The Hawaiian gazette., 1889-09-17
OCEAN STEAMSHIPS.
Owned by Americans and Sailing Under
the British Flag.

the British Flag.
The New York Commercial Adver-
tser says On her way to Liverpool is
the Inman and International steamship
City OF New York. In mid-ocean should
no accident happen 10 either, she will
pass her fleeter sister ship, the City OF
Paris Nearly 5000 persons. counting
steerage passengers, crews and those IN
the cabins, are on the two vessels bound
TO and from America. Both vessels
probably cross the ocean inside of seven
DAYS and should they meet in mid-ocean
on Sunday, by Monday at the same
hour nearly or quite l 200 miles of sea
would separate them.
While the wonderful achievements OF
these steamships are watched with the
keenest interest by the civilized world,
comparatively few persons know that 1t
is American capital that built these
ocean greyhounds and American capital
that is keeping them up 10 their work.
The name of c. A. Griscom, Phlla-
delphia millionaire, whose business is
banking and the management and equip
ment OF steamships and railroads, APP
pears in certain papers issued by the
Inman and International Steamship
Company as president. The number OF
shares OF the company's stock held by
Mr.. Griscom are recorded in the secre-
tary's books in Liverpool. 1t is said
that he has about $4,000 invested in
each OF the two big steamships. This is
a small part OF the whole capital OF the
line, but the controlling interest in the
line is held by Americans. The largest
stockholders are members of the STAN
dard Oil Company, Mr.. Rockefeller is
credited by steamship people with no
less than s. 100000 worth OF the stock.
Mr. Flagler also OF the Standard Oil
Company, is said to own the snug sum
OF 81 POO. 900 OF the same stock, while
many Phlladelphians and several more
New Workers are interested to greater
or less extent.
While the stock is owned and con-
trolled in America and bv Americans,
the vessels OF the 1nman and 1nterna-
tonal Line csn sail only under the
British flag. 1t is said that it was the
desire OF the Standard Oil people TO have
the new steamers built in America and
sailed under the United States flag, but
that the enormous expense that would
be involved and the arguments used by
practical steamship men dissuaded them.
The lnman and International and the
Red Star Lines are the only large trans
atlantic lines Of steamships owned mainly
by capitalists in the United States. The
Cunard Line is said to be owned ex-
clusiyely by Englishmen. as are also the
White Star and Anchor Lines, the last
named being owned by capitalists in
Glasgow, Liverpool and London.
4 steamship man who Is posted about
the affairs OF steamship companies said
OF the reorganizing of the old Inman Line
into the present Inman and Interna-
tional:
Several years ago the old line be-
came involved III various ways and
could not compete with the Cunard
and White Star Lines without additional
capital. Offers were made TO sell the
entire stock 10 an American syndicate,
and the stock went be gging for a pur-
chaser. Il Is even said that the steamships
City Of Berlin and City Of Chicago were
offered for sale at s figure far below the
original cost and below their real value.
Then il was rQmored that the vessels Of
the line had been bought 10 run between
Liverpool and Staten Island, where they
would connect directly with branches of
railroads which were TO be extended
from Jersey City, and thus enable pas
sengers and freight 10 80 from Liver
pool 10 San Francisco with a change
from the steamship to the cars, few
feet away. Erastus Wiman's name was
connected with the scheme, although
even then II was said that the Standard
Oil Co, was behind the scheme. Ii is
now thought that the stock taken up
by the Standard Oil people was bar
gained for by Mr.. Griscom, who, in fact,
secured the bulk which is held by Amer
leans. In addition TO being the presi-
dent Of the company, Mr.. Griscom is the
head Of the Philadelphia office Of Peter
Wright & Sons"
While much Is expected Of these two |
great steamships in the future, it Is |
common report that dividend Tor the |
next two years Is not even talked Of by |
the stockholders, although the line is |
doing very large business at present.
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