The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-04-19
A SHIPPING COMBINE
ALL TRANSATLANTIC LINES SAID
TO BE IN 1T.
TO KEEP DOWN COMPETITION.
THIS is SCHEME J. p. MORGAN WAS
AFTER.

Managing Director of Holland
America Steamship Company Says
n Combination Has Been Brought
About, Into Which All the North
American-EurOpean Lines Have
Entered, by (which Rates Will Be
Controlled and RuinOus COMPETE
tiOn Prevented, the Companies to
Retain Their independence.
Rotterdam, April 1S.-At a meeting
here to-day of the shareholders of the
Holland America Steamship Company,
it was decided to increase the capital
of the concern from 100000 to TO-
OOO,O 900 forms (sS, 100000 to $4,000, OOO) !.
E. Harland and Wolfe. the Belfast
shipbuilders, representing an associa-
ton composed of several lines inter-
ested in transatlantic traffic, will par
ticipate in the reorganization of the
company to the extent of 100000 flo
rims G2,4o0,OOO).
The ShipbuiIders' Statement.
London, April 1S.-Mr. Pierce of
Harland & Wolfe said to a representa-
tive of the Associated Press tonight:
There is no association of steamship
lines connected with the plan for the
Improvement of the Holland-America
steamship service. We have just COM
pleted six new steamers for the Amer
lean trade of the company, and, as
they need additional capital we have
taken up a portion of their stock.
which, otherwise they would have put
on the market
The managing director of the Hol-
land-America line said to-day in an in
terview:
For a number of years various
transatlantic lines of steamers run
ming to North America have tried, by
combination or pools, to prevent ruin
Gus competition and rate cutting. The
Holland-America Line for long time
belonged to these combinations, which
proved to be profitable policy. We,
therefore, wished to consolidate this
policy by inducing all the steamship
| lines between North America and Eu-
rope to join in a fresh combination,
which, through better fundamental
organization and more able manage
ment, will entirely control traffic and
| curb competition. This has been sue
cessfully accomplished with every,
prospect of satisfactory results. The
various companies will retain their in
| dividuality and manage their own in
| ternal affairs. But the general policy
will be controlled through central
committee somewhat similar to that of
the United States Steel Corporation"
In conclusion, the managing director
of the Holland-America Line said the
names of the other steamship COM
panies in the new combination could
not yet be divulged, but that it in
cluded all the larger lines of steam
ers.
Confirmed in London.
London, April 19-The Daily Tele-
graph this morning announces that
prolonged negotiations have resulted in
new combination among steamship
lines, involving no change of flags, and
little change in management.
The lines involved are the White
Star. the Dominion, the Leyland. the
Atlantic Transport, the Ameri-
can and the Red Star lines.
The joint control of these amalgamated
companies, says the Daily Telegraph,
will be practically in the hands of the
same men who guide their separate
destinies. the intention being to reduce
working expenses, TO AVOID rulnOuS
conception, and to secure harmonious
working relations with the great Amer
lean railways.
The Daily Telegraph continues:
1--WE understand the hearty cooper
alton of the North German Lloyd Line
and the Hamburg American Steam
Packet Company is also assured. These
lines will, by working agreement.
enter into a harmonious community of
interests and cooperation. while still
maintaining their absolute identity and