The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1919-06-07

Loss interest and sinking
fund .....-......... S55,190.50
insurance etc. .j.... 6,295.50
SCI, 4s6.00
Earnings from dock ...s 7,146.Oo
The above estimate does not take
into account the profits to be antici-
pated from the operation of the repair
plant Experience has demonstrated
however, that the operation of repair
plant in connection with a dry dock
is highly profitable Our belief is
that the net earnings from the re-
pair plant will more than take care
of all overhead expenses and dividends
on proffered stock
A detailed appraisement of our pres
'ent property is as follows:
Buildings and fixtures IS 100000
, Dredging and filing -. 100000
Docks and equipment 100000
Piers and bulkheads ....> 33,750.oo
spur track .......... 10000
: Tools and machinery 10000
Real Estate ............ 100000
$177, $4,000
: The following is extract from letter
from Chas. Piez, president Elmer
'gency Fleet Corporation to Hon Ed
ward y. Hurley, chairman United
states Shipping Board, dated July 20,
1918.
In view of the urgent necessity fer
docking facilities I desire to recon-
mend favorable action on the PROPOSE
ton by you and request that you sub
NIT same to the trustees of the United
States Shipping Board"
Value of present Bruce company is
SITS. 10000.
To the above property it will be
necessary to make the following i'm
rroyements. at approximate costs as
shown. to be approved by shipping
board:
: Repair plant buildings IS 100000
Pler t............... 100000
Tackage .-. 100000
Dredging ... 100000
Tools, machinery andp
shop equipment . 100000
Working capital ..... 100000
Total s200,000.0O
If financial arrangements are made
for above amount of 5000, 10000 and
bona fide subscriptions, or cash. is cer-
titled 20 the United States Shipping
BOARD, Emergency Fleet Corporation,
then the construction contract becomes
immediately enective, and they will aol-
vance the $3.50 100000 or as much there
of as necessary, for the construction of
the dock. The construction of the adj
ditional shop facilities to progress as
work on dry dock progresses.
This will make a total investment, |
exclusive of dry dock, of 1927, $4,000 and
a working capital of 100000 This
total investment is to be placed be-
hind the issue of stock as follows:
The company agrees to issue $780, !
10000 of per cent. cumula tive pre-
ferred stock, annual dividends, with
out voting power, redeemable at any
time after two years by paying share t
holder los for each 10000 and accrued
dividends. The company further agree !
ing that the holders of the preferred
stock shall be entitled to receive anT
the corporation shall be bound to pay
thereon per cent. cumulative dividend
each year before any dividends shall
be set apart or paid on common stock;
also the holders of the preferred stock
in the event OF any distribution of
assets of the company to be entitled
to have their stock redeemed and paid
off at par before any distribution shall
be made to the holders of common
stock
The company also agrees that with
out the consent of a majority of the
preferred stock then outstanding the
company may not create ID any mort
gage on the property OF the company,
nor (2) any issue of stock having
priority. !