Omaha daily bee., 1902-04-22
CRISCOM LAUGHS At The IDEA
Head Of international Navigation Company
Suggested for President Of Combine.
ENGLISH PRESS CRITICAL TOWARD POOL
Thinks Great Britain's Steamship Men
Are Unwise to he Dominated
I'm Business by Their
Yankee Cousins.

NEW YORK, April 21.-Clement Al Girls
com, head OF the international Navigation
company, which is to enter the steamship
combination. organized by J. P. Morgan,
was in this city today and conferred for a
long time. with some OF Mr.. Morgan's part
ners. Mr.. Griscom's attention was called
to a statement Of Charles II. Cramp. the
Philadelphia ship builder, who is reported
to have declared that the consolidation OF
English. German and American steamship
companies on the lines planned by Mr.. Nor
gan would work harm to American ship
builders. Then let the American ship
builder awake up and do something" said
Mr.. Griscom. There is plenty for him
to do"
Mr.. Griscom characterized as "imagi-
nary the reports coupling his name with
the presidency of the Morgan steamship
combination.
Later in the day 1t was announced at
the ONCE of ]. P. Morgan & Co., that the
syndicate in control had closed the sub
scription books here and abroad. No de-
tails as to OF stock we're given.
AIIotments of stock.
LONDON, April 21.-The allotments OF
stock In the new shipping corporation we're
all taken up by British members OF the
syndicate at noon today. What proportion
was given to Europe the Morgans decline to
announce. but evidently 1t was not near y
so large as desired by the British interests.
]. p. Morgan is now in Paris, but from
other members Of the firm the Associated
Press learns that the corporation will be
ruin almost exactly on the same lines as the
United States Steel corporation, each bran h
retaining its individuality, but being sub
ject to the control of the directing body.
The statements intended Tor the stockhold-
ers of the new corporation regarding earn
ings, management, etc, will be issued by a
method similar to the one now employed by
the steel corporation.
Regarding the detection of the Cunard,
Allan. Anchor and French steamship lines
the Morgan views are as follows:
Ii remains to be seen whether they will
come in. We think It is rather a good
thing, In some respects. not to get every
body In at the beginning. the idea being
enough to start with. and 1t is better to
get 1t down to a practical. working basis
before being too anxious to make a clean
Anent the possible refusal Of the British
and continental shareholders to ratify the
directors action the Associated Press is
suthoritatively informed that no such con-
t~ingency is possible, as the corporation al
rkeady own a controlling financial interest
in each line. and so far no indications of
discomfort on the part of shareholders over
the prospective conversion Of their present
securities have been noted.
England L. Agitated.
What is called the "Morganizing" Of the
greater section Of the Atlantic ferry is
causing considerable perturbation in Great
Britain. The Westminster Gazette sug-
gests that 1t may be entitled to the grave
attention OF the government, as In some
quarters 1t is insisted that the vital in
terests Of the empire in time of war may
be jeopardized by the new arrangement"
and almost In the same breath the paper
reiterates the argument used when the
combination was first mooted, that 1t would
be a powerful peace factor between Great
Britain and America, for the great Amer
lean fnenciers would find it to their own
interests to use their influence against war
between the two countries.
The Pail Mall Gazette thinks the arrange
ment gives the United States an enormous
pull on the Atlantic and that it is not cred
liable to Great Britain that English steam
ship lines should be dominated by Amer
leans.
General Terms of Union.
BERLIN. April 21.-The general terms
under which the German steamship COM
panies have Joined the international ship
combination are understood to be as fol-
lows:
First-The German lines are to have such
representation on the board of control as
to prevent their being outvoted by the
Anglo-American interests. The German
companies will thus preserve their indie
pendence and will no more be controlled
by their associates than they will control
them.
Second-A pro rata distribution Of profits
according to tonnage will be made.
Third-The German companies are to
share in the advantages derived from what
ever agreements the combination makes
with American railroads.
Besides these principles, which broadly
outline the basis Of the contract on the
union Of the German lines, is brought about,
reports of other ideas less easily under
stood are in circulation. These are based
upon seemingly authoritative Information.
Division of Management.
One Of these reports is that II is the pur-
pose Of the allied lines that the manage
ment OF the combination shall consist Of
three groups. OF which the Hamburg-Amer-
lean Steam Packet company and the North
German Lloyd line shall count for two and
the Anglo-American lines for one.
The future working of the combination
appears to be provided for by a system
which is largely automatic, thus avoiding
the possibility of a conflict in management.
The newspapers, for the most part. dis
cuss the steamship agreement adversely.
The Berliner Tageblatt expresses the be-
lief that although the profits Of the Ger
man lines may temporarily increase. Il
Will be at the loss of free development in
the NuNnE. anA Nhz 49,
business to destruction. which American
foolhardiness and American conceit Of their
greatness are sure to bring about. The
real American peril, continues the TaEe-
blatt does not lie in American competition,
but OF the possibility OF bold hnanciers en-