Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1902-04-28
The Steamship Trust.

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In the foundation of the great steam
ship trust, with two Americans at its
head and in full control, j. Pierpont
Morgan, the foremost financier of the
times, and Clement A. Griscom, the
foremost ship manager, some ill-in-
formed optimists have seen the promise
of the early and complete restoration of
American supremacy in the commerce
of the high seas. They are deceiving
themselves. OF all the 200 great steam
ships owned by the companies that
have entered, or probably will enter
the combination, only four fly the stars
and stripes, and two of those are OF
foreign construction. They are the st.
Paul, st. Louis, New York and Phila-
delphia of the American Line from
New York to Southampton. All the
other vessels OF the trust service-9S
per cent. of them-are foreign built,
foreign manned and foreign registered,
and it is authoritatively proclaimed
that they will remain SO. The White
Star and Cunard lines receive liberal
subsidies from the British government.
These subsidies would be withheld or
changed their flag from British to
American. The same thing is true of
the French and German companies that
may enter the combination or come TO
an agreement with it. They will re-
main British, French or German indefi-
nitely They viii be constructed
abroad, registered abroad differed and
manned abroad. They will fly foreign
colors, be reckoned in foreign
naval reserves, be fitted for batteries of
foreign cannon.
The Americans whose enterprise and
capital have effected this gigantic COM
bination have waited in vain for the
United States to protect the one great
industry which is not protected. Had
the subsidy bill which was introduced
in Congress, a few years ago, been then
made Il law, these men would have
put their money into American built
ships. employing American seamen and
flying our flag, thus building up Amer
lean sea power, and furnishing an in
valuable naval reserve. But Congress
refused n subsidy TO Offset foreign sub
sides and cheap foreign labor. and So
these Americans have gone abroad to
buy foreign lines and an established
business. Their fleets will be subject
to foreign law and foreign allegiance,
and the trust with all its wealth will be
helpless if the foreign powers wish, III
ease of war, to withdraw the steam
ships for transport or naval service. 1t
cost the port of Boston millions of dol
lars, n few years ago, when England
impressed the British ships of the
transatlantic lines for it's South Afri-
can transport service.
For one reason there is cause for
congratulation. If such great COM
bination was to be made it is well for
us that it is controlled by American
financicrs and managers. Mr.. Griscom
in an interview declares: THE object
of the combination is to try to give
better transatlantic service at de-
creased cost. Heretofore the trade has
been extravagantly conducted. and we
propose to operate more intelligently III
the future We expect in time to in
augurate system Of daily departures
from New York, an innovation that is
a real necessity. 1t vii, do away with
! all rate cutting, n practice which has
prevailed to a great extent. More con-
venient arrangements of sailings from
different ports will also be an adj
vantage. I want to say that there will
| be no advance in rates other than is
controlled by the usual laws Of sup
ply and demand" There is every
reason to believe that this is the pur-
pose of the combination and that this
will be the effect. 1t is much more
likely to be 4 beneficial than an OPP
pressive trust, as far as the public,
with its trade and travel, is con-
cerned. But what a shame, what a
lost national opportunity, that the 200
great steamships arc not American
craft, with our flag, our crews, and
subject to our laws and the needs OF
our government in case of war.