New-York tribune., 1902-04-22
MAY INJURE THIS CITY.
BELIEF THAT THE SHIP TRUST WILL
DEVELOP OTHER PORTS
SAME SYNDICATE UNDERWROTE oNliH
STATES STEEL AND THE SHIP
PING COMBINATION.

PING COMBINATION.
There is a difference of opinion as 10 JUST ho"
the steamship combination will affect the port
of New York Some think that Mr. Griscom .
statements that every port will be developed
along the lines to which each port Is pes'
adapted" and that "the products of the farm
will be shipped from the seaport most con-
venfent to the point of production VIII not act
disadva ntageously to this port. Ihat Is 'ie
opinion of John Lee. agent OF the "hl'e ''i
Line here. Grain shippers seem 10 tiiliih uli
ferently. David Bingham. chairman Oh tne
committee on freight rates of the Produce En-
change, said yesterday:
The fact that might sail daily %onte
of NewYork as it would save bis egombnation
actate the dSpaeh ns nc1sea of eargG a for
fixed mnmu i'm from all ports Ihat St VIII pT The en-
forcement of the minimum rate agreement will be
detrimental to this port for the from MissssPpI
River points OF cents hundred IN faVq5 F , 81
adanha The F tendency therefore would be to give
other ports the advantage OF enis or one cent
less than by way of NewYork as the ease case nTt mas
1f those f. from this city Grain the chief item
of freight and the which the minimum m m rase S
is based being @ nauralv Puraf seek the port through
which il will move most easily
THE CUNARD LINE.
# could not be learned here yesterday why the
Cunard Line was not in the tombinatlon- vel
non H Brown the agent, who was at hls oiiiOe
after an absence of several days. said that ne
had heard nothing from the chief offices OF the
company at Liverpool in regard 10 IT, anu ''i"'
he had no theories on the subject
There is no likelihood that the affiliated lines
will attennt to raise rates for it cannot be
done with lmpunity. Railroad lines. owing to the
nbvsical limitations imposed upon them by tiie
fact that they are on land, can be controlied DIS
to the rates they charge. but this control cannot
extend to the water. The ocean is free IheFe
can be no control of rates by governmental
commissions, as land. and no amaigafha'ioi
Of organized steamship lines can bar the tramp
shin from a port The most effectual law, that
of supply and demand, therefore. will regulate
the rates of the combination.
THE MOST IMPORTANT COMB1NAT1ON-
Mr. Lee in speaking of the combination. said
that 1t was the most important OF any tnat
Mr. Morgan had engineered. Its future coulo
not be gauged so we'll could that OF railroads.
because its competition could not De s'llleo'
He said that while he had had no advices from
LIVERPOOL he believed that the stock OF the
White Star Line was not to be exchanged for
s+ocl IN tho new company The White Star
Line was too valuable a property and the
future too uncertain. There might be an ar
rangement for good sized proportion or the
price 10 be paid in cash.
The value of the combination" Mr.. Lee
added. will not be in any increase of business
but in the ways in which money can be saved
For instance instead of paying insurance. the
company can insure It's ships at pront TO
itself It can by refusing to carry pas
sengers below the minimum rates fixed by the
agreement. 1t will make the rates stable. II
could in pier expenses. Some lines prooa-
bly, have more pier room than they need all the
time. Inland agencies supported by the diff
ferent companies may be amalgamated and
saving effected there. There could be a saving
In advertising expenses also.
Mr.. Lee said he did not believe there was
anything In the story that the conlDlnalon ION
would endeavor to force the Cunard Line into
the anna gamation by cutting rates. He thought
the story that tugboats were being bought in
large numbers for the combination based
on the well known fact that a number OF large
tugboat companies were considering combining
and giving options on their fleets to q
promoter for this purpose.
MR. GRIsCOM IN THIS CITY.
Clement A. Griscom. president of the Inter
national Navigation Company. was in this city
yesterday. He remarked that he had nothing
to add to his interview of Sunday. A statement
by Mr. Cramp. of the Philadelphia shipbuidng
firm, shown to Mr. Griscom. "Uncon-
sciously' he replied. II think answered some
of Mr.. Cramps arguments in my interview OF
yesterday. 1t is plain that the American ship
builder must wake up If he intends to keep up
his end of the business"
No additional details concerning the combina
ton could be learned at the office of j. Z. Nor
gan & Co. beyond the fact that the underwrit-
ing has been closed In this city as we'll as
abroad Charles Steele, of j. p. Morgan & Co.
who with Mr.. Griscom has had most to do with
the American end of the consolidation enter
prise, declined to make any statement whatever
1t Is reported that the syndicate which has un-
derwritten the combination Is Identical with
that which underworld the United States Steel
Corporation