New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-04-10

lishcd In The Tribune. The cash bal
aucc on April is given a. SoO,2s4'oVV'
Of which $40. $4,000 was on hand Marcn
and $4,000 as the estimated March
receipts. These figures are suDJec' 10
the deduction OF the war tax.
The Platten committee charges ina,
the estimates made by the preferred
shareholders relative 20 income aiief
The war is over and normal CONDITIONS
are restored are based on rates. tonnaGP
and earnings for The pfe-war year i't '-
These estimates leave balance iof we
common stock equivalent 20 Si.-ol,o %.
For purposes 90 reorganization tne
platfcu committee values ine as5tt
OF the international Mercantile Marine
Company 80 s1jO.550OOO. or approx
matClv $4,000. 900 .u excess or all INC
canital liabilities. including the SI'',
c-- oof Of warrants for accumulate %
dividend provided for in the preferred
stockholders reorganization plan. zoe
other items Of the liability column are
the principal Of the outstanding nohu7'
with accrued interest, and the pre-
ferred stock. .t.
THE position OF the common slocH'
holders committee says the slale
mcnt. els that in the foregoing Falua
ton a large portion OF the assets nav =
been included at q greatly dep.eclaISeu
value and many elements OF HHiu.
wholly disregardcd: that tins surplus
or equity belongs 20 the cohhiso1i, 80
The position is based on the iolo"4"P
considerations: ,...--oooo
"Tha. iu the valuation OF el4I ''''VO'
the entire feet G. the Marine comp ahy
and % The Lcyland Line has been taken
10 % deprecated value far beIo" e.,ne'
cost or actual present value. nus
fleet of December 81. 1913, had ION
mage OF over 100000. In the agPre-
gate value Of S14l,550.OOO this meet u
included at its deprecated value tha'
is. cost less depreciation.
"The depreciation is assumed 70 be )
per cent annually, but inasmucn as ~
was not charged by the company every
wear. the total is slightly less. put
sub stantially, however. the fleet ls m
cIuded ~ the deprecated book value.
For the very large increase m the
value Of tonnage due 10 increased cost
Of construction as well as the increase
IN marke. values no allowance what
ever has been made in the foregoing
valuation. so that the excess Of the
actual value of 100000 tons over the
value taken belongs 10 the common
stock.
"Thc extent of the difference between
the deprecated and actual values may
be illustrated by taking the twenty
q Oldest boats IN actual service. Ihese
cost originally $23.102,000; Their de
preciated value on December 81, l9l4'
taking cost less per cent annually
for the entire period, would be S4,t '9'-
COO I'm 1913 these same ships alone
earned more than SI0OO,OOO, subject 10
war tax"
Net earnings Of all the ships, accord
ing to the analysis OF the common
stockholders committee, after deducl-
ING war tax. from the beginning OF the
war to April 1, 1916, have been more
than 20 per cent Of the price at which
the fleet would be included in the COM
mittee's valuation.
Current earnings, after deducting all
charges. including war tax, are de-
clarcd TO be running at the rate OF ap-
proximately 100000 r month. or
S36.OOOOO0 a year. The committee
statement adds:
"Deducting interest on the entire
bonded debt. together with the current
dividend on the preferred stock. leaves
a balance in excess of S29.OOO,OOO
vear. The continuance of such earn
inps is necessarily uncertain. but the
prospects for their continuance for the
next year are quite as favorable as the
prospects for the past years earnings
Of $4,000 900 net were year ago.
1--WE are advised that the shortage
of tonnage due TO BODYBUILDING during
the war period, as well rs to the de-
struction of ships, is estimated to eN-
coed 20 per cent of the worlds ton
mage. and it is reasonable TO expect
an increase in rates over pre-war rates
for a considerable period after the
termination of the war"
The information made public by the
Platten committee has the indorse-
ment Of Coverdale. Colpitts 4 Co. as
consulting engineers. and Barrow
Wade. Guthrie & Co. as accountants.