The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-04-10
$i%i,sso.ooo
100000
$iso,sso.ooo
S 7o.aae.ooo
7,0l%.076
Z. Sl,72S.720
=. sl9.6SS.99+
$i%8,622,so0

si4s.eaasso
::::s:. 2; &c u; ;:s;' !: & : ::s:::; s':; 4: !: Il: :=: Z: e |: :: :s: ::::i;::::. 6: : {;
foregoing g$s ' ssisss7o Of a =? lsrs eo1 rs9ssn s s9 ss asset, f 6sSs ssss, Is iat 'Sas + !. tn :
f fsis suf %sRtse o1 saS S'y'f be sSS s', to 81, fs% eo@m s5 vs Stock ~'9 He d possioS S
Marine a! Co. That ssd j" .. rs ;s! yi i:S'ssa e fa 81 "a: ;:' s:s taken sss ': T. : s:s.e e G ssi
value far below eihe, cost or actual present value M This Meet; a, . Of
s s::s5ss;;;s y 4; 's q ;,s =; 80 : :sSs 81: d e 81 Z! I,as 5sssS s s S s g." s a:s,; 9 g :
s ssty /. y isiod 'i a. I'll, IL !; a. ssssiay fs Sos sS S. Substantially however, the
COS, a e es ss ystsi 5as g: ' %s1 q: IL. X ' aSe, Ssss i n % 5sns:se y sYs So n !sss allow
Is f KS. * 9 { 60 80 6; 81 e.: IT. 2 : i' L 's '' 'ss'. sIs z' Ike Value g ss sRs e:
value. zn nay s'i S. 'r 9. ;ss fs T. ,ssss S s: sssn ss ei sss''s sss;: !: a: s,s :i:s;!
$ ! !; 8 $; S. I ' ;sE;%s 81 81; III; $: ANN sns q : :syl 81 s's 81 s ss4S sJ JPsass:
t SSS1 ,7 % 3 aoos ssSCet. u 10 ' SI s tnsse same SHIPS alone learned more
in thu, The ss sa If S: o sssr sso, H s.: sf' %s1: IS. ess SsR5ss'' sstS Ss aSsd i: it ID .s
y ,!0 he 'H price, Sss q, SSkS q , uS sst 70 So 1SsI b L ia asssi S II" ,S S0 s6o 'Ss" Sa iSas
s sSrT mnnf Earnings ,Sss Of ., the com s%r? a.d sssd o. 81 he es; average ;M for the st
Ia a 'Ss! apncs s : sls" ssSoo sas, q MONTH Sssf = !" s &c 2s,s = 5t .ssoSos go
3! y 81 s.! 1sss; aSse !a': ss ,hs r! !as ssS: s,st ss"f 1ssy: act q b. lssssN e
S assssa 1I' a aS;s?'sS. but q ys se prospects, 9ss asni io2 ihil Son sHin sss% fs the rs
sSa 8 s' q IT s, SSse g 'n nss' we're a yea, ss a psos'N'S ''' me past years
III. ps 4 The s,1 ysISsi sT. a1 r. n ,stsin nS s10 " e: ar any " .ns s,s ssS Sss5
ss' ss 'Re as sN ,o iss Ct Sss 'SeHiss do Ss ' ss Hsn's b .si"sa ssT' fs t ss sil , Ssa9 d
The worlds tonnage. and i IS reasonable 70 sspsst az increase II rsses
ss' ~ ss1 ,s I? ' d s{ie s s : ,;% !; ,sss:f;5 ne ;5ss s.s a. s ;:Iss:s.,y ;; 81 :; aa 5SsS; 's y !;
assuming tat only One-naN OH Int increase Is ave ir nt. WOULD ADD
over $oooooo Of net earnings per year to the normal profits.
IS stated ass e; s,q S* .is., sc 5Ss g a1 "~ s.o ssoet 4Ss ss:e By ,es q s'S sss Shn Plan sH
sse &c So s%"sno ]s' sssisSss:rs S 10 ' he rPs;:r; sss: s, I sss sI ,s. ,s ss , si &c
dsrt 5ss 'tt he Of fps ssss,e1 N sEe 1 1'Ss go g ,o 'ans at and a Pt at n %eSiH ss s1 'SaH
ITS actual or market value:
S {. St sSr a month. hh Oh a for nG sss ,sn 90 n r9n 1ssr n sMsr D ss as sSs.sns
including war tax:
N) prospective postwar earnings expected to be considerably in exces,
OF the norma! earnings tor a number OF years.
Tn. Who'll. consideration proposed to tn. Common Stakeholder.
for this interest 10 Sl2, 500 900 In new took which would have n nroh-
able market value about equal to the three current month"; net
less than the net earninss actually realized between the time the
former plan was presented in December. 1915. and this date.
The acceptance Of such a proposition cannot be considered.
y. We have 10, stated the amount of the exsess Of the narke, value over
earnings from this date 10 the conclusion Of the war, nor the amount Of the
DsH11s,ss u s9; 's year. F'f w emitted it, III sms Ds ssHbe1 rnryd "a. Il. , f.s . s. the h
a sssf as %, Or use IS 1 the 's rss'y ss h a"a rs SS n1sff from Ha s,ains IN AZ W},t sit" ,ber to
fore. undertaking 10 s,ate the figures. and making all possible allowances
re-, 4esl 'e equity "ssf, q. he sG csn"oa sss St XXI tsIsaf based i on %Ss the be as c,af' or that nasr Iss
S lase- Ge f, position sx' @a far f' 100 !'s s,f sonst no 'G jHst ntcs ss sG;us saarras On IS s far ,s 'GS
basis as has been proposed.
facts we we Hsf Ea se1 H' dealt % TN w, S's ac nnIh 0 dxu io s'a aasH1oS Of sf the "' JSTd,H
Of S,n iSe ID default nS,. ,S e, p ss:s61is,5o OF II The e, '1,sSIs'u .d ", Whether nsro, the dsfa u + b
e9nd1,on Sto 1he y pTopssibS makes the oft threatened eS'i'slsmrs"' of the
mean; and pa st ynt SS 1s,u ,s esret tS5stI 20 #. p DIeSna,sss ' ,a~.9.n + ~ U.s., (, a. s.;
Tered stosk:, i VIZ to attempt to 1eaeR an adjstmsns b sa ss , TIC
. SsSf Sts7ss Of a sG Sa. I1.Ts.d SH IT su,y yMS of 'h ,f fact, ,ss stated ed ,t the .S Common n1
future Of the COMPANY, save on terms that fully compensate them. If no
7ss' son,?eys Is D@i bs'sss tn , sf9 'so 'e eissss % Of ? siosks fnt er9P EFT &c for re: ss,isr sTa
be a'i iHs postio xt ion snt si,u ,ak ssf Sy , Ss by Snd s.!%sr as csmm,;e. I 1nd h hi
Dated. New York, April s. 1915.
JOHN ". PLATTEN, Chairman.
LEWIS L. CLARKE,
WAiTER G. NoTEs, DONALD c. GEDDES,
Edwin G, BAETJER. All. s. POST.
Counsel STACY c. RICHMOND,
CHAUNCEy II. MURpHEY, WILLIAM c. VAN ANTWERP
IS Cedar Street. Committee.