New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-04-10
SI5O,550,000
S 7o,226,ooo
7.O14,S76
51,725,720
'Is,655,994
SI4S,622,590

a.i . & &. '. s:; sc; Is: Oh. '' s Ion ''
The position of the Common Stockholders Committee that in
the "deS s ses dspeaed Value and many
wholly dsregaded This sprp" or f o Csps CONSULTATIONS:
m That in the of Sil 600 the entire feet OF
the Marine Co. and of the 1eyand Line ha been sStn At
December 81 1913 had Tonnage O0n Of over ilC1%OG
at its deprecated value less depreciation The dc
probation assumed 20 be A. annually but namuGn a. wa
not charged by Company the total IS slightly cs
but substantially the feet included at the deprecated
For the very large the value Of tonnage due to
increased of construction well the increase IN market
vsuaton so that the the actual value Of 100000 tons
value taken belongs to the Common Stocl and
actual may be illustrated by taking the twenty Sd does
their deprecated December b. 1914 taking cost less
t9o annually for the entire period would be ~ ooo ooo
1915 these ships alone earned more than S'oooooV
The % 6s S Ss S the the or h bu more sig
when applied 20 the whole fleet the net earning
the april 1915 being %GTf than nan above va aa
(2) No allowance in the foregoing valuation is made tor
the large earnings Of the Company Based on the
ng ali charges including war tax approximately $1,000
900 month. the rate of s36o0oOOO per year Deduct
rent dividend on the Stock leaves balance in
cess of 500 year The continuance Of such earnings
is necessarily uncertain the prospects for their
the next are quite as fs9Ta6e as rf pro-
year
go The valuation also makes no allowance for any IN
crease over the prwar earnings after the termination Of the
war We are the shortage of tonnage due to
t OF SIMS is estimated to exceed 2O's worlds
mage reasonable expect increase IN rates over
the An increase Of 2G ogG the rates ta prevailing
during 1913 assuming thai only G S@ oo If o. e earnnr pr
The allowance to the Stockholders by the proposed Plan
stated to be stock The of this Plan
by Stockholders is therefore Substantially e9IVaent -
by the Common Stockholders to the Preferred
their interest in 49, .,
aC the fleet Of substantially @ 600 at price which who'll,
dsregard the the value Of tonnage and at much es
than its actual or narAet Eaiue; s -. bs baye hoo,
averaging $3OOOOO month about S6OOOOOO per year alter
all deductions including war tax; /, :l,,r
in excess of the normal earnings for number Of years
The whole proposed to the Co%%o" sGkh %
market equal the three current months ns
Of the Company after t.,.s s s.s %. m I
Plan was presented in December, 1915 and this date
of such proposition cannot be considered
the Of the Of the market yauf
deprecated value of the fleet nor the amount OF the pros
iI amount Of the prospective increased earnings the pero
Immediately following the termination OF the war we omel t
deliberately as figures large be apt to mead and W.
suggest any attempt ascertain or use the hgure we
eaned from stating MhGa fneIcs fo the
tany of any estimates be evident that the rea eq
rect and on me c1 Justify an adjustment any such
as have sought this only summarize the
We have not dealt question Of The
bs default or prosecution of the foreclosure whether me
deauit 10 valid the accumulation OF earnings hd e
b condition of the property makes the oftthatened eN
80 ,r,;shpoent of the Stock imposslp!e
That the Company readily its debts partly
1 ord marty bv reundng Foreclosure proceedings cannot De
ca S f enforcing collection Of the accumulated dV
80 on tho Preferred Stock 1t wise 20 attempt 70 reach an
the two classes stockholders but IN view OF the facts
mem ~ Con Stockholders justified in surrendering
rights in the and future Of the Company save on terms
hat fully compensate them agreement IS possible ,ne
he pad the property restored and the controversy between inc
of stockholders left for settlement in accordance with er
actual rights by future agreement hs has oeen te pos
taken by undersigned Committee and will be MAN
tanned
~ W JOHN W. PLATTEN Chairman,
L. CLARKE
- . .o,,. DONALD C. CEDDES,
VIFRED 4. COOK A. H. S. POST,
EDWIN '" "'''' Counsel STACY c. RICHMOND,