The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1902-05-05

| combination, even if it fails to include
all the lines and ships mentioned, will
prove to be the most powerful combina-
ton ever organized for international
working. The lines reported entering
the combination control, altogether
near 100000 TONS and the additional
ones reported as likely to work harmo-
niously Herewith control fully as many
more
Another point of prominent interest
is that while close connection between
this proposed combination and other
existing Morgan interests, such as the
United States Steel Combination, is dis
claimed, it Is pointed out that the for
nation of such a powerful factor in
the ocean freight-rate situation as this
cannot fail to be of vast benfit to
American export trade when a renewal
of heavy exports of surplus American
manufactures of iron and steel is found
desirable. The claim that er improve
ment of passenger service .ween hire
and abroad will occur as one result Of
the new combination seems reasonable,
but that daily mail and pa 5senger SER
hardly lily KEEL ohpuhtg,s fl. I'm INV
vice will result Immediately seems
hardly likely though perhaps much to
be desired Some criticism of the new
plan has been evoked from American
shipbuilding interests because of the
claim that foreign shipyards, instead Of
American. will benefit from any new
building that is intended, but this criti-
cism seems rather premature. 1t may,
in fact, be found that the new combina-
ton will indirectly prove to be an inn
portant influence in modifying present
ideas as to subsidy legislation both at
home and abroad
Talk of preventing the proposed COM
binaton by legislation comes mostly
from Great Britain and Germany, in
which countries apparently dread of an
American-managed combination exists,
but this has so far been rendered futile
by the uncertainty as to just what Is
intended by the managers of this de-
cidedly new departure in international
finance and industry. The fact seems
to be that the main repository of intel
ligence regarding the plan and scope Of
the combination is ]. p Morgan,
and, in the absence Of definite informa-
ton as to just how far the new COM
bnation will go, antagonistic opinion
and legislation is naturally powerless
Some interesting reflections are rem
dered possible by the latest and, in
some respects, most picturesque ex-
ample of the Application of the trust or
combination idea. The only claim is
that the idea at the bottom of the plan
is to make money for its projectors
This looks feasible if the prevention Of
ruinous rate wars and competition in
the building of great ships can be
brought about. No claims are made
that the domination of the ocean-car-
rying industry by Americans is intend
ed, and this is, In fact denied. What
might be regarded as a general gain
for all the maritime and commercial
nations might not improbably result
therefrom in fact. The binding togeth-
err of the commercial interests of the
various countries as the financial inter-
ests are now bound might have bene-
fetal effects that even the projectors do
not clearly discern. A Community Of
interest on the ocean could hardly fail
to have important international poliiti-
cal effects, and 1t might result that the
seas, instead of making divisions be-
tween the countries, should prove to be-
real and close connecting links between
the various countries in the future.-4
From Bradstreet's