Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1902-05-01
PLANS Of THE COMBINE
DAILY STEAMERS LEAVING
PORT OF NEW YORK
Better Transatlantic Service at De-
creased Cost Many Years Under
Consideration Ships Sub
Sidy Bill.

Philadelphia, April 20.-Clement A.
Griscom, president of the Information.
al Navigation Company, one Of the
FIVE transatlantic steamship compa.
MES which have been merged under
the direction of J. p. Morgan, today
said he was unable to speak definite
ly regarding the financial plan, as
that was a matter for the considera
! ton of Morgan and his partners, which
will perhaps be decided upon shortly.
In any event, President Grlscom
said. the consolidated companies
would probably be IN operation under
the new conditions within Va few
months. So far as the negotiations
regarding the merger are concerned
they have been completed. Agree
monts for a controlling interest in
each of the various lines have been
secured and all that now remains tt
| lie accomplished is the organization Of
the parent company. 1t is possible
that the International Navigation
Company will be made the parent com
pany. The question now under con
sideration is the desirability of this
plan as against the organization Of
new company TO control the opera
items OF the combined zines. GriscOm
said:
The capitalization Of the consolidate
cd companies will be in the neighbor
hood Of 5000 100000 Working capitalof
course, will be provided, and the prof
It's and reserve fund should enable us
10 build the necessary additions to
our fleets. While control of the
company will be held I'm this country
Il will be a strictly international or.
ganization. preserving the various
companies included in the consOlida'
ton. respecting their national and 10
cal surroundings.
The object of the company Ia to try
to give better transatlantic service nj
! decreased cost. Heretofore the trade
has been extravagantly conducted and
, we propose to operate more intclli
/, gently in the future. We expect IL
, time to inaugurate a system Of daily
, departures from New York, an limo
! vstion that is n real necessity.
The negotiations have covered a
, period of many years, and I was in
-, terested in the subject as far back az
1884. The passage Of the ship subsidy
bill would have one effect. so far M
- the new enterprise is concerned, l
4. 4. .RF,N,
: building and hereafter built urler tn
r American flag on an equal iootlnl
n with the ships of other countries. Tn
I published statements that the shi
q subsidy bill would enable us TO sal
r our foreign vessels under the Star
r and Stripes are incorrect. as tho bill
specifies that only American bull
4 ships can benefit by its provisions, ant
= furthermore such n course II possible
is contrary to the whole scheme.
We have existing only tour small
vessels that might benefit by the pas
spge of this bill, and they are on th'
Pacific. While In the Coastwise trade
in which they are now engaged, tn
provisions of the bill would not appl,
= 70 them. The consolidation will re
: suit in better transatlantic service
" nc re uniform rates, a just distribution
y Of traffic over all American and Cans
y dian seaports. increased lines on tn
u Pacific and services to South Americ
. Nc traffic may justify. Having line
u, between Great Britain and Australi
y" and New Zealand and intimate conne'
= ton with the Far East. American maj
y, ulacturers will be able 10 distrlbut
~ their products on through bills OF la'
inC and avoid the expense OF tran
shipments which they now incur. TIL
products of the farm will be shippe
from the seaport most convenient
:, the point OF production. To what G
70 tent these new services will be co..
Quoted by steamships built In tn
country and sailed under the Amer
car dag depends upon Congress.
80