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International Mercantile Marine Company

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important German shipping companies, Norddeutscher Lloyd and HAPAG, which carried a total of 66,838 passengers. The German-Morgan agreement, signed in New York on 20 February 1902, was a key step in the formation of what was to become the IMM, but did not fully address long-standing competitive friction between and amongst the major German and British transatlantic shipping companies.
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out to be the prestigious White Star Line, bought by Morgan's team, after long negotiations, in April 1902. On 1 October 1902, JP Morgan & Co. announced the founding of the International Mercantile Marine Company, more commonly called IMM. (Constituent elements of IMM, including INC (chartered in 1871), had however been operating for many years already.) IMM was incorporated in
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shipping trade, and was therefore not as successful as expected. The company went into receivership in 1915 and was placed in the hands of Franklin, who managed to save it. In the late 1920s, he received grants from the government to American ships (built in the United States or flying the flag) and in 1926 it sold the White Star Line to the
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As the shipping industry prospered in the late 19th century, some sought to create a trust that would monopolize U.S. shipping companies. However, all negotiations in this regard in the 1890s fell short. The intervention of John Pierpont Morgan, one of the richest men in the world, would change that.
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Central planks of the agreement included dividend-sharing, route-allocation, and joint committee to oversee the agreement, and suspension in the event of war. A contemporaneous side deal authorized the subsequent acquisition by HAPAG, NDL and IMM of a controlling interest in the Holland-America line
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and presenting Morgan with the "Hobson's choice" of proceeding with the formation of a probably unprofitable holding company (by consummating the acquisition of White Star as its "crown jewel," but having to probably go without the subsidy envisaged under the Frye-Payne bill), or backing away at the
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Since 1902, IMM had an agreement with James Pirrie, chairman of Harland & Wolff and member of the management of the White Star Line, stating that the vessels of the company will be built by Harland & Wolff for all the time. Ships of the company were also shifting from one company to another,
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Subsequently, Baker, J. P. Morgan, and Simon Bettle Jr. (representative of the INC) negotiated with Ellerman, this time with a view to redeem his property. There would be two companies that would join the trust. The name of one of them was revealed in April 1901: the Leyland Line. The second turned
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Morgan's role evolved over the years. Being American, he could not directly own British ships, but he could own the company that owned the ships. In 1902, the IMM carried 64,738 passengers, a total buoyed by high immigration to the United States. The IMM had signed a partnership with the two most
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did not bring about the end of the IMM. Although theoretically powerful due to its continued influence with some of the top American, British, and German shipping companies, the overseeing company never managed to overcome its own financial problems, nor dominate the bulk of the North Atlantic
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Finally, the Roosevelt Line was merged into United States Lines in 1940, leaving that company as RIMM's only remaining business. RIMM changed its name to United States Lines Inc. in 1943, recasting itself as a smaller company focused exclusively on transatlantic routes under a single brand.
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The Atlantic Transport Line, owned by Bernard N. Baker and having both passenger and cargo ships, competed intensely with British and other shipping companies. Baker tried to sell his company to John Ellerman, chairman of the cargo-carrying Leyland Line, who had tried unsuccessfully to take
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and suffered from inadequate cash flow that caused it to default on bond interest payments in late 1914. As a result, a "friendly" receivership was put in effect in 1915, which allowed IMM to reorganize its finances; it emerged from the receivership in 1916. Saved by
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and contractual arrangements with the railroads, but that proved impossible because of the nature of sea transport, American antitrust legislation, and an agreement with the British government. One of IMM's subsidiaries was the White Star Line, which owned the
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Some businesses of the modern shipping industry still regard IMM as an early attempt at the corporate ownership of several companies under a single trust; the kind of large overseeing companies that dominate much of the maritime shipping world today.
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Responses in the United Kingdom helped intensify these rivalries. Cunard Line, one of the British shipping companies with independent significance, received grants from the British government for the construction of two great ocean liners, the
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for £7 million, of which £2.35 million was still unpaid when the Royal Mail Group, which was overleveraged and undercapitalized, collapsed in the early 1930s. In 1930, IMM possessed 30 vessels. There were 19 in 1933 and only 11 by 1935.
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failed, which became widely apparent by April 1902 and the company thus was never truly successful. Beginning in the 1920s, the company underwent a series of corporate acquisitions and mergers, which resulted in its becoming the
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openly attacked the very principle of the company and Morgan. As had been arranged before Titanic sank, J. Bruce Ismay retired as president of IMM in 1913 and was succeeded by
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last minute and absorbing considerable losses on the prior purchase of Leyland. Morgan ultimately chose to go ahead and continue putting together his "trust."
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IMM was a holding company that controlled subsidiary corporations that had their own subsidiaries. Morgan hoped to dominate transatlantic shipping through
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possession of the Cunard Line and HAPAG, two powerful European companies. Negotiations between Baker and Ellerman, advanced but ultimately fell through.
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The German Accession," chapter 3 in Vale, pp. 63–101, Annual Report of the Commissioner of Navigation , 1902, pp. 395–99, Navin and Sears, pp. 308–12
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Morgan died on 31 March 1913. After the 1915–16 receivership, Sanderson was succeeded as president by Franklin, who had been the receiver.
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lines. The trust caused great concern in the British shipping industry and led directly to the British government's subsidy of the
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a scripophilistic article listing/showing all known IMM stocks and bonds, and incl. other related documents (in German)
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sailed for the Dominion Line and White Star Line before being transferred to the Red Star Line under the name of
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A historical dictionary of the U.S. merchant marine and shipping industry : since the introduction of steam
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Clark, John J.; Clark, Margaret T. (1997), "The International Mercantile Marine Company: A Financial Analysis",
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was dissolved in late 1931 and its ships were distributed throughout RIMM's remaining divisions.
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The early 1910s marked a turning point for the IMM. Indeed, on 15 April 1912, the
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The IMM company vice president released a statement following the sinking of the
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Number One Broadway—The Home Port of the International Mercantile Marine Company
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was merged into United States Lines in 1932, the Red Star Line was sold to
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J.P. Morgan and the Transportation Kings – The Titanic and Other Disasters
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The American Peril: Challenge to Britain on the North Atlantic 1901–04
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The Growth and Dissolution of a Large-Scale Business Enterprise
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sur le Site du Titanic. Retrieved 17 July 2009, Vale, pp. 54–61
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Meanwhile, J. P. Morgan had already concluded agreements with
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and began consolidating its operations under that brand. The
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New York Times of 30 April 1901. Retrieved 17 July 2009
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formed in the early twentieth century as an attempt by
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Incorporated Under the Laws of the State of New Jersey
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John Pierpont Morgan, founder and owner of the IMM Co.
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International Mercantile Marine Co. stock certificate
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Navin, Thomas R.; Sears, Marian V. (December 1954).
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was also amalgamated. The project was bankrolled by
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Green and Moss: "A Business of National Importance"
246:. Analysis of financial records shows that IMM was 115: 107: 71: 53: 45: 35: 1389: 1174:"International Mercantile Marine Company Building" 909:sur le Site du Titanic. Retrieved 30 December 2009 636:: 1931–1943 (continued as IMM's successor company) 513:was dissolved in 1938 and its ships divested, and 484:Roosevelt International Mercantile Marine Company 125:Roosevelt International Mercantile Marine Company 1463:«Die 'Titanic stocks', Rose und die zweite Maid» 653:International Mercantile Marine Company Building 1485:Defunct shipping companies of the United States 1181:New York City Landmarks Preservation Commission 353:was authorized to build the White Star Line's 559:Company became United States Lines Inc, 1943 517:was merged into United States Lines in 1938. 509:merged into United States Lines in 1937, the 434:was one of the causes of the decline of IMMC. 8: 1168: 1166: 1164: 21: 1436:. University Press of America, Inc., 2012 ( 1396:. Manchester: Manchester University Press. 1104: 1016: 930: 869:J.P. MORGAN & CO. BUY THE LEYLAND LINE 737: 27: 20: 918: 1469:Baltimore Mail Line History and Ephemera 1083: 1071: 1028: 761: 1490:Transport companies established in 1902 1136:"I.M.M. Control Goes to Roosevelt Line" 696: 665: 134:International Mercantile Marine Company 22:International Mercantile Marine Company 1270:The New York Times, 21 and 22 May 1943 630:Roosevelt Steamship Company: 1931–1940 259:, which itself went bankrupt in 1986. 1202: 1200: 1198: 1040:J.H. Isherwood, "The Great Olympic," 808: 806: 804: 802: 800: 155:IMM was founded by shipping magnates 7: 749: 1211:. Westport, Conn: Greenwood Press. 655:, former New York City headquarters 474:The ailing company merged with the 1248:. 10 February 1936. Archived from 14: 1495:1902 establishments in New Jersey 588:American Merchant Line: 1924–1938 1095:Wilton Oldham: "The Ismay Line". 450:devoted to the sinking, Senator 138:International Navigation Company 826:Atlantic Transport Line History 468:Royal Mail Steam Packet Company 262:A proposed subsidy bill in the 1241:"Father & Son in I. M. M." 889:Histoire de la White Star Line 603:Baltimore Mail Line: 1930–1937 550:Philip Albright Small Franklin 543:Harold A. Sanderson, 1913–1915 448:American commission of inquiry 1: 1414:– via Internet Archive. 534:Clement A. Griscom, 1902–1904 444:sank during her maiden voyage 461:However, the sinking of the 16:Transatlantic shipping group 1371:Toute l'histoire du Titanic 1062:. Retrieved 7 February 2010 594:: 51% share owned 1902–1917 555:John A. Franklin, 1936–1943 476:Roosevelt Steamship Company 121:Roosevelt Steamship Company 1511: 1349:Le Titanic ne répond plus 1347:Piouffre, Gérard (2009). 775:"Atlantic Transport Line" 703:"IMM 1916 Annual Report" 571:Flag of the Red Star Line 442:, flagship of its fleet, 355:Olympic class ocean liner 234:interlocking directorates 229:in an effort to compete. 26: 1279:Chirnside, Mark (2004). 1183:. 16 May 1995. p. 4 828:. Retrieved 17 July 2009 478:, parent company of the 1351:(in French). Larousse. 1304:Business History Review 1281:The Olympic-class ships 979:, vol. 2 (1978), p. 829 820:16 January 2017 at the 598:Atlantic Transport Line 546:Receivership, 1915–1916 492:Atlantic Transport Line 280:Founding of the company 173:Atlantic Transport Line 59:; 119 years ago 1432:Gittelman, Steven H.: 1116:IMM 1916 Annual Report 931:Navin & Sears 1954 738:Navin & Sears 1954 572: 563:Companies owned by IMM 515:American Merchant Line 435: 423: 333: 289: 264:United States Congress 1388:Vale, Vivian (1984). 977:North Atlantic Seaway 570: 429: 417: 323: 287: 197:J.P. Morgan & Co. 57:October 17, 1904 1207:Tomán, René (1994). 592:Holland America Line 152:the shipping trade. 1252:on 15 December 2008 933:, pp. 291–328. 634:United States Lines 619:Panama Pacific Line 511:Panama Pacific Line 507:Baltimore Mail Line 488:United States Lines 452:William Alden Smith 430:The sinking of the 351:Harland & Wolff 269:United States Lines 257:United States Lines 199:, led by financier 23: 1142:. 7 January 1931. 1140:The New York Times 1055:Regina/Westernland 950:. 2 October 1902. 948:The New York Times 849:on 6 February 2010 740:, pp. 316–19. 705:The New York Times 573: 482:, in 1931 to form 436: 424: 334: 290: 209:North German Lloyd 1442:978-0-7618-5850-8 1367:Riffenburgh, Beau 1358:978-2-263-02799-4 1218:978-0-313-27225-7 1044:21 (1956), p. 101 752:, pp. 94–97. 707:, 4 April 1915; . 136:, originally the 130: 129: 84:Sir John Ellerman 1502: 1415: 1395: 1384: 1362: 1343: 1294: 1271: 1268: 1262: 1261: 1259: 1257: 1237: 1231: 1230: 1204: 1193: 1192: 1190: 1188: 1178: 1170: 1159: 1158: 1156: 1154: 1132: 1126: 1123: 1117: 1114: 1108: 1105:Riffenburgh 2008 1102: 1096: 1093: 1087: 1081: 1075: 1069: 1063: 1051: 1045: 1038: 1032: 1031:, pp. 33–36 1026: 1020: 1017:Riffenburgh 2008 1014: 1008: 1005: 999: 998: 986: 980: 973: 967: 966: 964: 962: 940: 934: 928: 922: 916: 910: 903: 899: 893: 886: 882: 876: 865: 859: 858: 856: 854: 845:. Archived from 835: 829: 810: 795: 794: 792: 790: 781:. Archived from 771: 765: 759: 753: 747: 741: 735: 729: 728: 720:American Neptune 714: 708: 701: 684: 680: 674: 670: 503:Arnold Bernstein 456:Harold Sanderson 169:Bernard N. Baker 79:Bernard N. Baker 67: 65: 60: 31: 24: 1510: 1509: 1505: 1504: 1503: 1501: 1500: 1499: 1475: 1474: 1451: 1425:Boyce, Gordon. 1422: 1420:Further reading 1404: 1387: 1381: 1365: 1359: 1346: 1316:10.2307/3111799 1297: 1291: 1278: 1275: 1274: 1269: 1265: 1255: 1253: 1239: 1238: 1234: 1219: 1206: 1205: 1196: 1186: 1184: 1176: 1172: 1171: 1162: 1152: 1150: 1134: 1133: 1129: 1124: 1120: 1115: 1111: 1103: 1099: 1094: 1090: 1082: 1078: 1070: 1066: 1052: 1048: 1039: 1035: 1027: 1023: 1015: 1011: 1006: 1002: 988: 987: 983: 975:N.R.P. Bonsor, 974: 970: 960: 958: 942: 941: 937: 929: 925: 921:, pp. 9–10 917: 913: 901: 900: 896: 884: 883: 879: 866: 862: 852: 850: 839:"Red Star Line" 837: 836: 832: 822:Wayback Machine 811: 798: 788: 786: 773: 772: 768: 760: 756: 748: 744: 736: 732: 716: 715: 711: 702: 698: 693: 688: 687: 681: 677: 671: 667: 662: 649: 640:White Star Line 565: 531: 412: 404:Philip Franklin 318: 302:Clement Griscom 282: 277: 205:Hamburg-Amerika 181:White Star Line 157:Clement Griscom 103: 89:Clement Griscom 63: 61: 58: 17: 12: 11: 5: 1508: 1506: 1498: 1497: 1492: 1487: 1477: 1476: 1473: 1472: 1466: 1460: 1450: 1449:External links 1447: 1446: 1445: 1430: 1421: 1418: 1417: 1416: 1402: 1385: 1380:978-2709819824 1379: 1363: 1357: 1344: 1310:(4): 291–328. 1295: 1289: 1273: 1272: 1263: 1232: 1217: 1194: 1160: 1127: 1118: 1109: 1097: 1088: 1076: 1064: 1046: 1033: 1021: 1009: 1000: 981: 968: 935: 923: 919:Chirnside 2004 911: 894: 877: 860: 830: 796: 785:on 4 July 2010 766: 754: 742: 730: 709: 695: 694: 692: 689: 686: 685: 675: 664: 663: 661: 658: 657: 656: 648: 645: 644: 643: 637: 631: 628: 622: 616: 610: 604: 601: 595: 589: 586: 580: 564: 561: 557: 556: 553: 547: 544: 541: 538:J. 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Morgan 189:Leyland Line 154: 133: 131: 124: 120: 119:Merged with 36:Company type 18: 1471:GG Archives 1187:12 February 1153:12 February 1107:, p. 7 1060:Great Ships 1042:Sea Breezes 961:11 February 902:(in French) 885:(in French) 853:17 February 642:: 1902–1927 627:: 1871–1934 621:: 1915–1938 615:: 1902–1927 609:: 1902–1926 600:: 1901–1931 585:: 1886–1893 579:: 1873–1932 552:, 1916–1936 540:, 1904–1913 420:RMS Titanic 400:Westernland 398:became the 330:Westernland 253:World War I 213:Cunard Line 146:J.P. Morgan 99:J.P. Morgan 1479:Categories 1283:. Tempus. 691:References 583:Inman Line 529:Presidents 390:Belgenland 373:HMHS  347:Mauretania 316:Golden age 310:New Jersey 226:Mauretania 150:monopolize 64:1904-10-17 1340:154857498 1324:0007-6805 1256:18 August 1227:652516469 1148:0362-4331 956:0362-4331 750:Vale 1984 505:in 1934, 394:, or the 382:like the 375:Britannic 366:RMS  359:RMS  343:Lusitania 271:in 1943. 219:Lusitania 1412:10752931 1369:(2008). 994:. 1922. 818:Archived 647:See also 388:SS  345:and the 207:and the 140:, was a 123:to form 72:Founders 49:Shipping 46:Industry 1332:3111799 814:The IMM 463:Titanic 440:Titanic 432:Titanic 410:Decline 368:Titanic 361:Olympic 275:History 243:Titanic 187:of the 179:of the 171:of the 159:of the 108:Defunct 62: ( 54:Founded 1440:  1410:  1400:  1377:  1355:  1338:  1330:  1322:  1287:  1225:  1215:  1146:  954:  789:7 July 396:Regina 384:Belgic 371:, and 357:trio: 326:Regina 191:. The 183:, and 40:Public 1336:S2CID 1328:JSTOR 1177:(PDF) 660:Notes 142:trust 1438:ISBN 1408:OCLC 1398:ISBN 1375:ISBN 1353:ISBN 1320:ISSN 1285:ISBN 1258:2009 1223:OCLC 1213:ISBN 1189:2020 1155:2020 1144:ISSN 963:2020 952:ISSN 855:2010 791:2010 497:The 324:The 224:RMS 222:and 217:RMS 163:and 132:The 116:Fate 111:1931 1312:doi 906:FAQ 239:RMS 148:to 1481:: 1406:. 1334:. 1326:. 1318:. 1308:28 1306:. 1302:. 1221:. 1197:^ 1179:. 1163:^ 1138:. 1058:, 946:. 872:, 841:. 824:, 799:^ 777:. 725:57 723:, 378:. 364:, 312:. 175:, 167:, 1444:) 1383:. 1361:. 1342:. 1314:: 1293:. 1260:. 1229:. 1191:. 1157:. 965:. 857:. 793:. 332:. 66:)

Index


Public
Bernard N. Baker
Sir John Ellerman
Clement Griscom
J. Bruce Ismay
J.P. Morgan
International Navigation Company
trust
J.P. Morgan
monopolize
Clement Griscom
American Line
Red Star Line
Bernard N. Baker
Atlantic Transport Line
J. Bruce Ismay
White Star Line
John Ellerman
Leyland Line
Dominion Line
J.P. Morgan & Co.
J. P. Morgan
Hamburg-Amerika
North German Lloyd
Cunard Line
RMS Lusitania
RMS Mauretania
interlocking directorates
RMS

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