New-York tribune., 1918-11-06
AN-American Company |.
Likely To Be Formed -
Merge u. S. Interest.
Dissolution of Old
Concern Is Expected
H. A. Sanderson Arrive. n
Conclude Deal Pending
Fire for Over Year

Harold A. Sanderson, Chairman :.
the British companies in the Intern,
tional Mercantile Marine Comranv :,
rived at an Atlantic port yesterd.-
bringing with him the details Of II.
offer made by British syndicate fl,
the British vessels operated BY IL.
International Mercantile Marine.
Harold A. Sanderson, who arrived =.
an Atlantic port yesterday, making nj,
first visit to this country since 1919
shortly after he became chairman ~
the British companies in the Interns.
tionai Mercantile Marine Lines, brouohs
with him the details Of the offer mad.
by British syndicate for the British
vessels operated by the international
Mercantile Marine.
/ This announcement was authorizea
by 2. A. S. Franklin, president of III.
international Mercantile Marine Com.
pany. 1t was stared also that a meet.
ing of the board of directors of tbs
company would be held tomorrow ~
3 p. ~, "as the advice of the Interna.
tional Mercantile Marine Company ha
been asked as to the desirablity of the
transaction"
S125,000, ,00o Involved
The deal for the transfer Of ,hs
ships owned by the British lines in.
cluded in the international Mercantile
Marine is said to involve S125,0oO,0Oo
and has been hanging fire for nearly
year. 1t was reported last January
that it was off altogether. Then in
May Mr.. Franklin said that the offer
still stood and that many of the difH.
culties which had existed had been
surmounted.
1t is believed that M. sanderson's
arrival with the particulars Of the
British syndicate's offer indicates a
belief that most of the remaining df-
ficulties have been eliminated.
Transfer of ownership to the British
syndicate would involve the Atlantic
Transport Line. the White Star Line,
the Oceanic Steam Navigation Com.
pany, Limited; the Atlantic Transport
Company, Limited, and Frederick Ley.
land & Co. Limited. The Atlantic
Transport Company, of West Virgins,
would be left to form q nucleus Of 8
new American company whose ships all
would fly the American flag.
Reorganization Expected
A complete reorganization Of the In
pany as an all-American concern is
flying the British flag. The present
holding company, it has been surmised
would be abolished entirely, to be super.
seded by a company which would take
it's place among the American mari.
time corporations that will be reach
ing out for their share of the worlds
trade when hostlities cease.
The price which is said to have been
offered-$i250 900, ,000-is sufficient tc
pay off the International Mercantile
Marine Company's per cent bonds
which are callable at 10, take up ths
preferred stock at par and also cleai
up the accrued dividends on the pre-
erred stock. which last May aggre'
gated SGT share.
During the early months of the war
the corporation made large profts, bu'
as submarine inroads continued to
mount and the demand for shipping
, became acute its ships were taken over
by the governments whose flags they
: flew, and at present all its ships are
) under government charter. The BIT
/ ish ships were reQuisitioned by 'as
) British government in April 1917, he
American ships by the United States
! in October. 1917, and the two Begisn
vessels by Belgium in 1915.