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36 M A Rel Nee MR. WALLACE PRESIDENT; MR. LOGAN MANAGER At the annual meeting of the American Ship Building Co. held at Jersey City yesterday, Mr. James C. Wallace was elected president and Mr. Robert Logan general manager of the company. Mr. Wallace was formerly the vice president and general manager and Mr. Logan was the assistant general manager. These promotions come to men who have de- served them. The career of Mr. J. C. Wallace has been most extraordinary since he has reached the presidency of one of the most solid industrial enterprises of the country at the age of thirty-nine years. Mr. W. L. Brown, the retiring president, continues as chairman of the board of directors. Mr. Russell C. Wetmore, formerly secretary and treasurer, has been ap- pointed vice president and treasurer. Mr. Ora J. Fish becomes the secretary and assistant treasurer, Mr. James H. Hoyt re- tains his position as general counsel. The only change noted in the board of directors is that Mr. R. C. Wetmore takes the place of Mr. L. C. Hanna, who retires on account of ill health. The only change in the executive committee is that Mr. Wet- more takes the place of Mr. A. B. Wolvin. The fifth annual report of the company shows its financial position to be of the soundest. Its undivided profits as of June 30, 1904, are $3,678,442.75. A-significant statement in the an- nual report is that the company has now nine steamers under contract for fall and winter work with fair prospects of several more. It follows, therefore, that orders for two more steam- ers have been closed within the past day or two because only seven contracts have been definitely announced. For whom these two new steamers are building is not as yet known, but | they are undoubtedly of the largest and most modern kind. The company built during its fiscal year ended June last, thirty- six steamers with a carrying capacity of 206,000 net tons based on 18 ft. draught. In September last the company cancelled its mortgage of $150,0co upon the Buffalo plant so that the company has now no encumbrances whatever. The board of directors as at present constituted is as fol- lows: William L. Brown and H. H. Porter, jr., of Chicago; Robert Wallace, H. M. Hanna, Robert L. Ireland, James C. Wallace, Russel C. Wetmore, Luther Allen, Frank W. Hart of Cleveland; Alexander McVettie and W. C. McMillan of Detroit; J. A. McGean, Montclair, N. J.; L. M. Bowers, Bing- hamton, N. Y.; A. B. Wolvin, Duluth; Andrew M. Joys, Mil- waukee. - The new executive committee is: Luther Allen, R. C. Wet- more, R. L. Ireland, W. L. Brown, L. M. Bowers, A. McVet- tie and J. C. Wallace. The annual report of the retiring president, Mr. William L. Brown, was very lucid and was as follows: "During: its fiscal year the company has not done very much in obtaining new construction, its principal work in that direc- tion being the completion of what was under way at the com- mencement. of its year. Notwithstanding, however, the lack of business in that direction, it will be noted by its financial statement that it has done a fairly profitable business, and with the economies that it can apply in quiet times, it is be- lieved by its management that it can continue to show good earning power. CAPITAL STOCK. Remains unchanged from last year, viz.: AUTHORIZED, PCTer tad ee ee nes eh ees $15,000,000 WO ee i ok 15,000,000 MONA a ak hee a $30,000,000 ISSUED POTOUCe Giese he Oe eh de $ 7,900,000 Common <.:.2, 7,600,000 OPN ea eee ay Cy ce pe Fav $15,500,000 DIVIDENDS. "Regular quarterly dividends of 134 per cent. have been paid on the preferred stock; and one quarterly dividend Cae t 1903) of t per cent. on the common stock. PROPERTY OWNED AND CONTROLLED. Cleveland, Ohio.--Construction Yard, Machine Shops, Boiler Shops, three Dry Docks, Foundry. Lorain, Ohio.--Construction Yard, Machine Shop, one Dry Dock. Detroit, Mich----Machine Shops, Boiler Shops, Brass Works, three Dry Docks, Foundry. Wyandotte, Mich--Construction Yard, Machine Shops. Superior, Wis----Construction Yard, Machine Shop, two Dry Docks. Chicago, Ill--Construction Yard, Machine Shop, one Dry Dock. Milwaukee, Wis.--Machine Shops, two Dry Docks. Buffalo, N. Y.--Construction Yard, Machine Sheps four Dry Docks., West Bay City, Mich.--Construction Yard, Machine Shop. CONDITION OF PROPERTY. "Considerable improvements and additions under way at the end of its last fiscal year were early completed, and the effi- ciency and equipment of all its plants, for building, repair work and dry dock purposes is at the highest standard necessary for its business. The sum of $200,000 has been kept intact for further improvements when necessary. In September of this year, the purchase mortgage on the Buffalo property ($150,- 000) matured, and has been paid, so that the company has no encumbrances. Work done is as follows: Vessels Carry ng capacity, built. net tons. Siperion 3 oe eee es 6 36,100 Biel ee eo 2 7,800 POCA ayes ee ees. 8 52,500 Cleveland sora ee. 6 38,000 ICUROIO ice ie Gan ccs; s 25,000 (MCA oe hc cic 6 25,600 DA Ee ina sc a 21,000 TOTAL WiESSOIE IMIG ns Bee eae eas 36 Carrying capacity, net: tons. ...........206,000 (Carrying capacity is based on draught of 18 ft.) SUMMARY AND PROSPECTS. "While it is difficult and always uncertain to attempt to fore- cast the possibilities of new construction, we know that the volume of freight and passengers carried on our lakes shows a gradual increase, which will certainly grow, that much of the tonnage is getting old and out of date, that it is being rapidly demonstrated that the modern and larger ship is much more economical to operate than the old, and that all these conditions foreshadow a fair average of new construction each year. We have now nine steamers under contract. for fall and winter work, with fair prospects of several more. "As announced to the executive committee, I have concluded to retire from the active management incident to the office of president, and with your approval, assume that of chairman of the board, it being my intention to give to the company, in an advisory capacity, such time and attention as may be neces- sary, and I bespeak for my successor as president the same cordial support from its officers and associates, as has in the past added so much to its success. The condensed balance sheet herewith shows the condition of the company." Mr. R. C. Wetmore, treasurer, submitted the condensed bal- ance sheet as follows: