Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-10-02
SHIP MERGER DETAILS
STATEMENT BY J. P, MORGAN e.
COMPANY.

The following details concerning the
ganization of the International steamship
combination were made public by j. P. Nor
gan & Co. in New York yesterday.
The international Navigation Company.
which controlled the American line and Red
Star line Of steamships has changed it's
title to the International Mercantile Marine
Company, and increased its capital from
$40, 100000 to $120 100000. half OF the
amount being represented by preferred
shares and the other half by common
shares. There is also an authorized issue
of $50 200 of AZ per cent bonds.
These directors and committees have been
named Directors, C. A. Griscom, P. A. b.
Widener, B. H. Baker. John l. Waterbury,
George w. Perkins, Z. J. Berwind James
II. Hyde, Charles Steele. Right Hon. w. ].
Pirrie, j. Bruce Ismay, Sir Clinton E. Daw-
kins, Henry Wilding and Charles F. Torrey.
Executive and finance committee-C. A.
Griscom, P. A. B. Widener George w.
Perkins, Edward ]. Berwind and Charles
Steele.
British committee-Sir Clinton E.. Daw-
kins, chairman Right Hon. W. j. Pirrie j.
Bruce Ismay, Henry Wilding and Charles
L. Torrey.
Mr.. Griscom, head OF the International
Navigation Company, is to be president of
the combination. The new combination will
embrace the American line. the Red Star
line the Leyland line, the White Star lire
| and the Atlantic Transport line. as we'll as
one or two other companies.
Charles Steele. who spoke for Morgan
q Co. In the foregoing details. was asked
| about certain statements attributed to
Gerald Balfour. president Of the board Of
trade or Great Britain, that the new COM
| bnation would be dominate ted by British in
| terests. Mr.. Steele said he thought that
| President Balfour intended to say that the
| subsidiary 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 the stock Of the
new company Chose directly Interested hav-
ing subscribed for the entire amounU was
also made by Mr.. Steele.
1t was intimated by Mr.. Steele that an I'M
Outstanding had been reached with the
British government by which no discrimina-
ton in favor of the British ships will be
shown in matters of mail. transportation
etc. The fact that the British government
recently subsidized two vessels of the Gu
nard line was not regarded by Mr.. Steele
as an act of discrimination. He point ed out
that the White Star ships. now a part of
the combination, receive substantial subsi-
dies from the home government. There will
be no holding or securities company in con-
nection with the new combination.
What price was paid for the White Star
stock?" Mr.. Steele was asked.
Il don't think We want to talk about
that"
Has it been turned imp"
If it has not been it will be-
charged with the financial details of the
combination was formed some months ago.
Trustworthy reports also have it that a
special underwriting syndicate has been or
ganized to purchase the $50. 900, 600 of bonds
and this syndicate, 1t Is believed, has al
ready paid two installments, each of Is per
cent. or SO O00 of the total authorized
bond issue. The major portion of this
amount was paid in by the American in
terests identified with the combination. SO
that control of the bonds will lodge here
The directory is dominated by Americans.
almost two TO one. and Sir Clinton f. Daw-
kins, one of the English members of the
main board Is partner in the London
banking house of j. p. Morgan & Co.
The German steamship lines do not figure
in the com bna ton, but IL Is unofficiallv de-
clared that working" or '.non-competI
tive agreement has been reached with
those companies.
A dispatch from Trenton. N J.. Yesterday
says: The ship combine was Incorporated
here this afternoon by the filing of papers
amending the certificate of Incorporation
of the International Navigation Company
which was filed In June, 1893, with an au-
thorlzed capital of $15, 900 600. The amend
ed certificate filed today changes the name
to that OF the International Mercantile Ma
rine Company. with an authorized capital of
1920. 900 600, of which one-half is to be pre-
ferred stock with per cent cumulative
dividend. The company is also authorized
To ~ 4