The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1920-08-16
FIX SHIP PRICES
Shipping Board Announces
Terms for Sale of Vessels.
Steel Ships To Be Sold on the
Installment Plan.
EARNINGS UNDER CONTROL
When Half Paid for Mortgage
VIII Be Accepted.
Schedules of Initial Prices Are
Given in Announcement.

Washington. Aug. APPROXIMATIONS
for the sale of government owned steel
merchant ships will begin at once.
Chairman Benson. of the shipping
board stated today. Plans for an ex-
tensive advertising campaign to place
the vessels on the market is under
way, he said, and actual disposal of
them will start as soon as the neces-
sary details have been completed.
In line with boards policy for dis
posing of its entire fleet 1t was stated
that an active campaign to sell the
wooden ships also would be launched
Announce Terms of Sale.
Terms upon which the merchant
ships built for the United States dur
ing the war will be sold were an
nounced today by the shipping board.
The board will sell all its ships at
10 per cent of the purchase price in
cash upon delivery of the vessel. Five
per cent of the total amount every six
months. thereafter for two years, and
the balance of 70 per cent in equal
semi-annual installments over a period
of ten years deferred payments to
carry interest at the rate of percent
per annum. 's-.N
Revcnucs,To Be Controlled.
The announcement stated "all reve-
nUes derived from operation are to be
deposited in a controlled or super
vised account and the instaliments, ex-
cept the initial payments may be paid
therefrom.
THE purchaser shall be permitted
to take from such proceeds of opera
ton. after current installments are
paid, not exceeding Is per cent upon
paid up installments. a dividend on the
investment TO be distributed to the
stakeholder as the buyer may deter
mine -
Upon payment of so per cent of
the purchase price the buyer is to
execute a preferred mortgage to the
board and thereafter the operation of
the vessel is released from the super
vision and control of the board except
as TO maintaining berth and route.
The foregoing terms of sale are
applicable only to new steel tonnage
The board will entertain bids on
the various types, sizes and classes
of vessels after they have been prop
perly advertised and appraised pro-
vided the price offered is not. lower
than a mintnum price fixed by ap-
praisers-"
Prices Are Fixed. D. &
The shipping board in its announced
policy, fixed minimum prices for YES
sells built on the Great Lakes for ocean
service at $3.50 per deadweight ton for
coal burners and. $40 for oil bnrners.
The submarine boat corpora ton
type of $3.50 lightweight tons each
was fixed at a minimum of $160iper
deadweight ton for coal burners and
$40 for oil burners.
American international shipbuild-
ing corporation type vessels of $500
lightweight tons each were fixed at a
minimum of S175 per lightweight ton
for coal burners and-$1s0 for oil burn
ers.
Skinner and Eddy type of $500 to
10,760 lightweight tons and all other
vessels over 10000 lightweight ex-
ceptinR combina ton cargo and pas
senger vessels. oil tankers and refrig-
orator ships were placed at a minimum
of $175 per dedaweight tone for coal
burners and $3.50 lightweight ton for
oil burners
These prices are; subject to- de-
duction for depreciation at the rate
of S per cent per annum for the. sec
ond year of the vessels age and 5 per
cent for every year thereafter to date
of purchase