Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1902-10-02
THE SHIP COMBINE
Incorporated at Trenton, N. J.,
With S120, 1000, 900 Capital.
No Stock for Sale, the Capital Being
Fully Paid Up.
Directory Dominated by Americans
Almost Two to One. ~

Trenton. n. j., Oct. 1.-The ship COM
bine was Incorporated here. this after
noon, by the filing Of papers amending
the certificate of incorporation Of the
International Navigation Co.. which
was filed in June. 1898. with an author
lied capital of $4,000. 900. The amend
ded certificate changes the name to the
International Mercantile Marine Co,
with an authorized capital of $120. 000.-
600. of which one-half is to be pre-
ferred stock with per cent. cumula-
tive dividend. The company is also
authorized to issue $15,000,000 OF Az
per cent. bonds
New York, Oct 1.-The following de-
tails concerning the organization OF the
International Steamship combination
! were made public by j. p. Morgan &
Co. today:
The International Navigation Co,
which controlled the American and.
Red Star lines. has changed rs title
to the International Mercantile Marine
Co., and increased its capitals from
SIS 600, 900 to 100000, 900. half of this
amount being represented by pfefsrred
and the other half by common shares.
$50. 100000 of AZ per cent. bonds.
These directors and committees have
been named: Directors. G. A. Gris-
com, r. A. b. Widener b. ii. Baker.
]. I. Waterbury. G. w. Perkins. w. J..
Berwind. ]. II. Hyde. Charles Steel
Right Hon. W. j. Pirrie. J. Bruce Is
may. Sir Clinton f. Dawkins. Henry
Wilding and Charles +. Terrey.
Executive and finance committee.
G. A. Griscom. p A. b. Widener, G. W.
Perkins f. ]. Berwind and Charles
Steel.
British committee. Sir Clinton E.
Dawkins, chairman; Right Hon. w. J.
Pirrie, J. Bruce Ismay, Henry Wilding
and e. r. Terrey.
Mr. Griscom, head Of the Internal
tional Navigation Co., Is to be presi-
dent of the combination. The new COM
bination will embrace the American,
Red Star. Leyland, White Star and the
Atlantic Transport Lines. as well as
one or Two other companies.
Charles Steele. who spoke for Morgan
e Co. in the foregoing details, was
asked about certain statements at
tributed to Gerald Balfour. president
Of the Board Of Trade Of Great Britain.
that the new combination would be
dominated by British interests. Mr..
Steele said he thought that President
Balfour intended to say that the sub
sidiary British lines would be SO con-
trolled, which he (Mr. Steele) said
would be the case.
The statement that there would be
no public vending or sale of stock OF the
new company, Chose directly interested
having subscribed for the entire
amount), was also made by Mr. Steele.
1t was intimated by Mr.. Steele that
an understanding had been reached
with the British government by which
no discrimination in favor Of the Brit
ish ships will be shown in matters OF
mails. transportation, etc. The fact
that the British government recently
subsidized two vessels Of the Cunard
Line was not regarded by Mr.. Steele an
an act of discrimination. He pointed
out that the White Star ships. now q
part Of the combination. receive sub
stantial subsidies. ~Asr
There will be no holding or securities
company in connection with the new
combination. 1t is n known fact that
a syndicate charged with the financial
details OF the combination was formed
some months ago.
Trustworthy reports also have 1t that
special underwriting syndicate has
been organized to purchase the $5OOOO.-
900 Of bonds and this syndicate, ills be-
licved. has already paid two INSTALL
ments. each OF 5 per cent, or $25.OOO.OOO
Of the total authorized bond issue. The
major portion OF this amount was paid
in by the American interests identihed
with the combination. so that control
Of the bonds will lodge here.
The directory is dominated by Amer
leans. almost two to one. as Sit Clin-
ton Dawkins. one of the English tnem-
bers Of the main board. Is a partner IN
the London banking house Of J. 8. Nor
gan e. Co.
The German steamship lines DO not
figure in the combination. but II y 0ni-
ciaIly understood that WORKING or
.non-competitive" agreement has been
reached with those companies.
The municipal expenses OF New York
are. approximately $100.00OOQO year.