International Mercantile Marine Company information
Transatlantic shipping group
International Mercantile Marine Company
Company type
Public
Industry
Shipping
Founded
October 17, 1904; 119 years ago (1904-10-17)
Founders
Bernard N. Baker
Sir John Ellerman
Clement Griscom
J. Bruce Ismay
J.P. Morgan
Defunct
1931
Fate
Merged with Roosevelt Steamship Company to form Roosevelt International Mercantile Marine Company
The International Mercantile Marine Company, originally the International Navigation Company, was a trust formed in the early twentieth century as an attempt by J.P. Morgan to monopolize the shipping trade.
IMM was founded by shipping magnates Clement Griscom of the American Line and Red Star Line, Bernard N. Baker of the Atlantic Transport Line, J. Bruce Ismay of the White Star Line, and John Ellerman of the Leyland Line. The Dominion Line was also amalgamated. The project was bankrolled by J.P. Morgan & Co., led by financier J. P. Morgan. The company also had working profit-sharing relationships with the German Hamburg-Amerika and the North German Lloyd lines. The trust caused great concern in the British shipping industry and led directly to the British government's subsidy of the Cunard Line's new ships RMS Lusitania and RMS Mauretania in an effort to compete.
IMM was a holding company that controlled subsidiary corporations that had their own subsidiaries. Morgan hoped to dominate transatlantic shipping through interlocking directorates 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 RMS Titanic. Analysis of financial records shows that IMM was overleveraged 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.[1] Saved by World War I, IMM eventually re-emerged, after a merger with Roosevelt Steamship Company, as the United States Lines, which itself went bankrupt in 1986.[2]
A proposed subsidy bill in the United States Congress failed, which became widely apparent by April 1902 [a] 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 United States Lines in 1943.
^"IMM 1916 Annual Report" The New York Times, 4 April 1915; .
^Clark, John J.; Clark, Margaret T. (1997), "The International Mercantile Marine Company: A Financial Analysis", American Neptune, 57 (2): 137–154
^Navin & Sears 1954, pp. 316–19.
^Vale 1984, pp. 94–97.
Cite error: There are <ref group=lower-alpha> tags or {{efn}} templates on this page, but the references will not show without a {{reflist|group=lower-alpha}} template or {{notelist}} template (see the help page).
and 21 Related for: International Mercantile Marine Company information
The InternationalMercantileMarineCompany, originally the International Navigation Company, was a trust formed in the early twentieth century as an attempt...
death, the company was taken over by Sir John Ellerman in 1892. In 1902, the company was bought by the InternationalMercantileMarineCompany and a portion...
At the time of their son's birth, Astor was working at the InternationalMercantileMarine Co. Another of Tucky's sisters, Virginia Middleton French (1917–2011)...
built ships through government loans, which would lead the InternationalMercantileMarineCompany and along with other U.S. run shipping lines to order new...
and over-subscribed. When White Star became part of the InternationalMercantileMarineCompany in 1902, an agreement was made with Shaw, Savill & Albion...
Alaska Commercial Company merged with the InternationalMercantileMarineCompany and Alaska Goldfields, Ltd., to form two new companies, the Northern Navigation...
Ministry of Railways and Communication (Port and Shipping Wing), MercantileMarine Department and Shipping Office established by the Government of Pakistan...
based in Baltimore, Maryland. In 1901 the company was folded into the InternationalMercantileMarineCompany (IMM). The line developed with railroad support...
February 1871 – 14 August 1939) was president and chairman of InternationalMercantileMarineCompany (IMM) from 1916 to 1936. At the time of the Titanic disaster...
International Corporation, InternationalMercantileMarine Co., W. R. Grace and Company and the Pacific Mail Steamship Company. New York Ship's unusual...
MercantileMarine Department, Pakistan (Urdu: سررشتہ بحری تجارت ، پاکستان) is an attached department of Ports and Shipping Wing, Karachi under the Ministry...
the American Tobacco Company, as well as to acquire substantial holdings in Standard Oil and InternationalMercantileMarineCompany. He is considered to...
several other lines to become the International Navigation Co., soon renamed the InternationalMercantileMarineCompany. In the IMM, the American Line generally...
number of companies. He founded the InternationalMercantileMarine Co., a trust which originally comprised only American shipping companies. The trust...
court. The court abuts a north-facing court within the InternationalMercantileMarineCompany Building, which is also U-shaped. The light court measures...
of the Atlantic Transport Line, which was part of the InternationalMercantileMarineCompany. She was registered in the United Kingdom until 1920, and...
A. S. Franklin, vice president of the InternationalMercantileMarineCompany (White Star Line's holding company) stated after being told of the sinking...