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141 White Star, Red star, American, Dominion, Atlantic Transport and Leyland lines
 

Foundations of America

QU201 Prof. Scott Leone

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Home Ragtime Articles of Interest 141 White Star, Red star, American, Dominion, Atlantic Transport and Leyland lines

141 White Star, Red star, American, Dominion, Atlantic Transport and Leyland lines

J.P. Morgan hosted a dinner for a dozen of the most powerful men of the time. Morgan was excited for the amount of knowledge and the level of conversation that would be present at this dinner. However, he was disappointed with the lack of intelligence that was present. Men spoke about their bowel movements and irrelevant topics that did not reflect their status. Following the dinner Morgan left for Europe on the White Star liner Oceanic, a line that was combined with the Red Star Line, the American, Dominion, Atlantic Transport and Leyland lines into one company that consisted of 120 ships. J.P. Morgan did not like competition so he concentrated on making himself beyond the realm of his contenders.  He continued to spend a lot of time in Europe, travelling every year for sixth months visiting various countries. The holds of the ships consisted of ancient artifacts and items he acquired throughout his many journeys.  

The International Mercantile Marine Company was established in 1902 by J.P. Morgan & Company. It was comprised of major American and British lines that controlled subsidiary companies which operated their own subsidiaries. The goal was to dominate the transatlantic shipping in interlocking directorates and arrangements with railroads. However, the details of sea transport, the American antitrust legislation, and an agreement with the British government made this impossible. The White Star Line was one of the subsidiaries as well as owner of the RMS Titanic. When the ship sunk in 1912 it caused a financial crisis for IMM. The company had to apply for bankruptcy protection in 1915. After examining the financial data, evidence showed that IMM was over leveraged and suffered from inadequate cash flow which forced them to default on bond interest payments. World War I saved the company and it reemerged as United States Lines which also went bankrupt in 1986. Although Morgan's interests were purely in profit, he lost greatly on the collaboration. 

http://www.titanic-whitestarships.com/

http://www.pbs.org/wgbh/amex/1900/peopleevents/pande10.html

http://www.jpmorgan.com/pages/jpmorgan/about/history

Last Updated on Sunday, 18 September 2011 21:36  

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