The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1902-04-24
COMBINE ship Lines
Is Mex Move Of J.P. Morgan and
Associated Interests.
MANY MILLIONS OF CAPITAL
Will Be Used For Merging and consol-
idatins American, Red Star, White
Star, Dominion, Atlantic Trans
port and leyiand Lines.

A New York special says: j. P. Nor
gan who is now abroad, has practically
consummated a plan to combine all
the leading trans Atlantic steamship
lines. London dispatches to the AS.
sociated Press, announcing the com.
hination have been confirmed at the
Morgan banking house. The companies
to be consolidated will, it is under,
stood, include the American and Red
Star lines, White Star line, Dominion
line, Atlantic Transport line and the
l-eyland line. The two last named
lines have been under Morgan control
for some time.
Probable additions to this list are
the Cunard, Wolson and Holland-Amer-
lean companies. and it is understood
that working agreement" will be
reached with the other leading trans
Atlantic companies, including the
North German Lloyd, Hamburg-A -Ameri-
can general trans-Atlantic), Allan and
Anchor lines.
It is yet too early to give the exact
scope Of the scheme, but as now out
lined there will be an American hold
ing company into which all the steam
ship companies which propose to en-
ter the combine will put their stock
holdings-"pool their issues"-in ex-
actly the same way that the various
concerns embraced in the United
States Steel corporation threw in their
holdings, receiving in return stock Of
the main or parent company.
S15o,ooo,oco Capitol.
Just what the capitalization will be
is not yet known. but the amount is
likely to be well in excess of $780,
100000. This phase of the project
is based entirely upon the number Of
companies taken into the combine.
One of TIE most interesting features
Of the plan deals with the subsidy
question. The White Star and Cunard
lines receive liberal subsidies from the
British government. Thes@ subsidies
would be withheld or abrosated if the
ships Of these lines changed their
flag from British to American. Because
Of this the ships of the White Star,
Cunard and the English subsidized COM
panies will doubtless continue nom
inally Under British control.
America a Sea King.
G. w. Perkins, of J. P. Morgan &
Co., is authority for the statement
that American interests dominate the
proposed amalgamation and declares
that the result will prove not only a
great triumph for Mr. Morgan, but will
make the United States the real ruler
Of the merchant marine Of the world.
Mr.. Perkins also said the plan would
be of great benefit to importers and ex-
porters as well as to the great rail
road interests of the country.
Its effect will be felt by shippers
from Maine to California, Mr. Perkins
says, and will also result IN a better
understanding between the commercial |
interests of this country and Germany. |
''It is true" he added, that Morgan |
will act as syndicate manager in this |
combination, just as he brought To-
gether and welded the various inter
ests of the United States steel corpora
ton.
Financial Details Later.
"The financial details have been
completed to the extent that cash nee.
essary for the deal has been subscrib-
ed. 1t is too soon to speak about the
but let it be borne in mind
that control Of the company will be +
held here.
"It is taken as matter of course
the interests now prominent in the
various steamship lines will be taken
iGto the consolidated directory"
Banking interests Identified with the
underwriting syndicate said
Saturday that the new company would
have a New Jersey charter.