New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-26
MOVE TO HOLD UP
BONDHOLDERS'
Stockholders of international
Mercantile Marine Appoint
New Committee of Two.

At meeting OF stockholders, con-
trolling approximately 10000 shares
of International Merchant Marine stock,
held yesterday in the Offices of Loucks
& Alexander, 100 Broadway, definite ac-
ton to carry through the plan TO hold
up the reorganization proposed by the
bondholders was taken.
Coalition between the committee OF
stockholders, Of which George c.. Van
Tuyl,' jr., is chairman, and the one
which met yesterday was deemed ad-
visable. following Mr.. Loucks's state
ment that he had been in touch with
members of the former committee since
tn. meeting held a week ago. Mr.. Van
Tuyl stated ct his office, in the Metro
politan Trust Company, that his COM
mittee was still awaiting Developments
and had not committed itself to sup
port the new committee.
Several members Of the Van Iuyl
committee, however, expressed their
sympathy with the aim of the group OF
stockholders, which has been brought
together through the efforts OF Henry
6 De Forest, a former Representative.
who holds nearly 5000 shares of stock.
Mr. De Forest yesterday expressed hlm-
self as being willing to work with any
committee, provided there was gen
eral agreement as to the steps TO De
taken.
Following a discussion Of the situa-
t;on committee of two-Henry 5. De
Forest and P. VI. Whelan-was elected.
This committee was empowered to con-
slider suggestions which have been
made to Mr.. Loucks by the Van Iuyl
committee, to unite with the Van Iuyi
committee and TO further increase Its
membership if it deemed such an ac-
ton necessary. If 1t prefers. the COM
mittee of two may act independentiy;
The individul action on behalf OF MI
De Forest against the board OF dlrec-
tors of the International Merchant Ma
rine will be continued, pending con
ference of the Van Tuyl and the De
Forest committees. The contemplated
action of Intervention against the re-
ownership will be held up for few
DAVIS. The committee of two Will prob
blv employ certified public accountant
70 90 over the books of the company IN
the near future.
There are two fields of legal action
onen. saw counsel for the minority
stockholders. The first is TO hold the
hoard of directors responsible for dam
ages due 10 negligence in allowing the
interest on the bonds to be defaulted.
The second is a proposed action to IN
tervene against the receivershlp and
10 have the properties of the lnterna-
tional Mercantile Marine Company put
mack into the hands of the stock
holders.
Theodore Prince, of L. NJ. Prince O.
Co. smoke on the reorganization plan
advanced by the bondholders. In his
opinion the reduction of the capital
ization was all the stockholders had
right to ask for. >,
a Hicks Lawrence. 10 Wall Street,
said that Mr.. Prince had overlooked
the fact that in the cutting down OF
the capitalization the bondhoiders not
only got all CT the new preferred STOCK
hut were given the right to share with
the old stockholders IN all earnings
over per cent. ,l
out tho fact that the international Mer-
chant Marine is now earning at the
rate of $4,000, 900 a year with view
IN larger earnings in the future. fact
which he claimed Mr.. Prince had over
looked. A. C. Holzapfel. Is Broadway.
favored meeting any compromise that
the bondholders might put forward be-
fore resorting TO legal action: Mr.: De-
Forest classified the International Mer-
camille Marine as one of the war stocks.
SNo company" said he. "has benefited
more than this one from the war.
From What Mr.. Prince has said he is
here in the interest of bondholders.
This is a stockholders meeting. and we
intend to protect our rights to the
limit"