The Montgomery advertiser., 1902-10-02
THE SHIPPING TRUST
SOME DETAILS OF THE NEW
 COMBINE.
The American, Red Star, Leyland, White Star, Atlantic and One or Two Other Lines in
 the Combination.

New 1ork. Oct. 1.-The following de- tails concerning the organization of the International Steamship Combination was made public by J. P. Morgan and Com pany today:
 The International Navigation Company which controlled the American Line and Red Star Line of steamships has changed -its title 10 the International Mercantile Marine Company and increased its capi- tai from s1s.OOo,oOo to s19o.oooooO. half of this amount being represented by pre- fsrred shares and the other half by com- mon shares. There is also an authorized issue of s5o.0oo0Oo of 1-2 per cent bonds
 These directors and committees have been named:
 Directors-C. A. Griscom, P. A. B. wid- ener, B. H. Baker, John I. Waterbury. H. Hyde. Charles Steele. Right Hon. w. J. Pierrie. J. Bruce Ismay. Sir Clinton F. Dawkins. Henry Wilding and Charles E. Terrey.
 Executive and Finance Committee-C. A. Griscom, P. A. B. Widener, George W. Perkins. Edward J. Berwind and Charles Steele.
 British Committee-Sir Clinton T. Daw- kins, Chairman; Right Hon. W. J. Pier rie. J. Bruce Ismay, Henry Wilding and Charles F. Terrey.
 Mir. Griscom. head of the International Navigation Company, is to be President iion will embrace the American Line, the Red Star Line. the Leyland Line, the White Star Line and the Atlantic Trans port Line. as well as one or two other companies.
 Charles Steele. who spoke for Morgan and Company in the foregoing details, was asked about certain statements at tributed to Gerald Balfour. President of the Board of Trade of Great Britain, that The new combination would be dominat- sd by British interests. Mir. Steele said that he thought that Premier Balfour in- tended to say that the subsidiary British lines would be so controlled, which he lHr Steele )said would be the case.
 The statement that there would be no public vending or sale of the stock of the new company Chose directly interested having subscribed for the entire amount was also made by MT. Steele
 It was intimated by MT. Steele that an undertaking had been reached with the British Government by which no dis elimination in favor of the British ships would be shown in matters of mails, transportation, etc. The fact that the British Government recently subsidized two vessels of the Cunard Line was not reearded by Mir. Steele as an act of dis elimination.
 .'what price was paid for the White Star stock?" Mir. Steele was asked.
 T don't think we want to talk about khat."
 "tIas it been turned in?"
 sTf it has not been 1t will be-"
 It is a known fact that a syndicate charged with the financial details of the combination was formed some months nRp Trustworthy reports also have 1t that a special underwriting syndicate has been organized to purchase the $oO0Oo,- 900 or bonds and this syndicate 1t is be- lfeyed has already paid two installments, .ach of 25 per cent or $25.0oO.oOO of the totai authorized bond issue. The major portion of thls amount was paid in by the American interests identified with the combination so that control of the bonds will lodge here. The directory Is domi- mated by Americans. almost two to one and Sir Clinton E. DawlGins, one of the Enaiish members of the main board, is mariner in the London banking house ,fJ. F. Morga & Co.
 The German steamship lines do not Ya,,re in the combination, but 1t is said mat a "working" or ''non-competitive" agreement has been reached with those companies.