Norwich bulletin., 1909-09-18
COUNTY COMMISSIONER
 WILLIAMS AT HEAD
As Vice President is Directing Gilbert
 Transportation Go.

B. F. Williams, vice president of the 1 Gilbert Transportation Go. of Mystic, | is now acting for the present, at least.
 as president. The Gnberts have sew cred all connection with the affairs of
 the company, which are now entirely in the hands of the other directors. As to the financial condition of the company Vice President B. F. Will Hams said that he was not in a posi- tion to say very much at present. There is being held in Hartford an- other meeting of the directors at which plans will probably be decided upon in anticipation of the demands which are expected from the companys creditors Asked if the directors fa-
 vored filing a petition in bankruptcy MT. Williams said that he was very much opposed to any such proceeding
 and that he was doing all he could to | fight against 1t. Whether the directors will decide to invest enough more
 money to take care of the company & present financial endorsements is not known yet
 The. company has sustained some pretty heavy losses in vessels during
 the last year or so, but Captain Gill bert is credited with a great deal of i business ability in financing the affairs
 of the company through the recent
 hard times. The outcome of the pres
 ent crisis is naturally looked forward
 to with great deal of interest here. | So far as is known now the work
 of the Gilbert Transportation Co. on
 the breakwater at the new Cape Cod canal, where some 20 of the com pany's' fleet of 35 schooners are en-
 gagged. will continue. The contract
 calls for the work being finished in
 seven years. The company is under
 bonds of $150,000 for the perform a m nf hA 1fr-au uf sfs.er fsl the enterprise of Capt. M. l.. Gilbert
 that this contract was secured by the company and it is by far the biggest piece of work that 1t has ever under taken.
 At the time of the annual meeting
 of the company it was reported by the directors that owing to the heavy ex-
 penses involved in equipping for the work on this breakwater that no div idend was declared. Captain Gilbert
 however, was opposed to this and was
 strongly in favor of paying the divi- dend as usual. The purchase of sew
 eral vessels suitable for carrying stone from the Maine quarries to the break
 water and also of two tugs, all of which are now in use at Cape Cod in-
 volved the expenditure of large
 sums.
 One of the directors of the concern
 said Friday morning that he could not
 predict the outcome of the present financial predicament He said that the coastwise traffic is good just now and he hoped that the company's af- fairs would be readjusted satisfactor- fly and the business continued as us-
 ual. He admitted that to do this would necessitate the raising of sev- ersl thousand dollars and the burden of this would fall on the directors. Among the assets of the companv
 one of the finest is the handsome brick
 block in Main street, an ornament to
 the village. It is said that there is
 an equity of about $50. 900 in this.
 There has not been much work done on the schooner which is under con- struction at the Mcdonald shipyard,
 for several weeks.