New-York tribune., 1920-06-08
Mercantile Marine
Earnings for 1919
Show Big Increase
Comparison of Combined
Account Delayed; 1920
Income Below Last Years
Corresponding Periods

Mercantile Marine Company and It's
subsidiaries in 1919 were approximately
tsl5s5. $50, according to an estimate
II tho years operating results mado
public at the annual meeting yesterday.
The subsidiary companies include Fred
,rick Leyland & Co., Ltd, the American
Line, the Red Star Line, the White Star
Zine, the Atlantic Transport Line and
he Dominion and Leyland lines.
Net earnings for 1919. which compare
With $17,534,704 for the preceding year,
were arrived at after allowing for oper-
sting expenses, income and excess profits
;axes and interest on debenture bonds
II subsidiary companies. International
Mercantile Marines own bond interest
added $2,S09, 1892 to the expense account,
While $5,225, 1888 was written of for de-
preciation, leaving a surplus for the
rear Of $17.060,985. an increase over
lslS Of $5,5e7,911. The report said that
for purposes Of comparison with the
results Of previous years the earnings
ef the British companies have been con-
nrted at s4.85 to the pound sterling.
The report explains that the 1919 esti-
nate Of earnings represents the income
Il steamers directly operated by tho
!. N. NJ. Co., together with earnings
II subsidiary companies (largcly
British, Of which the entire capital
koek-issues are owned, except Frederick
leyland & Co., Ltd, Of which company
ibout AZ per cent Of the preferred
,hares and 90 per cent Of tho common
shares are owned by the American hold
ng corporation.
Owing to the fact that the Interna-
donsl Mercantile Marine owns only 4
,art Of the Frederick Leyland stock, the
company includes in It's consolidated in
tome account earnings from It's fully
owned subsidiaries, together with div-
lends received from tho Leyland Line.
Because Of the difficulties Of getting fg-
lses from abroad, it was said the con-
soidated income account Is not avail
shle At this time, thus preventing .
comparison with the showing for the
aseal and calendar year 1913, when
nS.S3 share was earned on the pre-
!srred stock. Net earnings from
steamers operated by the I. M. M. Co.
ast year. plus dividends received from
uhsldiary companies, compared with
We preceding year as follows:
1919 est. 1918 actual
(otal net earnings $15, POI, ,764 $40 1856, ,37S
LINN. bond interest 2,309,232 1885, 1903
peprsc on steamers
frectly owned :. 6s0,4o5 6e0, 0,406
surplus ......... .12,238,127 1871 1856
The report says that the earnings Of
we current year to date have en- be-
pv those Of the corresponding period
year ago because Of q recession in
tfeightt rstes, labor difficulties and the
txcsssive cost OF fuel and the serious
nmeu!ty at times in securing It.
N Is expected, however," the report
fdds, that the earnings for the remain
ger o. the year will show an improve
pent a. some Of our passenger steamers
fusaged in war service have recently
zen reconditioned and restored to their
nsoes and are beginning to operate
aote satisfactorily, although the ex-
fsnses Of operating them has materially
Nsfeased. The number Of passengers
1osing Is satisfactory"
x: A. s. Franklin, president, told
soesnoiders Of the international Mef-
Inhie Marine at the annual meeting
y. tae company did not contemplate
isiIper purchases Of ships from the
G,pp1ng board. He said the company's
% ier the Leviashan had been rejected
.nas body and that the eventual dis
2Osi'lon Of the former German vessel
4, ~ ssiii in doubt. He added, however,
H. tne company's contract FOR recon-
.,soning the Leviathan would be COM