Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1902-10-04
YANKEESCONTROL
Morgan Shipping Combine De-
tails Given 10 Public.
The International Mercantile Marine
Company Is Capitalized for $780,
100000 and Americans Preponder.
ate in the Directorate by Nearly
Two to One-No scriminaton in
Favor of British Ships-aritisher
Now Think Government Was Too
Lavish in Its Gift to the Cunard Co.

New York, Oct. 2.-The following de-
tails concerning the organization OF
the international steamship cOmbiIa-
ton Were made public by J. L. Morgan
n Co. yesterday.
The International Navigation COM
pany, which controlled the American
and Red Star lines of steamers has
| changed its title to the International
Mercantile Marine company. and III
creased its capital from S15.000.C00 to
$12O,O00,0O0, half of this amount be-
ing represented by preferred shares and
the other half by common shares. There
is also an authorized issue of SOC, 100000
Of AZ percent bonds.
Mr.. GriscOm. head of the Interna-
tional Navigation company, is to be
president Of the conbina ZION. The
new combination will embrace the
American line, the Red Star line. the
Leyland line, the White Star line and
the Atlantic Transport line. as we'll as
one or two other companies.
Charles Steele, who spoke for Nor
gan 4 Co. in the foregoing details. was
asked about certain statements at
tributcd to Gerald Balfour, that the
new combination would be dominated
by British interests. Steele said he
thought that President Balfour in
tended to say that the subsidiary Brit
ish lines would be so controlled, which
he (Steele) said would be the case.
The statement that there would be
no public vending or sale Of the stock
of the new company Those directly
interested having subscribed for the
entire amount was also made by
Steele.
1t was in1imated by Steele that an
understanding had been reached with
the British government by which no
discrimination in favor of the British
ships will be shown in matters of
malls, transportation. etc. The di-
rectory is dominated by Americans, al
most two to one.
Trenton, Oct. 2.-The ship combine
was incorporated here yesterday by the
filing of papers amending the certificate
of Incorporation of the International
Navigation company, which was lied
In June, 1893. with an authorized cap
ital of $l5,OOO,UOO. The amended
| certificate changes the name to ilat
OF the International Mercantile Marine
company. with an authorized capital
of $12O,OOO,OOO.
London. Oct. "a days reflection
appears to have convinced many peO-
pie that the government has treated the
Cunard Steamship conn any too gen
erOuSly, and considerable objection is
crystallizing around the question
whether the government has not acted
over-hastily in thus departing from its
traditional policy with regard to sub
sides. The strongest objection is made
to providing money with which to
build new steamers. 1t is argued that
so doing will form a difficult precedent,
as other shipping companies are certain
to demand similar privileges. which II
will be found hard to refuse. 1t is
feared also that he American and OH her
governments will retaliate by incrcus-
mg their subsidies.
The government will probably he
briskly criticised when parliament re-
assemblies. especially for deciding such
Il mOmrntous question before the
parliamentary committee, which is
now considering the matter Of sub
sides. has made its report.
1t is understood that the npgotia-
tiOns were conducted by Gerald w.
Balfour, president of the Board of
Trade; the Earl of Srbornc, first lord
| Of the admiralty, and the colonial of
flee and according to The Daily ChrOn.
icle this morning. the agreement with
j. i. Morgan was only completed since
the heads Of the Atlantic shippin" COM
bine foregathered in New York city.
One shipping critic points out that
there is nothing in the governments
agreement with the Cunard company to
prevent working arrangement be-
Morgan combine. 1t is everywhere
conceded that the Cunard company has
made Il good bargain all other sub
sides. to the peninsular and Oriental
ana other steamship lines. being upon IL
small scale and less than $4,000 per
vessel.
Alleged Fraud Involves $1,035, ,899.
New York Oct . --GI nprnl RuInctI