The Savannah morning news., 1902-08-05
TO BUILD BIG SHIPS
DRY DOCK AND SHIPBUILDING COM
PANY WANTS A CHARTER.
CAPITAL TO BE AT 100000.
COMPANY WILL BUILD DOCK TO AC.
COMMODATE LARGE VESSELS.

IncOrpOratOrs of New Enterprise
Among Savanmah's Best Known
Men-CapitnI TO he Employed VIII
Be $6OO.OOO-HaIf of This to Be
Common stock and Half Preferred.
ShipbuiIding Plant VIII Not BE
Started at Once, but Is Within the
COmpany's Future Purpose-The
establishments of the Dry Dock n
Commercial Necessity and a Great
Thing for Savannah.
A petition for the incorporation of
the Savannah Dry Dock and Shipbuild-
ing Company, which is to start bust
ness with a capital stock of $600,OOO.
actually paid in, was filed yesterday in
the office of the clerk of the Superior
Court. The company proposes y pro-
vide shipping facilities long recognized
as an urgent need to Savannah.
The incorporators are Herman Myers,
w. w Mackall, George ]. Baldwin,
John Flannery, j. II. Estill and j. p
Williams. The principal place of bus
mess of the new company is to be in
Chatham county, but permission to es-
tablish branch offices in other cities of
this state and the United States is also
asked
1t is proposed that the new company
shall have the right and power to do
everything necessary to the building
construction, equipment and repair of
ships and every privilege necessary to
the accomplishment of this general
purpose will be granted it, at the ex-
piration of the prescribed period of adj
vertisement, by the order of the court.
Steam and Sailing ships.
. Steamships and sailing ships as well
may be built by the company when it
is chartered, and it will have the right
TO build, own and operate such marine
railways, dry docks. foundries, machine
shops and other like auxiliary enter
prises as may be necessary to the ac-
complishment of its principal purpose.
1t will be entitled to own and oper-
ate warehouses and authorized to ac-
quire such real estate and water rights
as the proper conduct of its business
may demand. In addition to these the
general rights and privileges, always
extended to corporations under the
IA W. VI ILLS STATE, Will Dt dLLC0 IL
1t will be the power of the stock
holders to increase the capital stock
TO any amount not exceeding 81. O00,
900 or to decrease it similarly to any
amount not less than $200,0 OF the
presently proposed issue of $500, 900 one
half is to be common stock and one
half preferred stock, and the same
ratio of common TO preferred stock is
always to be maintained. The pre-
f6TrP6 ztnrk iC IN haar int OF a
rate of per cent. per annum, which
is to be cumulative, and no dividends
on the common stock are to be paid
until all that are due on the preferred
stock have been discharged.
Dock 10 BE Built First.
The first use the company will make
of its powers and privileges is the con-
struction of dry dock in the harbor
of Savannah, one sufficiently large to
accommodate the largest vessels entering
this port. The dock it is proposed to
build will be 500 feet or more in length
and will cost in the neighborhood of
$500, 900.
The shipbuilding phase of the new
company's business will be taken up
later. as the prospect widens and the
chances of profit increase.
In itself the dry dock will be great
thing for Savannah maratime ne
cessity the city has long lacked and
the absence of which has caused any
amount of wonder and amaze to visi-
tors.
Savannah had two such docks in
ante bellum days, but during the war
they went the way of so many other
things that has taken time and re-
awakened business sense to replace
The larger one was sunk in the river,
to prevent the approach of hostile craft
to the city, while the other went to
pieces from decay. For many years
vessels needing extensive repairs have
been compelled to go to other ports to
have them done; it will not be so in
the future.
ships to Be Repaired Here.
On the contrary, not only repairs to
the shipping that naturally and of ne
cessity seeks the port of Savannah,
but repairs to other vessels, seeking or
unloading their cargoes in neighboring
ports, will be made here. Not a sea-
son passes that number of vessels
are towed into port in distress. and
with the facilities the new company
proposes to afford, these could quickly
be RENTED and repaired for sea-
And it is not only in the advantages
and conveniences 1t would afford the
shipping interests that the establish
ment of the dry dock will help Savan-
nah. Hundreds of mechanics, skilled
in their trades and making large
wages, will be employed, and in this
manner a most desirable and generally
profitable increase to the population of
the city will be effected
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