The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1902-05-05
AN EMPIRE OF THE SEA,
Details and Broad Character of the
Steamship Combination.

| Details and Broad Character of the
Steamship Combination.
Despite the strenuous denials made
months ago as to the possibility Of there
being a gigantic International steam
ship combination formed to take charge
of the steamshipping business on the
Atlantic, the trend Of affairs is strongly
in the direction of just such combina-
ton being formed under the auspices OF
the leading American banking interest
So far, indeed, has the talk gone that
more or less definite announcements
have been made as to the constituents
of the combination the managing Off
GERS and the center of executive power.
1t is true that the appearance or motor
iety Of a combination has so far been
avoided by claims that nothing more
than community of interest and re-
sultant economies is sought but the
fact apparently remains that American
capital is henceforth to dominate the
sea, the Atlantic at least, just as it has
dominated the land on this side Of the
world. Details are still lacking of some
Of the features OF the new combination,
but the following conclusions are APP
parently warranted by the statements
so far adduced:
A holding company will be formed
with a reported capital of 900
and a bond issue of s50,000,000. The
capital stock will, it is understood, be
divided into $50, 900 600 of per cent.
cumulative preferred stock and $60O0O,-
900 common stock. The bonds will be
debentures drawing Az per cent. Con-
troll will rest on this side of the ocean
through an underwriting syndicate fur
nishing up to $50 100000 to finance the
undertaking. OF this 60 per cent. will
be subscribed here and 40 per cent.
abroad. The companies to be CONSOLE
dated, it is understood, will be the In
ternational Naviga ton company dhe
American Line Dominion Line from
Boston to Liverpool; Atlantic Trans
port Line, from New York, Philadel-
phia and Baltimore to London; the
Leyland Line from New York and Obs
ton to Liverpool and the Holland
American Line. The Wilson and Fur
ness-Leyland Line, from Boston to Lon
don. may be added. harmonious
working agreement may be arranged
with the uTR-AflleTlCdfi duu lHc
North German Lloyd, which are the
two big German lines, and with the AL
Ian, the Anchor and the French lines
Much uncertainty exists as to the
status of the Cunard Line, operating
lines from New York and Boston to
Liverpool, and there has been talk of
rival competing combination, to be
headed by that great company. Those
conversant with the situation of the
steamship business of late are Of the
opinion that harmonious action only
may be expected from the latter COM
pany so far as the maintenance of rates
and other similar disturbing features
are concerned.
The new combination, so far as 1t is
known, is to be a holding and not an
operating company Any of the fear
expressed by European journals as to
loss of national prestige or of control
of ships now under foreign flags is,
therefore, not well founded. if indeed
the certainty of loss of existing sub
sides and privileges by those ships if
control passed were not more potent
preventive. 1t is conceded that this