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118 Gilchrist Fleet Sold at Auction The vessels of the Gilchrist Trans- portation Co.'s fleet were offered for sale at 'public auction in the Federal building at Cleveland on Thursday morn- ing, March 6, pursuant to an order of the district court. .S. P. Shane, re- ceiver, acted as auctioneer. There were more vessel owners and masters as- sembled in the court room than have ever been brought together as a single body in Cleveland. Practically every prominent vessel owner along the lakes was present in person or was _ repre- sented by an agent. The vessels were offered in fleets. The auctioneer an- nounced that no bid for less than two- thirds of the appraised value would be entertained. The first fleet consisted of the steel steamers, F. W. Gilchrist, J. L. Weeks, Poy, Walker J: Cec Gilehrist, RoC. Schuck, Ro L. Ireland, H..S, Sill and L. Woodruff. These vessels were ap- praised at $205,000 each, aggregating $1,640,000. Guardian Savings & Trust Co. as trus- tee under mortgage bid $1,093,334 for the fleet. The mortgage on this fleet amounts to $500,000. The vessels were then offered singly, but there were no bids. Fleet No. 2, consisting of the steel steamers, F. J. Hecker and George H. Russel, each appraised at $220,000, a total of $440,000, were then offered. Mr. McIntosh, as trustee, bid $293,344. Charles L. Hutchinson, of Cleveland, ran up the bid to $302,000, but did not increase Mr. MclIntosh's offer of $302,- 500. When these vessels were offered singly, Capt. Hutchinson bid $155,000 for the Hecker, which Mr. McIntosh increased to $156,000. Mr. McIntosh also put in a bid of $146,667 for the Russel. There were no other single bids. The mortgage on this fleet is $108,000. Fleet No. 3, consisting of the steel steamers, J. B. Wood and John Sher- win, each appraised at $274,000, a total of $548,000, were then offered. Mr. McIntosh, as trustee, bid $365,334, which was instantly raised to $375,000 by J, E..Chamberlain, of Chicago. The bid- ding followed rapidly, Capt. Charles L. Hutchinson increasing the amount to $415,000, but then dropping out. The contest continued between Chamberlain and McIntosh. Mr. Chamberlain dropped out at $441,000, Mr. MclIntosh's bid be- ing $442,000. Mr. Chamberlain then bid $222,000 for the Sherwin, which Mr. McIntosh increased to $223,000. H. R. Oakes then ran the price up to $226,- 000, but Mr. McIntosh promptly bid $230,000. There were no single bids for the steamer, J.. B. Wood. The mortgage on this fleet is $180,000. HP. Melntosh, of. the: THE MARINE KEVIEW For Fleet No. 4, consisting of the steel steamer, J. C. Gilchrist, appraised at , $158,000, 'Mr. McIntosh bid $105,334, the mortgage being $30,000... For Fleet No. 6, consisting Ot the steel steamer, Lake Shore, appraised at the same figure, he also bid $105,334, the mortgage being $30,000. For Fleet No. 7, consisting of the steel steamers, Jupiter, Venus and Nep- tune, each appraised at $157,000, a total of $471,000, Mr. McIntosh bid $314,000. There were no 'single bids on these three steamers. The mortgage on this fleet is $210,000. for Fleet No. 8, consisting of the steel steamers, F. W. Hart, F. M. Os- borne, E. N. Saunders, Steel King and C. W. Watson, each appraised at $175,- 000, a total of $875,000, Mr. McIntosh bid $584,000. There were no single bids for these steamers. The mortgage on this fleet is $200,000. For Fleet No. 9, consisting of the steel steamers, E. W. Oglebay, appraised at $108,000, Merida at $96,000, and D. M. Whitney at $190,000, a total of $394,000, Mr. Shane was unable to procure a bid. as'a fleet. There were no single bids for the Oglebay and Whitney, but Frank Sullivan, of Cleve- land, bid $64,000 for the Merida. Roy Wolvin, of Duluth, bid $65,000, but did not increase Mr. Sullivan's bid of $65,- 500. This was the only vessel sold that did not go to the bank. For Fleet No. 10, consisting of the steel steamer, 'Thomas Maytham and barge Tyrone, no bids were submitted. Nor were there any bids for the wooden vessels, consisting of the steam- ers, G. F. Williams, Mecosta, Volunteer, Neosho, Tacoma, Wallula and Colonial, though their appraised value was very. low, ranging from $1,000 to $3,000. These bids will be reported to the court by the receiver. The hazard of lake vessel owning, particularly without trade connections, is well exemplified in this sale. There will be nothing left whatever for the stockholders. The 23 steel steamers that were sold brought $3,012,002--a trifle more than two-thirds of their appraised value, an amount insuffici- ent to satisfy the bondholders and creditors. All of the vessels, with one exception, were bid in by the creditors' committee represented by H. P. McIntosh, of the Guardian Sav- ings & Trust Co. There are $1,479,- 000 in bonds outstanding, $200,000 in receiver's certificates, $1,146,000 in notes to a number of Cleveland banks and the American Ship Building Co., and $566,000 in a note to the Ameri- can Ship Building Co. This leaves an obligation estimated at about $550,000 including current charges unprovided for, against which there are four steel March, 1913 'steamers and several wooden boats still unsold. No bids as, noted were received for these four 'steamers 9; for the wooden boats at the auction, but they may be disposed of in Private sale within a few days. James Mit chell, formerly fleet engineer of the Gilchrist Transportation Co., pur. chased the wooden steamers City of Rome, C. C. Hand and Vermillion a private sale during the present week, and it is likely that. others of the wooden boats will be sold before the week is out. The 22 steamers. purchased by Mr. McIntosh will be placed in condition at once to go into commission at the opening of navigation and will prob- ably be managed by one of the lead- ing vessel firms if a new merger is not formed meanwhile. The United States government has recently purchased from the Safety Car Heating .& Lighting Co, 4 Pintsch beacons for use in St. Mary's river. These beacons will use high pressure Pintsch gas and 6 ft. high pressure Pintsch gas flasks. They will also use 300 mm. Pintsch mantle jJanterns. The government has also purchased from the company five range lights for use in the Detroit river. The Great Lakes Dredge & Dock Co., which has the contract for re- building the Lehigh Valley ore docks at Tifft Farm, Buffalo, will begin op- erations during the present week. The contractors will rebuild 600 ft. of the ore dock and will deepen the channel in the Blackwell canal to a depth of 23 ft. L. W. Ferdinand & Co., 201 South street, Boston, Mass., have just issued a few pointers in regard to applying Jeffery's marine glue to the seams of decks. If the instructions are followed as they should be, no trouble whatever will be experienced with this glue, which is very tenacious. The Portland Co., Portland, Me., has been awarded contract by the Macom- bie-Nickerson Co., Providence, R. I, for a fishing steamer 142 ft. long, 22 ft. beam and 10 ft. deep. The hull will be built by Robert Palmer & Sons, Noark, Conn. The H. W. Johns-Manville Co. ai- nounce the removal of their Newark office to 239 Halsey street. FOR SALE: -- ONE TUG BOAT AND derrick scow. For particulars address Coast and Interior Contracting Co., Fayetteville, No Y