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Big Lake Vessel Merger Details of the Plan Whereby the Lackawanna Steamship Co. Will Ac- _guire Seventeen Steamers of the Gilchrist Fleet as Well as Other Fleets A RRANGEMENTS are now being made whereby the 17 steel steamers belonging to the fleet of the Gilchrist Transportation Co., Cleveland, which were pur- chased by the Guardian Savings & Trust Co. on behalf of the cred- itors, will 'be acquired by the Lack- awanna Steamship Co., of that city, together with a number fleets, making the Lackawanna Co. oné of the strongest from the vessel standpoint on the lakes. The name of the Lackawanna Steamship Co. will be - changed to the Interlake Steamship Co. in order to give it a more com- prehensive title. The Guardian Sav- mes & Trust: Co. has agreed to. de- liver the steamers to the new com- pany at actual cost, which, as known, was approximately two-thirds of the appraised value. The other steamers which it is contemplated to purchase are the fleets of the Standard Steam- ship Co., the Acme Steamship Co., the Mesaba Steamship Co., the Provi- dent Steamship Co., the Huron Barge Co. and the Interlake Co. The steam- ers embraced in the consolidation are as follows: Gincurist TRANSPORTATION Co. FLEET. Capacity, Name of vessel gross tons Be W. Gilchrist. .202..5%2. Pee edt eons 7,000 er tes WOKS er ee ee hes Oe eel cee 7,000 eG Wialker ees yok, Sk wh bs 7,000 i RO anleist ce ees ste eee ele cc 7,000 Pee eC Mel sete ee oe kee 7,000 eee reland ee eee 7,000 DD Oe ee es ioe be eee eed 7,000 Wee VVOOUTIE ose oe ee ee, 7,000 Wee Pe leCken cco eo eee cee ees 8,100 Georme. tl Russel le eeikas oe s 8,100 B. OG Fe eee hs eases Wee rae bogs 9,800 TON SCUWIN eh te es 9,800 CGR IS he rere oe a es 6,000 WARE OLE se ie ee ie a al ok 6,000 HAD ee ee ie ae wee 5,300 NOUS es Be er ee oo ea ac 5,300 PMC IC Sy or ee aoe ee ee a eeles 5,300 ACME Bais Co. WN OA IESE ee ee ei ee 10,000 eee WV NACE er eae ees 10,000 Pee NOI ge ee is oe Ses as 10,000 STANDARD STEAMSHIP Co ODOC re he ee er es 10,000 Mesasa Steamsuip Co. Puided eStONe ee ies oe es S, 9,600 ame Mather eee oe he ek es 10,000 Die OSS oe a ee ks 10,000 OO EG ee oe Ol aas 10,000 LacKAWANNA STEAMSHIP Co MOE OMe a ee a ose ee 35120 CROs es a es 8,500 Ppa eS oes Au se 7,500 MO) rane ee ee ee fs, 7,500 Aerie er en a ee 7,500 ee ee ee es 7,500 ATG re er PG 7,500 ProvipEnNTtT STEAMSHIP Co Jarese tt. toyte 6,700 er, a 7,800 Nee eed ee eee 7,800 Huron Barce Co. ea inden ee Oe ee 4.100 eps Ole 66 6 eer a 5,800 of other. INTERLAKE Co. WACOIY a ee et a ele 7,000 Constitution: 32 5. oie oes ein es es 7,000 The purpose of the Lackawanna 'Steamship Co. in desiring to add a num- ber of vessels to the Gilchrist fleet is that they may have sufficient to war-_ rant carrying their own insurdnce. Ex- perience has shown that with a fleet as large as 39 vessels, the owning com- pany can ae carry its own imsur- ance. Tt: 18 sea to issue $3,000,000 par value 6 per cent gold bonds to retire outstanding bonds and to provide an insurance fund. These bonds will be a lien upon the entire fleet and the mort- gage securing them will contain a self- insurance clause which permits the carrying of insurance by the company itself upon the initial payment of $250,- 000 to the trustee under the mortgage and annual payments thereafter equal to the premiums that would naturally the 332,133.66; Lackawanna, $1,339,587. 79: Interlake, $299,241.64; Huron Bar ge, $203,610.31; Provident, $468,469.87. 'Acme, $761,169.39; and Standard, S18. 467.34. Steamer Lorenzo Delivered The fourth ship, Lorenzo, built by Newport News Shipbuilding & Dry Dock Co. for The New York & Porto Rico Steamship Co. and de. signed by Theodore E. Ferris, has been delivered to her owners. She is a sister ship and exact duplicate of three preceding ships The New York & Porto Rico Steam- ship Co., namely, Corozal, Montoso, and Isabella. The Lorenzo, like her sister ships, will. engage in the freight business between New York and Porto Rico and is of the follow- in dimensions: Length over all, 347 ft., length between perpendiculars, be paid if the fleet were insured. From VALUATIONS AND EARNINGS OF COMPANIES . Average of appraisers' addition the company will have a capi- tal stock of $6,500,000. The general plan has already been approved.by the majority of the stock- holders of the Lackawanna Steamship Co., and a meeting of the stockholders is to be held on April 25 to close the deal. The valuation of the various ves- sels was determined upon by Robert Logan and A. G. Smith, marine archi- tects. With these valuations as a basis, the earnings of the several vessels dur- ing the year 1912 have been taken as a means of arriving at their respective values, as shown above. Using the valuations stated in the last column, that is to say, the aver- age of appraisers' and earnings valua- tions, and deducting therefrom the outstanding bonds and notes to be borne by the selling companies, the amount payable to each in the full- paid capital stock of the Interlake Steamship Co., follows: Mésaba, $1,- Appraisers' 1912. Earnings per Earnings and earnings Company. Vessels. valuations. earnings. cent. valuations. valuations, The Mesabi Steamship Co.... 4 $1,407,980 $194,404.40 30.135 $1,784,287.32 $1,596,133.66 The Lackawanna Steamship Co. 7 1,944,730 191,157.21 29.631 1,754,445.58 1,849,587.79 Eophe! "Interlake OO, iis. ie ae 2 353,000 31,643.29 4.906 290,483.28 321,741.64 'Lhe Huron': Barge "Co... 3 6 s6¢ 2 220,000 27,260.21 4.226 250 220.62 235,110.31 Provident Steamship Co.:..... 3 663,000 67.760.75 10.504 621,939.74 642,469.87. Acme Steamship Co... is. cs oe 3 996,660 106,629.08 16.529 978,678.78 987,669.39 Standard) Steamship Co..:..31: 1 335,610 205250.95 4.069 240,924.68 288,267.34 22 $5,920,980 $645,108.89 100.000 $5,920.980.00 $5,920,980,.00 this fund all losses will be paid, new 334 ft., beam 46 ft. 9 in., depth vessels purchased and bonds retired. In 25 ft. The propelling machinery consists of triple-expansion engine and three Scotch boilers. The ship has sus- tained speed of 10 knots. The Southern Transportation Co, with an authorized capital of $500,000. has been incorporated at New Or- leans with the following officers: ©. A. Barbour, president; L. A. Jung, vice president; C. K. Burns, seer tary and. Traver" Holland; It is believed that the Texas Oil Co. iS associated with the new company. The Southern Steamship Co. has purchased the steamers Ossabow, Ogeechee, Ocumumlgee, Satilla and Steamship Co., which is an ally of the Alta -Maha from the Texas City Clyde Steamship Co. They will be operated between Philadelphia and fexas ports. built for. treasuref. : us eas