The sun., 1916-10-07
RECEIYERSHIP FOR
SHIP TRUST ENDED
Last Obstacle to Reorganiza-
ton of International Mercan.
tile Marine Removed.
p. A.. =. FRANKL1 PRAISED
TOtalling $3G8, 900
Made to Lawyers and
Others by Court.

The last obstacle 70 the reortaniHa.
ton Of the International Mercantile Ma
rine was removed yesterday when Judge
Charles NJ. Hough Of the United States
District Court discharged the receiver
appointed by him In the equity and mort
gage foreclosure suits begun against the
company In April. 1915. In his opinion
Judge Hough praised p. A. =. Franklin.
vice-president and receiver Of h com.
pany. for his work In bringing the con-
Germ out OF It's financial preilcameht ana
putting II on a highly profitable basis.
As remuneration for this work " re-
endorsement for the expenditures In
Cured by the receiver IN the course Of
his duties Judge Hough awarded Mr..
Franklin $4,000
Altogether the allowances made by
Judge Hough to the receiver and those
connected with him in the litis alton aR-
gregate s36s. 900. Tn ,se who share tris
amount in addition to Mr.. Franklin arc
Birmingham. Montgomery 4 Beecher,
counse for the receiver. $4,000: the
New York Trust Company m trustee OF
one of the mortgages and plaintiff In the
original suI', stV,VVU jdIIte' byTHt, sp-
llcitor for Byrne & Cutcheon OF coun-
sci for the New YORK Trust Company.
10000 the Fidelity Trast Company.
trustee OF another mortgage and com
plainant in a cross-suit. $4,000. and
Charles n. BeHkman. solicitor for the
Fidelity Trust Company and john O.
Johnson of counse for the same. $4,000.
When the receiver appointed in the Jer-
sey Court Of Chancery was discharged
on ctobor 3 teh allowances granted by
the Jersey court totalled SEQ. 900.
When Mr.. Franklin was appointed re-
ceiver Mt the request OF all the parties
Interested in the litigation. said Judge
Hough, the task that confronted him was
a thankless and unpromising one.
THE dislocation OF business Of all
kinds caused by the European war" the
court continued. was very manifest, but
the profits that were TO accrue TO prop.
erly managed shipping operated under
the American flag, by reason Of the Ions
continuance of hat conflict, were not
obvious at all.
mfr. Franklin's management OF this
property has been something for which
not only the court and the company's
shareholders but the public at large are
greatly indebted to him. The court had
early knowledge of his views concerning
the probable appreciation Of shipping
property and the defendant corporation
has reapcd the benefit OF his foresight.
The rcht,ing OF the few steamship
which in early 1915 few the American
flag and belonged 70 the defendant. hii
pressure for increased freight tonnage
and the use Of the cash AT his command
:, purchase par; OF he Pacific Mail feet
have resulted IN profits hitherto un.
known in my acquaintance with rece,v.
ership proceedings"
The Judge also commended the trust
companies that brought the suits as hold
ors OF the mortgages for their FOR
hearance and willingness to assume q
certain amount OF risk quite unusual In
a proceedings OF his kind"
Within three months the receiver Is "a
make a full accounting 20 the steamship
I corporation OF the cash and other assets
he has on hand as well as the disburse'
ments made by him.