Word: profitable
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...plates. Built from 16 to 45 years ago, sailed on a capital representing scrap value, the ships were uninsured.† Their masters knew they could not drive them for fear of losing one of their two suits of old sails, losing all the voyage's small margin of profit. As compared to a clipper ship's one able seaman for every 100 register tons, they had one to every 1,000 register tons. Most of the crews are 17-year-old boys who want to serve in square-rigged sail, required by many governments to qualify for officers...
...Rich Publisher Roy Howard, who certainly pays no more income tax than experts assure him the law requires, was in the Far East while his paper thus distorted the normal working of the capital profit & loss section of the income...
...picture of Morgan's banking business in "normal times," this will serve: $400,000,000 in deposits, $100,000,000 in cash and call loans, $150,000,000 in U. S. bonds, $50,000,000 in municipals and other bonds, the rest in loans and stocks. From the profit in the difference between say 1% paid on deposits and say 3% earned, deduct clerical expenses and overhead (less than for most banks because there are few small transactions) and add brokerage commissions. There is Morgan & Co.'s "straight banking" and brokerage profit, probably $8,000,000 a year...
...Bonds. The firm as a wholesaler of securities floats bond issues through syndicates. Because of its prestige it gets the pick of the business, the securities which are easiest to sell, of foreign governments (of England and Germany, for example), of great corporations without number. The margin of profit is small but because it gets the cream of the securities, the turnover is sure and rapid. If an issue of tens of millions can be floated over night, what if the profit is only $100,000? That is enough for a night's work...
...many firms such a profit is not enough over a period of years to pay for the much greater losses which are sure to come sometime when an issue goes sour. Morgan & Co.'s net profits on bonds are due to having fewer losses than most houses. In the last 14 years, Morgan & Co. has headed syndicates which distributed $6,000,000,000 worth of bonds. Of these $2,000,000,000 have already been repaid. Forty percent of all their foreign bonds have been repaid. Of the balance 30% were selling, last week, above the offering price. Only...