Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-04-23
MERGER TO COST s17o,ooo,ooo.
Financial Plan of the Shipping Com
bne Completed - Germans Com


plain.
New York, April 23.-The financial
plan of the shipping combination has
been completed and it was stated off,
cially yesterday that the new corpora
ton which will be formed will have a
capital stock of s120,000,00O and a bond
issue of s5O,0OO,O00 The capital stock
will be divided into S60,000,000 6 per
cent cumulative preferred stock and
S60,000,000 common stock. The bonds
will be 4ls per cent debenture bonds.
The underwriting syndicate, which
was closed on Monday. agrees to fur
IRISH up to S50,000,000 to put thru the
combination. Of this amount about 60
per cent was subscribed in this country
and 40 per cent abroad.
l. The man who gave this information
regarding the combination declined to
state when or where the incorporation
will take place or what will be the
name of the company. He intimated
that many details have not yet been
decided.
The new corporation will have a
community of interest or harmonious
arrangement with the two German
lines, the North German Lloyd and the
Hamburg American. 1t was learned
that no new lines have been taken in in
addition to those which have already
been mentioned as being in the COM
hination.
Asked about a dispatch from Phila-
delphia which stated that 1T was on be-
half of the combined shipping interest
that Clement A. Griscom. president of
the American line, has petitioned the
commissioner of docks of this city for
long term lease of the docks now,
being built on the North river, from
Twenty third street to little West
Twelfth street, the representative of
the shipping combination said 1t was
entirely too early to talk about any
such pians as the details governing the
actual operations of the new combina-
ton were still to be worked out. Com
missioner Hawkes. said that all he
knew about 1t was that Mr.. GriScom
had applied for lease of three of the
new piers for the American line.
A dispatch from Baltimore says that
the Atlantic Transport line stockhold-
ers were invited to the company's office
yesterday by President Baker to hear
some of the details of the deal, and that
the information given was that the new
company would issue three 500 shares
Of it's preferred stock and one $500
share of it's common stock for each $1O0
share of the stock of the Atlantic
| Transport Company, which is $3,00O,-
600.
Germans Claim independence.
Berlin. April %. The German
steamship companies have not been
bought outright by the Morgan inter-
ests, they concluded close business
confederacy with the British and
American lines; their ownership is not
merged; their independence is safe
guarded, subject only to certain COM
prehensive and advantageous con-
tracts.
The foregoing is the substance of the
replies made in Hamburg and Bremen
by Herr BALM, director general of the
Hamburg American line, and Herr
Plath, president, and Herr Wiegand,
director general of the North German
Lloyd line, to inquiring shareholders of
the companies whose positions entitle
them to know what is being done.
While not fully satisfied with these
assurances the shareholders must wait
until the end of May for details of the
contracts. These will then be sub
mitted at meetings, which are to be
called and especially to. confirm the
agreements of the shareholders of the
two companies.
Altho not a word to indicate that
American interests will directly control