Middlebury register. (Middlebury, Vt.) 1886-1937, 1901-05-17
SPIRIT OF THE PRESS
FACTS AND OPINIONS GATHERED
FROM CONTEMPORARIES
THE MORGAN STEAMSHIP PURCHASE.

THE MORGAN STEAMSHIP PURCHASE.
Whatever may be thought of the
gigantic combinations which, under the
direction of j. p. Morgan, have bought
and consolidated railroads and industrial
enterprises in the United States, his pur-
chase of one of the largest lines of
British steamships commands the hearty
approval of his countrymen, as il amazes
and terrorizes the English, who see in it
the beginning of a movement designed 10
wrest from Britain the supremacy on the
seas which she has 50 long enjoyed.
1t was bold and audacious dash into
field that none but a Yankee would
dare enter and its importance can hardly
be overestimated. 1t creates a merchant
marine combination which goes at one
bound TO the very head of the list and
transfers to American hands the leader
ship in the worlds commerce. The Ley
land line, which Mr.. Morgan has pu:-
chased, owns fifty-four steamers of
30 600 tons. The Wilson line, which
belongs to the Leylands, has eighty
seven steamers of lS9, 1913 tons. The At
lantic transport line, which is already in
American hands, and which. according
to current reports, is TO be cons olidated
with the Leyland system, has twenty
three steamers of ST. 4S tons. Here are
1Gl vessels of 5lj.73 tons.
TO be sure, it is said that the present
English head of the Leyland line has
stipulated that the Mediterranean, Port
ugal and Montreal fleets of the line are to
be sold to him. but this deduction will
probably be balanced by the gigantic
new building program of the American
combination. In any case the American
company will be by far the greatest
steamship owner in the world.
At present the largest merchant feet
IN existence is that of the Hamburg
American line, with niuety-tiye steamers
of 5l5, CPS tons. The second is thar of
the North German Lloyd, with los
steamers of sol $50 tons. The third in
the world, and the largest under the
British flag, is that of The British India
Steam Navigation company, with I22
ships of $50, 40 tons.
Great as is this requirement when
viewed by itself as an investment of
American capital, its principal Import
ance to the outsider lies in the fact that
it demonstrates what, in the judgement
of the best American opinion, is possible
in the way of merchant marine expan-
sion under existing laws. Fifty years
ago the United States was apparently
fast going to the front in this line of
enterprise. Then the war of the re-
bellion came on and our people found
ample employment for their capital and
enterprise in other fields and they yielded
to others, mainly TO England, the
sovereignty of the carrying trade. For
years the exported product of our fields,
factories and mines have gone abroad
and our imports have come to us In ships
owned by foreigners and we have paid
for the service large share of the
profits of our production. To correct
this various plans have been proposed,
chief among them being a system of
subsidies under which American ships
would be paid large sums from the
national treasury for competing with
foreign rivals.
We have favored this as we would
have favored anything else that promised
to upbulld our merchant marine and
secure to us what belonged to us, the
pivilege of delivering our exports at
their destination in the old word. But
now comes Mr.. Morgan and his associates
and say, "Subsidy or no subsidy, we are
prepared to compete with all rivals in
ocean transportation" and with the
money to get and hold all that is neces.
sary he buys in day fleet of merchant
men and is ready for business.
1t is tremendous achievement, In
which American capital, courage and
dash are illustrated In a most striking
way. We shall not "drve England