The Republican journal., 1903-01-29
A SCHOONER COMBINE.
Thomas W. Lawson of Boston plans to Pool
Coal Carrying Fleet. Crowley Craft to be
used : Nucleus and stock to be Issued.

Thomas W. Lawson of Boston plans to Pool
Coal Carrying Fleet. Crowley Craft to be
used as "a Nucleus and stock to be Issued.
Thomas W. Lawson, plans to form a
coastwiSe shipping combine which shall
control the local coal-carrying trade. He is
already a part owner in the big seven
master Thomas W. Lawson, engaged in the
coal trade, and with the vessels known as
the Crowley fleet as nucleus he expects to
gather in large number of others and Or
ganiZe big stock company. The crowley
fleet is composed of the following Thomas
W Lawson, 5000 tons; George W. Wells,
5000 tons I. {. Henry, 400 tons; V. A.
Boughton, 300 tons; Henry W. Cramp,
2SOo tons; Sycamore, 300 tons Mt Hope,
1900 tons, and j. c. Straw bridge, 1900 tons.
Last week Mr., Lawson met about 100 OF
the ockholderS in these vessels in Bath and
laid his plan of organization before them. He
proposes to pool the interests OF the various
owners or stock holders, form company
and issue stock, the preferred to be guaran-
teed d 6 percent dividend. He holds that a
stock company would eliminate great
risk that is now carried by the different
stock holders For instance, a boat like the
Sycamore might al any time go down and
be total loss. The men and women who
owned shares in her would have nothing
unless She carried insurance, and even II
she did they would have hard work to rein
vest it proitably. Again, the Sycamore
might have streak of hard luck that
would entail losses which could only be
made up in a long period.
[ Jnder Mr.. Lawson ; plan neither OF these
cataStIuphleS would cause individual loss to
the Sagamore's former owners. Their stock
would still be good. and they would continue
to draw their dividends. The loss would
come out of the company. After the dlVl-
dendS had been paid the residue of earnings
would go to a fund to be used in making re-
pairs, paying expenses, and when ii had ac-
cumuated sufficiently in additions to the
fleet. In time the common stock might pay
d to ~ percent.
The Stockholders appointed a committee
of five to investigate the comparative value
of the different ships in the fleet This
committee will report later, and from their
finding the amount OF pool stock. which wlli
be allowed per 9th OF separate vessels.
will be made known,
Homer Allen is preparing the legal papers
for the carrying ol!t of the pooling program.
Boston Globe.
This is in furtherance of the plan for COM
bning the Shipbulding industries at Cam
den and establishing there a large plant.
AS recently announced the Camden Yacht
Building and Railway Company has bought
the entire eastern shore of the inner harbor
at Camden, from the Eastern Steamship
20. Wndr1 TO ln6 uedu Ol tue UdIDOl, tlle
II NJ Bean shipyard, the Camden Anchor
Rockland Machine Co.. knowlton Brothers
concern and others for the purpose of en-.
gagjng extensively in vessel building and
repairing of all descriptions. The proposed
corporation will control the holdings of the
Camden Yacht Building Company as well
as the combined interests of the Crowley
fleet. The greater part, and probably all OF
the building and repairing OF the vessels
owned by the new combine will be done at
the Camden yard, which will be fitted up
with the necessary facilities for the adj
ditional amount of work that will be car
ried on. The plans in detail have not yet
been formulated, nor will they be until the
company has been Incorporated.
'tEverything has been done that can be
done now said Mr. II. NJ. Bean to repre-
sentative of the Rockland Star "A start
has been made. The name of the corpora
ton has not yet been decided upon. but will
be announced shortly. Its sure thing,
and it is ali organized. All we are waiting
for is its Incorporation, which will be either
in the State OF New Jersey or in the State
Of Maine, we are not sure which. III du-
dition to the million dollars representing
the interests of the comDined ownership of
the fleet, We are gong to put ; ,3ou,0 600 OF SO
of stock onto the market. Beyond this, our
plans are not as definitely formed aS to make
their annUu ncement at this time at all good
policy.