International Mercantile Marine stockholders last week decided to exchange vain mementoes of a frustrated plan, for new shares that seemed to promise them actual dividends. The late J. P. Morgan organized I. M. M. 25 years ago, close to the time when he organized the U. S. Steel Corp. His ideal was to create great corporations that would lead their fields. In steel he succeeded: in shipping he failed. The overdue, unpaid dividends on I. M. M. preferred stock now amount to tidy millions. The common stock, under such circumstances, has of course earned nothing.
Last summer President Philip Albright Small Franklin...
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