The evening world., 1922-02-20

For the benefit OF Congress the
Shipping Board-for the first time in
its history. by the way-has prepared
statement of assets and liabilities
from which most of the figures set
forth earlier in this article have been
taken. II will interest the people to
know what they spent their money for
and what they possess for the expen-
diture. Here Is how the money was
spent.
Net amount invested In
vessels after deduction
of proceeds from sales
of vessels ............SE, SE,667 900 900
Shrinkage OF assets at
July 1, 1921. SOC. 900, 900
Net assets, July /, 1921
(exclusive of fieeO..-. 190, ZOO, 900
Operating gains or ....
losses, administrative
expenses and miscel-
laneous losses ........ $4,000, 900
Total appropriations and
Presidential allotments
expended .............Ts.S Soe. 900, 900
The assets are listed as follows:
Materials and supplies,
incl uding shipyards
and equipment. land,
buildings and dry
docks; also uncomplet-
ed W 20 d en- hulls
(Which cost S317 641.-
33S) at "present fa'T
valve" .............. s7O.2s2. 700
Real estate in New York,
fuel oil stations and
ships and drydocks
under construction. 72,13So12
Total ................. S142,401 ,6I2
No valuation Is placed by the Ship
ping Board on the 1,450 steel steam
vessels and the 264 wooden ships
owned by the free and untrammeled
American people. About 1,060 Of the
steel vessels are tied UP and the cost
OF protecting them from the elements
and burglars runs to about $4,000. 900
month. The Shipping Board rates
the wooden ships as practically worth
less. The last bid was S2,4OO each for
the whole feet. but the bid was re-
iected because of alleged technical ir-
rcgularities and tho bidders have
brought suit to establish their right
to the ships.
In connection with this bid Of $2.400
each for the wooden ships It Is said
by men who built wooden ships that
the equipment and fittings, such as
wireless outfit, navigating instru-
ments. hawsers, anchors AID anchor
chains, furnishing of galley and cab
ms, ETC., is worth more than $1,000
per ship. And In the case Of ships
tied up in the james River. at least.
the fittings and equipment have been
taken ashore and stored in Norfolk.
II the bid is finally upheld by the
courts, and the Shipping Board is
compelled to return the equipment and
fittings to the ships, the total cost of
removal, storage and replacement will
be about $4,000 per ship.
Experts in the Shipping Board have
told Congress that the gross tonnage
of the ships Is around 10000, 900 dead
weight tons, exclusive OF the wooden
hulks. Dead weight tons means tons
of fuel. cargo and supplies that can
bO carried.
These same expcrtC have said that
s, ,00O, 900 tons represents first class
ships. The other half of the steel
feet is composed of from fair to
worthless vessels. Tho original cost
of the ships ranged from $40 a dead
weight ton 20 $40 dead weight ton.
Some ships cost as high as S270 a
ton.
Ship owners and operators tell me
that a fair present value for the best
vessels built or owned by the Shipping
Board is $35 a dead weight ton. This
figure is for freight vessels. Passen-
ger ships are sold according to their
speed, accommodations, decorations,
etc.
Shipping Board experts have placed
a tentative value of $3.50 q ton on
the best vessels but have hesitated tc
even guess what the other ships are
worth. Owners and operators tell me
that ships representing probably l.
OOO, 900 dead weight tons are useless
and that II the remaining 1000, ,0OC
tons can DO sold. a price of $40 a tor
would be q liberal estimate OF the re-
turn.
To arrive at n fair estimate OF the
value OF the ships the writer has list.
ed {, 900, 900 tons at S35 a ton, or $l75,.
OO0, 900, and 1000. 900 tons ut $50 1
ton, OIL, $50, ,OO0, 600. n total OF S255,
, 900, 900 for 1,400 ships that cost So,
6S7, ,000, 900. Their present value ap
proNimates 10 per cent. OF their cos
r and they arc deteriorating rapidly
Against this apparent value shoulC
be set the cost of reconditioning then
, when and II they aTe sold, and
! could fad nobody who would guess
on that. Painting the tied-up ship
, alone, which must be dono within 81,
msnths. according to Shipping Boar,
= experts, will cost approximately 81,
a 600 ship, a total Of about 81 800,
600. Ships are an expensive luxur,
TO the American people.
, Further details of the state Of tn
A Nations investment in mcrchan
marine will appear in succeeding is
sues of The Evening World,