The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1902-04-22
THE LEADING TRANSATLANTIC
STEAMSHIP LINES.
M0RGAN'S LATEST MOVE
During His Present Trip to Europe
He Has COnsummated q Plan to
Combine I'm one Company all tie
Most Important Trans-AtIantic
Stenmpship Comprehensive Capt.
tai stock of the New Company to
be One Hunderd and Fifty Million
Dollars.

New York. April l9.-J. p. Morgan, |
who is now abroad. has practically |
consumated plan to combine all the |
leading transatlantic steamship lines. |
London dispatches to the Associated
Press announcing the combination
were today confirmed at the Mciean
bGnking house. The ccm. .,aries Ia Er
consolidated viii, it is understood, i'll
clude the American and Rec Sta,
Lines, White Star Line, Dominion
Line, Atlantic Transport Line and th:.
Leyland Line. The two last named
lines have been under Morgan contr"l
for some time. Probable additions to
this list are the Cunard, Wilson, and
Holland-American Companies, and it
Is understood that a working agree
ment'' will be reached with the other
leading transatlantic companies, in
Guiding the North h-German-Lloyd, the
Hamburg-American. the General
Transatlantic French) the Allan and
the Anchor lines.
Mr.. Morgan has given the matter
the other side. In this country the more
important details have been in the
hands of Clement A. Griscom of the
American Line, while Charles Steel, Mr..
Morgan's partner in this city, has had
charge of the local preliminaries.
1t is yet too early to give the exact
scope of the scheme. but as now out
lined there will be an American holding
company into which all the steamship
companies propose to enter the combine
will put their stock holdings-"pool
their issues"-in exactly the same way
that the various concerns embraced in
the United States Steel Corpora ton
threw in their holdings, receiving in re-
turn stock Of the main or parent COM
pany.
Just what the capitalization of the
company will be is not yet known, but
the amount is likely to be we'll in excess
of s15O,OOO 900. This phase of the project
will depend entirely upon the number of
steamship companies taken into the
combination.
One Of the most interesting features
of the plan deals with the subsidy ques-
ton. The White star and Cunard lines
receive liberal subsidies from the Brit
ish government. These subsidies would
he withheld or abrogated II the ships
of these lines changed their flag from
British to American. Because of this
the ships of the White Star, the Cunard
tl,n lia1 hi oinc
will doubtless continue nominally under
British control.
George w. Perkins, Of J. p. Morgan
G. Co., is authority for the statement
that American interests will dominate
the proposed amalgamation and de-
clares that the result will prove not
only a great triumph for Mr.. Morgan,
| but will make the United States the
| real rulers of the merchant marine Of
the world. Mr.. Perkins also says that
the plan will be of greatest benefit to
| Importers and exporters, as we'll as to
| the great railroad interests of this
country. Its effect will be felt by ship
pers from Maine to California, Mr..
| Perkins says, and will also result in a
hetter understanding between the COM
mercial interests Of this country and
| Germanw.
! cit is true" he added that Mr. Nor
gan will act as syndicate manager in
| this combination just as he brought to-
| gether and welded the various inter-
ests in the United States Steel Corpo-
| ration. The financial details have been
completed to the extent that all the cash
| necessary for the deal has been sub
| scribed. It is too soon to speak about
mind that control Of the company will
be held here"
1t is taken as a matter OF course that
the interests now prominent in the va
rious steamship lines will be taken into
the consolidated directory.
| Banking interests identified with the
proposed underwriting syndicate said
today that the new company would
| have a new Jersey charter. They
thought that no very great amount OF
cash contributions would be required
from the underwriting syndicate, but
were retricent as to how far the own
ers of underlying companies had the op-
tions to take new stock or cash. The
Rothschild. they added, were to be
among the underwriters.
Philadelphia, April 1s.-The announce
ment that the international, navigation
company had entered the steamship
| combination of which ]. p. Morgan. is
| the head was officially confirmed today