in the capital stock of the company from $1,500,000 to $2,500,000. Of this sum $750,000 represents a transfer from the. undivided surplus, being in the na- manager and R. B. Wallace was. ture of a stock dividend to the stock- elected in his place. The financial holders: 'The balance of $250,000 re- statement follows: mains in the treasury. None of the ASSETS. Cost of real estate, buildings, machinery and tools, patterns, pat- ents, models, furniture, fixtures, etc., as per books.............. $17,220,248.57 Additions for year ending June 30, 1909.......s sees eee eeeeeeeees 83,894.22 $175304,142.79 Sundry bonds and stocks at cost..... eee Oe Te Se Se eS 904,900.00 Materials and supplies, market value..........esceeeee see eeeeeee 466 937.04 Accoun's and Notes Receivable :-- : Notes receivable. eocus secies B oie ts Ge hg as ais $ 1 967,747.94 Kecoutits "FeCEIVADIC: © sens cc oe cee le aes og eee or ee eng as 1,091,096.75 Accrued on uncompleted contractS.........s cece cece eee ee ees 941,382.49 "Capital Stock :-- Common BE ad Neath StS tgigtige gph (iol el: gow se. oP ORr ORO RTO LOR Maw Lesa Te CU NeK COB 792 Oy 0 Oise ONS! Br Bw 18 er 9/ve heeneirer eee OSs See's cole ce' Btw. 016 40.0, e 6 )10\.0) 0-00). Bete) eee oe -8 $ 4,000,227.18 823,560.69 $23,499,767.70 Pere eae $ 7,600,000.00 Preterred sr ee CE ce en we 2g San Vues cain otra 7,900 000.00 o : - $15,500,000.00 Notes and accounts payabie......eceee ete e settee eter teen een n ee ees 416,871.86 Reserves :-- Hor 'maintenance. ssc ces ope) lees eet os bere earwian eae se oe $ 500 000.00 For. insurance -+...-... CURE Jc Pett ay oo Gen Sears aL cies ares 181 967.04 For dividends (payable July 15)..... sec e eee e eee reece een es 138,250.00 For sundries (taxes, rents, liability insweance, expenses, etc.). 239,026.34 For contingent earnings on unfinished construction, 1908-9... 100,000.00 $ 1,159,243.38 Earnings, including $200,000 contingent earnings on unfinished con- struction, 1907-8 (before deducting maintenance and depreciation) .$ 13257 .72et5 Less:-- Preferred dividends see Maintenance and depreciation Rebuilding docks, Surplus for the year *Balance, June 30, 1908 Surplus, including working capital wee ewer ere reese essere core eeesecos es ere Br aifac.b Oe OC eg 92a BGS IR, OCR, Pe Ae G'S 07 BO re Ore e STON, Gib ole bie ere eb ere wh ea 6 cer we Ce ener ere See) Bee oa ape has BW Bem Wie ROG wR OSU MSR 8 Sable (S. RS ate Rote eer ees $553,000.00 194,850.63 184,793.29 ------ 932,643.92 325,078.23 6 098,574.23 $ 6,423,652.46 $23,499,767.70 Note.--In. addition to the foregoing there exists a contingent liability from the guarantee of aggregating $1,733,000, and carrying amount for the reserve fund, -wich "shortly .first mortgage bonds on steamships built by the company, interest. re : eed ohued *In the annual reports of the company. possible profit on construction ene ortly before end of each fiscal year, or nearing completion at -that date, have nen inc ag an that year's earnings, pending active operations of the steamers, possible cla'ms -, additiona work. The Audit Company has included this profit. 'R. C. WetTMorzE, Treasurer. new treasury stock will be used to finance the new ship yard at Ashtabula, as that will be cared for by an issue of bonds. "ANNUAL MEETING GREAT LAKES ENGINEERING WORKS. The annual meeting of the Great Lakes Engineering Works was held on Oct. 26. Officers were elected as fol- lows: Antonio C. Pessano, president and general manager; George H. Rus- sel, vice president; John R. Russel, Vice president and treasurer; H. W. Hoyt, vice president and secretary. These, with Joseph Boyer, Henry Led- yard, William G. Mather, Ogden P. -- AIDS TO NAVIGATION AT BAR : POINT. President Livingstone of the Lake Carriers' Association has sent out a no- tice of the change in the position of aids to navigation at Bar Point, as fol- lows: : The Bar Point light vessel has been 471 moved northward about 2,500 ft. to the jurction of the Amherstburg and Liv- ingstone channel. Between this point of the light vessel and the point where the charnel divides into the east and west channel entering Lake Erie, the availa- ble channel will have at least a width of 80 ft. and 22 ft. depth. The west side of this channel will be marked by seven lighted black spar buoys and the east side by six lighted red spar buoys and one red gas buoy; also one lighted red spar buoy will mark the east side of the channel just north of the light vessel. Down-bound boats will keep the Bar Point light vessel and black spar buoys close aboard and enter Lake Erie via the channel west of the De- troit river lighthouse. Up-bound vessels will 'leave Lake Erie via the channel to the east side of the Detroit river light- house, and after passing the red gas buoy north of the lighthouse they will keep the red spar buoy close aboard. The changes indicated are necessary to prevent vessels grounding on _ obstruc- tions thrown up by dredges while im- proving the area to the east of the red spar buoys. Charts showing the changed conditions have been sent out to masters and mates. AKERS EMERGENCY STEAM STEERER. On Oct. 13+a Detroit paper published the following item: Buffeted about in a heavy sea on _ her way down the river enroute to Cleveland last night, the D. & C. steamer City of Cleveland broke her steering gear off Sand- after 11 o'clock. She came to anchor there and after about two hours put back to her dock here. On board. the boat are several hundred Pittsburg rooters who are returning to their home city. Most of them had retired and were not awakened even after the boat put back to Detroit. One can imagine how much buffeting a great steamer like the City of Cleve- land would receive in the Detroit river. The item was entirely erroneous, as no derangement occurred in her steering apparatus. The trouble was with' her forward rudder, someone having for- gotten to adjust the pin. The City of Cleveland is fitted with the Akers emer- gency steam steerer and in common fairness to the Akers company, A. A., Schantz, general manager of the D. & C. line, sent a letter to them, of which the following is a copy: ' "A Detroit paper, on Wednesday, Oct. 13, stated that the steamer City of Cleveland was delayed several' hours on account of the steering gear being out of order. I desire to say that this is not the case, as the trouble was with her forward rudder, as the regular and the emergency gear furnished by your company has given first class -satisfac- tion at all times. I give you this let- ter so that you may use it if you so desire," levee