The Bridgeport evening farmer., 1913-11-25

Boat CO, is a Bridgeport concern. tAS 1t to be classed as a local Industry or hiring bonorsto some other city2s That was the qrestion asked by simon Lake. inventor of international repu-- tation and moving spirit in the cor poration, before a large gathering or representative citizens last night The question was met sQuarely ands be- fore a<5iournmept was in ort1ers plans were made to assist the concern Not only pFaus but a substantial founda- ton in money to begin the fund re- suited
 Directly and simply MT, Lake pre- eented the issue, showing why the may is needed, vzlask it means to the city and the plans3for the future. The struggles of the concern for recogn1- tien by it's home government were re- lated. And now that the recognition had been Secured, only Snpzarat1vetys g. few dollars stands between the com ~anv ana success. Will Bridgeport coroe to the aid of one of it's indus tries. perhaps the industry that has done more to spread the name of the! city to the four corners of the earth! That was the question asked. The answer was in the affirmative.
 Following the presentation od the tonic bv MT Lake and a number of others. these resolutions were ad- xanced and adopted: s.
 whereas, the Lake Torpedo Boat company has announced publicly that owing to circumstances beyond its control it is forced to close it's Brfdgeport shipbui1ding plant leave F7ris5geport. and sublet it's $1,655,OOO IT. s Navy submarine boat contracts to other and more powerful, man ciaIly, shipbuIIdfng yards, because IT finds itself unable in the present -4;s,7t Inonev market to dispose of it's securities to obtain funds to start work on $1,655, 900 contracts and to 1rIf1 on December 2, 1913 for $2,47b,- 900 U- $. N contracts
 whereas. the Lake company has announced that it is imperative that " f1isDose of at least $1,OOO,000 of its swear per cent $500 1st mort gagernotes (which are authorized to inc number of 4O0) this week or sell at least $1oO, 900 Of it's first preferred 2 per cent. stock C$1O per shareO
 Whereas, 1t is to the mutual ad- vantage of all Bridgeport citizens that the Lake shipbuilding shall remain at Bridgeport where the company will disburse at least s1.oo0 per day
 Therefore be it resolved. that the president Of the Board of Trade be authorized and requested to appoint a committee to devise ways and means of keeping the Lake shipyard at Bridgeport; and that this com rniftee be empowered to invite rep. resentative of each bank and news paper to be an exc ofi61o m member of the committee. If
 Second, that the local newspapers be invited to receive public subscrip- lions for the notes or stock of the Lake company and to publish the names of the subscribers unless the subscriber indicates otherwise
 Third, that the committee be eIn-. powered to appoint any suh-conm init tees 1t deems necessary and take any Ind to secure the cooperation Of the sec retary Aof the Navy in keeping the shfpbuildang plant at Bridgeport.
 The, old Biblical saying that 8 prophet is without honor in his. own cotlntrv was shown in the simple naT- rztfve of Mr. Lake. whose information was backed up by the action taken in . other countries through the buying of the Lake submarines with cold cash. He told of the contest of the Lake company, financing it's own work sometimes with difficulty, to have the United States government accept the Lake model It was a long hard fight but at last merit swon and the Lake model was recognize4-
 MT. Lake pre1 Jed the abandon mes1t of the bIrtIeship. He believes that speed will count in the future with the submarines and small boats holding the balance of power. He all so claimed that an adequate fleet of submarines from the Panama canal on both coasts would adequately de- fend the country fruzn invasion.
 Optimism was expressed over the chances that the concern has for get ting a large slice of the governments s order for new submarines but it was shown also that the working capital has got to be available in order 60 make the bidding successful What this would mean to Bridgeport was
 4k and bring credit to it was also illus trated. There swas set of photo graphs shown Illustrating the different z boats of the Lake type and of the sEfpyard.
 He showed that the concern has built many boats and could build them at other yards But 1t was desired to build them in Bridgeport in yard Y adequately fitted for such purposes. with the money desired, he explain ed, it is planned to enlarge the yard to meet the requirements. That other concerns, when building the Lake boats by sub-contracts, demand a large share of the money received was shown. With the boats built at a. Bridgeport shipyard, it was pointed out, there would be better work, it would be more economical, and conse- uuent1y would show greater profits.
 The company under the plans of re- organization is to be managed by Naval Constructor R. H. M. Robinson late U. s. N., who was the government constructor in charge of the Brooklyn Navy Yard at the building of the U. s. V. battleship Connecticut and has had about fifteen years of experience in building or designing about all of the United States modern battleships. E simon Lake has agreed to serve the company for 10 years as consulting a asnmammmr and 1nEentors He Is living