New-York tribune., 1902-04-21
PLAN DAILY SAILINGS.
G. A. GRLSCON TELLS ABOUT
NEW STEAMSHIP COMPANE
CAPITAL WILL BE ABOUT S2oo'Vo'ooo'
AND CONTROL WILL BE HE'LL
IN THIS COUNTRY.

pr,IacAlnhia April 21-Clement A Grlscofh'
--ssids srt of the International Navigation COM
nsnv one of the five transatlantic steamship
companies which have been merged uiiue ~
direction Of J. P. Morgan, to-day lalheu iieS-s
concerning the consolidation, It's purposes anu
nrobahle effects. Mr. Griscom SAID ne was uii
obl. IN sneak definitely regarding the hnanclai
plan as that a matter for the cohoiuei
ton of Mr.. Morgan and his partners, WHICH Will
perhaps be decided upon within the next '"o
weeks In any event President Griscom saio'
the consolidated companies would probably oe III
operation under the new conditions within rev
months
So far as the negotiations regarding the
merger are concerned, they have been competea'
Agreements for d controlling interest in each OF
the various lines have been obtained and all
that now remains to be accomplished Is the
organization of the holding company. This mat
fer is now in the hands Of J. P Morgan d Co.
and their lawyers.
1t is possible. though by no means CERTAIN
that the International Navigation Company.
whose chartered powers are very broad VIII DC
made the parent company The question now
under consideration is the desirability of ihis
plan as against the organization of an entirely
new company to control the operations OF the
combined steamship lines. The publlshed state
ments as to the financial basis OF the conpiIla
ton are entirely speculative, as that detail had
not as yet been completed. Mr.. Grlscom COLI
tinued:
The Capitalization of the consolidated com
panies viii be in the neighborhood of s2oooo,-
600 which about represents the property ap-
sorbed Working capital. of course. VIII be
provided and the profits and reserve IuIiu
should enable us TO build the necessary addi-
tions to our fleets. While control of the com
pany will be held in this country, 1t Will ne
strictly international organization, fostering the
various companies included in the consohdation.
preserving their autonomy and respecting their
national and local surroundings.
The object of the combination Is to try 10 give
better transatlantic service at a decreased cost.
Heretofore the trade has been eXtravagan,iy
conducted. and We propose to operate more IN
-elligent1v in the future. We expect In time
to esta blish system of daily departures from
York, innovation that is q real neceS-
sity.
There is no political significance in this deal
The negotiations have covered period OF many
years, and was interested in the sub9ect as lar
back as 1884. The passage OF the snip SUBSIDY
bill would have but one effect. so far as the new
enterprise is concerned. 1t would enable us 10
sail ships now building and hereafter built
under the American flag on an equal roofing
with the ships of other countries. The pun
lished statements that the Ship Subsidy OH
would enable US to sail our foreign vessels
under the Stars and Stripes are incorrect as the
bill specifically states that only American pulIt
ships can benefit by its provisions, and, further
more, such a course II poSsible, is contrary 10
the whole scheme.
We have only four small vessels that might
benefit by the passage of this bill. and they are
which they engaged, the provisions OF
the bill would not apply to them. after our
present mail contract expires, the four Ameri-
can transatlantic liners of the International
Navigation Company are eligible for new con-
tract either under the present postal law or
under any new act that might be passed by
Congress.
Mr.. Griscom denied the published statement
that Liverpool would be abandoned as a passen-
ger port. He said that question had not been
discussed. Every port" he said. will be de-
veloped along the lines to which each port is
best adapted. We will establish economic
and sensible management" Mr.. Griscom said
it was possible the company would carry its
own insurance. He said:
The consolidation will result in better trans
atlantic service steadier and more uniform
rates a just distribution of traffic over all
American and Canadian seaports, increased
lines on the Pacific and services to South Amer
lea as traffic may be found to justify them.
Having lines between Great Britain and Aus
tralia and New-Zealand and intimate conneC-
tions with the Far East, American manufact-
urers will be able to distribute their products
through bills of lading and avoid the expense
of transshipments which they now incur
The products OF the farm will be shipped from
the port most convenient to the point of pro-
duction. In a word, it is intended TO reduce
transportation charges far possible TO
every one, to improve facilities, and the
pany expects to make its increased profits over
the conditions of the past from economical man.
agernent To what extent these new services
will be conducted by steamships built in this
country and sailed under the American flag de-
pent1s upon Congress.