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JULY 25, 1901. THE MARINE RECORD. SECOND ANNUAL REPORT OF THE AMERICAN SHIP BUILDING COMPANY. FOR THE FISCAL, YEAR ENDED,.JUNE 30, 1991. » BOARD OF DIRECTORS. oe William Brown, : ct eed FL, Porter, Je. } Chicago. Robert Wallace, H. M. Hanna, | Robert L. Ireland, J. A. McGean, + Cleveland. James C. Wallace, L. C. Hauna, Luther Allen. melee L. M. Bowers, Binghampton, N.Y. William E. Fitzgerald, ) y7.7 Andrew M. Joys. : f Milwaukee. Alexander MeVittie, A W. C. McMillan. \ Detroit. W.T. Coleman Carpenter, East Orange, N. J. EXECUTIVE COMMITTEE. Luther Allen, William L. Brown, William E. Fitzgerald, L. M. Bowers, _ Robert. L. Ireland, Alexander McVittie, James C. Wallace. OFFICERS. William L. Brown, President. Robert L, Ireland, Vice President. Russell C. Wetmore, Secretary and Treasurer. James C. Wallace, General Manager. William EK. Fi' zgerald, Assistant General Manager. TRANSFER AGENTS. ‘Corporation Trust Company of New Jersey, 135 Broadway, New York City. _ REGISTRAR OF STOCK, Central Trust Co., of New York. General Offices, Cleveland, O. To the Stockholders of the American Ship Building Co.: ' In presenting the Second Annual Report of this Company, it gives your President pleasure to state that its business for the past twelve months has exceeded in volume that of the previous year, and the prospects for the coming year are favorable. CAPITAL STOCK, _ Remains unchanged from last year, viz: AUTHORIZED. - Preterred ois. cie'cce sce cbse ctaea chek ees $15,000,000.00 (OMIMIOD wiiis iy ee e eons sree ast oh eine ta 1§,000,000.00 Total oc sees Maid age hs Mio: 000,000.cO ISSUED. j dead ; Preferred 750 iis Boa Se scenes ++ »-$ 75900,000,.00 MCAETATTI OD A en siecle oa salt peste) 30d (oto g Gaiauet tes as 7,6C0,000.00 Totalr es ey $15, 500,000.00 DIVIDENDS. Regular quarterly dividends of one and three quarters per cent have been paid on the Preferred Stock. PROPERTY OWNED AND CONTROLLED. CLEVELAND, OHIO.— Construction yard, boiler’ shops, machine shops, three dry docks, foundry. ~ LORAIN, OHIO. Sg! wig yard, chine SHEDS, one dry dock. DeErTrRoIT, MICH. —Machine® shops, brass works, boiler shops, three dry docks, foundry. WYANDOTTE, MicH.— Construction yard, vidietiine shops. West SuPERIOR, Wis.—Construction yard, machine shop, two dry docks. MILWAUKEE, WiS.—Machine shop, two dry docks, Cuicaco, In1.—Construction yard, machine’ shop,;6ne dry dock. BUFFALO, N. Y.—Construction yard, machine ‘ieee four dry docks. “All of the property and interests of the company are free from mortgage or incumbrances of every kind, excepting one hundred and fifty thousand dellars ($150,000) purchase mortgage on the Buffalo plant. ’ ADDITIONS TO PROPERTY.—-During the year the company has acquired by purchase without increasing its capital stock the two dry doeks, construction plant, machine shops, etc., of the Union Dry Dock at Buffalo, N. Y. and leased the foul estate, with option to pests ‘on terms favorable to the company. “CONDITION OF THE PROPERTY. all of the plants, dry docks, shops and property of the company have been kept in the best condition, the maintenance for this purpose hav- ing-been charged to operating expense, and the plants are fully up to standard and equipment in every respect. WORK DONE AND UNDER CONSTRUCTION IS AS FOLLOWS. Detain, Carrying |Vessels Carrying Vessels Vessel PLANTS. Built, bat icyont Net Unacr yoga Net pa op Detroit ...... 6 35,000 | - 6 16,000 116) Lorain....... 8 36,000 5 25,000 34 Cleveland .... 5 24,0C0 5 25,000 219 Bay City..... 4 15,000 OSB lon anes aero eoeae ae Chicago...... 8 42,000 2 15,000 29 West Superior; 5 24,000! I 6,000, 69 Milwaukee... I 2,000. (a yess econ he et eerran 187, Buffalo. 2... : 3 13,000 2 6,000 193 TOTAT, Vessels built... pce eee ee 40: Carrying capacity, net tons..... peeaeccliit 191,000 Vessels under construction.’......... i 21 Carrying capacity, net tons............ 93,500 Vessels docked for repairs, number. . 847 (ihe carrying capacity is based on. drstight of 18 feet. ) PROSPECTS, In the previous annual report of your President reference was made to possibilities of construction for salt water service, and it is gratifying to report that during the past twelve months contracts have been secured for the construction of eleven vessels, suitable for this service. Four of these are now engaged in Trans-Atlantic trade, and the others so far as completed are equipped and prepared for salt water, coast and Trans-Atlantic work, one being now on the way to San Francisco, and while this business is yet largely in an experi- mental condition, your President has reason to believe that other work of like character will be secured. The time has come when combined and united effort should be mede in the entire Great Lakes region, looking to the construction, maintenance and operation of ample watein ways from the Lakes to salt water, and it is to be hoped that agitation and legislation on the subject will be promptly ‘taken and followed up energetically until the desirable re- sult is accomplished.. It seems. unnecessary to dwell on this subject in a report of this character except to call atten" tion to the Stockholders of this Company to the importance of the question and to suggest their co-operation in bringing the subject before the public. Your President takes pleasure in referring to the hearty co-operation and assistance given to him by the officers of the organization and his associates and to thank them for their continued interest in the management and success of the Company. Respectfully submitted, Moras. W. L. BROWN, President. Since this report was written this Company has lost by accidental death its Assistant General Manager and Director ‘William E. Fitzgerald, who was. also President of the Mil- waukee Dry Dock Company. No words of mine can ‘adequately express what the officers of this Company and his ‘associates feel in this loss. -getic, he gave the affairs of the Company his best efforts and Always bright, active and ener- no greater tribute can be paid to his memory than to say that he’ was, in the: highest sense of the word, a man. BOARD |OF DIRECTORS AND OFFICERS. ELECTED AT THE ANNUAL MEETING OF THE COMPANY, JULY 24,1901. BOARD OF DIRECTORS. William L. ‘Brown, H. H. Porter, Jr. \ Chicago. Robert Wallace, H. M. Hauna, Robert L,. Ireland, James C. Wallace, L. C. Hanna, Luther Allen, » Alexander McVitte, _ W. C, McMillan, } Detroit. J. A, McGean; New York. Ij. M. Bowers, ‘Binghampton, N.Y. As Bt Wolvin, Duluth., Andrew M.. Joys, Milwaukee. W. T. Coleman Carpenter, East Orange, N. J. EXECUTIVE COMMITTEE. . Luther Allen, William L,. Brown, _ A. B. Wolvin, L. M. Bowers, Robert lL. Ireland, © Alexander McVitte, James C. Wallace. OFFICERS. William L. Brown, President. Robert L. Ireland, Vice President. Russell C. Wetmore, Secretary and Treasurer. James C. Wallace, General Manager. ‘ “i Excursions by lake are in full swing, favorite lake resorts are more than populated, fishing is good and supplies plentiful, the Pan-American isin its glory, but nary a lake suake is being sighted. Cleveland. ‘perior to Lake Erie ports. ‘this on to the close of navigation. forward and the indications now are that it will pay a fair .on the Detroit river. ‘teen miles an hour. LAKE FREIGHTS. The freight market is firm all round with a slight advance ‘in lumber, and coal livelier than for the past week or two. The grain outlook is considered promising but is stegnent at present, and at former quotati ns. , It is alcula the head ofthe lakes will sonddaveerds ‘sixty million ste i and with Port Arthur shipments the total is figured at two million tons, making °a ‘record ‘of! tiearly © ‘eighty million bushels, as compared with, forty- three millions as Ge previous highest s shipments from Duluth- -Superior. Iron Ore.—A large fleet has been chartered fornext’ eects loading at former rates, from which there has been no diversion all season. On the other hand, there is no.charter-, ing ahead and in so far as the freight market i is concerned ore is still king. Grain.—While the market is lifeless, vessels are by no means laying up, and Chicago scrapes enough grain at last - quotations to keep the line boats going and other tonnage changing ports for ore. Duluth holds that 20,000,c00 bushels in excess of previous season’s shipments will eventu- ate this year and if the prediction is verified there is a lively time ahead, 174 was offered on wheat to Midland. Lumber.—The board of managers of the Lumber Carriers’ Association agreed, this week, at a meeting held in Detroit, to sustain the rate of $2.50 per thousand feet from Lake Su- So far as is necessary, boats are to be laid up in order to hold the rate, and an advance to $3 on the first of September was agreed upon, This does away with the $2.25 rumor so strenuously maintained by a certain clique of shippers and paves the way fora steady rise from Lumber has to be sent living rate of freight for its transportation. A lumber char. ter has already been placed, Duluth to Buffalo, at $2.75, con- signed to the Laidlaw Lumber Co, ; Coal.—Tonnage continues in fairly good demand, though Buffalo is not chartering any too eagerly, as the supply is abundant. tate is 40 cents, and to Lake Superior 35 cents. = oe ___ IN NEED OF ANOTHER VESSEL. The Journal, Prescott, Ont., says that A. A. Leyare, in be- half of the Rapid Transit Co., is negotiating for the pur- b he South Chicago and the north branch is paying | 50 cents, also one cargo to Milwaukee, although the going . chase of the steamer Frank EH. Kirby one of the fastest boats feet beam and ten feet deep. Her maximum speed is nine- The members of this company are the same as the one which was formed to purchase the Unique, which transaction has come into the courts asa breach of contract suit with a claim of $5,000 damages by Mr. Leyare as promoter of the enterprise. Ifthe sale is consummated the boat will be put on the Kingston-Ogdensburg route this fall. oo oO RELATIVE to a letter mailed from Sault Ste. Marie, written over a nom de plume, we invariably decline to print general charges against vessel owning firms, which may be construed derogatory to the best interests of all concerned. After mature reflection, correspondents sometimes have the grace and good sense to thank us for exercising this discre- tion. a The steamer is 195 feet long, thirty Now comes the time when the district officers of the Corps of Engineers, U.S. A., submit their estimates and represen- tations to the Chief of Engineers for the ‘up-keep and im- provements of rivers and harbors ‘within their respective | districts. The Engineer in Chief, through the seteniet: of War, submits the proposals to Congress. rr oe or TAKEN as a general average, Montreal reports about 30° feet of water at her docks and wharves. enought draft for almost any seaport situated so far from the coast line as Montreal is, and yet, if the trade demanded it, another ten feet could be easily obtained. ee THE New York political machine which was put to work in order to belittle the regime of the Chief of the Weather Bureau, seems to have acted after the manner of boomerangs in the hands of Australian aborigines. rr rr THE thanks of the RECORD are due the Secretary -of Lloyd’s Register, London, for his courtesy, in forwarding the usual quarterly shipbuilding returns. This “is a‘ pood ! ebiniiinddiptartaiadinn