New-York tribune., 1918-03-20
Stone Says Ships
Will Be Delivered
On Schedule Time
No Delay at Hog Island;
American Int. Corporation
Reports Big Earnings

The ships which the American Inter-
build under the direction Of the United
States Shipping Board ut Hog Island
viii be delivered on schedule time, ac-
cording to Charles A. Stone, president
of the company. He made the reassur-
ing statement in the annual report OF
the company to stockholders, which was
made public yesterday.
"The ships" Mr.. Stone declares, "will
be delivered on schedule time II the
material continues to flow to the yard
in an orderly way and labor conditions
permit. The yard is now ready to use
the steel as rapidly rs the steel mills
and fabricating shops of the country
can supply it. The essential features
are appI pIohching completion, and it is
anticipated that from now on the
weather will permit the work to be
done with even greater speed than in
the past. There are now two kcels
laid and ten additional ways are await
ing steel. There has been no unneces-
sary waste in view Of the speed at
tanned"
Fifty Ships This Year
If there is no delay it is understood
that twenty-five 7,5OO-ton ships and
twenty-five S,0O0-ton ships viii be
launched this year. In his survey Of
the year of 1917 Mr. Stone skctchcd
the developments Of the agreement of
The American International Corpora
ton to establish large shipyards and
build ships.
The net earnings Of the corporation
for the year cnding December 81, 1917,
reached $a.14G,122l7. compared with
So ,9s3.l1. The earnings from opera
tiona last year were s3,803.9lA.61
against $3,337 ,45010 for the previous
year. The disparity in net earnings is
largely accounted for by comparison
OF the interest and dividends for 1917
which were So 026 1885. compared with
| $500, ,426.6l in 1916. The surplus at the
end of 1917 was S3,507 ,513.3A, against
81 923 .539.43 for the previous year
Fhc total assets up to December 81
last amounted 90 O6,015.13, against
$50, ,l05. .ll0.Sl for 1916.
ship production dominates the an
nual report. "Great difficutics.' il
says, "haVc been encountered, for the
work is Il colossal one. Measured By
the volume of work to be accomplished
IN given time, il surpasscs all the
public work Of the world. The Panama
Canal cost some $500 900, 900, covering
Il construction period Of something
over ten years. The work begun b,
tho American International Shipbulld
ing Corporation will involve over $500
G00,G00 and must be completed il
/ twenty-five and onc-half months.
1t is not to be wondered at tha
there was some complaint The re
markablc thing is that the work wa
accomplished so rapidly and that keel.
are being laid upon the schedule origi
nally expected.
ConStructiOn Started
"The yard, which is now so far com
pletcd that the construction of ship
has commenced, viii be equipped t.
assemble ships more rapidly and on
greater scale than has ever been at
tanned. Through the agency which ha
now been established we expect to b
able to construct for the United State
government merchant ships more rap
idly and economically than they ca1
be constructed through any other sin
gle agency in the world. The need o
additional shipping is vital, immediat
and far beyond the ability of olde
yards to supply. The American Inter
national Shipbuilding Corporation i
at the present time one OF the principa
factors in tAe quick production o
cargo vessels and Transports vital t
the success Of the wa. and tho futur
OF our country
'The importance of speed in con
struction, which was from the frs
present in the minds cf all concerned
may be seen from .he Fact that it wa
represented 10 us that the commcrcia
value alone Of the use of ships undo
order, based upon the present govern
mcnt chartcrlng rates. amounted t
, $9000.o00 a month, SO that if tw
months time could be gained in tn
construction of The yard and in tn
) Il II