The evening world., 1915-08-31

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STOCK - the CTamp shlpbundius
COMPANY about a year arc was sell.
inG around tit per share Hecau.a of
the change IN the shipbuilding indus
Try In this country. brought about ~
the European war. the stock IL nv
.sliinr At nearly nve times as much
as u sold just previous 20 the out.
break " the war lie present value
y approximately 81 per share.
For some time previous 20 the out
break Of the war tho Cramp ship
building Company had experienced
comparatively poor volume OF bust.
ness. when measured by Us capacity
for turning out ships It's plant 10 the
largest 81 iA kind In this country.
The company controls tho I. T.. Nor
Hs Company and the kensinEton
Ship Yard Company through tho
ownership OF the entire capital stocks
OF these companies. In addition, IL
controls through ownership ~ the
majority OF the capital stock the Fed
sral Steel Foundries Company.
Previous 10 the outbreak OF the
war the cramp Company was opera
ting at only about 80 per cent. or
% per cont OF It's capacity, and tho
contracts II had booked were no;
highly profitable when comparison In
made with some OF the contracts that
have been placed since the beginning
OF the war.
The Cramp Company began 10 feel
the new demand for ships early last
fau. With German merchant marine
practically wiped on the seas. with
English and French shipyards work
Ing at capacity for their respective
Governments. American ships, az
every one knows. became In great
demand.
1t is interesting to know that the
total ship tonnage In foreign trade
under the American flag at this time
Is now greater than at any time in
the history OF the country since 1863
With the beginning OF July, 1915,
ships carrying the American nag and
engaged In foreign trade numbered
2.76s. The total gross tonnage of
these ships was 1.sl3,775.
At tho beginning Of July. 1914, the
tonnage OF American ships engaged
in foreign trade was l,076.l52. Ships
numbered 2.405. Thus. tonnage OF
American ships engaged In foreign
trade has increased 737,623 tons dur
ing the past year. and ships have In
creased TO the number OF S63.
or course a large part OF this in
creased tonnage is represented by for
eign ships that have adopted Amer'-
can registry, but large part OF tho
increase is accounted for by the fact
that all shipyards have been employed
at capacity turning out new ships,
and all of the old wind tanners"
that were considered obsolete and
were practically ready for the junk
heap have again been placed in ser
for their owners.
Many shlpbulldlng companies took
advantage of the increased demand
for ships following tho outbreak Of
the war. This cannot be considered
wholly true OF the Cramp Company
With commercial BILE foresight the man
agement of the company believed thai
as the war progressed demand would
increase and that by holding off more
advantageous contracts could be Sc
cured later on.
This has proved to DO the case, and
the Cramp Company is day operat-
ing at full capacity on orders which
will yield a very large margin of
profit. whereas IL II had not held It
would be working on orders which
would not be nearly as profitable as
those recently placed,
As indicating the increased activity
at the companys plant II may be
stated that about a year ago em-
ployees numbered approximately 1900,
Employees number approximately
$500 at the present time,
The Cramp Company has Sl,0S7,000
first mortgage bonds outstanding,
S554.004 real estate mortgages and
$2,6s0,00O per cent. serial notes, or a
total funded debt OF s4,32l ,004. Tho
original issue of notes was S5,000,0 600
and the indenture covering these
notes provides that siiO,O 900 shall be
retired semi-annually from Jan. |,
1914 to July 1, 1918, and $40, 900 semi