New-York tribune., 1919-06-14
Platten Faction Claims 1t
Has Enough Proxies to
Block Proposed Sale of
British Ships and Assets
Will Act ON Monday
Committee Opposing Plan
Controls a Majority of
the Outstanding Stock

1 Hc ScOChHOlucIS OIL tn1 lnlerna-
tional Mercantile Marine Company will
turn down the offer of London
syndicate to purchase the company 5
British feet and other English assets
for f27 100000. The independent
proxy committee, consisting of John
w. Platten and Frederick w. Scott
made an announcement to that effect
III statement issued yesterday,
which said
"Ihe stockholders at their meeting
to be held on Monday will not approve
of the sale of the International Navi-
cation Company, Ltd, assets. Already
the committee has received proxies COW
ering 100000 shares to be voted in op-
position to the confirmation of the sale.
These proxies have been received
within less than forty-oight hours
after the proxies were mailed to stock
holders, and very substantial addi-
tlonal amount will be voted against it.
Inc total amount of stock eligible to
vote at the special meeting will not
exceed approximately 100000 shares,
1t was on May 20 that announce
ment was made by P A. S. Franklin.
president of the company, that the
board, acting upon the recommenda-
tlon of the finance committee, had
voted in favor of the sale and that
the only thing necessary to complete
the transaction was the approval of the
shareholders.
Some of the directors who :, few
weeks ago saw no reason why the sale
should not go through later reversed
their position and care out openly
against it. Among them were Mr..
Platten and Mr.. Scott, who we're men,
bers of the proxy committee appointed
by the company but on June S with
drew their names and organized the
independent committee. Other d.
rectors who formerly favored the sale
but now oppose it are Donald Geddes,
of Clark, Dodge e. Co.; Charles A.
Stone, president of the American In
ternational Corporation; and Harry
bronner, president of the Missouri
Pacific Railroad. Mr.. Bronncr, who has
been out of the city for several days,
said yesterday that he had turned in
his proxy to the Platten- Scott COM
mittee.
j. T. Morgan and his partner Charles
Steel, both directors of the Interna
tional Mercantile Marine and members
OF the regular proxy committee, have
not yet made known their position in
regard to the sale of the British
properties. Mr.. Morgan has made it
foc Ia
affairs Of the company outside of the
board room.
Those members of the directorate
who are now against the transfer Of
the British fleet to British ownership
give as reasons for thei~ chanped
attitude the improvement in the com
pany's earnings in April and Nav and
the fact that the sale would involve
the liquidation of the America shin
ping companies. Action of the latter
character, in the opinion Of the Plat
ten committee, would leave little for
the common stockh olders In view of
the heavy government tax burdens
that might be imposed.
The most important proxy deposited
with the Platten committee was that
of the American International Cor
poratlon, the largest international
Mercantile Marine stockholder. Profits
OF the international Mercantile Ma
rine IN 1919, based on the improved
showing for April, may reach a total
of S16,Oo0,o0O, compared with an aver
age of $1l,S32,30S for 1918 and 1877.
The increase i'll the April earnings
over the corresponding month a wear
ago was in excess of 10 Oper cent it
is stated.