INTERNATIONAL MERCANTILE MARINE COM PANY, an American corporation engaged in the transportation of passengers, mails, live stock, merchandise, and other goods between various parts of the world. It was incorporated June 6, 1893, under the laws of the State of New Jersey, as the Interna tional Navigation Company, with a perpetual charter which pro vides, in addition to the purpose enumerated above, for the "pur chasing, owning and holding of stocks, bonds and other securities." On October I, 1902, the charter was amended, the capital was raised to $120,000,000, and the White Star, Leyland, Atlantic Transport and Dominion Lines were acquired, and the name of company changed to International Mercantile Marine Company.
The White Star Line was sold on January I, 1927, for £7, 000,000 to the Royal Mail Steam Packet Company. The Red Star and Leyland Lines have also been sold and the service of the Atlantic Transport Line has been succeeded by that of the Amer ican Merchant Line. The Dominion Line had previously been consolidated with the other lines. At the end of 1926, before these disposals, the company's fleet consisted of 100 vessels of approx imately 1,091,000 gross tons.
In 1929 a recapitalization plan was adopted whereby an author ized issue of 720,000 shares of capital stock of no par value, all of one class, took the place of the former preferred stock (each share of which received $20 in cash and one share of the new stock) and the common stock (each share of which received one-fifth of a share of new stock).
The Company owns and operates exclusively ships under the American flag. Through a subsidiary the Company owns the Panama Pacific Line, operating between the cities of New York and San Francisco, via Havana, the Panama Canal and other ports, in conjunction with the Grace Line ; and directly or through subsidiaries the Company operates the United States Lines be tween New York, the English Channel ports and Hamburg, and between New York, Cobh (Ireland) and Liverpool, England; the American Merchant Line between New York and London ; the Baltimore Mail Line between Baltimore, Newport News, the Channel ports and Hamburg; and the American Pioneer Line to Australia, India and the Far East, the last named being a Shipping Board line. The Company also owns through a subsidiary the large office building at No. I Broadway, New York City.
The vessels of the Company in the Panama Pacific Line are modern ships and are the largest of all those engaged in the Amer ican inter-coastal trade. The two vessels, "Manhattan" and "Washington" of the United States Lines, are the largest and finest steamers of American construction, and a third vessel of similar type is soon (1935) to be contracted for. The vessels comprising the present services are 35 in number with a gross tonnage of approximately 393,75o.
The principal office of the International Mercantile Marine Company is in New York City. (P. A. S. F.)