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

Operating expenses. 16 MARINE REVIEW. [September 19, ANNUAL REPORT OF REPUBLIC IRON & STEEL CO. .. The annual report of the Republic Iron & Steel Co. shows a falling off in surplus from June 30, 1900, to June 30, 1901, of $1,112,384. The report shows net profits during that period of only $309,099, while $1,421,- 483.in dividends were disbursed. Alexis W. Thompson was elected presi- dent of the company, succeeding Randolph S. Warner, resigned. Other officers elected follow: John F. Taylor, Archibald W. Houston, William E. Taylor and William Barrett Ridgely, vice presidents; John F. Taylor, treasurer; Y. D. Haagsma, secretary; executive committee, G. Watson French, chairman, Alex W. Thompson, John F. Taylor, Harry Rubens and William E. Taylor. The number of directors was reduced from eighteen to fifteen and the following were elected for three years: Peter Kimberley, William Nelson Page, Archibald W. Houston, Edwin N. Ohl and William, Barrett Ridgely. The new directors are Messrs. Page, Ohl and Ridgely. The retiring directors are George M. Bard, L. E Cochran, James C. Corns and Myron C. Wick, one of them retiring on account of the reduction in size of the board. President Warner says in his ich in part: . "The year covered by this report has been an unusual one for the company in many respects. We did not reach an agreement on the wage scale for our mills for the year commencing July 1, 1900, until late in September. Our mills were idle during July, August and September pend- ing this settlement; and, as a further consequence, the tonnage of finished material produced during the second fiscal period was 254,801 tons less than the production for the previous fourteen months' period, and the average selling price very materially less. To improve the physical con- dition of our blast furnaces we were obliged to have them all out of blast during the first six months of the year, for a period of two to five months. On account of this the pig iron production was: 175,186 tons less than for the previous fourteen months' period. Our blast furnaces are now in first-class condition, and our annual output of pig iron will be increased to> 500,000 tons or more. - "On account of the long idleness at both mills and furnaces, and the reduction .in 'tonnage' produced of. both finished material and pig iron, during the first six months of this period, it took all of our- earnings until April to absorb the fixed charges, repairs and general expenses. The repairs for the year and expenses, while idle, have both been absorbed in operating expenses. In addition to this we had a shrinkage in values of our inventory to contend with, occasioned by the sharp decline in value in both the raw and finished material on hand during the first six months. Our-inventory as of June 30, 1901, was gone over very carefully by our executive committee, and very conservative values were. placed on the raw and finished material on hand, and in no instance above actual cost. Many important improvements and renewals have been made during the year. The new billet mill which we are adding to our Bessemer plant at 'Youngstown, O., is practically completed. This will increase our output of billets to 1,000 tons or more per day. The new blast furnace at Thomas, Ala., will also'be blown in shortly." The income account of the company for the year ending June 30, 1901, as compared with June 30, 1900, follows: '* , Fourteen "Year 1901. months, 1900 ApOGes EONS I aie $1,034,248. $5,684,100 Imp. and repairs'... . 255 sal Sat eve ee 566,622 893,018 e Balance: Ae. .0... POUL: BAS $467,626 $4,791,087 Ded. val: materialsseisi.e. eee eed 158,527 1,097,358 eb iBalane 4 fe, cus s000 scceueec. 000.20 "2. $809,099 $3,693,729 Reserve for bad: collection: ...5. 2805.5. Senet eee es eee eaae 50,000 sou Nebiprofit: 2ds.4ii0est 0. ou ew $309,099 $3,643,729 Preferred: dividend 3... ... ee baie Wer re cee vee 1,421,483 1,421,679 Defieiteaces. x. ee $1,112,384 Surphis 246. WI ek Ese ee Ge $2,222,050 Previous SUDPINS I A. te ett: Ui oles 222 0D) 4G Poi eeeples 0.5.25 $1,100,606 = 2 _ The general balance sheet as of June 30 compares as follows: .» Assets, f 1901. 1900.° : 'Real estate, plants, machinery, etc.............. $41,093,724 $41,142 251- Code. cei ec gs 2,382,378 1,218,203 Stock invother comipaniés.. ec. oS 147,200 547,200 Bier Mastiurcimp. v6.2... eS EE en 100,674 6 New 'gas MIDE MEIeE Ces). ie. e css 8 ese. i les 245,171 116,730 Raw. and finished materials........ Peas ee, 3,328,850 4,132,730 Accounts and bills receivable................... 2,527,209 8,008,968 oem On Baad 66 Gero) ee eo 1,127,107 1,208,132 ea otale 7% teresa, Ss Wea: ee ee $50,952,315 $51,369,216 Liabilities. : SE ao iment at ake ses veges $20,306,900 $20,806,900 Bes oockeeelcn l. 27,191,000 27,191,000 WMUeOt AGCOUIs DaVADIe. os vee. os see cs ee sae dac 1,685,350 1,023,907 Teg. eee 355,370 355,370 installment on coal purchase................ 0. 185,000 214,000 Pieceeive 10m tas ete. 2 47,386 85,988 Tresei ve 10% Wad COUGCHONS.......3..505 6505054 61,642 Peace Surplus ee le Beis oe 1,109,665 2,222,040 Oe ieevie ees $50,952,315 $51,369,216 B Regarding the showing of the company President Thompson said: "The decrease in earnings has been due almost entirely to new construc. tion. By this I do not mean improvements which have been charged to The orders already on the books of the company guarantee steady operation until the first of the year, and we are in a good position to replace what surplus we have lost." sete One of the lary . ship building Bonners advertises else : : 'issue for a leading marine engine draftsman. elsewhere in this STEAMER WM. S. MACK. A large freight steamer to be launched at the Lorain works of the American Ship Building Co. on Saturday, the 2lst inst., will bear, the name Wm. S. Mack. It is certainly fitting that the memory of the late Capt. Mack should be honored by a modern steel freighter worthy of the name. As his death occurred only a few years ago, he is, of course, remembered in all parts of the lakes; remembered as a true specimen of the type of vessel men who had much to do with the development of lake commerce. He was a prominent figure in lake vessel circles for several years before his death, and it has been often said of late that had THE LATE CAPT. WM. 8S. MACK. he lived until now his great energy and capacity for work would have gained for him first rank among self-made business men of the country. The new steamer, to be owned by Mrs. Mack and others, is 366 'ft. over all, 346 ft. keel, 48 ft. beam and 28 ft. depth. Engines are triple ex- pansion, with cylinders of 20, 3314 and 55 in. diameter and 40 in. stroke, to be-supplied with steam from two Scotch boilers of 12 ft. 10 in. by 18 ft. The carrying capacity is about 4,800 gross tons and the approximate value $220,000. This vessel will have been completed within four months. The keel was laid June 23 and she is to be delivered Oct. 15. MAIDEN TRIP OF HAVERFORD. The new American line steamship Haverford arrived at New York on Monday, having made her maiden trip from Southampton in 11 days, 7 hours and 31 minutes. She is the first of the line's new fleet, designed more for carrying capacity than speed. The Haverford was built at Clyde- bank, Scotland, by John Brown & Co. and is a twin-screw vessel of 10,000 tons, is 580 ft. long, 59 ft: beam and 389 ft. deep. Only one class of cabin passengers and third-class passengers are carried on her. The accommo- dation for cabin passengers is located in a deck house amidships on the promenade and saloon decks, where the motion is least perceptible. On the promenade deck there is a large ladies' room, upholstered in the. best style and fitted with tables and easy chairs. The smoking room is also on the promenade deck, and also a large and well lighted library, with well stocked book-cases and convenient writing tables. The dining saloon, which is on the saloon and state room deck, immediately below the promenade deck, has seats for 112 passengers. The accommodation for third-class passengers is on the upper deck and is designed to give this numerous class of passengers the greatest amount of comfort. There are a large number of small rooms for married couples and families. There is foie large smoking room for third-class passengers located on the saloon eck, Messrs. Harland & Wolff, Belfast, launched recently the first of three large twin-screw steamers which are being built to the order of Messrs. Ismay, Imrie & Co., for the White Star line, for the service between Lon- don and New Zealand, which has for so many years been run in con- nection with Messrs. Shaw, Savill & Albion Co., Ltd. The steamer has been named the Athenic, and will be followed by the Corinthic and Ionic, sister ships in all respects. She is 500 ft. in length, with a breadth of 63 ft., and a depth of 41 ft., with a register tonnage of 12,500 tons. All three vessels will have exceptionally comfortable accommodation. for ninety-four saloon, eighty-four second, and 186 third-class passengers, in addition to a large cargo capacity. aS