The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1902-04-19
PRODIGIOUS
j. P. Morgan Combines Trans
atlantic Steamer Lines.
All Big Companies Under One
Management.
CONTROL HELD HERE.
An Association Formed on Lines
of Steel Trust.
The Trust Will Take Out a
Charter in New Jersey.
capitalization Estimated to Ex-
ceed Sl5O.OOO.OOO.

ceed S15O,0OO, 900.
New York. April 19-J. P. Morgan who
is now abroad has practically consum-
mated plan to combine all the leading
Transatlantic steamship lines. London
dispatches to the Associated Press an
nouncing the combination were today
confirmed at the Morgan banking house.
The companies to be connected, it is un-
derstood, include the American ana Red
Star lines, White Star line, Dominion
line. Atlantic Transport line and the
Leyland line. The two last named lines
have been under Morgan control for
some time. Probable additions are the
Cunard, Wilson and Holland-American
companies, and, 1t is understood, that a
working agreement will be reached
with the other leading Transatlantic
companies, including the North German
Lloyd, Hamburg American General
Transatlantic (F'rench), Allen and
Anchor lines.
Mr.. Morgan has given the matter
much of his time since his arrival on the
other side. In this country the most
hands of Clement A. Griseom of the
American line, While Chas. Steele, Mr..
Morgan's partner in this city, has had
charge of the legal preliminaries.
It is yet too early to give the exact
scope of the scheme, but as now out
lined there will be an American holding
company into which all the steamship
companies proposing to enter the COM
bination will put their stock holdings
pool their issues IN exactly the same
way that the various concerns embraced
in the United States steel corporation
threw in their holdings, receiving in return
stock of the main or parent company.
Just what the capitalization of the
company will be is not as yet known,
but the amalganation is likely to De
well in excess of $3.50. 100000. This phase
IL Il 4Ir~
the number of steamship companies
taken into the combination.
One OF the most interesting features
of the plan deals with the subsidy ques-
ton. The White Star and Cunard lines
receive liberal subsidies from the Brit
ish government. These subsidies would
be withheld or abrogated If the ships of
those lines changed their flag from
British to American. Because of this
the ships of the White Star, Cunard and
the English subsidized con panies viii
doubtless continue nominally under
British control
Geo. ". Perkins of J. P. Morgan G
Co, is authority for the statement that
American interests will dominate the
proposed ama1gamatlOn and declares
that the result will prove not only a
great triumph for Mr.. Morgan but viii
make the United States the real rulers
of the merchant marine of the world.
Mr. Perkins also says that the plan viii
be of greatest benefit to importers and
exporters as well as to the great rail-
road interests of this country Its ef-
feet will be felt by shippers from Maine
to California, Mr.. Perkins says and also
viii result in a better understanding
between the commercial interests of
this country and Germany.
1T is true he added, that Mr. Nor
gan will act as syndicate manager IN
this combination, just as he brought
together and welded the various inter-
ests in the u. S. Steel corporation. The
financial details have been completed to
the extent that all the cash necessary
for the deal has been subscribed It IS
too soon to speak about the directorate,
but let it be borne in mind that con
troll of the company win be here"
1t is taken as a matter of course that
the interests now prominent in the va
rious steamship lines viii be taken into
the new directory.
Banking interests identified with the
proposed underwriting syndicate said
today that the new company would
have a New Jersey charter They
thought that no very great amount of
cash contributions would be required
from the underwriting syndicate, but
of underlying companies had taken
stock or cash. The Rothschilds, they
added. We're to be among the under
writer's.
MORGAN AT THE HEAD
Philadelphia, Pa, April 19.-Fhe an
nouncement that the International Navi-
CATION company had entered the steam
ship combination of which J. p. Nor
gan is the head, was officially confirmed
today at the Office of President Clement
A. Griscom, by Howard Pusey, private
secretary to Mr.. Griscom. The terms of
the agreement between the International
Navigation company, the White Star,
Dominion, Leyland Atlantic Transport
and Red Star lines which are included
in the combination. could not be learned
here. the statement being made that the
details are in the hands of Mr.. Morgan
and their publication mustcone through
him.
All we can say declared Mr.. Busey
'sis that Mr. Morgan's proposition wS>s
satisfactory to us and we accepted it -
The new com bination, Mr. Pusey said.
will be operated under the direction of
Mr.. Morgan and each company in the
combination will be represented on the
board of directors. The details, he
stated further, have not progressed to
the point where the officers, other than
Mr. Morgan, can be specified
A special act of congress. Mr. Pusey
explained would be necessary to per
nit = foreign built vessel to sail under
the American flag. but he said there is
nothing to prevent an American COM
pany from owning controlling interest
quence vessels affected by the combina-
ton viii sail under their respective
flags, but win be controlled by Amer
lean capital
Mr. Pusey would not admit that the
new combination would practically OBJ
viate competition, but added that the
German companies would work har-
noHiously with the Morgan connection.
Weather indications.
Chicago. April 1s.-Forecast for kan
sas: Generally fair tonight and Sunday: