New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-11
NFEsIMBNI baNhLINs
524 WzLnnt ST., Cincinnati.

December 3. 1904
wish TO call the attention of my readers
rho are on the lockout for opportunities 10
,,ort which TO say the least. possesses great
,oxeIbIlitles International Mercantile Marine
rreferred now quoted at 80. is the security 10
11hgch refer For the benefit OF those among
nv readers who are not familiar with H. VIII
,tete that Il is what is known as the shipping
T-nst.' formed by Mr.. Morgan. has no connec-
.Ino whatever with the L s Shipbuilding Com
Many which was not organized by Mr. Morgan,
but by Mr. Schwab. International Mercantile
70 the International Navigation Co. and the
combine includes the following celebrated steam
ship lines:
AMERICAN LINE.
WHITE STAR LINE
RED STAR LINE.
ATLANTIC TRANSPORT LINE
LEYLAND LINE.
DOMINION STEAMSHIP Co
The preferred stock Is entitled to cumulative
dividends at the rate Of per cent. per al4iluIl'
n dividends have been paid thus far ana.
therefore, there is an accumulation OF TWO years
dividends or l. per cent due OUT OF earnings
- nraferred shareholders before any dividends
can ever be paid on me common sloch- Inc
Capitalization is as Ioio"s-
= ds Mercantile Marine "A per
ac o95t f1ggtte standitl Navigation Co.
IS outstanding observation-disclosures. 13.6S6,OO0
SOS. 900
In addition. there are 100000 pounds sterling
fs250O.OOO) IS Of the Leyland Line.
Preferred Stock outstanding. $50. 366. 500
common Stock outstanding. ......... 40, 933, 400
As 10 earnings. the constituent lines showed
for four years prior to the amalgamation aver
age net earnings per year as follows:
White Star Liae.................S2.063 ,615
American Line...-............... I1l6009
Leyland Line.-.................. 1,565,000
Dominion Line, INSTRUMENTATION. 62S,tOO
Atlantic Transport Conn. 10000
S6.1O7.675
peducting the international Mercantile Marine
Co total fixed charges of So 035 900 from the
average total net earnings OF So 107,6I5,
shown above, the surplus over fixed charges is
SO92, 600, an amount equivalent to about per
cent the outstanding preferred stock issue.
With so favorable & showing independently OPP
Grated IL was buI reasonable TO assume that
With the economies resulting from q single man
sgeTnent. the net earning capacity would be
seerably increased The actual results have
hsen disa appointing. inasmuch the first years
net surplus is equal TO about 81 per cent on
the preferred stock
Compared with the other principal lines the
Mercantile Marine Co. shows:
Ships. Gross tons.
MCcantils Marine ............137 1,034, SS4
Guard Line .................. "a 11411O
Hsnburg-ATnerican 80. ......121 $50 091
NoHh German Lloyds-.......123 b43, 600
Tie highest price at which the preferred stock
sod n 1903 was 80. During the prolonged
lump the price declined TO SO per share. and
u be past six months has been selling around
IL . "a Recently the veIal steamship
sries have been trying TO adjust their differ
snees, With the result that about the middle of
November the stock had sharp advance and
sold as high as $50 per share. It has since
ue1eted and sold low 2G14. and at this
writing is quoted at 29&4. It seems highly
probable that the rate war IS at end.
have made inquiry from reliable sources dur
ING The past few days, and find that, while an
zgrsement has been reached III principle. the
zk.lls have not been COMPLETED.