The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

Profit Sharing Plan The Interlake Steamship Co. Has Invited Its Masters and Engineers to Participate Ti old Gilchrist Transporta- tion Co., long in the hands of receivers, was one of the prob- lems of lake operation at the opening of navagation. The company was hopelessly insolvent and the _ vessels were purchased by a creditors' com- mittee represented by' a number of Cleveland banks at marshal's sale in the federal court at Cleveland at ap- proximately two-thirds of their ap- ' praised value. Being without trade connections of any sort, the vessels were not a particularly valuable asset to the creditors' committee though they were bought cheap enough. A new company was accordingly formed by interests intimately associated with the Lackawanna Steamship Co. to take over the seventeen vessels of the Gil- christ fleet from the creditors' com- mittee, as well as a number of other fleets, and the name of the Lacka- wanna Steamship Co. was changed to the Interlake Steamship Co., as pos- sessing a more comprehensive _ title. The purpose in buying other fleets as well as the Gilchrist steamers was to give the company a sufficient tonnage to warrant its carrying its own in- surance. The Interlake Steamship Co. controls thirty-seven steel steamers and two steel barges and is managed by Pickands, Mather & Co., of Cleveland. Contents of Circular - In an endeavor to enlist the per- manent interest of the master and engi- neer in the operation of this fleet, the company has set aside 2,500 shares of stock to be subscribed for by the masters and engineers. The maximum number of shares allotted to a master is forty and to a chief engineer 25, and they are to be paid for in monthly installments deducted from salary and wages. All dividends declared and paid on the stock will be credited to the account of each subscriber as_ part of his payments until the stock is fully paid for. In the event that the sub- Scriber desires to sell his stock, the company will buy it back at 105. A trust fund of 300 shares, con- tributed by the banks and Mr. Coulby, has also been set aside to be held in trust until January 1, 1920, when with all accrued and paid dividends thereon, it will be distributed pro rata among the subscribers who. have remained Continuously -in the employ of the Company and who have retained their in Stock Subscription on Very Favorable Terms original certificates. The circular in- viting the masters and engineers to participate in this subscription reads as follows: "To the captains and chief engineers of the Interlake Steamship Co.:-- ~ "AS you are no doubt aware, in the enlargement of this company it bought from - a committee representing the banks of Cleveland, at actual cost . to them, seventeen (17) steamers, formerly owned by the Gilchrist Transportation Co., which the committee had purchased at United States marshal's sale, for about two-thirds. of their appraised value. In part payment for said ves- sels the committee took a block of the capital stock of the Interlake Steamship Company, at par. Method of Payment believe that the men on our ships, who are charged with the re- sponsibility of their navigation and operation, should be given an _ oppor- tunity, if they so desire, of investing their savings in a business with which they are familiar, and for this purpose twenty-five hundred (2,500) shares of the capital stock of the company have been set aside and are offered to you for subscription under the plan here- with submitted: "First: It is intended to offer five hundred (500) shares of said stock for subscription per annum at par, for five (5) successive years, and during that period each master, when assigned to a steamer, will be permitted to sub- scribe for from one (1) to eight (8) shares each year, and each chief engi- neer, when assigned to a steamer, from "We one (1) to five (5) shares each year. | This will enable captains subscribing for the maximum amount to acquire, with- in the next five (5) years, forty (40) shares, and the chief engineers twenty- five. (25) shares. "Second: Payment of these subscrip- tions shall be in monthly installments, to be deducted from the salary and wages of the subscriber in such amounts as he may authorize, subject to the provision that stock subscribed for each year must be paid for within three (3) years from the date of subscription. Evidence of payment on account will be made by proper receipts sent out with pay voucher each month. Interest at five (5) per cent per annum will be charged on deferred subscription pay- ments. -- "Third: From the date of each sub- scription, and during the contin- uance of payment thereon, the dividends declared and paid on the stock will be credited to the account of each subscriber as part of his payments, until the stock is fully paid for and is- sued to him, after which dividends will be paid to him directly, as to all other stockholders. "Fourth: Subscriptions will be celled for the following reasons: "A. At the request of the subscriber. "B, On his leaving the service or failing to resume employment when requested. "C. Whenever payments on account 'of any subscriber shall have discon- tinued, without our consent, for a period of three (3) months. "On such cancellation the subscrip- tion. and --all' interest: in the stock to which the same relates shall be ter- minated, and there shall be returned to the subscriber the exact amount of payments made on his account, with in- terest at five (5) per cent per annum from the time of payment. No credit, however, will be given such cancelling subscriber for dividends but no _ inter- est shall be charged against him on de- ferred payments. can- Shares Held on Trust "Fifth: When the stock is fully paid for it will be issued in the name ot the subscriber. He may sell the certi- ficate whenever he chooses, but as an inducement for him to keep it, while he remains in the service of the com- pany, the following additional offer is made, namely: "Three hundred (300) shares of the capital stock of the company, con- tributed by the banks and Mr. Coulby, will be held in trust until January 1, 1920, together will all accrued and paid dividends thereon. Said stock and said accrued dividends will then all be equitably distributed by the firm among the subscribers under this plan, who shall have remained continuously in the employ of the company and who shall exhibit to its treasurer the orig- inal certificate issued to them. It is expressly understood that the award of the firm to each subscriber of his proportion of said reserved stock and dividends shall be absolutely final, as the firm reserves the right to deter- mine the equitable proportion thereof