Waterbury Democrat., 1902-04-21
TIE SHIPPING TRUST
President Griscom Discusses
 Great Navigation Merger.
FIVE TRANSATLANTIC LINES IN ONE.
New Combine to Have 8 Capital of 0O,OOO,OOO-Better Service at a Decreased Cost-NO P0It-
 ties In the Deal.


 ties In the Deal.
 PHILADELPHIA April 21.-Clem- ent A. Griscom, president of the In ternational Navigation company, one of the five transatlantic steamship companies which have been merged under the direction of J. F. Morgan, talks freely concerning the consolida- ton, its purposes and probable effects. MT. Griscom said he was unable to speak definitely regarding the financial plan, as that was a matter for the con- sideration of MT. Morgan and his part ners, which will perhaps be decided upon within the next two weeks. In any event President Griscom said, the consolidated companies would proba- bly, be in operation under the new con- ditions within few months.
 So far as the negotiations regarding the merger are concerned, they have been completed. Agreements for controlling interest in each of the yari- ous lines have been secured, and all that now remains to be accomplished is the organization of the holding or parent company. This matter is now in the hands of J. F. Morgan & Co. and their lawyers.
 .The capitalization of the consolidat- ed companies" said MT. Griscom, will be in the neighborhood of $200,000,0 which sum about represents the prop erty absorbed. Working capital of course will be provided, and the profits and reserve fund should enable us to build the necessary additions to our fleets. While control of the company will be held in this country, it will be strictly international organization, fostering the various companies in cluded in the consolidation, preserving their autonomy and respecting their national and local surroundings.
 '.The object of the combination is to try to give better transatlantic service at a decreased cost. Heretofore the trade has been extravagantly conduct ed, and we propose to operate more in- telligently in the future. We expect in time to inaugurate a system of daily departures from New York, an innoya- ton that is a real necessity.
 There is no political significance in this deal The negotiations have cover ed period of many years, and I was interested in the subject as far back as 1884 The passage of the ship sub- sidy bill would have but one effect, so far as the new enterprise is concerned lit would enable us to sail ships now building and hereafter built under the American flag on an equal footing with the ships of other countries.
 We have existing only four small vessels that might benefit by the pass ing of this bill, and they are on the Pa cific.
 ''The consolidation, said Mir. Gris- com. will result in better transatlantic service, steadier and more uniform rates, just distribution of traffic over |. all American and Canadian seaports, increased lines on the Pacific and serv- ices to South America as traffic may be found to justify them. Having lines between Great Britain and Australia and New Zealand and intimate connec- tions with the far east, American man. ufactuiers will be able to distribute their products OH through bills of lad ing and avoid the, expense of trans shipments which they now incur. In word. it is intended to reduce trans porta tion charges as far as possible to every one. to improve-fa facilities, and the company expects to make its increased profits over the conditions of the past from economical management"