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September, 1919 Building Co. and the American Ship & Commerce Corp.: "The new 'company has beén_ in- corporated under the laws of Dela- ware with a capitalization, all of one class, of 1,500,000 shares of no par value. Not less than 300,000 shares are to be immediately syndicated and offered for sale at $40 a share. The company will acquire not less than a majority of the capital stock of the William Cramp & Sons Ship & Engine Building Co., or voting trust certifi- cates therefor, 304,900 shares being available for the immediate acquisi- tion of the majority interest and fur- ther exchange of the remaining Cramp shares or other corporate purposes as may be determined, the present basis being five shares of new company THE MARINE REVIEW stock for each share of Cramp. The remaining shares will be issuable for treasury purposes. "The company will also acquire a controlling interest in 50,000 tons deadweight capacity ocean steamships of the new Kerr Navigation Corp., representing a recapitalization of the old company of the same name, which company will have outstanding $4,000,- 000 class A stock, or equivalent . 0 par shares, limited to 7 per cent divi- dends and carrying no voting power and ~ $10,500,000 class. B stock, or equiyalent no par shares, carrying voting power, of which latter stock the American Ship & Commerce Corp. will own $7,000,000, or equivalent no par shares, cash being paid by the holding company into the treasury of 419 the Kerr company fot that purpose. "The new Kerr Navigation Corp. will. be acquired as of Jan.. 1, 1919, and will have $7,500,000 in property and contracts and $7,000,000 cash in its treasury, with no liabilities other than current. "The present operating managements of the Cramp and Kerr companies will remain undisturbed. "American Ship & Commerce Corp. will also acquire, directly or through subsidiary or associated companies, an import and export business. "After acquisition of the above in- terests the new company will have a. substantial cash balance in _ its treasury for the development of in- ternational trade or for the extension of the new company's business." Work of Ship Bureau Praised NE of the last official acts of QO Edward N. Hurley, berorc retiring as chairman of the United States shipping board, was to write a letter commending the work done by the American bureau of shipping in which he referred to the development of this bureau as extraor- dinary. "One of the greatest needs of the future," said Mr. Hurley, "for the proper maintenance and develop- ment of an American merchant ma- rine is a strong organization operating on the lines of your bureau." The text of the letter follows: "Your letter of July 25 outlining the growth and development of the Amer- ican buréau of shipping during the trying period of the last two years, and also giving expression to your opinion and ideas of the needs of the future is to my mind a splendid state- ment. "The data you give is interesting and illuminating and it would be of great benefit to have the facts in relation to your organization, its work, growth and development, and its prospects more generally dissemi- nated, not alone among shipping men, where the problem is understood, but throughout the country. It is doubt- ful whether the public generally ap- Preciate how - very important an Organization such as yours is to the Maintenance and operation of ship- Ping, but it is needless for me to say to you that it is one of the most necessary factors in the successful Operation of shipping. ,. "The development made by your bureau is extraordinary, both in per- sonnel and in the character of the work done, and it is beyond ques- _ tion that one of the greatest needs of the future for the proper mainte- nance and development of an Amer- ican merchant marine is a_ strong Organization operating on the lines Ot your bureau and developed to - per cent, meet the needs as outlined in your letter. "In conclusion I feel that I am warranted in saying that you will have the sympathetic support of the shipping board toward the end of developing your organization as you have outlined the plans in your letter." Mr, Taylor..in his.-reply to. Mar: Hurley stated that 567 wood, 447 steel, one composite and 12 concrete ships had been classed by the bureau since its organization in 1916, the total tonnage registered being 2,380,318 gross. "When the United States entered into the great war,' wrote Mr. Tay- lor, "and the shipping board started the building of ships, shipyards and facilities connected 'therewith, this bureau had materially staff and resources. "On May 10, 1918, it was ordered by the shipping board that all con- tracts, after that date, for steel ships there should be 75 per cent passed by this bureau and 25 per cent by the British Lloyds registry. "At the time of the signing of the armistice we had received about 70 but the cancellations fol- lowing the armistice has reduced our proportion of steel ships to 62 per cent, a situation that could not in our opinion have been avoided. We feel however that the time has come when every American support possible should be given to our American classification society particularly the full and undivided support of the United States government." Expressing the opinion that "an American merchant marine can be truly American only when every - ment that enters into it is American, increased its . Mr. Taylor points out that the Amer- ican bureau of shipping has ample facilities and equipment for the sur- vey and classification of all ships built in the United States. "We. believe," he said, "that the time is now at hand when the shipping board should not permit vessels built under its direction to be classed by any foreign society. We appreciate your efforts as chairman of the shipping board in strengthening and upbuilding the American bureau of shipping and we have every confidence that the ship- ping board will now adopt the policy of building all of its future ships under the classification of this society to the end that this American classifi- cation society may be able entirely to fulfill its important function in the development of a truly American merchant marine." The United States shipping board has announced new prices for the sale of ships. Wooden ships are now quoted at $90 per deadweight ton. Steel ships of the lake type, 3500 to 4200 tons, are quoted at $200 per deadweight ton; Submarine Boat corporation type vessels, 5500 to 5600 deadweight tons are $210 per ton; Hog Island type ships are $215; Skin- ner & Eddy type ships, 8800 dead- weight tons, are $225, and Skinner & Eddy vessels, 9600 deadweight tons, are $220. The terms for the wooden ships are cash. For the steel ships the terms are either cash or 25 per cent on delivery, 12% per cent six months after delivery, 1214 per cent twelve months after delivery followed by semiannual payments of 6% per cent for four years.