The daily morning journal and courier., 1902-10-02
STEAMSHIP COMBINATION.
DETAILS OF ORGANIZATION
 MADE PUBLIC BY MORGAN.
Capital Increased from SIS 5,OOO,OOO to sI2O,OOO,O ,OOO, Half in Preferred and Half in Common-C. A. Griscom, PFesi- dent of the COmbInatton-ThOL Lines Included in the DeaI-InCOrporatIon fin New Jersey Yesterday,
in New Jersey Yesterday.

in New Jersey Yesterday.
 New York, Oct. 1.-The following de- tails concerning the organization of the International steamship combination were made public by ! p. Morgan & O., to-day.
 The International Navigation com- pany, which controlled the American line and Red Star line of steamships, has changed its title to the Interna- tional Mercantile Marine company, and increased its capital from $15,000, 900 to $12OOOO,OOO, half of this amount being represented by preferred shares and the other half by common shares. There is also an authorized issue of $50, 100000 of 4 1-2 per cent. bonds. These directors and committee have been named:
 Directors-C. A. Griscom, P. A. B. Widener, B. H. Baker, John I. Water- bury, George w. Perkins, r. I. Ber- wind, James H. Hyde, Charles Steel, Right Hon: w. J. Pirrie, J. Brucelsmay, Sir Clinton F. Dawkins. Henry Wild | ing and Charles F. Terrey.
 Executive and finance committee-C. A. Griscom, P. A. B. Widener, George W. Perkins, Edward J. Berwind and l Charles Steele.
 l British committee-Sir Clinton k. Dawkins, chairman; Right Hon. W. J. Pirrie, J. Bruce lsmay, Henry Wilding and Charles F Torrey
 1 MT. Griscom, head of the Internation- al Navigation company, is to be presi- dent of the combination. The new | combination will embrace the Ameri- can line, the Red Star line, the Leyland l line, the White Star line and the Att 1 lantic Transport line, as well as one or | two other companies.
 l Charles Steele, who spoke for Morgan & Co.,, in the foregoing details was ask ed about certain statements attributed to Gerald Balfour, president of the board of trade of Great Britain, that the new combination would be dOminat- ed by British interests. MT. Steele said he thought that President Balfour in- tended to say that the subsidiary Brit ish lines would be so controlled which he (Mr. Steele) said would be the case. The statement that there would be no public vending of sale of the stock of the new company Chose directly inter- ested having subscribed for the entire amount), was also made by MT. Steele. z..ia=ss@
 It was intimated by Mir Steele that an understanding had been reached with the British government by which no discrimination in favor of the Brit ish ships will be shown n matters of | iJr, ft.at Nrfo nta foot that the British government recently subsidized two vessels of the Cunard line was not regarded by MT. Steele as an act of discrimination. He pointed out that the White Star steamers, now a part of the combination, receive substantial subsidies from the home government, there will be no holding or securities company in connection with the new combination.
 It is a known fact that a syndicate 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 organized to pur- chase the $50, 100000 of bonds and this syndicate, it is believed, has already paid two instalments, each of 25 pel cent. or $25000,00O of the total author ized bond issue. The major portion of this amount was paid in by the Ameri- can interests identified with the com- bination so that control of the bonds will lodge here. The directory is dom- mated by Americans, almost two tc one, as Sir Clinton E. Dawkins, one ot the English members of the main board, is partner in the London bank ing house os J. s. Morgan & Co.
 The German steamship lines do moi figure in the combination, but it is un' officially declared that a working
 or competitive" agreement has
 been reached with those companies.