The sun., 1919-05-20
DEAL FOR MARINE
UNDER WAY AGAIN
franklin, Back From Europe,
Says British Offer Is Once
More Being Considered.
IS FROM SAME INTERESTS
Terms Of Proposal Are Similar
to Those of Original Plan
of English Syndicate.

The famous Marine deal is on again.
President P. A. s. Franklin, who has
;ust returned from q trip to Europe.
announced yesterday afternoon, follow
Ing as pecal meeting Of the board Of
directors, that negotiations were on once
more for the sale OF the tonnage and as
rets OF the British subsidiaries of the
International Mercantile Marine Com
pany to a British syndicate on about the
same terms under which the original
pffer was made.
I'VE have had negotiations, and an
offer Is being considered by the financial
committee ana the board Of directors"
Mr. Franklin said, land as soon as that
Is done and conclusion reached by the
board there may be something more to
l., said, Up to that time, however,
there's nothing can add"
In reply TO questions put TO him Pres
,lent Franklin admitted that the offer
now under consideration was made by a
British syndicate, which he said was
The same syndicate that made the first
offer so far as he knew. and that the
offer is virtually the one interrupted by
the American Government. The terms
Of that offer, reported when the original
negotiations were under way. call for
the sale Of the tonnage and assets Of the
British subsidiaries for between s125,-
COO 600 and s13o,o0o,00 Approximately
1000, 900 tons of shipping are repre-
sented in the transaction and the price
which 1t is understood Is offered approx
mates st25 a ton. The American ships
Of the corporation would be retained.
The company Is considering various
plans which may be followed II the deal
becomes effective.
Would Sail Under Our Flag.
In reply to questions as to what ac-
ton would be taken by the Marines
management in liquidating or continuing
business should the deal be contaminated.
Mr.. Franklin said that II would be a
matter for the directors and stockholders
TO decide when the time should come.
He declared that the Marine Is exceed
ingly anxious to go ahead with Amer
lean flag shipping, but such action de-
ponds entirely on the attitude taken by
the American Government toward ship
ping and foreign trade.
III the policy Of the United States
Government warrants the investment of
capital in an American merchant ma
rine." Mr.. Franklin said. we're here. to
do that. In case We have legislation
that will result III individuals and cor
porations believing they can 60 ahead
with reasonable assurance OF success We
are anxious to develop the American
merchant marine"
Asked what changes he believed should
be made IN the present governmental
policy M rankin said that he would
rather not go into that just then. He
said that a plan which would be pre-
sented to the committees OF the Senate
ond the House OF Representatives for
their consideration in planning remedial
ship legislation was being worked out
In reply to a question as to what he
thought of Chairman Hurley's plan fol-
the sale of ships to private corporation:
for their operation. Mr. Franklin said
that there were many good features In
the plan. With that plan as basis, he
said, a very satisfactory working ar
rangement could be worked out.
THE only way to do foreign trade.
continued President Franklin, els tC
have 1t free and open as the air. YOU
can't bride American flag ships ant
compete with ships under the flags Of
other nations which haven't such regu'
letions. You've got to be free to com
pete with the world on a supply ant
demand basis"
Mr.. Franklin was asked II the Inter
national Mercantile Marine Compan!
would like TO get any of the German
ships to be turned over to the Unitet
S1tes. reports from Washington havinI
minated that such an ALLEGATION nigh
be made. In reply he said that TIL
company would be every glad to TAX
on anything We can get under Favorable
terms"
Directors Meet To-day.
Another meeting OF the board OF di
reotou is TO be held this afternoon +
consider the proposition. Mr.. FRANKLIN
said-and animated that there was nee,
for speed in handling the negotiation
because, as he said. there was a tim
limit attached to the offer this tint
although he refused to indicate wha
that limit was or when the OFFER woul
expire.
The history OF the famous Marin