The sun., 1919-06-14
PLATTEN ASSERTS
MARINE DEAL OFF
Announces That He Has $780,
900 Proxies Against It Out
of 100000 Shares.
TEST TO BE ON MONDAY
Head of Opposition Declares
Other Stock Will Be Voted
in Negative.
TEST TO BE ON MONDAY

once and for all appears to he the case
following tho announcement by John w
Platten of the United States Mortgage
and Trust Company, n director OF tho
International Mercantile Marine Com
rany and head Of the opposition to seli-
ing the company's British tonnage and
assets to an English syndicate, that SUI
fcient proxies have been obtained by
him and his associates in the opposition
movement to clamp the lid on the whole
plan. After more than a year of sensa-
tional stories, rumors and announce
ments the forces for the Marine deal
probably will be put to rout and tile
stock market, which has been more AZ
fected by these rumors than by almost
anything else, will be greatly relieved.
According to Mr.. Platten's announce
ment, made last night. proxies covering
100000 OF a total of approximately 900,-
900 shares have been obtained for voting
against the plan at the meeting on Mon
day. In addition there are other blocks
Of stock which will be voted in the mega
tive, the announcement says. The state
ment issued at afr. Platten's office fol-
lows:
"John w. Platten, on behalf OF Mr..
Boot and himself, constituting the proxy
committee of the International Mercan-
tile Marine Company. authorized the fol-
lowing statement: The stockholders at
their meeting to be held on Monday will
not approve Of the sale OF the Interna-
donal Navigation Company Ltd, assets
Already the committee has received
proxies covering 100000 shares to be
voted in opposition to the confirmation
OF the sale. These proxies have been re-
csived within less than forty-eight hours
after the proxies were mailed to share
holders, ana very substantial addi-
uonal amount of stock will be voted
against It The total amount of stock
eligible TO vote at tho special meeting
will not exceed approximately 100000
shares"
Has Been Market Factor.
Thus apparently will be brought to an
ed at Mondays meeting IN the com
pany's Office in Hoboken all discussion
and controversy regarding the famous
Marine deal. chief topic of conversation
in the financial district for many a day
Ever since It was announced first, more
than year ago, that a syndicate OF
British financiers desired to purchase the
tonnage and assets OF the International
Navigation Company. a subsidiary OF
Marine, the pendulum has swung back
and forth. First the deal was on. Then
It was OF again. Once more II was or
and once more II was off To enllven the
situation the Government stepped in last
fall and said that It would take over the
ships at the price offered by the British
syndicate to prevent their leaving Amer.
!csn ownership For a few months the
proposal rested right there. until in 9
letter dated April /. 1879. the company
was notified that the Government al
Washington had changed its mind and
that the ships were no longer regarded
r. a.
Informed that IL was free to go ahead
with negotiations with the foreign syndi,
cate. INV 80 AZ ... 81.
In the meantime the syndicate had
supposed that the Government INTENDED
70 make good its offer and consequently
lost all interest in the ships. II was no
without some difficulty, therefore, tina
negotiations with the syndicate wer,
brought again to a point where actua
transfer of the ships and other asset!
IF the International Navigation Com
Dany could be discussed. P. a. S. Frank
lin, president OF the international Mer
camille Marine Company, made a trip t
England early this year and it was as
sumed that he went In connection witt
this deal
Reckoned without Host.
AT any rate, negotiations were re
sGmei and carried to q point where tn
directors voted for. the sale and recom
Iuended> that the stockholders at thei
special meeting to be held next Mouda,
40 likewise. Thus II was taken 70
granted that the end had come and tina
y was merely a matter OF formal ap
prevail by the stockholders.
But those who had 30 counte
reckoned without their host For In
brief statement to the shareholders @
the company, John w. Platten an
Frederick w. Scott, both of whom ha
been put on the proxy committee
vote in favor of the deal, announced tina
they were unalterably opposed to an
Transaction of the kind. which, they sait
would neceesitate liquidation of til
nsrent company and place a burden o
the common stockholders They issue
Immediately calls for proxies and. az
cording to the Mr.. Platten's statemer
az last night, the response was prom
and large.
While the negotiations have been 1
progress the stock market has been
sort of a bumper for the project Whe
the deal was on the stock would soa
TO new record high levels. When It wa
on down went the stock. The preferre
stock especially was very susceptible I
The slightest murmur concerning tn
Marine deal. 1t jumped around frol
one point to another and many a trade
felt his heart go pity pat at variol
times when Marine preferred started
TO do It's acrobatics. 1t was not unit
the last few months that the commo
stock showed any signs OF interest in II