New-York tribune., 1902-10-02
ENEcrTIvE ~ FINANcE coNMIrrEE
I'M NOT BE HOLDING COMPANY.

dILL NOT Re HOLDING COMPANY
In answer 10 various questions Mr Steele said
that there would be no public hotation Of the
new stock all Of vhich would be taken by in
terests identified with the combination. The In
ternaronal Mercantile Marine Company. ne con-
rrue6. would not be a holding company. but he
declined absolutely 10 explain The method by
which control Of The subsidiary companies was
70 be lodged with the enlarged International
Navigation Company. This company" Nr
Steele went on. in answer % questions from
several n the reporters present win include
an the various companies i'm The combination.
Whist 50 Z mean by .i~oluGes-2 ] don't care 70
GO further into explanations. just Jet II 20 al
that ~ you ere liable 70 make mistake. 20,
there is ~ ba no holding COMPANY Are the
camparez 70 be bought No, not exactly. they
win remain as subsidiary companiesr'
The solution ~ this mystery. il was suggested
last night. might lia in The fact thar there eN-
fists an international Navigation Company Of
Great Britain, the stock ar which has been held
by me International Navigation Company OF
Ne~-Jersey and that this British corporation
Hshr br used rs the holding company for the
stocks 9f the English lines 20 be included IN the
combination 7gst perfected.
"Nhaf price was paid for the White Star
stock Nr steele was asked
7 don't think NE want % tax about that"
Has N been TUNED in
II t has nor been t win be-"
Asked about rh, quoted announcement by
Gerald Balfagr pr siIeu' % the Board OF Trade,
in his speech m sheffield than a majority Of the
directors ~ The new combination were 70 be of
British nationality NJ Steele said
Mr. Bslf0ur probably made some mistake
about tnar he probably referred 70 the fact
that majority of the directors Of the British
subsiiar> companies would he british resi-
dents
AS a matter Of fact. Tho Board OF Directors Of
the International Mercantile Marine Company
consists ~ eight Americans and five EngIishmen-
i is a known fact that a syndicate 10 under
write The new coIrhtuatlon was formed several
months ago. Trustworthy reports also have IL
that special underwriting syndicate has been
orsanize6 o. nnauoa the bond issue and rhis
syndicate .t is understood has already paid TWO
lnstalmerrs. each of - per cent. or N25oun.on,
I" the total amount ~ bonds 10 boz issued Al
present Tho larger part OF the underwriting
has been subscribed hy th- American Interests
Identified with the combination one Of the men
who have taken leading part in the negotia-
tons for the formation ~ the shipping combna-
ton said Yesterday
UNDERSTANDING WITH ENGLAND.
An understanding has been reached with
Inc British Government. AS "a result Of which
There Nil hc no discrimination on the part Of
'"e hrnsh Government against the companies
N me combination in such matters as carrying
'Ne mails or supplying vessels for the trans
P"Iiaton OF troops The fact that the British
Government has subsidized the Cunard Line
% not consider discrimination against the
C'iN"inatIon Some of the vessels q the White
''ar Line, which viii De In the combination.
1ie already subsidized 10y that government. The
N0f United States subsidy bin Vessels can
NOT De prohtably operated Al high speed with
~ subsidy, and the action Of the British
iinent is an argument in favor of it."
'es IN The new combination, II is un-
VIII be the American and Red star
,,i-,. "hte Star. the Leyland the Do
'.-.oH and the Atlantic Transport Line and a
N's agreement has been arranged with the
GERMAN steamship lines
trenton \. j. oct tspeciaD.-The charter
"hloh The combination Of steamship lines
oleIsle was filed in the Office OF the Secre-
Nta'e today in the form Of an amend
" '"s charter of the International Aavi-
80" 80" oolniany Incorporated here on June q,
S5O0009D
hy The amended charter the name Is changed
'Ne international Mercantile Marine Com
go, ana the capital stock is increased 20
'o''"o OF which S6OOO0OOO will be 6 per
cumulative preferred stock and $50 900
N'A stock The amended charter follows
Coy,eshe Corr ne charter OF the United States Steel
adon,sS SS'4on' ION The amendments having been
ori,ttreSS az a meeting Of the directors Of the
slfs--el company held September IL and
BS, gpIently ratihed by the stockholders.
fbe Nlese amendments IL was provided that
~ ,S5 HHpany should issue bonds aggregating
Fsc.VVb1 10 be known as Az per cent mort
sSse and collateral trust gold bonds" an equally
eorae elee ~ mortgage and deed OF trust on the
fois property. IL was also decided that
Continued NTH page.