Marine Review (Cleveland, OH), 17 Aug 1899

Around the Great Lakes. It is quite probable that for the present at least the tugs of both Toledo and Milwaukee will be left out of the Great Lakes Towing Co. A Milwaukee dispatch says it is estimated that not over $1,000,000 in cash will be paid for the tug lines bought by the consolidated company and that this will be the basis for the issue of $5,000,000 of stock. Reports of this kind are unfair and misleading. The amount paid for the tugs is known only to the principals of the new company, but whatever it may be it should not be coupled with a $5,000,000 capital. No issue of stock has as yet been decided upon. The $5,000,000 is authorized capital and not the actual capital that is to be issued.