Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-03-22
RECEIVER THIS WEEK
FOR INTERNATIONAL
MERCANTILE MARINE
Action Decided Upon for
Protection of the Holders
of Stock and Bonds of
S150,O0O,0O0 Steamship
Company.

A receiver will he appointed for the In
ternational Mercantile Marine Company
this week This action has been decided
upon for the protection of the holders of
the stocks and bonds Of the company,
which is capitalized at $50 100000. \ re-
adjustment is expected to follow
Interest on the So, 2,744, 900 collateral trust
4ls per cent bonds, which was deferred
last October, is due on Thursday. Pay
ment of interest on the first mortgage
sinking fund per cent. gold bonds, Of
which there are outstanding SlG 72S,O 900
due on February /, was also deferred.
The request for receiver will not
come as a surprise, and no financial em-
barrassments are looked for. The action
was expected The probability that a
receiver would be asked for was told In
the EVENING LEDGER several months ago,
when William p. Gest. r. Dewitt Cuyler,
Samuel +. Houston, Charles y. Norton
and George $. Brewster organized them
selves into a committee for the protection
of the holders of the first mortgage sink
ing fund per cent. 60 bonds.
WAS REoRGANGzED BY MORGAN.
In 1882 the international Navigation
sey with considerable local capital in
vested. II was looked upon as a fnan-
cial coup OF Clement c. Grscom. ]. p.
Morgan reorganized the company under
the present name in 1902. II controls the
American, White star, Red Star, Atlantic
Transport. Lcyland and National Steam
ship lines. They have 47 distinct lines
of service
The strength of the North German
4 .-I
gave them the domination of the vari-
GUS steamship pools which greatly inter-
fered with the earnings OF the Interna-
tional Mercantile Marine Company. Their
service has been further curtailed by the
war. Great Britain has Communicated
some of the best and biggest ships. Prop
erty is owned by the company in most of
the large ports of the world. One hun
dred and thirty-eight vessels are owned
by the company. Their tonnage is $780,
23s
The preferred stock of the company,
SS1, 7SO.971 outstanding, was expected To
earn per cent. dividends from the start,
and S4993l, 1876 in common stock was de-
clared also. The company never declared
n dividend upon its preferred stock, which
is now quoted at about 81 bid IS asked,
par 800. The common stock is 81 bid 81
asked for 500 shares.
l.
The company made S5,716OOO net profits,
however, in 1913, upon a gross business
of 1854, 1888
A representative of the International
Mercantile Marine Company, whose Of
fees are in the Bourse Building, said to-
day:
1T is true that the company never de-
clared dividend upon it's preferred
stock. AS for the profits, | can't discuss
that feature. The New York office is
the place to question as to what became
of the profits"
Payments due from the British Govern
ment for the use of vessels are slow of
realization. The company finds itself
short of cash to pay the s23OO,OOO that
will be overdue on the bonds next week
The officers of the company include p.
A. b, Widener. John /. Waterbury, Il. j.
Berwind, George W. Perkins, Charles
Steele and p. ~ S. Franklin
The receivership will not interfere in
any way with the operations of the ships
now in service. The total gross tonnage
of the line built and building was, at the
date of the last report. 1855, ,236 tons.