The Providence news. (Providence [R.I.]) 1891-1906, 1902-01-15
PROJECT
WORTHY OF
ATTENTION
School Ship TO Be Established
Under Rhode Island Laws and
Sail From HaIIaganssii Bay

The Nautical Prepare tory school OF
Boston has just issued an important pros
pectus inviting subscriptions for the
building of a school ship. The aim is 70
combine tho advantages Of preparatory
school course with training IN the prac-
tical business affairs of foreign commerce
by observation and study OF the possibili-
ties and business methods OF purchasing
nations. and thereby 20 NJ the sons OF
American manufacturers and merchants
for an immediate aud useful career
IL viii provide: FIRST "a regular pre-
paratory couse TO ft boys for college; sec-
ond, physical development and naval dis
cipline incident TO sea life under United
states naval regulations; third travel
and observation In all the principal coun-
tries OF the world and. fourth, the study
OF foreign commerce BY direct contact
with the commercial methods and needs
of the principal nations OF the world.
This novel and very useful combination
OF theoretical schooling, practical train
ing and observation with worldwide trav-
el will be effected by housing and teach
Ing the pupils on board a large, safe and
comfortable full-rigged ship instead of
within the four walls of q building on
shore.
UNDER RHODE ISLAND LAWS.
The Nautical Preparatory school win he
organized under a special charter from
the state OF Rhode Island during the
present session of the legislature, l90l.02.
This will recognize the school as sailing
out of Narragansett bay. putting IL under
certain provisions OF the Navigation laws
OF the United States, article 1885, page S3S.
Governor kimball has promised To do all
in his power under those laws, TO pro-
ha of ha Cph
Among the prominent citizens of Rhode
Island who give the project their hearty
endorsement are Congressman Bull, Rear
Admiral Luce. L. =. N. OF Newport, eN-
Mayor Garretson OF Newport Captain Il.
E. Chadwick, L.. $. N, Naval War college.
Newport, and many others.
The officers include q. II. Eiswald, late
lieutenant u. ). ~. also Massachusetts
and Rhode Island Naval Reserves. vice
president and general manager; rear ad-
miral Luce. chairman OF the board of
directors and visitors
The ship will be called THE Young
America" and will be a safe and COM
modious full-rlgged sailing ship with aux
iliary steam power; a vessel of the most
advanced type of modern steel construc-
tion and model of the best marine
architecture. wherein everything has been
subordinated to comfort, safety. and the
peculiar needs OF a school
TO TOUR THE WORLD.
The complete four years course will in
clude cruises TO every maritime country
I'm the world with time to visit and to
study each one separately.
term will comprise 260 TO 2T0 days
extending from about the middle of Sep
tember to about the middle OF June. The
calendar will be so arranged that each
entire cruise Will be I'm temperate wealth
er and along the most approved routes
for the avoidance of stormy regions
This school is not intended To train
boys for sea service Its object is TO
supplement- first class preparatory ed
ucation with such knowledge Of nauti
cal matters as will aid them after leav-
ing college IN managing Commercial En-
terprses I'm which ships and steamers
are involved. They are not to take part
In the working OF the ship They viii
only be subjected TO certain routine sea
duties for the purpose OF wholesome dis
cipiine and gymnastic exercise.
The cost per school year will be $3.50
This covers absolutely everything tut
tion, board. laundry clothing uniforms,
textbooks. all expenses on shore, Lam
guages. the installation OF class museums.
gymnastics ana athletics. and all the
many extras which swell the simple tut
iion charge OF other schools. 1t must be
paid I'm advance.
CAPITAI.IzATION AND FINANCE.
II is estimated that 10 build and TO
properly equip "A ship specially designed
for this enterprise will cost Sfa.00
tt is proposed 20 issue 800 bonds OF $1,000
each bearing . per cent interest. redeem
able iu six (6i tu ten GW years.
With each bond will be given. as bo-
nus. FIVE (il shares of preferred stock,
bearing per cent interest. redeemable
az par CSI0ol in six 60 Co ten OOD wears.
Thirty thousand tG0O0D shares OF COM
mon stock will be issued to the protector
and his associates.
The bonds Will be secured by a first
mortgage on the shin and by sinking
fund. which will be made a first Hen
on the advance tuition money each year
until the sinking fund equals the out
standing Indebtedness
The ship VIII accommodate 2H0 cadets
at an annual charge Of $3.50 each. The
total income will thus be ta.WN yearly
This income Will ~ deposited with q
trust company which VIII reserve the
sinking fund charges iu trust for the
houdholders and hold the remainder sub
iect to drafts for the running expenses
of the ship interest and dividends on the
preferred stock.
After pa'iug all operating expenses, IN
tercst on bonds aud dividends on pre-
fprrod stock az least 10000 Will bc applied
each wear TO the sinking fund.
The roEtcr of the school is partly nlled
and local subscriptions may he addr ssed
to The Union Trust company. this city.