New-York tribune., 1902-04-23
THE SHIP TRUSTS CAPITAL.
IT WILL BE s17o,ooo.ooo IN STOCK AND
BONDS
HARMONIOUS RELATIONS WITH GERMAN
INESBIG PIER SCHEME REPoRIED-
DAILY MAIL SHIPS SAID TO BE
NOT FEASIBLE
WITH GERMAN

NOT FEASIBLE
The Capitalization OF the transatlantic steam
shin combination formed by J. p. Morgan, II
was learned yesterday on the highest authof'ts'
viii be S170.oOo.Oo0. OF which s6o.oooeoo WIN De
6 per cent cumulative preferred STOCK soo'ovo'-
600 common stock and S50.o00,00O Az per cent
debentures The underwriting syndicate mas
subscribed S5OOo0oo0. about 40 per cent or
which was placed abroad and about 60 per cent
IN this country. -
AS announced last week. the combination VIII
,,,a O, American charter but those in au-
,horftv decline to say In which State and how
soor the company will be Incorporated NO
name has vet been decided upon for the CON-
pany.
1t is authorftattvely stated that working
arranEernent'' has been made with the GERMAN
Ines-the North German Lloyd and Hampurs-
ayner;can-as a result of which the relations
between the new combination and the German
coronanies prounise to be entirely harmonious
Clement A Griscom. president OF the Inter
national Navigation Company, was again IN
conference with Mr.. Morgan's partners yester-
dav He had nothing to say for publication, ex-
con. that rhe preliminary details of the steam
shin consolidation were being perfected Win
little delay.
IT was reported yesterday from Philadelphia
that Clement A Griscom, acting on behalf OF
.he combined shipping interests. had petiuoneo
the Commissioner of Docks Of New-fork for d
long term lease OF the docks now being built on
the North River from Twenty-third-st- TO Little
Twelfth-st 1t was said the docks would cost
ar least SSOO0O0o, and would be the largest
and hest equipped Of the entire waterfront OF
New-York
Reearding this report Dock Commissioner
Hawkes. said Yesterday that all he knew about
the matter was that Mr- Griscom had asked 1or
a lease Of three Of the new piers. for the ac-
corlrnodation of the American Line vessels. MI.
Hawkes. declared he did not know whether THIS
action of Mr. Griscom foreshadowed the lease
Of ali the new docks to the shipping conlbiha-
ton not.
It was rumored yesterday that the French
Line would also enter the combination Mr
Bocande, the agent here. however, said ne CID
not know anything about it. Another report
came from London that the Cunard Line would
form the nucleus of an anti-Morgan combina-
ton. At the office Of the Cunard Line nothlng
new was known in regard TO the SITUATION
Local steamship men do not consider Postmas-
ter Van Colts suggestion for a rearranseo
schedule of sailings from this port. SO that
European mail can leave here every day. as
feasible plan.
II would like 10 ask the postmaster If he could
give the Oceanic mail, provided that ship sailed
to-day and an American liner was TO sail to-
morrow" said John Lee. agent Of the White
Star Line yesterday He is compelled. under
an order from Washington to discriminate In
favor of the American Line. All talk OF a fast
mail ship sailing from here every day is non
sense. Where would the ships come from? Ii
would take fourteen ships OF the Oceanic class
to fill the service without providing extra ships
for emergencies. The White Star, North Ger
man Lloyd, Hamburg-American, American and
Cunard lines between them cannot muster this
number of fast ships. All the speculation as
to what the combine Is going to accomplish Is
twaddle Mr.. Morgan has bought these ships
to make money, and if he thinks daily sailings
win pay they sill be tablshed. For the pres
ent no one can foreshadow what the policy will
be except Mr.. Morgan himself Until he has his
new company thoroughly organized and ofhcered
he will personally direct everything, and no one
else is competent TO say this thing VIII be cone
that left pndoTe,"
L do not STE how daily sailings be ar
ranged" said Emil L Boas, of the Hamburg
American Line, yesterday Public sentiment
would be against a Sunday sailing. Moneay is
a bad day. for il Is almost impossible to handle
the steerage business on that day, so many OF
the third class passengers come from the in
terror, where train service on Sunday is un-
certain, and consequently IT is impossible
TO get the passengers here for a Monday
ship. You must remember that the steer
age passengers important TO the
lines as first cabin passengers. Without
them the ship would not pay, and II IL did
not pay TO run the ship, the lines would not
want TO run Ii Just TO accommodate the malls.
Friday is not considered good day to start on
a voyage. and you will find that the old super
stition against sailing that day is stronger
here than in any European country. We have
only Tuesday. Wednesday, Thursday and Sat-
urday left. and there more ships
sailing regularly those days now. don't
think the pOstmasters plan is feasible or apt TO
1,ac Ci5 a1